ICDS notified under Section 145 (2) of the Income -tax Act, 1961 to be applicable from 01-04-2016
Posted Date : 06-Jul-2016 , 10:03:27 pm | Posted By CASANSAAR
Vide Notification No. SO 892 (E) dated 31st March, 2015, the Central Government notified 10 Income Computation and Disclosure Standards (ICDS). These ICDS are applicable from 1.4.2015 i.e. previous year 2015-16 (Assessment Year 2016-17). Subsequent to notification of the ICDS, a number of representa...
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New amnesty scheme levies 31% effective tax, Centre won't question income source
Posted Date : 04-Jul-2016 , 10:37:01 pm | Posted By CASANSAAR
The government is looking to encourage people with black money stashed away under the mattress to come clean by softening the tax blow in its amnesty scheme that runs from June 1 to September 30. They may only need to pay an effective tax of about 31% against 45% stipulated in the Income Declaration...
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Income Tax |
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Income tax department has verified over one crore tax returns online
Posted Date : 04-Jul-2016 , 10:04:34 pm | Posted By CASANSAAR
As per the latest data, over 1.02 crore Income Tax Returns (ITRS) have been verified by the internet-based electronic filing system of the department.
"The figures for e-verified ITRs stand at 1,02,08,715 as of now. The one crore mark was achieved recently and the department wants this to gr...
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Income Tax |
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Government Notifies Rules regarding Fair market value and reporting requirement for Indian concern
Posted Date : 01-Jul-2016 , 08:54:06 am | Posted By CASANSAAR
Under section 9 of the Income-tax Act, 1961 (the Act), any income arising from transfer of any share of or interest in a foreign company or entity that derives its value substantially from the assets located in India, is deemed to accrue or arise in India.
. &nb...
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Income Tax |
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7th Pay Commission Overview and Highlights
Posted Date : 29-Jun-2016 , 01:32:52 pm | Posted By CASANSAAR
The Union Cabinet on Wednesday approved the recommendations of 7th Pay Commission, headed by Justice A K Mathur.
The pay panel had earlier recommended an increase in pay by 16 percent, 63 percent in allowances and a 24 percent hike in pension, suggesting a total increase of 23.55 percent.
...
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Income Tax |
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Income tax department to establish over 60 taxpayer centres across country
Posted Date : 29-Jun-2016 , 09:20:11 am | Posted By CASANSAAR
The income tax department will establish over 60 facilitation centres - Aaykar Seva Kendras(ASKs) - this fiscal from Goalpara in Assam to Neemuch in MP as part of efforts to widen the taxpayer base and reach a maximum number of people who need help in doing business with the taxman.
The ASKs he...
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Income Tax |
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0 | Hits : 855
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PM asks people with undisclosed income to come clean by Sep 30
Posted Date : 26-Jun-2016 , 05:54:28 pm | Posted By CASANSAAR
Prime Minister Narendra Modi appealed to people with undisclosed income to come clean by 30th September. Addressing the Nation on his monthly Mann Ki Baat programme in All India Radio, he said this is the last opportunity for such people. He assured that there will be no probe against persons those ...
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Income Tax |
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GAAR Not to apply on Income from Investments before April 1
Posted Date : 26-Jun-2016 , 05:49:09 pm | Posted By CASANSAAR
To clear the air on retrospective applicability of the General Anti-Avoidance Rule (GAAR), the Income Tax Department has said the same will not apply to income from transfer of investments before April 1, 2017.
The stringent anti-avoidance rule (GAAR), which will kick in from April 1 next year, c...
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Income Tax |
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Income tax dept publishes list of asset valuers
Posted Date : 25-Jun-2016 , 09:10:33 am | Posted By CASANSAAR
The Income Tax department today published a country-wide list of registered asset valuers for those who wish to declare their untaxed funds and properties under the one-time domestic black money compliance window that opened this month.
The exhaustive list, uploaded on t...
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Income Tax |
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0 | Hits : 1334
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Amendment in Rule 114H of Income-tax Rules, 1962
Posted Date : 22-Jun-2016 , 10:06:44 pm | Posted By CASANSAAR
The Rule 114H of the Income-tax Rules, 1962 (the Rules) has been amended vide Notification No.48/2016 [S.O.2151(E)] dated 20th June 2016.
In order to provide sufficient time to the reporting Financial Institutions for completing the due diligence procedure in respect of other reportable acc...
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Income Tax |
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NGOs receiving Rs 1 cr govt grant to be under Lokpal
Posted Date : 22-Jun-2016 , 10:03:39 pm | Posted By CASANSAAR
In order to keep a check on the funding of NGOs, organisations receiving more than Rs one crore as government grant and donations above Rs 10 lakh from abroad have been brought under the ambit of the Lokpal.
Under the new rules, office bearers of such NGOs will be treated as "public servants...
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Income Tax |
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Capital Gain from penny stocks not bogus - ITAT
Posted Date : 22-Jun-2016 , 09:11:12 am | Posted By CASANSAAR
Investors holding penny stocks have got a reprieve from the Income-Tax Tribunal. The body has ruled that gains from penny stocks cannot be termed as bogus just because the Securities and Exchange Board of India (Sebi) is probing into possible irregularities in these stocks.
Recently, invest...
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Income Tax |
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0 | Hits : 1911
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Encroached property cannot be considered a capital asset:ITAT
Posted Date : 22-Jun-2016 , 09:07:03 am | Posted By CASANSAAR
Tax needs to be paid even on property encroached upon illegally as it would be considered as 'income from other sources', though it would not be considered as a 'capital asset', according to a tribunal ruling.
A Mumbai bench of the Income Tax Appellate Tribunal (ITAT) ha...
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Income Tax |
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0 | Hits : 831
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Clarification regarding News Report of Arrest of Tax Defaulters
Posted Date : 22-Jun-2016 , 08:49:28 am | Posted By CASANSAAR
Certain sections of the press have been carrying news reports today that Income Tax Department is going to arrest wilful defaulters of tax.
In this regard, it is clarified that no such statement has been authorised by the Income-tax Department. Though the provisions for arrest and detention...
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Income Tax |
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0 | Hits : 987
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Income Tax dept to use powers to arrest, detain wilful defaulters
Posted Date : 21-Jun-2016 , 10:27:51 pm | Posted By CASANSAAR
Challenged by increasing cases of defaulters who smartly evade paying due taxes, the Income Tax department has asked its officers not to shy away from invoking the rare provisions of arrest, detention and auctioning of attached assets of the accused.
The Central Board of Direct Taxes, in a strate...
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Income Tax |
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Govt announces 100% FDI in Defence, Pharma, Single Brand Retail, Aviation sectors
Posted Date : 20-Jun-2016 , 10:23:57 pm | Posted By CASANSAAR
Government today approved 100 per cent FDI in a host of sectors including civil aviation, defence, pharma and single brand retail sector under automatic route. Other sectors in which FDI norms have been relaxed include e-commerce in food products, broadcasting carriage services, private security age...
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Income Tax |
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0 | Hits : 835
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ATM-based validation facility activated for e-filing income tax
Posted Date : 07-Jun-2016 , 08:42:34 am | Posted By CASANSAAR
The Income Tax department has launched an ATM-based validation system for filing e-ITRs by taxpayers as part of its measure to enhance the paperless regime of filing the annual IT returns.
"Now, Electronic Verification Code (EVC) can be generated by pre-validating your Automated Teller Machi...
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Income Tax |
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0 | Hits : 1444
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Income Tax dept notifies declaration forms for untaxed funds
Posted Date : 03-Jun-2016 , 08:24:40 am | Posted By CASANSAAR
The Income Tax department today notified four new forms for those who wish to declare their untaxed funds and properties under the one-time domestic black money compliance window that opened this month.
The forms– 1, 2, 3 and 4– can be used both for e-filing or manual fili...
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Income Tax |
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0 | Hits : 1497
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RBI allows NBFCs to provide takeout financing to infra projects
Posted Date : 03-Jun-2016 , 07:59:31 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) Thursday allowed non-banking finance companies (NBFC) to provide takeout financing to projects, an option so far available to only banks.
In a notification, the central bank said NBFCs can provide takeout financing for existing infrastructure loans subject to cer...
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Income Tax |
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0 | Hits : 794
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Black money window: Income Tax dept to publish list of asset valuers soon
Posted Date : 02-Jun-2016 , 07:08:18 am | Posted By CASANSAAR
The Income Tax department will soon put out a list of registered valuers of various categories of assets for those who wish to declare their untaxed funds and properties under the one-time domestic black money compliance window that opened on Wednesday.
Officials said a decision to upload details...
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Income Tax |
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0 | Hits : 1548
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Income Tax dept made info exchange requests to many countries
Posted Date : 01-Jun-2016 , 10:03:01 pm | Posted By CASANSAAR
The Income Tax department had made overseas information exchange requests to a clutch of countries, including some tax havens, in connection with a tax evasion probe against Delhi-based defence consultant Sanjay Bhandari, who is said to be linked to Robert Vadra in an alleged benami proper...
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Income Tax |
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0 | Hits : 746
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Pay 1% tax on cash buy of goods,services over Rs2 Lakh
Posted Date : 01-Jun-2016 , 08:55:54 am | Posted By CASANSAAR
Payment in cash for buying goods and services worth more than Rs 2 lakh with the exception of jewellery will attract 1 per cent tax collected at source (TCS) from 1st June.
The existing TCS of 1 per cent on cash purchase of over Rs 5 lakh of jewellery and over Rs 2 lakh of bullion will continue, ...
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Income Tax |
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0 | Hits : 3091
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Four month window to disclose black money opens today
Posted Date : 01-Jun-2016 , 08:05:24 am | Posted By CASANSAAR
The Income Declaration Scheme will open today and will remain in force till 30th of September. The Scheme is part of Finance Act, 2016 and seeks to provide an opportunity to all persons who have not declared their income correctly in previous years to come forward and declare undisclosed incomes. AI...
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Income Tax |
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0 | Hits : 1007
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Service tax will be 15% from June 1
Posted Date : 31-May-2016 , 08:24:38 am | Posted By CASANSAAR
Come Wednesday, consumers will now have to dole out an additional 0.5 per cent cess for various services, taking the total service tax to 15 per cent.
In the last budget, the total service tax was raised to 14 per cent from 12.36 per cent.
With the addition of the Krishi Kalyan C...
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Income Tax |
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0 | Hits : 1642
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Clarification on implementation of Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS)
Posted Date : 28-May-2016 , 07:51:10 am | Posted By CASANSAAR
An Inter-Governmental Agreement between India and USA was signed for implementation of Foreign Account Tax Compliance Act (FATCA). The Government of India has also joined the Multilateral Competent Authority Agreement (MCAA) for Automatic Exchange of Information as per Common Reporting Sta...
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Income Tax |
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0 | Hits : 853
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Extension of Scheme for E-assessment to Hyderabad and Kolkata during the Current FY 2016-17
Posted Date : 26-May-2016 , 07:11:29 am | Posted By CASANSAAR
Paperless assessment/ e-mail based assessment on a pilot basis was commenced in the financial year 2015-16 in non-corporate charges of five cities i.e. Ahmedabad, Bangalore, Chennai, Delhi and Mumbai. The e-mail based assessment scheme has now been extended to two more cities, namely Hyderabad and K...
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Income Tax |
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0 | Hits : 776
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Income Tax dept to name & shame crorepati' defaulters this yr
Posted Date : 25-May-2016 , 08:05:37 am | Posted By CASANSAAR
The Income Tax department, beginning this financial year, has decided to 'name and shame' all category of taxpayers who have a default of Rs one crore and above.
The department has begun publishing the names of tax defaulters in leading national dailies since last year and has named 67 su...
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Income Tax |
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0 | Hits : 1381
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Tax department issues draft rules on capital gains computation
Posted Date : 24-May-2016 , 09:40:21 am | Posted By CASANSAAR
The income tax department on Monday put out draft rules to assess the value of the assets of a multinational company in India and abroad in an attempt to provide clarity for levy of capital gains tax on indirect transfer of shares.
While these rules will provide clarity on how the tax...
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Income Tax |
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0 | Hits : 1285
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Email based IT assessment:Hyd, Kol added to scheme
Posted Date : 24-May-2016 , 09:37:50 am | Posted By CASANSAAR
The Income Tax department has decided to extend its ambitious email-based pilot assessment project to two more cities, in addition to the existing five metros, in an effort to ensure paperless communication regime with the taxpayers.
The department has now added Hyderabad and Kolkata under the sc...
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Income Tax |
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0 | Hits : 980
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ED to do forensic audit of Mallya's accounts
Posted Date : 20-May-2016 , 09:18:43 am | Posted By CASANSAAR
The Enforcement Directorate (ED) will conduct a forensic audit of Vijay Mallya’s and related companies’ accounts, to collect money trail details in connection with the Rs 6,963 crore borrowed by him and his now-defunct Kingfisher Airlines.
The ED is forma...
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0 | Hits : 1217
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