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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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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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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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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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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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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Income Tax |
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Delhi HC quashes Income-Tax order on linking tax refunds to scrutiny
Posted Date : 18-May-2016 , 07:30:52 am | Posted By CASANSAAR
In a decision that will benefit taxpayers and ensure faster refunds, the Delhi high court quashed an order of the income-tax department that linked tax refunds to scrutiny assessment.
The income-tax department, in a notification, had said that an assessing officer will mandatorily not...
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Income Tax |
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Tax grievances - Income Tax dept to ensure e-nivaran
Posted Date : 18-May-2016 , 07:22:37 am | Posted By CASANSAAR
The Income Tax department has launched a special electronic grievance redressal system called 'e-nivaran' in order to fast track taxpayer grievances and ensure early resolution of their complaints.
A separate and dedicated window for grievance redressal has been launched recently in...
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Income Tax |
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Pay Income tax dues on time to avoid last-min rush: RBI
Posted Date : 17-May-2016 , 06:31:08 am | Posted By CASANSAAR
The Reserve Bank has asked income tax assessees to pay their tax dues well in advance to avoid last minute rush.
RBI has also designated 29 banks where people can pay their I-T advances besides accepting the dues at its own office.
It has also asked assessees that they can u...
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Income Tax |
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0 | Hits : 814
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E-Filing of Income Tax Returns jumps over 68% in april
Posted Date : 16-May-2016 , 08:00:26 am | Posted By CASANSAAR
E-filing of income tax returns witnessed a 68.5 per cent jump in the first month of the current fiscal year with over 8.32 lakh assessees filing ITRs electronically.
The number of e-filed returns recorded in April 2015-16 stood at 4.94 lakh. In all, 4.33 crore returns were electronically filed la...
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Income Tax |
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The Income Declaration Scheme 2016 to open from 1st June 2016
Posted Date : 15-May-2016 , 09:07:44 am | Posted By CASANSAAR
The Income Declaration Scheme, 2016 incorporated as Chapter IX of the Finance Act 2016 provides an opportunity to all persons who have not declared income correctly in earlier years to come forward and declare such undisclosed income(s).
Under the Scheme, such income as declared by the eligible per...
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Income Tax |
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Income Tax department to reopen the 2001 tax case against Big B
Posted Date : 12-May-2016 , 05:31:21 am | Posted By CASANSAAR
The Supreme Court on Wednesday allowed the Income Tax (IT) department to reopen the 2001 tax case against actor Amitabh Bachchan over his earnings during the quiz show Kaun Banega Crorepati (KBC).
The apex court set aside the Bombay High Court’s order that gave relief to the actor in ...
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Income Tax |
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IT dept's PAN-Aadhaar linkage crosses 50-lakh mark
Posted Date : 12-May-2016 , 05:15:27 am | Posted By CASANSAAR
The Income Tax department's ambitious plan to link its PAN number database with Aadhaar has crossed the 50-lakh mark.
The Central Board of Direct Taxes (CBDT), the policy-making body for the IT department, had launched the initiative of linking the two databases -- Permanent Account Number ...
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Income Tax |
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Vodafone challenges special audit order of Income Tax Deptt
Posted Date : 10-May-2016 , 09:12:39 am | Posted By CASANSAAR
Delhi High Court sought the Income Tax department's response on Vodafone's plea challenging an order directing special audit of its accounts for assessment year 2012-13.
A bench of Justices S Muralidhar and Vibhu Bakhru issued notice to the IT department and asked it to fil...
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Income Tax |
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FM warns of action against tax evasion
Posted Date : 05-May-2016 , 08:55:01 pm | Posted By CASANSAAR
Finance Minister Arun Jaitley today warned of action against those passing off income from other sources as agriculture income but ruled out levying any tax on farm earnings.
Replying to the discussion on the Finance Bill 2016 in the Lok Sabha, he also ruled out withdrawal of the 1 per cent excis...
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Income Tax |
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Govt mulls reducing numbers of tax, administrative tribunals
Posted Date : 05-May-2016 , 08:35:18 am | Posted By CASANSAAR
An Inter-Ministerial Group (IMG) has been constituted to look into the possibility of reduction in the number of tax and administrative tribunals, Union Minister Jitendra Singh said today.
There are at least 36 tribunals for settling various administrative and tax-related disputes, including Cent...
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Income Tax |
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Income from sale of unlisted equities to be treated as capital gains: CBDT
Posted Date : 03-May-2016 , 08:55:26 am | Posted By CASANSAAR
India's apex direct taxes body has said income from sale of unlisted equities would be treated as capital gains in a move that gives significant relief to private equity, offshore and alternative investment funds.
The directive puts to rest the debate over treatment of income from sale ...
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Income Tax |
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Only 1% of India's population pays taxes: Govt data
Posted Date : 02-May-2016 , 08:29:11 am | Posted By CASANSAAR
Only about one per cent of India’s population pays income tax but the number of effective I-T assessees has risen to ~5.17 crore in 2014-15, from 4.72 crore in 2012-13, according to government data.
A total of 2.87 crore individuals filed I-T returns for assessment year 2012-13,...
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Income Tax |
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Guidelines for Grant of Rewards to Informers of Tax Evasion
Posted Date : 30-Apr-2016 , 07:49:02 am | Posted By CASANSAAR
The details with regard to guidelines in respect of rewards to informers of tax evasion are:
Direct Taxes:- Any person who provides specific information with respect to evasion of direct taxes and such information helps in detection of undisclosed income and/or seizure of undisclosed c...
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Income Tax |
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No income tax penalty if you have concealed your income by mistake
Posted Date : 29-Apr-2016 , 07:50:51 am | Posted By CASANSAAR
In a recent order, Income-Tax Appellate Tribunal’s (ITAT) Mumbai bench dismissed the penalty, income tax officials had levied on salaried employees for ‘concealment of income’, reports a leading daily.
This comes into light when an online tax-return filing portal had underrepo...
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Income Tax |
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Multi-Disciplinary Team for Probing the Panama Papers Leaks
Posted Date : 28-Apr-2016 , 07:21:53 am | Posted By CASANSAAR
Recently, information about certain offshore entities held by various Indian persons has appeared in media. Such information is attributed to be part of ‘Panama Papers’ leaks. The International Consortium of Investigative Journalists (ICIJ), a Washington based organization which has repo...
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Income Tax |
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Income tax department to pay interest on TDS refund
Posted Date : 27-Apr-2016 , 09:33:10 am | Posted By CASANSAAR
The income tax department will now add interest amount to a delayed refund made on excess TDS deductions and will also not litigate with the deductor on this issue in the future, a latest directive has said.
The Central Board of Direct Taxes has issued a directive in this rega...
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Income Tax |
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Income tax dept to consider information on non-filers from 3rd party sources like banks
Posted Date : 27-Apr-2016 , 08:34:01 am | Posted By CASANSAAR
Income Tax department will consider information received from third party sources like banks, law enforcement agencies and foreign tax authorities for determining non-filers of income tax.
The Central Board of Direct Taxes (CBDT) had set up a committee to recommend standard definitions of certa...
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FinMin raises monetary limit for appeals in tax cases
Posted Date : 26-Apr-2016 , 07:44:29 am | Posted By CASANSAAR
To reduce litigation, the Finance Ministry today raised the monetary limit for filing appeals in indirect tax cases to Rs 10 lakh in appellate tribunal, and Rs 15 lakh in High Courts.
The ministry has also made it mandatory for Principal Commissioners or commissioners to hold a pre-showcause noti...
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Income Tax |
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Govt. approves 8.7% interest on EPF for 2015-16
Posted Date : 25-Apr-2016 , 08:12:42 pm | Posted By CASANSAAR
The Finance Ministry has approved 8.7 per cent interest on PF deposits for over 5 crore subscribers of retirement body EPFO, lower than 8.8 per cent decided by the Central Board of Trustees (CBT).
"The (EPFO's apex decision-making body) CBT, at its meeting held in February 2016, has prop...
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Income Tax |
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0 | Hits : 647
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Govt plans to cut scrutiny time of income tax returns to 1 year
Posted Date : 25-Apr-2016 , 08:16:20 am | Posted By CASANSAAR
In an effort to make life simpler for income tax payers, the government is looking to reduce the time under which an assessment of an individual's tax returns picked up for random scrutiny is completed to one year.
Currently, assessment of tax returns picked up through a system of computer-dr...
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Income Tax |
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Beware! your income tax notice could be fake
Posted Date : 22-Apr-2016 , 08:48:39 am | Posted By CASANSAAR
Cyber crime has assumed a new avatar, with the first case of phishing in the name of refunding tax dues being registered in the city.
A senior analyst at Dell, Rajat Mondal, was in for a surprise when he received an email, supposedly from tax authorities, that he is due for a refund of Rs 18,900 ...
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Income Tax |
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HC upholds income tax provision on perquisites
Posted Date : 20-Apr-2016 , 09:10:34 am | Posted By CASANSAAR
The Madras High Court has dismissed a writ petition challenging the Constitutional validity of Section 17(2)(viii) of the Income Tax Act, 1961 which empowers the executive authorities to prescribe the value of any fringe benefit or amenity, other than those listed under the provision, under the defi...
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NPA effect: Norms for Chartered Accountants, advocates soon
Posted Date : 19-Apr-2016 , 07:26:55 am | Posted By CASANSAAR
Public sector banks, saddled with a pile of non performing assets—loans that do not fetch returns—could soon frame stringent rules allowing them to take action against service providers such as chartered accountants and advocates if required.
The Central Vigilance Commission (CVC) h...
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Income Tax |
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Madras HC upholds Constitutionality of Section 94-A of the Income Tax Act
Posted Date : 18-Apr-2016 , 07:56:41 pm | Posted By CASANSAAR
Madras High Court has upheld the constitutionality of Section 94-A (1) of the Income Tax Act holding that it ‘was the need of the hour’.
The Division Bench comprising of Justices V. Ramasubramanian and T. Mathivanan held that treaties cannot limit the power of Parliament to make Laws ...
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