Panama paper leak triggers tax evasion probes across the Globe
Posted Date : 05-Apr-2016 , 08:33:03 am | Posted By CASANSAAR
Spain, France and several other countries have launched tax evasion probes after a massive leak of confidential documents lifted the lid on the murky offshore financial dealings of a slew of politicians and celebrities.
The scandal erupted yesterday when media groups began revealing the results o...
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Income Tax |
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Income Tax dept launches e-appeal filing system
Posted Date : 03-Apr-2016 , 07:36:40 pm | Posted By CASANSAAR
In yet another step aimed at reducing human interface between taxman and the taxpayer, the Income Tax department today operationalised a facility for e-filing of the first appeal before a tax officer.
The department said the facility of filing the appeal form, like filing Income Tax Returns (IT...
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Income Tax |
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1 | Hits : 1659
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Income Tax dept launches tax calculator; e-filing begins this week
Posted Date : 03-Apr-2016 , 06:08:29 pm | Posted By CASANSAAR
E-filing of income tax returns for the assessment year 2016-17 was launched Sunday for a select category of entities and individuals even as the IT department provided an online calculator for filers to do an easy check and obtain their annual tax liability.
"Two Income Tax Re...
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Income Tax |
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0 | Hits : 1116
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Income Tax dept to send notices to 5.8 mn individuals
Posted Date : 31-Mar-2016 , 07:42:02 am | Posted By CASANSAAR
Defaulters and non-filers of income tax return are facing the heat from the income-tax department, which has sent a massive number of notices to track down offenders. The move is the part of the drive to target 5.8 million-odd defaulters/non-filers and bring them back into the tax fol...
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Income Tax |
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0 | Hits : 2660
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Government signs 11 unilateral Advance Pricing Agreements (APAs)
Posted Date : 29-Mar-2016 , 10:19:33 pm | Posted By CASANSAAR
The Central Board of Direct Taxes signed 11 unilateral APAs on 28th March, 2016. With this signing, India has entered into 59 bilateral and/or unilateral APAs. The Advance Pricing Agreement (APA) programme was introduced by the Finance Act, 2012 to provide a predictable and non-adversarial tax regim...
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Income Tax |
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0 | Hits : 673
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Disclose correct details of interest income in ITR: CBDT
Posted Date : 24-Mar-2016 , 02:59:33 pm | Posted By CASANSAAR
The revenue department on Wednesday asked taxpayers to file correct details of interest received from term deposits for the assessment year 2014-15 on or before March 31, while filing their Income Tax returns (ITRs).
The Central Board of Direct Taxes has also ask...
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Income Tax |
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0 | Hits : 1983
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CBDT eases taxation norms for bonds, debentures held by companies
Posted Date : 23-Mar-2016 , 06:39:09 am | Posted By CASANSAAR
Seeking to simplify the procedure and promote ease of doing business, CBDT has said capital gains tax will be computed from the date of acquisition of financial instruments like bonds and debentures and not from the date of their conversion into shares.
Tax experts said the notification i...
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Income Tax |
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0 | Hits : 835
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Report of the Committee on Taxation to Examine the Business Models for E-Commerce
Posted Date : 21-Mar-2016 , 09:21:26 pm | Posted By CASANSAAR
A Committee on Taxation of e-commerce was constituted by the Central Board of Direct Taxes to examine the business models for e-commerce, identify the direct tax issues in relation to e-commerce transactions and suggest an approach to deal with these issues. The Committee included officers of the Ce...
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Income Tax |
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0 | Hits : 765
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Retro tax settlement scheme to open from June 1
Posted Date : 20-Mar-2016 , 07:56:57 pm | Posted By CASANSAAR
Government will open from June 1 its one-time offer to settle retrospective tax disputes involving firms like Vodafone and Cairn Energy after rules are framed for them to pay principal tax and get waiver from interest and penalty.
The rules framed for implementation of the scheme shall be notifie...
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Income Tax |
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0 | Hits : 795
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Circular for Modification of Instruction with Fresh Guidelines and Procedures for dealing with Revenue Audit objections issued
Posted Date : 18-Mar-2016 , 07:22:36 am | Posted By CASANSAAR
The guidelines and procedure for attending to objections raised in the course of audit of assessment work by the Comptroller and Auditor General of India (Revenue Audit) are laid down in the Instruction No of 2006 issued by the Central Board of Direct Taxes (CBDT). The Instruction inter-alia m...
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Income Tax |
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0 | Hits : 986
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Rules in respect of Fund Manager Regime under Section 9A of the Income-tax Act, 1961
Posted Date : 17-Mar-2016 , 08:04:14 am | Posted By CASANSAAR
Section 9A of the Income-tax Act, 1961 (the Act) provides for special taxation regime with effect from 01.04.2016 to facilitate location of fund managers of off shore funds in India. Under this regime, the fund management activity carried-out through an eligible fund manager in India by an eligible ...
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Income Tax |
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0 | Hits : 661
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Tax evaders claiming to be farmers on Govt radar
Posted Date : 16-Mar-2016 , 07:42:52 am | Posted By CASANSAAR
The government on Tuesday indicated that it is going after tax evaders who are masking themselves as farmers.
In a statement in Rajya Sabha, finance minister Arun Jaitley maintained the tax department is probing cases where evaders have passed off their unaccounted income as agricultural income...
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Income Tax |
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0 | Hits : 848
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Income Tax department probes Crorepati agriculturists for evasion
Posted Date : 14-Mar-2016 , 07:55:45 am | Posted By CASANSAAR
Over 2,700 entities have declared agricultural income of over Rs 1 crore in the last nine assessment years with theIncome Tax department initiating a tax evasion probe in select cases.
IT department Assessing Officers across the country, as part of a recent directive, have been asked to &quo...
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Income Tax |
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0 | Hits : 1130
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Non-enforcement of recovery of demand against the assessee where tax has been deducted but not deposited by the deductor
Posted Date : 12-Mar-2016 , 10:19:15 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) had issued directions to the field offices that taxpayers whose tax has been deducted at source but not deposited to the Government’s account by the deductor, will not be asked to pay the demand to the extent tax has been deducted from his income. A let...
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Income Tax |
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0 | Hits : 895
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Interest on FDs earned by a club is not taxable - ITAT
Posted Date : 10-Mar-2016 , 07:34:00 am | Posted By CASANSAAR
Interest on fixed deposits (FDs) earned by the Chembur-based Bombay Presidency Golf Club was held as non-taxable by the income-tax appellate tribunal (ITAT) in its recent judgement. The club is registered as a charitable trust.
During financial year 2008-09, it earned Rs 2.17 crore as bank intere...
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Income Tax |
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0 | Hits : 933
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Budget 2016: FM Arun Jaitley rolls back proposal to tax EPF
Posted Date : 08-Mar-2016 , 12:40:09 pm | Posted By CASANSAAR
Facing a strong backlash from salaried tax payers over its proposal to tax withdrawal from retirement funds, the government has decided to withdraw the budget proposal that sought to create a pensioned society by discouraging full withdrawal.
There is at present no tax on withdrawal from em...
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Income Tax |
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0 | Hits : 1017
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Developers in a consortium to be treated as separate tax units
Posted Date : 08-Mar-2016 , 07:52:25 am | Posted By CASANSAAR
In a major relief to infrastructure developers, the income tax department has clarified that companies which are part of a consortium in large infrastructure projects will be treated as separate taxable units.
This will enable these companies to set off losses from other projects and not attrac...
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Income Tax |
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0 | Hits : 883
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CBDT sets-up a Dedicated Structure for delivery and monitoring of Tax Payer Services in the Income Tax Department
Posted Date : 08-Mar-2016 , 07:39:37 am | Posted By CASANSAAR
Grievance redressal is a major aspect of citizen centric governance and is an important feature of the activities of the Income Tax Department. The Income-tax Department is addressing grievances through a multi-layered grievance redressal machinery including Centralised Public Grievance Redress...
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Income Tax |
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0 | Hits : 763
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Government working to simplify income tax rules - FM
Posted Date : 03-Mar-2016 , 07:55:07 am | Posted By CASANSAAR
The government is moving fast to simplify the complex income-tax laws, finance minister Arun Jaitley said on Wednesday, indicating that the Direct Taxes Code (DTC) roadmap laid down by the UPA government may get a quiet burial.
“Several of the measures listed there (DTC) have alre...
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Income Tax |
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0 | Hits : 796
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Clarification about Changes made in the Tax Treatment for Recognised Provident Fund & National Pension System (NPS)
Posted Date : 02-Mar-2016 , 08:24:26 am | Posted By CASANSAAR
There seems to be some amount of lack of understanding about the changes made in the General Budget 2016-17 in the tax treatment for recognised Provident Fund & NPS.
The following clarifications are given in this matter:-
(i) The purpose of this reform of making the change in t...
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Income Tax |
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0 | Hits : 1399
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Trust based approach: CBDT accepts over 99% I-T returns
Posted Date : 01-Mar-2016 , 08:09:44 pm | Posted By CASANSAAR
Finance Ministry today said over 99 per cent of the returns filed are "accepted" by the Income Tax Department and only a minuscule number is taken up for scrutiny where the taxman has no discretion.
"CBDT is already following a trust based approach in tax admin...
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Income Tax |
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0 | Hits : 1053
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Public Provident Fund withdrawal exempted from tax: Govt
Posted Date : 01-Mar-2016 , 06:54:19 pm | Posted By CASANSAAR
Government today made it clear that Public Provident Fund will not be taxed on withdrawal. Revenue Secretary Hasmukh Adhia said in a statement that only the interest that accrues on contributions to Employee Provident Fund made after 1st of April this year will be taxed while principal will continue...
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Income Tax |
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0 | Hits : 1070
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Rail Budget - Railway Undertakes Energy Audits to Reduce Energy Consumption in Non-Traction Area by 10% to 15%
Posted Date : 25-Feb-2016 , 02:14:08 pm | Posted By CASANSAAR
The Minister of Railways, Shri Suresh Prabhakar Prabhu while presenting the Railway Budget 2016-17 in Parliament today said that Environment in the context of India’s commitment to reduce its carbon foot print, Indian Railways have undertaken energy audits which have revealed the possibility o...
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Income Tax |
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0 | Hits : 607
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Parliamentary Panel raps RBI over NPAs
Posted Date : 25-Feb-2016 , 08:16:58 am | Posted By CASANSAAR
A parliamentary panel has expressed reservations over the way the Reserve Bank of India (RBI) and banks were handling the issue of bad loans.
It said high bad debts have raised serious questions over the credibility of the mechanism to deal with an issue that is threatening th...
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Income Tax |
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0 | Hits : 897
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Income tax department sends 100 fraud links to cyber sleuths
Posted Date : 22-Feb-2016 , 08:01:48 am | Posted By CASANSAAR
Taking note of the spate of phishing and cheat refund emails landing in inboxes of taxpayers, the income tax department has referred over 100 such instances to the country's premier cyber security agency to block these hackers lurking in the e-world.
The department is particularly worried aft...
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Income Tax |
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0 | Hits : 1129
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Income-tax sleuths raid cheapest phone maker
Posted Date : 20-Feb-2016 , 08:17:18 am | Posted By CASANSAAR
Two days after hogging global limelight with the “launch” of its ultra cheap phone, Noida-based handset maker Ringing Bells attracted the attention of income-tax department on Friday.
According to some reports, a three-member had grilled Ringing Bells officials as it was alleged tha...
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Income Tax |
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0 | Hits : 3623
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Clarification for implementation of FATCA and CRS
Posted Date : 20-Feb-2016 , 07:40:34 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 Standard (CRS...
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Income Tax |
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0 | Hits : 917
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17 new ITAT members appointed
Posted Date : 19-Feb-2016 , 08:55:00 am | Posted By CASANSAAR
Seventeen new members have been appointed in the Income Tax Appellate Tribunal (ITAT), a government order today said.
Orders to this effect were issued by the Appointments Committee of the Cabinet (ACC) headed by Prime Minister Narendra Modi.
These members, incl...
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Income Tax |
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0 | Hits : 1163
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Vodafone gets IT reminder to pay up Rs 14,200-crore tax dues
Posted Date : 17-Feb-2016 , 07:38:34 am | Posted By CASANSAAR
The Income Tax Department has issued a reminder to Vodafone over its Rs 14,200-crore tax demand.On 4th of this month, the Department had sent a notice to Vodafone International Holdings BV in this regard.
The tax is due from the acquisition of11 billion dollar Hutchison Whampoa's India ...
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Income Tax |
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0 | Hits : 958
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BOB Forex Scam - RBI finds irregularities in Banks' transactions
Posted Date : 16-Feb-2016 , 08:05:52 am | Posted By CASANSAAR
Various irregularities by banks such as non-submission and inordinate delays in filing of Suspicious Transaction Reports (STRs), besides opening of accounts by several entities without fulfilling KYC norms, have been noticed by Reserve Bank of India.
The observation came as part of inspecti...
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Income Tax |
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0 | Hits : 1933
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