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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0 | Hits : 1362
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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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Category :
Income Tax |
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0 | Hits : 801
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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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Category :
Income Tax |
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0 | Hits : 1886
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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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Category :
Income Tax |
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0 | Hits : 1248
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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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Category :
Income Tax |
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0 | Hits : 1015
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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 : 663
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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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0 | Hits : 1707
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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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1 | Hits : 2080
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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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Income Tax |
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0 | Hits : 1156
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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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2 | Hits : 2456
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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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Income Tax |
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0 | Hits : 1617
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HC upholds stricter tax rule on inflow from abroad
Posted Date : 13-Apr-2016 , 07:46:55 am | Posted By CASANSAAR
The high court here has agreed with the Indian government’s 2013 plan to tax investments from Cyprus, which was used by several foreign investors to avoid taxes in India. The order would impact several foreign institutional investors (FIIs) and private equity investors whic...
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Income Tax |
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0 | Hits : 1129
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Aadhaar, net banking-based IT e-filing appeal system activated
Posted Date : 11-Apr-2016 , 10:14:24 pm | Posted By CASANSAAR
Income Tax department has activated the Aadhaar and net banking-based e-filing verification system for taxpayers to file the first appeal before a tax officer, on similar lines of online ITR filing.
In order to reduce the interface between taxman and the taxpayer, the department has recently op...
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Category :
Income Tax |
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0 | Hits : 961
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Tax receipts at Rs.14.6 lakh cr, exceeds estimates
Posted Date : 07-Apr-2016 , 08:25:54 am | Posted By CASANSAAR
The government collected Rs.14.6 lakh crore in taxes in financial year 2015-16, which is higher than the Budget Estimates and Revised Estimates for the year.
The government data shows that the bulk of the growth in total tax revenues was due to the increase in indirect tax collections. Indirect...
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Income Tax |
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0 | Hits : 1109
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Income Tax dept to challenge Bombay HC verdict in Vodafone TP case
Posted Date : 07-Apr-2016 , 07:58:56 am | Posted By CASANSAAR
Income Tax Department has said it will move Supreme Court challenging the Bombay High Court order in the 8,500-crore rupees Vodafone transfer pricing case. In a series of tweets last night, the IT department said, a substantial question of law has arisen on the issue of taxability of capital gains a...
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Income Tax |
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0 | Hits : 906
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Release of new functionality to taxpayers to secure their E-filing account
Posted Date : 05-Apr-2016 , 08:42:53 am | Posted By CASANSAAR
The Income Tax Department has from time to time issued advisories regarding the need to avoid phishing emails and to carefully protect the passwords, OTPs and not share them with others.
In order to ensure that taxpayers are able to secure their E-filing account against any fraudulent attem...
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Income Tax |
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0 | Hits : 1156
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Taxpayers' grievances:CBDT allots quota to top brass
Posted Date : 05-Apr-2016 , 08:42:08 am | Posted By CASANSAAR
In order to accord a high priority to issues related to taxpayer's grievances, CBDT has brought a new mechanism where top officers of the IT department have been alloted a specific quota of complaints to monitor and track, from their origin to successful resolution.
The new initiative h...
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Income Tax |
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0 | Hits : 920
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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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0 | Hits : 1014
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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 : 1732
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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 : 1155
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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 : 2682
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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 : 730
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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 : 2015
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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 : 877
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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 : 801
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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 : 837
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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 : 1056
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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 : 781
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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 : 892
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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 : 1192
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