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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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 : 984
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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 : 1049
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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 : 963
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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 : 872
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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 : 860
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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 : 1482
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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 : 1092
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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 : 1135
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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 : 629
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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 : 935
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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 : 1153
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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 : 3668
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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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Category :
Income Tax |
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0 | Hits : 966
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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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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 : 990
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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 : 1995
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CBI arrests deputy commissioner of Income Tax for bribery
Posted Date : 16-Feb-2016 , 07:53:59 am | Posted By CASANSAAR
Central Bureau of Investigation have arrested a deputy commissioner, Income Tax, Sirsa (Haryana) and a man for demanding and accepting a bribe of Rs 2 lakhs from the complainant.
A case was registered under sections 7 of Prevention of Corruption Act, 1988 on a complaint. The Complainant(a proprie...
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Income Tax |
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0 | Hits : 1202
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Jayant Sinha urged CAs to help the Govt in collecting more Taxes
Posted Date : 12-Feb-2016 , 08:11:17 am | Posted By CASANSAAR
India is a “lightly taxed” nation, Minister of State for Finance Jayant Sinha said today, urging CAs to help the government collect due taxes and raise the tax-GDP ratio to 20 per cent.
Along with tax officers, chartered accountants too have a responsibility to ensure that due taxes...
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Income Tax |
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0 | Hits : 1345
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Income tax deputy commissioner held for bribery
Posted Date : 08-Feb-2016 , 08:02:52 am | Posted By CASANSAAR
The Central Bureau of Investigation (CBI) on Sunday arrested Deputy Commissioner of Income Tax Nitin Garg and one other in a bribery case of Rs. two lakh from Sirsa.
A case was registered on a complaint. The Complainant (a proprietor of a private firm based at Sirsa) alleged...
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Income Tax |
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0 | Hits : 1395
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Steps taken by Income Tax Department for safeguarding taxpayers from Phishing emails
Posted Date : 05-Feb-2016 , 09:28:15 pm | Posted By CASANSAAR
The Income Tax Department has been at the forefront of using technology in implementing its –e-Governance initiatives. Most of its routine communication to taxpayers is through email and SMS. Therefore, the Department is very sensitive and alert to attempts made by fraudsters to spoof the Depa...
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Income Tax |
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0 | Hits : 856
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Official Youtube Channel of the Ministry of Finance Launched by FM
Posted Date : 04-Feb-2016 , 11:17:36 pm | Posted By CASANSAAR
Finance Minister Shri Arun Jaitley said that there are lot of announcements and explanations from time to time by the Ministry of Finance with regard to Indian economy which is continuously debated in public. He said therefore there is a need for a platform where this entire material should be made ...
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Income Tax |
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0 | Hits : 953
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Don't pay Taxes If Government fails to curb Corruption - Bombay High Court
Posted Date : 04-Feb-2016 , 08:06:13 am | Posted By CASANSAAR
Expressing anguish over growing corruption in government machinery and corporations, the Nagpur bench of Bombay High Court said that it's high time citizens come together to fight this menace and can refuse to pay taxes if this "hydra-headed monster" is not eliminated.
The court als...
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Income Tax |
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0 | Hits : 1911
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Govt. sets up Tax Policy Council headed by Finance Minister
Posted Date : 03-Feb-2016 , 07:53:03 pm | Posted By CASANSAAR
The Government said on Tuesday it has created a Tax Policy Research Unit (TPRU) and Tax Policy Council to be chaired by the Union Finance Minister with nine other members including Minister of State for Finance, Niti Aayog Vice Chairman, Commerce and Industry Minister Revenue Secretary and the Chief...
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Income Tax |
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0 | Hits : 710
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Pass Percentage & Toppers of of CA IPC November, 2015 Exams
Posted Date : 01-Feb-2016 , 10:39:51 pm | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) today announced the result of Chartered Accountants Intermediate Examination (IPC) held in November, 2015.
The top three rank holders on all India basis of Chartered Accountants Intermediate (IPC) Examination held in Nov, 2015 are from Kathma...
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Income Tax |
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0 | Hits : 2477
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Income Tax Department Lists Norms for Faster Tax Refunds
Posted Date : 01-Feb-2016 , 10:29:45 pm | Posted By CASANSAAR
The CBDT has issued guidelines for expeditious tax refund of up to Rs. 5,000 in cases where the department wants to adjust the refund with a pending demand, which has been contested by the assessee.
The guidelines would help further streamline the process of refunds. Between mid-April a...
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Income Tax |
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0 | Hits : 1372
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Female can be Karta of a Family - Delhi High Court
Posted Date : 01-Feb-2016 , 08:15:55 am | Posted By CASANSAAR
The eldest female member of a family can be its "Karta", the Delhi high court has ruled in a landmark verdict. A unique position carved out by Hindu customs and ancient texts, "Karta" denotes managership of a joint family and is traditionally inherited by men.
"If a male ...
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Income Tax |
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0 | Hits : 2163
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Put new accounting standard on hold - Tax committee
Posted Date : 31-Jan-2016 , 01:07:53 pm | Posted By CASANSAAR
The ghost of MAT (minimum alternative tax) has reemerged as tax simplification committee, headed by justice Easwar, wants to hold new accounting standard rules sighting adverse and uncertain impact on MAT. But the government body, which has shaped new accounting norms, has refuted this appre...
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Income Tax |
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0 | Hits : 974
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Corporate tax avoidance deal signed by 31 OECD members
Posted Date : 28-Jan-2016 , 07:26:35 am | Posted By CASANSAAR
Rules to stop companies using complex tax arrangements to avoid paying corporate tax have been agreed by 31 Organisation for Economic Co-operation and Development (OECD) members. They will make it harder for firms to hide money in tax havens or play one country's tax authority against another. F...
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Income Tax |
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0 | Hits : 837
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FM calls for simpler tax regime to minimize possibility of excessive litigation
Posted Date : 25-Jan-2016 , 08:14:35 pm | Posted By CASANSAAR
Finance Minister Arun Jaitley on Monday called for simpler tax regime to minimize the possibility of excessive litigation.
Speaking at the platinum jubilee celebration of income tax appellate tribunal, ITAT in New Delhi Monday, Mr Jaitley said, once a simpler tax system comes into place, there wi...
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Income Tax |
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