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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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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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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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 : 811
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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 : 916
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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 : 1790
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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 : 681
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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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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 : 1313
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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 : 2133
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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 : 945
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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 : 809
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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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0 | Hits : 848
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Refunds for ITR filed online to be further hastened: Official
Posted Date : 24-Jan-2016 , 06:33:00 pm | Posted By CASANSAAR
India's Income Tax department will further hasten the speed of issuing refunds to taxpayers who e-file their returns as it's Bengaluru-based CPC has adopted a variety of smart business procedures in the recent past, a senior official said.
The official involved in the operations of ...
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Income Tax |
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0 | Hits : 1228
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CA Piyush Goyal may be the next Finance Minister
Posted Date : 22-Jan-2016 , 07:27:13 pm | Posted By CASANSAAR
Prime Minister Narendra Modi may go in for a reshuffle in his cabinet and assign coal minister Piyush Goyal to take the finance portfolio and move finance minister Arun Jaitely to defence.
“Finance Minister Arun Jaitley, responsible for delivering the Modi message to international investo...
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Income Tax |
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Income Tax deptt issues 54000 notices in JK for not filing returns
Posted Date : 20-Jan-2016 , 08:12:10 am | Posted By CASANSAAR
The income tax department has issued over 54,000 non-compliance notices in Jammu and Kashmir to the people who have not filed their income tax returns.
"The income tax department has issued over 54,000 non- compliance notices to people who have failed to file their income...
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Income Tax |
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0 | Hits : 900
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Tax Audit Limit for Business 2 Crore, for Professional 1 Crore - Tax Simplification Committee
Posted Date : 19-Jan-2016 , 08:58:50 am | Posted By CASANSAAR
Tax Simplification Committee in its first report has suggested for increasing the limit for tax audit of accounts of business only if the sales turnover exceeds Rs 2 Crore . For professionals , it has suggested the limit of Rs 1 Crore.
The committee has suggested complete overhaul of prov...
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Income Tax |
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Justice Easwar panel suggests friendlier direct tax laws
Posted Date : 19-Jan-2016 , 08:21:05 am | Posted By CASANSAAR
A committee set up by the government to change direct tax laws has suggested several taxpayer-friendly measures to improve the ease of doing business, reduce litigation and accelerate the resolution of tax disputes.
In its first report made public on Monday, the committee, headed by retired hig...
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Income Tax |
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0 | Hits : 890
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PM Modi announces Rs 10,000 crore fund, tax exemptions for start-ups
Posted Date : 17-Jan-2016 , 11:12:43 am | Posted By CASANSAAR
The government on Saturday unveiled a raft of measures - ranging from tax waiver for three years, ending inspector raj and a mega fund — to help boost the start-up eco-system.
The 19-point action plan, which was announced by Prime Minister Narendra Modi after a day-long event, came with t...
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Income Tax |
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0 | Hits : 1069
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Govt working to make start, exit easy for startups
Posted Date : 17-Jan-2016 , 11:09:03 am | Posted By CASANSAAR
The government is working to make it easy for budding entrepreneurs to start a business or exit from it, giving boost to the Indian startup ecosystem, Union Minister Nirmala Sitharaman said today.
"I understand that starting a startup is as much important as somebody wants to exit from it. T...
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Income Tax |
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0 | Hits : 724
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All communication of income tax scrutiny to be via e-mail from FY17
Posted Date : 11-Jan-2016 , 08:41:53 am | Posted By CASANSAAR
The income tax department is planning to carry out all communication related to the scrutiny of returns through e-mails from the next fiscal to reduce harassment of tax payers by eliminating interface between assessees and taxmen.
The I-T department, on a pilot basis, has already started scruti...
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Income Tax |
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0 | Hits : 1519
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Over 50 lakh ITRs e-verified by Income Tax department
Posted Date : 11-Jan-2016 , 08:23:08 am | Posted By CASANSAAR
The Income Tax department’s ambitious OTP-based ITR filing system for taxpayers has crossed the 50 lakh e-verification mark, while more than 39 lakh Aadhaar numbers have been successfully linked with the PAN database after the scheme was launched over six months back. The new e-filing sys...
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Income Tax |
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0 | Hits : 1006
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Taxmen’s appraisal format tweaked to ensure speedier disposal
Posted Date : 09-Jan-2016 , 11:17:50 pm | Posted By CASANSAAR
Seeking to end harassment of tax payers, the Income Tax department today came out with a new appraisal form for its officials that will judge their performance based on the pace of disposal of cases and quality of assessment.
In the revised Annual Performance Appraisal Report (APAR), the CBDT sai...
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Income Tax |
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Changes in the APAR format of the Assessing Officers of Income Tax Department
Posted Date : 09-Jan-2016 , 09:02:21 am | Posted By CASANSAAR
The Income Tax Department is committed to the objective of timely delivery of quality taxpayer services in a fair and transparent environment.
The Department has modified the Annual Performance Appraisal Report (APAR) of the Assessing Officers (Income Tax Officers as well as Assistant Commi...
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Income Tax |
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0 | Hits : 1278
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Income tax department extends ITR-V verification deadline till 31st Jan 2016
Posted Date : 07-Jan-2016 , 07:17:20 am | Posted By CASANSAAR
If you missed your 120 days ITR-V verification deadline, there is good news. The income tax department has extended the verification deadline till 31st January. Although it has not been officially notified yet, taxpayers having been receiving this information via email from the I-T department. Howev...
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Income Tax |
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0 | Hits : 1477
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Govt collects Rs 9.5 lakh cr in taxes during Apr-Dec
Posted Date : 07-Jan-2016 , 07:05:42 am | Posted By CASANSAAR
The government has collected Rs 9.5 lakh crore in taxes during the April-December period of 2015-16, which is 66 per cent of the budget estimates (BE).
The government in the budget for 2015-16 pegged tax collection (direct and indirect) at Rs 14.45 lakh crore.
"The total tax r...
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Income Tax |
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0 | Hits : 912
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New Income Tax Reporting Norms for High Value Transactions From April 1
Posted Date : 03-Jan-2016 , 08:24:56 pm | Posted By CASANSAAR
In order to check black money, the Central Board of Direct Taxes (CBDT), the apex policymaking body of the Income Tax Department, has notified norms under which cash receipts and high value transactions beyond a certain threshold will have to be reported to the income tax authorities with effect fro...
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Income Tax |
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0 | Hits : 2041
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Income tax officers to raise only specific queries in scrutiny - Revenue Secretary
Posted Date : 31-Dec-2015 , 07:29:00 am | Posted By CASANSAAR
Seeking to eliminate corruption and promote ease of doing business, the revenue department has asked field offices only to raise specific queries in income tax assessment cases picked up for scrutiny.
Issuing comprehensive norms for scrutiny, the Central Board of Direct Taxes (CBDT) said qu...
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Income Tax |
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Income tax appeal before Commissioners must be e-filed - CBDT
Posted Date : 31-Dec-2015 , 07:25:21 am | Posted By CASANSAAR
Aiming to reduce the compliance burden, revenue department today said appeals before Income Tax Commissioner should be filed in electronic format by those assessees who e-file their returns.
Electronic filing of appeals along with documents, before the CIT (Appeals), will remove human inter...
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Income Tax |
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0 | Hits : 1133
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Income Tax Department Names 18 Defaulters Owing Rs 1,100 Crore
Posted Date : 30-Dec-2015 , 06:08:58 pm | Posted By CASANSAAR
The Income Tax Department Wednesday published a fresh list of 18 tax defaulters, including gold and diamond traders, who owe taxes of over Rs 1,100 crore to the government for the past many assessment years but have either gone untraceable or have inadequate assets to pay.
The list has been compi...
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Income Tax |
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