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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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 : 944
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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 : 922
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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 : 1134
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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 : 786
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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 : 1548
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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 : 1031
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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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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 : 1516
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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 : 942
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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 : 2080
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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 : 1166
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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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1 | Hits : 1516
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IT officials search NCDEX office
Posted Date : 30-Dec-2015 , 08:47:18 am | Posted By CASANSAAR
The National Commodity and Derivatives Exchange (NCDEX) said income tax (I-T) officials on Tuesday conducted a “routine survey” at its office in Mumbai.
“The visit of I-T officials is part of a routine survey by the department. The exchange is fully cooperating with the offici...
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Income Tax |
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0 | Hits : 833
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No LPG subsidy for consumers with annual taxable income of more than Rs 10 lakh
Posted Date : 28-Dec-2015 , 09:20:42 pm | Posted By CASANSAAR
The government on Monday decided that consumers with taxable income above Rs 10 lakh per year will not get LPG subsidy from January 2016.
The benefit of the LPG subsidy will not be available for LPG consumers if the consumer or his/her spouse had taxable income of more than Rs 10 lakh during th...
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Income Tax |
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Income Tax Department to quote email, phone number in e-notice - FinMin
Posted Date : 24-Dec-2015 , 03:04:28 pm | Posted By CASANSAAR
In an attempt to bring authenticity to e-mail based communication to taxpayers, the Finance Ministry has asked Income Tax department officials to mandatorily mention their email and official phone numbers in such letters and notices.
An official order, accessed by PTI, in this regard was issu...
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Income Tax |
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0 | Hits : 1010
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Draft Guiding Principles for Determination of Place of Effective Management (Poem) of a Company Formulated
Posted Date : 23-Dec-2015 , 08:08:19 pm | Posted By CASANSAAR
The Finance Act, 2015 has amended, with effect from 01.04.2016, the provisions of Income-tax Act relating to determination of residence of a company. In accordance with the amended provisions a company would be said to be resident in India in any previous year, if it is an Indian company or it...
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Income Tax |
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Income Tax Department to Launch Project Insight to Curb Black Money
Posted Date : 23-Dec-2015 , 08:11:03 am | Posted By CASANSAAR
The Income Tax department will implement 'Project Insight' from next year which will monitor high value transactions, with a view to curbing the circulation of black money, the Finance Ministry said today.
'Project Insight' has been initiated by the Department f...
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Income Tax |
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Over 27 lakh new assesses brought under Income Tax - FinMin
Posted Date : 20-Dec-2015 , 03:50:30 pm | Posted By CASANSAAR
Over 27 lakh new assessees from across the country have been brought under the tax net by the Income Tax department as part of its ambitious drive to bring one crore fresh taxpayers within its ambit this financial year.
Top sources in the Finance Ministry, quoting official data, said the ma...
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Income Tax |
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Furnishing of Information in Respect of Payments made to the Non-Resident
Posted Date : 17-Dec-2015 , 02:50:47 pm | Posted By CASANSAAR
Section 195 of the Income-tax Act empowers the Central Board of Direct Taxes to capture information in respect of payments made to non-residents, whether chargeable to tax or not. Rule 37 BB of the Income-tax Rules has been amended to strike a balance between reducing the burden of compliance and co...
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Income Tax |
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Date of Advance Tax for taxpayers in Tamil Nadu and Puducherry extended till 31st December, 2015
Posted Date : 15-Dec-2015 , 09:55:04 pm | Posted By CASANSAAR
The last date of payment of December 2015 installment of Advance Tax for both Corporate and Non-Corporate Taxpayers in the State of Tamil Nadu and Union territory of Puducherry has been extended from 15.12.2015 to 31.12.2015 in view of unprecedented rainfall and floods in these areas.
The C...
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Income Tax |
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0 | Hits : 782
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Income tax dept's ambitious email project for taxpayers delayed
Posted Date : 15-Dec-2015 , 08:28:57 am | Posted By CASANSAAR
The rollout of an ambitious pilot project of the Income Tax department to begin paperless and email-based communication with taxpayers has been delayed as many chosen tax offices have not sent the required data to the CBDT even after over a month-and-a-half of the go-ah...
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Income Tax |
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0 | Hits : 943
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CBI arrests Joint Commissioner of Income Tax on bribery charges
Posted Date : 12-Dec-2015 , 09:05:05 am | Posted By CASANSAAR
The Anti-Corruption Bureau of the Central Bureau of Investigation on Friday arrested a Joint Commissioner with the Income Tax Department in Mumbai on the charge of accepting a bribe of Rs 5 lakh from a Mumbai resident. CBI officials said the accused, SK Jangre, had reopened the file regarding the co...
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Income Tax |
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Clarification regarding Notices of defective returns issued to FII/FPIs
Posted Date : 11-Dec-2015 , 08:14:50 am | Posted By CASANSAAR
Notices of defective returns were issued under Section 139(9) of the Income-tax Act to Foreign Institutional Investors/Foreign Portfolio Investors (FIIs/FPIs) in cases where Balance Sheet and P&L account were not filled.
In order to overcome this difficulty, it is clarified that such returns ...
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Income Tax |
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0 | Hits : 787
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I-Tax deptt warns taxpayers against fraudulent emails
Posted Date : 10-Dec-2015 , 08:49:28 am | Posted By CASANSAAR
The Income Tax Department today warned tax payers against phishing/fraudulent refund emails saying it does not seek details of personal information like PIN through e-mail.
"The Income Tax Department does not send e-mail requesting your PIN numbers, passwords or similar access information fo...
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Income Tax |
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0 | Hits : 994
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Government Orders Quick Issue of Income Tax Refunds Under Rs. 50,000
Posted Date : 06-Dec-2015 , 06:13:47 pm | Posted By CASANSAAR
In good news for lakhs of taxpayers awaiting their IT refunds, the government has directed the taxman to "expeditiously" settle claims involving less than Rs. 50,000.
According to government data, over Rs. 5,400 crore is locked in pending refunds, which has become a ...
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