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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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 : 922
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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 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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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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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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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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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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0 | Hits : 896
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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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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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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 : 733
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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 : 967
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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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Income Tax |
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Failure to pay TDS collected can attract 7-yr jail term: CBDT
Posted Date : 06-Dec-2015 , 10:13:01 am | Posted By CASANSAAR
Employers failing to pay the Government the tax deducted at source (TDS) on salaries of their employees can be jailed for up to seven years, the CBDT has said.
Failure to deduct income tax on salaries of employees or defaulting in payment of the same to the government will be liable to a ...
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Income Tax |
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0 | Hits : 1273
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Income tax department considering peer review before tax assessments
Posted Date : 03-Dec-2015 , 07:28:52 am | Posted By CASANSAAR
Aiming to make it easier to pay taxes and improve quality of tax orders, the government has set up a committee to look into possibility of a system of peer review before assessment.
To a query on whether government feels peer review assessments can improve quality of tax orders, as recommen...
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Income Tax |
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Now, parents can claim interest on overseas edu loans for tax relief
Posted Date : 02-Dec-2015 , 08:21:11 am | Posted By CASANSAAR
Higher education overseas is no bar for claiming interest on educational loans for tax deduction.
Parents whose children are studying overseas or plan to do so, have much to cheer. The Pune Income-tax Appellate Tribunal (ITAT) has held that a deduction for interest paid on educational loans tak...
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Income Tax |
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New Functionalities released under National Pension System (NPS)
Posted Date : 02-Dec-2015 , 07:38:02 am | Posted By CASANSAAR
Pension Fund Regulatory and Development Authority (PFRDA) has been established by the Government of India for regulation and development of Pension Sector in order to protect the old age income security of subscribers. PFRDA takes various initiatives from time to time in order to simplify and improv...
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Income Tax |
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ITAT has no power to stay prosecution - Punjab and Haryana HC
Posted Date : 01-Dec-2015 , 08:17:47 am | Posted By CASANSAAR
Punjab and Haryana High Court has held that Income Tax Appellate Tribunal(ITAT) has no power to interfere in a prosecution under the Income Tax Act, either at the stage of a show cause notice or at any other stage. A division bench of Justices Rajive Bhalla and Rekha Mittal said that pendency of app...
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Income Tax |
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Anita Kapur appointed advisor on tax reforms
Posted Date : 01-Dec-2015 , 07:54:37 am | Posted By CASANSAAR
The Centre has appointed Anita Kapur, the outgoing CBDT Chairperson, as an advisor on tax reforms for a period of six months.
Kapur, who superannuated on Monday, will be an advisor for a period of six months.
Meanwhile, A.K. Jain, Member, CBDT will discharge duties and responsibilities of ...
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Income Tax |
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0 | Hits : 869
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Income Tax department launches PAN-based litigation management system
Posted Date : 26-Nov-2015 , 08:01:45 am | Posted By CASANSAAR
Aimed to reduce lengthy proceedings and time taken in litigation, the Income Tax department has activated a PAN-based online system which enables the taxman to access cases in their jurisdiction on a click, amongst a building database of over 5 lakh appeals and 1.50 lakh judgements. The new fac...
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Income Tax |
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0 | Hits : 1408
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Income tax department to unveil enhanced and more user-friendly website
Posted Date : 25-Nov-2015 , 08:07:11 am | Posted By CASANSAAR
The Income Tax department will soon upgrade its official web portal and unveil more user-friendly features for taxpayers on the online platform.
Officials said the website--www.incometaxindia.gov.in-- will host easy navigation tools for taxpayers and others so that they can easily do ...
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Income Tax |
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0 | Hits : 872
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Government Approves Six (6) Proposals of Foreign Direct Investment (FDI) Amounting to Rs. 1810.25 Crore Approximately
Posted Date : 19-Nov-2015 , 07:30:15 am | Posted By CASANSAAR
Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its 226th meeting held on 30th October 2015, the Government has approved 6 (six) proposals of Foreign Direct Investment (FDI) amounting to Rs. 1810.25 crore.
The following 6 (six) proposals have bee...
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Income Tax |
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0 | Hits : 664
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Good news for taxpayers! Income Tax grievances to be addressed in 2 months
Posted Date : 18-Nov-2015 , 08:30:19 am | Posted By CASANSAAR
Taxpayers facing "high-pitched" assessments or unfair scrutiny by the Income Tax Department can now attempt to get their grievances redressed in a short time before undertaking the arduous litigation route of courts or other appellate mechanisms.
In a maiden initiative...
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Income Tax |
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0 | Hits : 1089
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Income Tax department honing its strategies for effective searches
Posted Date : 17-Nov-2015 , 08:46:05 am | Posted By CASANSAAR
The investigation wing of Income Tax(IT) department is sharpening its strategies to make search and survey procedures more effective, an official said.
"We are sharpening our strategies to such an extent that non-compliance with the taxation provisions by individuals and companies do not g...
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