Now Income Tax Officials Will Be Assessed in a New Way
Posted Date : 07-Nov-2015 , 08:48:57 am | Posted By CASANSAAR
Prime Minister Narendra Modi on Friday said the Income Tax Department will introduce a system of online scrutiny of returns and modify the performance appraisal pro forma of officials with a view to motivating them to pass correct orders and also check corruption.
Stating that the government is t...
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25% reduction in corporate tax to begin from next Budget: FM
Posted Date : 05-Nov-2015 , 08:28:05 am | Posted By CASANSAAR
The government in the next few days will come out with a list of exemptions that would go as part of the plan to gradually reduce corporate tax to 25%, the first tranche of which will be announced in the Budget in February, Finance Minister Arun Jaitley said on Wednesday.
Th...
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Do not share personal data over phone, email: I-T dept to taxpayers
Posted Date : 03-Nov-2015 , 09:19:38 pm | Posted By CASANSAAR
The Income Tax department on Tuesday issued an advisory asking taxpayers not to share their personal financial details over email or phone and urged them to register a complaint in case they face such malicious attempt.
The advisory has come at a time when income tax returns (ITRs) fi...
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Tax evasion, money laundering to become difficult in next 1-2 years: FM
Posted Date : 03-Nov-2015 , 07:56:24 am | Posted By CASANSAAR
Finance Minister Arun Jaitley today said tax evasion and money laundering will become “extremely difficult” in the next 1-2 years, with real-time global automatic exchange of information system coming into effect.
“I am quite certain that the activity is going on in ...
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Taxation of income from off-shore Rupee Denominated Bonds
Posted Date : 30-Oct-2015 , 08:19:03 am | Posted By CASANSAAR
The Reserve Bank of India has recently permitted Indian corporates to issue rupee denominated bonds outside India.
The matter of taxation of income from such bonds under Income-tax Act, 1961 has been considered by the Government.
In so far as taxation of interest income from these ...
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Income Tax Dept’s new norms: Top 5 ways taxpayers will benefit
Posted Date : 29-Oct-2015 , 09:06:49 am | Posted By CASANSAAR
Under new rules, Income Tax Department has asked its customer care centres to monitor email complaints of taxpayers about their income tax returns and other problems and diligently send them to tax officers. The new directive comes at a time when Finance Minister Arun Jaitley unveiled two ...
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Notice From Income Tax Office: Now Address It Online
Posted Date : 29-Oct-2015 , 08:37:35 am | Posted By CASANSAAR
Getting a notice from the income tax department has a direct effect on one’s heartbeat. One should, however, not panic and address the issues raised by the department especially when one is not on the wrong side of taxes.
Scrutiny of income tax return may occur primarily be...
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CA Vinod Jain & CA Mukesh Patel included in the panel set up by Govt.to simplify Income Tax laws
Posted Date : 28-Oct-2015 , 07:53:11 am | Posted By CASANSAAR
The Government of India has constituted a Committee with a view to simplify the provisions of the Income Tax Act, 1961, with the following composition:
(i) Justice R.V. Easwar, (Retd.),...
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FM Launches The E-Sahyog Pilot Project of The Income-Tax Department to Facilitate Taxpayers
Posted Date : 27-Oct-2015 , 08:19:19 pm | Posted By CASANSAAR
The Income-tax Department is committed to the ‘Digital India’ initiative of the Government of India. The Finance Minister Shri Arun Jaitley launched here today an “e-Sahyog” pilot project which furthers the Department’s commitment to work in an e-environment and reduces...
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Income Tax department to roll out PILOT project for scrutiny assessment
Posted Date : 26-Oct-2015 , 08:24:55 am | Posted By CASANSAAR
The Income Tax department will roll out next week its ‘pilot’ project to conduct scrutiny assessment in an e-environment when they begin sending queries through email to 500 “select” taxpayers without calling them to its offices.
The department had recently said it would...
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New transfer pricing norms to reduce tax litigation
Posted Date : 20-Oct-2015 , 07:40:59 am | Posted By CASANSAAR
In a bid to promote business-friendly taxation regime, the Centre has issued guidelines for transfer pricing (TP) provisions that are expected to reduce the rising volume of tax litigation.
According to the guidance note on international transactions issued by the Central Board of Direct Taxes (C...
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Filmmakers with abandoned movie projects get tax relief
Posted Date : 19-Oct-2015 , 08:35:11 pm | Posted By CASANSAAR
Filmmakers, who could not complete their movies or had to abandon them mid-way, can now have some relief as the Income Tax department has decided to do away with a provision of claiming tax on such projects.
The Central Board of Direct Taxes earlier this month brought out a directive statin...
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Black money SIT meets; asks agencies to check BoB like cases
Posted Date : 17-Oct-2015 , 08:40:11 pm | Posted By CASANSAAR
The SIT on black money today held a review meeting here and instructed probe agencies to step up their action against those fake firms and entities which are using banking channels to launder huge illegal funds like the recent case at a Bank of Baroda (BoB) branch in Delhi.
The meeting of the Spe...
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Changes in Income Tax Act soon to simplify procedures - Revenue secretary
Posted Date : 11-Oct-2015 , 09:33:00 pm | Posted By CASANSAAR
The government will soon carry out reforms and changes in the income tax (IT) act to simplify its procedures, a top finance ministry official said on Saturday.
According to Revenue Secretary Hasmukh Adhia, the central government will soon reveal a road map of changes to simp...
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Income Tax Dept asks traders to pay advance tax rather than annual returns
Posted Date : 11-Oct-2015 , 09:26:03 pm | Posted By CASANSAAR
As part of its latest drive to widen the tax base, the Income Tax department has asked traders and businessmen to pay advance tax rather than file annual returns at the end of the financial year so they can be added as new assesses promptly.
The department is running...
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FinMin invites suggestions on tax rates from trade, industry
Posted Date : 11-Oct-2015 , 09:16:15 pm | Posted By CASANSAAR
With preparations for the next Union Budget picking up pace, the Finance Ministry has invited suggestions from trade and industry for changes in tax rates and broadening of base.
The Budget is to be presented at the end of February by the Finance Minister.
"In the context of formulating t...
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Computation sheet for Income Tax demand raised by AO are available at efiling portal
Posted Date : 10-Oct-2015 , 08:02:47 am | Posted By CASANSAAR
The facility to view tax and computation sheet for demand raised by AO is made available to the assessee in the e-Filing portal. After Login, select e-File ‘ Response to Outstanding Tax Demand, click on download button next to demand amount to download the details pdf.
In case of demand rai...
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Era of tax avoidance to minimise liability over, warns CBDT
Posted Date : 09-Oct-2015 , 07:27:10 am | Posted By CASANSAAR
The large taxpaying entities are part of the tax base but they understate their income, the Central Board of Direct Taxes (CBDT) Chairperson Anita Kapur said, pointing towards the findings of a recent study on Thursday at a tax conference.
"National Institute of Public Finance and Policy (NI...
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Bombay HC rules in favour of Vodafone in Rs 8500 crore transfer pricing case
Posted Date : 08-Oct-2015 , 08:46:47 pm | Posted By CASANSAAR
The Bombay High Court on Thursday ruled in favour of the Indian arm of Vodafone Group Plc in tax dispute over a Rs 8,500 crore transaction involving a local subsidiary in 2007-08.
The ruling is likely to soothe nerves of foreign investors who are caught in similar “transfer pricing”...
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Income Tax dept employees to hold strike today
Posted Date : 08-Oct-2015 , 07:30:43 am | Posted By CASANSAAR
The employees of the income tax department are going on a nationwide strike on Thursday to protest the delay in promotions and appointments of tax officers in the Central Board of Direct Taxes (CBDT).
The strike organised by two prominent associations — Income Tax Employees Federation (IT...
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Rational personal taxes, flat 25% corporate tax in 4 years: FM
Posted Date : 06-Oct-2015 , 11:13:40 pm | Posted By CASANSAAR
Finance Minister Arun Jaitley has promised a rational tax rate for individuals and bringing down of corporate tax to 25 per cent flat in four years beginning next fiscal along with removal of exemptions except those that encourage individual savings.
Addressing students and faculty at the C...
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Govt stares at tax shortfall, but confident of meeting fiscal deficit target
Posted Date : 06-Oct-2015 , 07:34:45 am | Posted By CASANSAAR
The government is staring at a revenue shortfall of around 5% in the current financial year but is confident of meeting the fiscal deficit target through better management of expenditure, senior officials in the finance ministry said on Monday.
Top secretaries of the finance minis...
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Tax department's cash detection ability being strengthened - FM
Posted Date : 05-Oct-2015 , 07:55:46 am | Posted By CASANSAAR
Tax department's ability to detect large cash transactions is being strengthened to check the menace of black money as bulk of it remains within India, Finance Minister Arun Jaitley said on Sunday.
"The monitoring regime of the income tax has been strengthene...
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Government Extends the due Date for E-Filing of Returns of Income Tax and Audit Reports U/S 44AB of Income Tax Act from 30th September, 2015 to 31st October 2015
Posted Date : 01-Oct-2015 , 01:01:50 pm | Posted By CASANSAAR
The issue of extension of last date for e-filing returns of income and audit reports u/s 44AB due by 30thSeptember, 2015 has been the subject matter of litigation in various High Courts across the country. While some High Courts have ruled in favour of the extension of due date, some others ha...
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Bombay High Court also directed the CBDT to extend the date to 31st Oct 2015
Posted Date : 30-Sep-2015 , 08:10:17 pm | Posted By CASANSAAR
Bombay High Court also directed the CBDT to extend the date to 31st Oct 2015.
Bombay HC orders one month due-date extension, concurs with Gujarat HC reasoning.
The Chamber of Tax Consultants Vs. Union of India & Ors. (Bombay High Court), WP 2764/2015, Filed on 22.09.2015
...
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Bombay High Court adjourned the case for TAR Extension till tomorrow 3PM
Posted Date : 29-Sep-2015 , 04:24:28 pm | Posted By CASANSAAR
Bombay HC:
Judges pointed that once one HC rules under article 226, same would be binding on all HC in country.
If CBDT don't respond by tomorrow they will hear it tomorrow. Matter adj to tomorrow at 3 pm
...
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Status of Tax Audit Date Extension Update with Different High Courts - 28/09/2015
Posted Date : 28-Sep-2015 , 05:19:55 pm | Posted By CASANSAAR
Summary of the moves for the Extention of Date u/s 44AB:-
1. Punjab & Haryana HC - Vishal Garg & Ors. Vs. Union of India & Anr (CWP-19770/2015)
Argument over and order on 29/09/2015, 10 am
2. Gujarat HC - All Gujarat Federation of Tax Consultants (AGFTC) vs Ce...
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People With Rs 4 Lakh Income on Tax Department's Radar: CBDT
Posted Date : 28-Sep-2015 , 08:45:54 am | Posted By CASANSAAR
Those earning Rs 4 lakh per annum, besides people in tier-II and tier-III cities with taxable income but not paying taxes are on the radar of the Income Tax department which has launched an ambitious drive to net one crore new assesses this financial year.
The Central Board of Direct Taxes (CBDT)...
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CBDT releases New Utility for Tax Audit Report efiling
Posted Date : 25-Sep-2015 , 08:35:15 am | Posted By CASANSAAR
CBDT has updated the tax audit utility today by updating utilities for form 3CA CD, form 3CB CD and form 10 B. So please take care and in case you are using tax filling software ask your vendor to update software.
As per version 1.3 documents section 194DA has been added in drop down. ...
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0 | Hits : 2432
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Nationwide Strike by Income Tax Officials on October 8
Posted Date : 25-Sep-2015 , 08:03:42 am | Posted By CASANSAAR
Nearly 97 per cent of employees and officers of Income Tax department would observe a nation-wide strike on October eight to press for filling up of vacant posts.
The Joint Council of Action of Income Tax Associations, an umbrella body of Income Tax employees and officers, said that targetted t...
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