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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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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0 | Hits : 1134
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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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0 | Hits : 886
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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 : 893
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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 : 1441
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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 : 890
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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 : 678
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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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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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Income Tax |
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Income-tax department developing mobile app for filing returns
Posted Date : 15-Nov-2015 , 09:08:34 am | Posted By CASANSAAR
The income-tax department is developing a mobile app which can be used by users for filing their tax returns, a top finance ministry official said on Saturday.
“We are developing a mobile app which can be used by users for filing their income tax returns. There are some security related i...
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Income Tax |
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0 | Hits : 997
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NRIs can now bring in FDI through companies, trusts and LLPs
Posted Date : 13-Nov-2015 , 09:12:34 am | Posted By CASANSAAR
The government has extended the benefits enjoyed by individual NRI investors to companies, trusts and other incorporated entities owned by nonresident Indians (NRIs) as part of the liberalised FDI norms announced on Tuesday.
Giving more flexibility to NRIs to decide the ...
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Income Tax |
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0 | Hits : 920
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CBDT orders I-T offices to set up grievance cells
Posted Date : 11-Nov-2015 , 09:36:07 am | Posted By CASANSAAR
In a bid to tackle high-pitched and unreasonable tax assessment orders, which result in heavy income tax (I-T) demands, the Central Board of Direct Taxes (CBDT) issued a notification on Monday requiring setting up of local grievance committees across I-T offices in India.
The CBDT, in its n...
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Income Tax |
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Govt Approves Four (4) Proposals of Foreign Direct Investment (FDI) Amounting to Rs. 384.45 Crore Approx
Posted Date : 10-Nov-2015 , 08:20:00 am | Posted By CASANSAAR
Based on the recommendations of Foreign Investment Promotion Board(FIPB) in its Meeting held on 19.10.2015, the Government of India has approved four (04) proposals of Foreign Direct Investment (FDI) amounting to Rs. 384.45 crore.
...
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Income Tax |
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0 | Hits : 769
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Income-Tax Dept launches official Twitter handle
Posted Date : 08-Nov-2015 , 11:10:53 pm | Posted By CASANSAAR
The Income Tax Department has launched its official account on micro-blogging site Twitter with the handle "incometaxindia". CASANSAAR already on Twitter with the handle "casansaar"
The first tweet of the income tax department read: "Follow us to stay updated on the lat...
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Income Tax |
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Draft Interpretation on Uncertainty over Income Tax Treatments - ICAI
Posted Date : 07-Nov-2015 , 08:58:46 am | Posted By CASANSAAR
Draft Interpretation published by the IFRS Interpretations Committee for comment only. Comments on the Draft Interpretation need to be received by December 21, 2015.
The International Accounting Standards Board’s IFRS Interpretations Committee (‘Interpretations Committee’)...
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Income Tax |
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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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Income Tax |
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0 | Hits : 1246
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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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Income Tax |
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0 | Hits : 735
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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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Income Tax |
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1 | Hits : 1064
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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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Income Tax |
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0 | Hits : 922
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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 |
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0 | Hits : 715
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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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Income Tax |
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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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Income Tax |
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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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Income Tax |
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0 | Hits : 1225
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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 |
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0 | Hits : 978
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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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Income Tax |
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0 | Hits : 1070
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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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Income Tax |
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0 | Hits : 1159
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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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Income Tax |
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0 | Hits : 851
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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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Income Tax |
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