Income Tax officials threaten to go on strike
Posted Date : 23-Sep-2015 , 08:17:16 am | Posted By CASANSAAR
The finance ministry is gung-ho about revenue collections, but dissatisfied income tax (I-T) officials might spoil the party. The officials are up in arms over the lack of "infrastructure facilities" and pending vacant positions. They have threatened to go on a half-day...
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Income Tax |
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ICAI President Meeting with the Hon’ble Finance Minister regarding Extension of Tax Audit Date
Posted Date : 23-Sep-2015 , 07:53:17 am | Posted By CASANSAAR
CA. Manoj Fadnis, President, ICAI, CA. Anuj Goyal, Chairman, Professional Development Committee, along with Chairman, Direct Taxes Committee , Vice-Chairman, Direct Taxes Committee , Vice Chairman, Committee on International Taxation, met and represented before Hon’ble Finance Minister Shri Ar...
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Income Tax |
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0 | Hits : 1580
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Income tax department to catch hold of black money holders after September 30
Posted Date : 22-Sep-2015 , 08:09:24 am | Posted By CASANSAAR
All "consequences" of law will follow and the taxman will go after black money hoarders who do not declare their illegal funds before the expiry of a one-time 90-day "compliance window" on September 30, the CBDT chief warned on Monday.
The Central Board of Direct Taxes (CBDT),...
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Income Tax |
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0 | Hits : 759
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Income Tax department to use email for issuing notices
Posted Date : 20-Sep-2015 , 09:20:44 pm | Posted By CASANSAAR
In welcome news for taxpayers, the IT department has decided to launch a new system of issuing email notices to which an assessee can respond electronically, obviating the need for a physical interface with the taxman which often led to complaints about harassment.
The Central Board of Direct T...
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Income Tax |
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1 | Hits : 1164
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Gold deposits over 500gm without known income sources will attract tax
Posted Date : 19-Sep-2015 , 08:30:23 am | Posted By CASANSAAR
Gold deposits over 500gm, not explained by known source of income, will attract income tax under the gold monetization scheme, the government in an internal note dated 15 September that was released on Friday.
It is likely to discourage large depositors with undisclosed source of income but wil...
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Income Tax |
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0 | Hits : 914
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CBDT mulls peer review of income tax orders
Posted Date : 17-Sep-2015 , 08:28:48 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) wants to make it easier to pay taxes in India. And the measures to be introduced in the near future, after obtaining an internal committee's report, could include peer review of assessment orders in certain cases. The concept of a peer review, C...
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Income Tax |
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0 | Hits : 1074
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Government Approves Promotion of 153 IRS Officers of 1992, 1993 & 1994 Batches to the Rank of Commissioners of Income Tax
Posted Date : 17-Sep-2015 , 08:02:22 am | Posted By CASANSAAR
In a major step towards implementation of restructuring of the Income Tax Department, the Government has approved the promotion of 153 officers to the rank of Commissioners of Income Tax. The officers belong to 1992, 1993 & 1994 batches. With these promotions, the Department will be able to addr...
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Income Tax |
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0 | Hits : 731
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Tax Compliances - Letter to PM for Mann Ki Baat
Posted Date : 16-Sep-2015 , 09:25:13 am | Posted By CASANSAAR
Shri Narendra Modi Ji,
Hon’ble Prime Minister,
Mann Ki Baat,
Akashvani, Sansad Marg,
New Delhi – 110001.
Greetings of the Day!!!
The Business & professional community of the country has reposed unprecedented confidence in your esteemed leadership. While your ini...
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Income Tax |
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2 | Hits : 2300
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Income Tax refunds to be sent to taxpayers in 7-10 days
Posted Date : 14-Sep-2015 , 07:49:22 am | Posted By CASANSAAR
In what could be a good news for hundreds of thousands of taxpayers, the income tax department will process and send refunds in 7-10 days as its latest technology upgrade of electronic and Aadhaar-based ITR verification has begun on a successful note.
The department's latest initiat...
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Income Tax |
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0 | Hits : 1381
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SEBI eases norms for related-party transactions
Posted Date : 04-Sep-2015 , 09:06:38 am | Posted By CASANSAAR
The Securities and Exchange Board of India (SEBI) on Thursday relaxed rules for related-party transactions in a bid to bring them in line with the new Companies Act.
The market regulator has amended the listing agreement norms to allow companies to approve any material related-party tra...
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Income Tax |
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0 | Hits : 1273
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Govt accepts Shah panel report, no retrospective MAT on FIIs
Posted Date : 02-Sep-2015 , 08:38:16 am | Posted By CASANSAAR
Government accepts the Recommendation of the Justice A.P. Shah Committee to clarify the Inapplicability of MAT to FIIs/FPIs and has decided that an appropriate Amendment to the Income-Tax Act will be carried out;
Final Report of the Justice A.P. Shah Committee on Direct Tax Matters Constitu...
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Income Tax |
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0 | Hits : 798
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CBDT extends return filing due date till 07th Sep.15 in Gujrat only
Posted Date : 31-Aug-2015 , 07:55:11 pm | Posted By CASANSAAR
CBDT extends the last date of filing Income Tax return in Gujarat. Earlier the last date was 31st August 2015, now its 7th September 2015.
...
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Income Tax |
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0 | Hits : 1746
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Use 3G or 4G Mobile Network for Income tax efiling website
Posted Date : 31-Aug-2015 , 06:36:12 pm | Posted By CASANSAAR
A Tip for accessing E filing Webste.
At the time of uploading ITRs, Try using Mobile 3G or 4G Network instead of Broadband Connection.
You will be able to access it Properly. Good Luck....
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Income Tax |
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0 | Hits : 1200
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Income tax E-filing site crashes due to excessive rush of taxpayers on last day
Posted Date : 31-Aug-2015 , 05:59:44 pm | Posted By CASANSAAR
The rush to file return by the taxpayers on the last day resulted in the crashing of Income Tax site on Monday.
The official website of the income tax department http://www.incometaxindiaefiling.gov.in was inaccessible on numerous occasions on the final day of filing return.
As per the Central...
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Income Tax |
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0 | Hits : 1606
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Nominate only senior officials to handle big tax demands: Government to revenue department
Posted Date : 31-Aug-2015 , 08:51:20 am | Posted By CASANSAAR
In the backdrop of ongoing high profile tax disputes involving blue-blooded multinational corporations (MNCs) like Vodafone, Cairn and, more recently, E*Trade Financial Corp, the government has told the revenue department to nominate only senior officials to handle big tax demands in an effort to av...
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Income Tax |
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0 | Hits : 847
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Income Tax Dept Tightens Screws on Defaulters
Posted Date : 29-Aug-2015 , 09:02:48 am | Posted By CASANSAAR
The Income Tax Department has set a target of collecting Rs 82,000 crore from the Karnataka-Goa region this financial year.
Disclosing this, Income Tax Additional Commissioner Jayaram Raipura on Friday said the department had collected Rs 70,000 crore in the last fiscal. It is “tryi...
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Income Tax |
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0 | Hits : 1075
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Income Tax Dept sets Sept 30 deadline for disclosure of black money
Posted Date : 27-Aug-2015 , 08:09:50 am | Posted By CASANSAAR
The Income Tax Department has released a half-page advertisement in Wednesday's newspapers asking people to declare their undisclosed assets abroad on or before September 30, 2015.
The advertisement, which has an image of a huge tree trunk with the palms of two hands around it has one messa...
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Income Tax |
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0 | Hits : 988
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SEBI bars 59 entities for misusing stock options
Posted Date : 20-Aug-2015 , 09:53:07 pm | Posted By CASANSAAR
The Securities and Exchange Board of India, or Sebi, on Thursday, barred 59 entities from accessing the capital markets for manipulatively trading in derivatives of thinly traded stocks on BSE to generate fictitious profits and losses, allegedly with the aim of evading tax.
While passing an int...
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Income Tax |
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0 | Hits : 954
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Govt notifies tax rebate for 21 backward districts in Bihar
Posted Date : 19-Aug-2015 , 08:08:58 am | Posted By CASANSAAR
Ahead of the assembly polls, the Centre has notified 21 districts of Bihar, including capital Patna, as “backward” areas for conferring income tax rebate of 15 per cent on setting up of new manufacturing plants and buildings.
The Central Board of Direct Taxes (CBDT), the apex policy...
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Income Tax |
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0 | Hits : 910
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Finmin mulls 1% Income Tax rebate for card payments
Posted Date : 18-Aug-2015 , 07:28:41 am | Posted By CASANSAAR
Credit or debit card users may get to claim 1% of their annual transactions as deduction from income, if a proposal made by a section of the finance ministry is implemented, reports Prasanta Sahu in New Delhi. The move could marginally reduce the income tax liability of credit and debit card users. ...
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Income Tax |
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0 | Hits : 1070
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CBDT to clarify on bank a/c disclosures under black money law
Posted Date : 17-Aug-2015 , 09:49:55 pm | Posted By CASANSAAR
Finance Ministry in the second set of FAQs on the black money compliance window is likely to clarify on the period for which foreign bank account details have to be provided after concerns were expressed in some quarters over the availability of records beyond a few years.
In the Freque...
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Income Tax |
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0 | Hits : 1031
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Govt conciliatory on GST after session wash out
Posted Date : 14-Aug-2015 , 09:02:06 pm | Posted By CASANSAAR
A day after monsoon session came to an acrimonious end, government on Friday struck a conciliatory note saying it would talk to all parties to ensure passage of GST Bill and appealed to them to "bury the past" as any delay to enact the law would hurt the national interests. ...
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Income Tax |
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0 | Hits : 745
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Pay income tax dues in advance at RBI or authorised bank branches - RBI
Posted Date : 13-Aug-2015 , 08:30:10 am | Posted By CASANSAAR
Reserve Bank on Wednesday asked income tax assessees to pay theirincome tax dues in advance at RBI or any authorised bank branches including that of SBI, ICICI, HDFC Bank, PNB and Axis Bank.
It has been observed that rush for remitting income tax dues through the RBI ha...
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Income Tax |
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0 | Hits : 1036
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SC says Aadhar not mandatory for availing welfare schemes of govt
Posted Date : 11-Aug-2015 , 09:44:21 pm | Posted By CASANSAAR
The Supreme Court today ruled that Aadhar is not mandatory for availing various welfare schemes of the government. The court made it clear that even for availing facilities PDS, kerosene and LPG distribution system the card will not be mandatory. It barred the authorities from sharing personal biome...
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Income Tax |
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0 | Hits : 832
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Indian Railway Finance Corporation (IRFC) to Issue Rs 6,000-Cr Tax-Free Bonds
Posted Date : 11-Aug-2015 , 07:28:24 am | Posted By CASANSAAR
Indian Railway Finance Corporation (IRFC) would raise Rs 6,000 crore through tax-free bonds in the current fiscal year, the Lok Sabha was informed on Monday.
IRFC has been authorised by the Railway Ministry to issue tax-free bonds for a total amount of Rs 6,000 crore during FY16 through public is...
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Income Tax |
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0 | Hits : 910
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CBDT signs first rollback advance pricing pact
Posted Date : 07-Aug-2015 , 10:02:35 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has signed the first "rollback" unilateral advance pricing agreement (APA) with two multinational companies earlier this week, it was announced on Thursday.
"With this, the CBDT has so far signed 14 APAs of which 13 are unilateral ...
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Income Tax |
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0 | Hits : 815
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New I-T norms require firms to make more disclosures on foreign income
Posted Date : 03-Aug-2015 , 09:04:23 am | Posted By CASANSAAR
Companies will have to make more disclosures on their foreign income and assets while filing their income tax returns, as per the norms notified by the income tax department for the assessment year 2015-16.
Companies will have to disclose details about foreign bank accounts, immovable property,...
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Income Tax |
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0 | Hits : 939
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Ajay Tyagi named Additional Secretary to RBI board in place of Finance Secretary
Posted Date : 01-Aug-2015 , 08:16:52 am | Posted By CASANSAAR
In an unusual move, the Finance Ministry has nominated Ajay Tyagi, Additional Secretary in the Department of Economic Affairs to the RBI board in place of Economic Affairs Secretary Rajiv Mehrishi. As per the convention, Economic Affairs Secretary besides the Financial Services Secretary is par...
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Income Tax |
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0 | Hits : 885
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Several Measures taken by the Government to Simplify Tax Payment and Stautory Filings
Posted Date : 31-Jul-2015 , 09:36:58 pm | Posted By CASANSAAR
With a view of minimize the cost of compliance of the taxpayers, the Central Board of Direct Taxes (CBDT) has taken several measures to make tax payment and statutory filings simple and convenient for the taxpayer, including-
· Onl...
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Income Tax |
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0 | Hits : 920
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Just 17 individuals owe a whopping Rs 2.14 lakh crore tax arrears - FinMin
Posted Date : 31-Jul-2015 , 07:42:24 am | Posted By CASANSAAR
Just 17 individuals have a whopping Rs 2.14 lakh crore as outstanding tax arrears, with each of them owing more than Rs 1,000 crore.
This is more than double the amount of total tax dues worth Rs 90,568 crore outstanding against 35 companies in this category (with outstanding tax arrears of over ...
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Income Tax |
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0 | Hits : 1635
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