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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1088
|
 |
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1009
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 758
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1656
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1030
|
|
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”...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 919
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1098
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 797
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 765
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1026
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1212
|
|
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
...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1733
|
|
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
...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1866
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
2 | Hits : 8785
|
|
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)...
Continue Reading...
Category :
Income Tax |
Comments :
1 | Hits : 1712
|
|
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. ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 2476
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 910
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1849
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1615
|
|
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),...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 789
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
1 | Hits : 1207
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 970
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1099
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 758
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
2 | Hits : 2351
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1435
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1324
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 837
|
|
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.
...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1764
|
|
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....
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1264
|
|
|
