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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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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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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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 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 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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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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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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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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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 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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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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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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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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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 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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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 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 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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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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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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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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