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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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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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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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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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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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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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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0 | Hits : 951
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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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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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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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Taxpayer info to remain confidential - Central Information Commission (CIC)
Posted Date : 30-Jul-2015 , 07:39:41 am | Posted By CASANSAAR
The identity of taxpayers who opt for an advance pricing agreement (APA) in the field of transfer pricing will continue to remain confidential. Such information cannot be made available under the provisions of the Right to Information Act (RTI), according to the Central Information Commission (CIC)....
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Income Tax |
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Timely Redressal of Tax Payer Grievances and Public Service Delivery
Posted Date : 29-Jul-2015 , 11:48:59 pm | Posted By CASANSAAR
Grievance redressal is a major aspect of citizen centric governance and is an important feature of the activities of the Income Tax Department. The Central Action Plan 2015-16 of the Income Tax Department released during the Annual General Conference of senior officers held on 25-26 May 2015, has st...
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0 | Hits : 893
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RBI asks I-T dept to verify applicants credentials for Small bank licence
Posted Date : 26-Jul-2015 , 03:57:26 pm | Posted By CASANSAAR
RBI has asked the I-T department to get a 'tax angle' verification done for four dozen corporate entities seeking licence to operate small finance and payment banks in the country.
RBI Governor Raghuram Rajan had recently written to the Central Board of Direct Taxes (CBDT), the apex polic...
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Income tax dept to bring 1 cr new people under tax net this fiscal
Posted Date : 19-Jul-2015 , 10:13:37 pm | Posted By CASANSAAR
The Income Tax department has launched a drive with the aim of bringing one crore new taxpayers under its net, after the government recently asked the taxman to achieve the target within the current fiscal.
As part of government's initiative to broaden the tax base, the Central Board of Direc...
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Income Tax |
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1 | Hits : 1023
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CBDT warns of action against those disclosing secret information
Posted Date : 19-Jul-2015 , 10:03:54 pm | Posted By CASANSAAR
To protect confidentiality of tax information from abroad, the CBDT has warned of stern action against those making unauthorised disclosures as it amounts to breach of treaty commitments and cause embarrassment to the government.
The Central Board of Direct Taxes (CBDT) said the confidentiality o...
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Income Tax |
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CBDT orders mass reshuffle in transfer pricing departmet
Posted Date : 10-Jul-2015 , 07:20:37 am | Posted By CASANSAAR
In a major reshuffle, the Income Tax department has issued mass transfer and promotion orders to around 59 additional and joint commissioners in the revenue department with immediate effect.
The circular with order details uploaded on June 19 signed by Brij Mohan, Under Secretary to the Gov...
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End Capital Gains Tax Exemption to Curb Money Laundering: BSE
Posted Date : 10-Jul-2015 , 06:57:58 am | Posted By CASANSAAR
The BSE or Bombay Stock Exchange on Thursday called for ending exemption of capital gains tax on securities to contain various entities using capital markets to evade taxes and launder money.
The government should rethink the exemption on capital gains taxes on traded securities, which is enjoyed...
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Income Tax field staff told to be selective in pursuing tax disputes
Posted Date : 09-Jul-2015 , 07:37:31 am | Posted By CASANSAAR
The income tax department has instructed field officers not to file appeals in tax disputes in a routine manner that would only bring adverse comments from the judiciary and exhaust its resources meant for pursuing cases that would stand the test of scrutiny.
There are about 7,000 direct tax-re...
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Income Tax |
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0 | Hits : 905
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Online tax calculators for hassle free Income tax planning
Posted Date : 06-Jul-2015 , 08:49:00 am | Posted By CASANSAAR
Online tax calculators for hassle free Income tax planning.
It is that time of the year when there is a frenzy of people rushing to get their tax papers and proofs in place for filing the income tax returns for money earned in the previous financial year.
The Income Tax Department has devised ...
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Income Tax |
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Tax on rental income of education trust exempted - High Court
Posted Date : 04-Jul-2015 , 10:37:45 pm | Posted By CASANSAAR
In a relief to Shri Vile Parle Kelavani Mandal (SVKM), an educational trust that runs Narsee Monjee Institute of Management Studies, the Bombay High Court has clarified that if the trust generates the income by giving hall and premises on rental, the income is not taxable income, if it is used for t...
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Income Tax department automates e-filing ITRs with password
Posted Date : 29-Jun-2015 , 09:12:54 pm | Posted By CASANSAAR
In order to end the trouble of sending paper-based acknowledgement of e-filed Income Tax Returns (ITRs), the Central Board of Direct Taxes (CBDT) is planning to send a one-time password (OTP) on taxpayers’ mobile phones, which will be valid for 24 hours after getting verified from the Aadhaar ...
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Most professionals open to explore new opportunities: LinkedIn
Posted Date : 25-Jun-2015 , 10:34:12 pm | Posted By CASANSAAR
Most professionals in the country are happy in their current jobs but at the same time are open to exploring new job opportunities, a report says.
According to LinkedIn's 2015 Talent Trends India Report, 55 per cent of Indian professionals define their job search as "passively look...
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0 | Hits : 1069
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Govt proposes tax benefits for credit and debit card payment
Posted Date : 22-Jun-2015 , 09:38:11 pm | Posted By CASANSAAR
The Narendra Modi government on Monday proposed income tax benefits for people making payments through credit or debit cards and doing away with transaction charges on purchase of petrol, gas and rail tickets with plastic money.
In a draft paper for moving towards cashless economy and reduce tax ...
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Smart and intelligent database soon to check income tax evasion
Posted Date : 17-Jun-2015 , 01:40:23 pm | Posted By CASANSAAR
A new “smart and intelligent” database is being set up in the Income Tax department to help check tax evasion, a “menace” that is “spoiling” compliance culture, a top CBDT official said today.
The database will immensely improve “mining” of data a...
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0 | Hits : 1239
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Interviews for CEO posts at five PSU banks start on Monday
Posted Date : 15-Jun-2015 , 08:47:29 am | Posted By CASANSAAR
In a first for state-owned banks, candidates from private sector banks have been shortlisted for interviews, for the post of chief executive officer (CEO) and managing director (MD) at five large banks, beginning Monday.
As many as 26 candidates, including executives from private sector banks, ar...
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0 | Hits : 1040
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Govt asks Income Tax officers for ideas to widen tax base
Posted Date : 15-Jun-2015 , 08:40:35 am | Posted By CASANSAAR
The government has asked senior Income Tax (I-T) department officers to individually contribute at least three innovative ideas, to widen the tax base.
A senior official said a direction in this regard was given by Union Minister of State for Finance Jayant Sinha during the recently con...
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0 | Hits : 850
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Income tax department to address taxpayers grievances in time
Posted Date : 11-Jun-2015 , 08:26:53 am | Posted By CASANSAAR
In order to aggressively mitigate grievances of taxpayers, CBDT has asked the taxman to address rectification applications filed by affected assesses in a prompt and time-bound manner.
An application for rectification of an order issued by the Income Tax department's Assessing Offic...
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CBDT advises Income Tax officials to be strict towards illegal charity
Posted Date : 09-Jun-2015 , 09:13:46 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has asked the Income Tax department officials to take strict actions against those who are seeking illegal tax exemptions from the government in the name of charity.
Guiding the I-T officials, the apex policy making body of the tax department has tol...
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Instill fear of jail and social censure in tax evaders says CBDT
Posted Date : 07-Jun-2015 , 09:16:14 pm | Posted By CASANSAAR
Taxman should instill the fear of “incarceration, loss of liberty and social opprobrium” in tax evaders and prosecute them in large numbers to create a credible deterrence against the menace of black money, the CBDT says.
The apex policy making body of the I-T department, in a ...
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0 | Hits : 822
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Rs 2 lakh penalty from next financial year for not answering tax authorities queries
Posted Date : 31-May-2015 , 01:31:13 pm | Posted By CASANSAAR
Failure to answer questions from the tax department can entail a penalty of up to Rs two lakh from the next financial year under the new black money law, which has got the assent of the President.
The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 provid...
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