Delhi HC dismisses Ashneer Grover's plea against income tax notice issued under Black Money Act
Posted Date : 04-Aug-2023 , 07:36:03 am | Posted By CASANSAAR
The Delhi High Court on Tuesday dismissed a plea filed by Ashneer Grover, former managing director of BharatPe, challenging an income tax notice issued to him under Section 8 of the Black Money Act.
The high court asked Grover's counsel to withdraw the petition voluntarily, or the court...
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Income Tax Dept serves notices to salaried individuals for documentary proof to claim exemptions
Posted Date : 25-Jul-2023 , 01:32:36 pm | Posted By CASANSAAR
CLICK ON THE LINK FOR COMPLETE VIDEO,
https://youtu.be/bbla_-LmrJQ
A cavalier attitude towards filing of income tax returns (ITRs), complete with fake rent receipts from close relatives, extra claims against home loans, false donations and a slew of dodgy practices encouraged by some of the ta...
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Interest rate on deposits under EPF scheme hiked to 8.15% for FY 2022-23
Posted Date : 25-Jul-2023 , 07:55:11 am | Posted By CASANSAAR
The government has approved an interest rate of 8.15 percent on deposits under the Employees Provident Fund scheme for the financial year 2022-23.
According to the Employees' Provident Fund Organization (EPFO), the Ministry of Labour and Employment has conveyed the approval of the Central gov...
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Income tax dept processed 1.5 Cr ITRS of total 3 Cr filed
Posted Date : 20-Jul-2023 , 07:12:55 am | Posted By CASANSAAR
Over 3 crore ITRs for income earned in 2022-23 fiscal have been filed so far, out of which 91 per cent have been verified electronically, the income tax department said on Wednesday.
"Out of the 3.06 crore ITRs filed till 18th July, 2023, 2.81 crore ITRs have been e-verified i.e. more than 9...
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ED arrests former I-T officer, 2 Associates in Rs 263-crore TDS scam
Posted Date : 15-Jul-2023 , 06:53:35 am | Posted By CASANSAAR
The Enforcement Directorate (ED) on Friday arrested former Income-Tax (I-T) officer Tanaji Mandal Adhikari and his associates Bhushan Patil and Rajesh Shetty in connection with a Rs 263-crore TDS scam. Adhikari allegedly generated fake TDS (Tax Deducted at Source) refunds to the tune of Rs 263 crore...
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Brought GST under PMLA purview to empower investigators in fighting financial fraud - Centre
Posted Date : 13-Jul-2023 , 08:26:45 am | Posted By CASANSAAR
The Centre’s move to bring the Goods and Services Tax Network (GSTN) under the purview of the Prevention of Money Laundering Act (PMLA) was to empower the relevant investigating agencies to deal with tax fraud and money laundering matters, and not giving outright access to data to any party, s...
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Income Tax Dept issues clarification on PAN-Aadhaar linking
Posted Date : 01-Jul-2023 , 09:59:02 am | Posted By CASANSAAR
Kind Attention PAN holders!
Instances have come to notice where PAN holders have faced difficulty in downloading the challan after payment of fee for Aadhaar-PAN linking.
In this regard, it is to be informed that status of challan payment may be checked in ‘e-pay tax’ tab of ...
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Income Tax Department Conducts Verification of Reporting Entities
Posted Date : 01-Jul-2023 , 09:38:06 am | Posted By CASANSAAR
The Income-Tax Department has been focusing its efforts on promoting voluntary compliance. In this endeavour, information is received about financial transactions of taxpayers from Reporting Entities, such as Banks, Forex Dealers, Sub-Registrars, etc. The information furnished by the Reporting Entit...
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Income Tax Dept tweaks disclosure norms for Charitable Institutions
Posted Date : 27-Jun-2023 , 08:58:41 am | Posted By CASANSAAR
The income tax department has tweaked disclosure norms for charitable institutions claiming I-T exemption by seeking additional details.
As per amendments to the Income Tax Rules, which will come into effect from October 1, charitable institutions will have to now disclose whether the activities ...
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Govt seeks applications for hiring 15 judicial, technical members at NCLT, NCLAT
Posted Date : 09-Jun-2023 , 10:08:15 am | Posted By CASANSAAR
The Government has sought applications for a total of 15 positions of judicial and technical members at the National Company Law Tribunal (NCLT) as well as the appellate tribunal NCLAT.
As many as 15 posts, including that of 5 judicial members and 5 technical members, are to be filled up at the...
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Income Tax |
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Income Tax Dept. to conduct Scrutiny where assessees failed to respond to I.T. Notices
Posted Date : 29-May-2023 , 10:21:25 am | Posted By CASANSAAR
The Income Tax department has come out with guidelines for selection of cases for scrutiny, under which cases wherein assessees have not responded to I-T notices will be picked up for compulsory examination. The department will also undertake cases for scrutiny where specific information regarding t...
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Income Tax exemption limit for leave encashment on retirement for salaried employees hiked to Rs 25 lakh
Posted Date : 26-May-2023 , 09:55:45 am | Posted By CASANSAAR
In line with the Budget announcement, the finance ministry on Thursday hiked the tax exemption limit for leave encashment upon retirement for private sector salaried employees to Rs 25 lakh.
So far, the tax exemption on leave encashment for non-government employees was Rs 3 lakh which was fixed...
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Income Tax |
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RBI imposes Rs 2.9 Crore Penalty on Canara Bank
Posted Date : 13-May-2023 , 08:25:32 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Friday, May 12, imposed a penalty of Rs 2.92 crore on Canara Bank for non-compliance with certain provisions of directions issued by the central bank.
This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the val...
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SC ruling on Income Tax Searches, Big relief to taxpayers
Posted Date : 26-Apr-2023 , 11:17:14 am | Posted By CASANSAAR
The Supreme Court has held that the income tax (I-T) department cannot reopen completed assessments under the Section 153A of the I-T Act, unless “incriminating material” is unearthed during search and seizure operations. Any other material emanating from the search can’t be relied...
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Income Tax |
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NFRA imposes fine, debars auditors for 3 yrs for professional misconduct
Posted Date : 24-Apr-2023 , 07:47:20 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) has imposed a fine and a three-year ban on two auditors for professional misconduct and other lapses in connection with the audit of SRS Ltd in 2017-18. In two separate orders, NFRA slapped a fine of Rs 3 lakh each on auditors — Pankaj Kumar an...
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Income Tax |
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Income Tax department sends Notices over Donations to Charitable Trusts
Posted Date : 21-Apr-2023 , 12:14:08 pm | Posted By CASANSAAR
The income tax department in India has issued notices to around 8,000 taxpayers on account of them making large donations to charitable trusts, which are believed to be attempts to evade paying tax.
Tax officials say that these individuals and entities have made donations not commensurate w...
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Mere Delay in TDS remittance shall not attract penalty u/s 271C - SC
Posted Date : 13-Apr-2023 , 08:02:13 am | Posted By CASANSAAR
The Supreme Court (SC) on Monday held that the delay in remitting tax deducted at source (TDS) by assessees is not liable for penalty. It stated the revenue department should adopt a literal interpretation of the penal provision.
While allowing the assessee to appeal against the Kerala High Court...
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CBDT notifies Cost inflation index (CII) for FY 2023-24 / AY 2024-25
Posted Date : 12-Apr-2023 , 06:20:15 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has notified the cost inflation index (CII) number for the current financial year 2023-24.
As per the notification dated April 10, 2023, the CII number for the current fiscal is 348. This CII number will be used to calculate the capital gains accrued...
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RBI announces a Central Portal to Check Unclaimed Money from Inoperative Bank Accounts
Posted Date : 07-Apr-2023 , 06:48:49 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) Governor Shaktikanta Das, who surprised everyone by holding interest rates, on April 6 also announced a centralised web portal for the public to search unclaimed deposits.
"At present, the depositors and beneficiaries of unclaimed bank deposits of 10 years or ...
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Income Tax |
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Net direct tax collections grow to Rs 16.61 lakh Cr., exceeds estimates by 17.6%
Posted Date : 04-Apr-2023 , 08:45:30 am | Posted By CASANSAAR
The provisional figures of Direct Tax collections for the Financial Year (FY) 2022-23 show that Net collections are at Rs. 16.61 lakh crore, compared to Rs. 14.12 lakh crore in the preceding Financial Year i.e. FY 2021-22, representing an increase of 17.63%.
The Budget&...
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IBBI publishes syllabus for Limited Insolvency Examination w.e.f 1st July 2023
Posted Date : 01-Apr-2023 , 07:45:00 am | Posted By CASANSAAR
IBBI conducts the Limited Insolvency Examination (LIE) in pursuance to regulation 3 of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016, for prospective Insolvency Professionals. The said Regulations inter-alia empower IBBI to determine the syllabus, of LIE w...
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Income Tax |
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Govt extends last date for linking PAN and Aadhaar cards to June 30
Posted Date : 28-Mar-2023 , 09:59:13 pm | Posted By CASANSAAR
The last date for linking PAN and Aadhaar has been extended to 30th June this year to provide some more time to the taxpayers. In a statement, Central Board of Direct Taxes, CBDT said, from 1st July, the PAN of taxpayers who have failed to intimate their Aadhaar will become inoperative. The CBDT sai...
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68,000 Cases Flagged for Mismatch In 2019-20 Income Tax Returns
Posted Date : 13-Mar-2023 , 10:25:21 pm | Posted By CASANSAAR
As many as 68,000 cases have been picked up for e-verification by the income tax department for underreporting of income in tax returns for 2019-20 fiscal, CBDT chief Nitin Gupta said on Monday.
Under the e-verification scheme, the I-T department informs the taxpayers about mismatch in Annual Inf...
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Income Tax Deptt puts income tax calculator live on income tax dept portal
Posted Date : 21-Feb-2023 , 08:12:32 am | Posted By CASANSAAR
Income tax department on Monday released a 'tax calculator' which will help an assessee decide if the new income tax regime announced in the Budget is good for him/her or if the old one is better.
The tax calculator is live on the income tax department's portal.
"...
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Over 40,000 GST returns for 2018-19 under scrutiny
Posted Date : 23-Jul-2022 , 02:35:09 pm | Posted By CASANSAAR
To curb fraudulent availment of input tax credit (ITC) and tax evasion, the Central Board of Indirect Taxes (CBIC) will soon identify about 40,000 goods and services tax (GST) returns for 2018-19, based on the risk parameters, for scrutiny.
This would be the second such batch of GST ret...
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Govt aims to move bank privatisation bill in Monsoon session
Posted Date : 12-Jul-2022 , 09:21:32 am | Posted By CASANSAAR
The legislation for privatisation of select-public sector banks, which is considered to be in the offing for past few months, could be introduced in the upcoming Monsoon Session of the Parliament, sources told CNBC TV18 on July 11.
Both the houses of Parl...
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CBDT issues fresh guidance on cross-border disputes for taxpayers
Posted Date : 14-Jun-2022 , 08:15:20 am | Posted By CASANSAAR
Authorities will allow the country’s taxpayers to access the mutual agreement procedure (MAP) for cross-border disputes.
This is even if they had settled the case under the direct tax dispute resolution scheme — Vivad se Vishwas — withou...
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RBI approves appointment of R Subramaniakumar as MD and CEO of RBL Bank
Posted Date : 12-Jun-2022 , 08:32:55 am | Posted By CASANSAAR
RBL Bank on Saturday said the Reserve Bank of India (RBI) has approved the appointment of R Subramaniakumar as Managing Director and CEO of the Bank for three years tenure.
Subramaniakumar's tenure will begin from the date of his taking charge, under ...
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Infosys directed to fix glitches on income tax e-filing portal
Posted Date : 08-Jun-2022 , 07:18:10 am | Posted By CASANSAAR
The income tax department on Tuesday directed vendor Infosys to address fresh technical glitches on the tax department’s e-filing portal.
“Issue relating to the search functionality of the e-filing website has come to our notice. The income ta...
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RBI cancels registration of 5 NBFCs due to irregular lending practices
Posted Date : 26-May-2022 , 08:47:21 am | Posted By CASANSAAR
In exercise of the powers conferred under Section 45-IA (6) (iv) of the Reserve Bank of India Act, 1934, the Reserve Bank has cancelled the Certificate of Registration (CoR) issued to the following five Non-Banking Financial Companies (NBFCs):
Sr. N...
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