Average Grievance Disposal by Tax Department Only 59%
Posted Date : 19-Jul-2014 , 07:57:12 am | Posted By CASANSAAR
Stating that the average disposal of grievances by the Income Tax Department within 60 days was only 59 per cent in 2011-12, A CAG report said several flaws in the system is the reason for a large number of pending cases.
"The pendency of grievances ranging from a few days to up to 11 years...
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Income Tax |
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CBDT forms six-member panel to reduce income tax disputes
Posted Date : 18-Jul-2014 , 08:14:00 am | Posted By CASANSAAR
With Rs 4 lakh crore locked up in litigations, the Finance Ministry today set up a committee consisting of officials from Central Board of Direct Taxes to suggest ways to reduce mounting disputes at various tax appellate forums.
The Committee will "examine the assessment orders, appellate orders an...
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Income Tax |
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FM plugs loophole in IT Act to check money laundering
Posted Date : 17-Jul-2014 , 07:40:09 am | Posted By CASANSAAR
Finance minister Arun Jaitley has quietly introduced provisions in the Finance Bill, 2014, to plug a loophole in the income tax law that is rampantly used to legitimise unaccounted wealth using bogus real estate sale deeds.
Henceforth, advance received for sale of property, if forfeited by ...
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Income Tax |
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11 common mistakes to avoid while filing your Income Tax Returns
Posted Date : 17-Jul-2014 , 07:34:01 am | Posted By CASANSAAR
With due apologies to accountants, tax is among the most boring subjects you could have to deal with and if you're planning to file your own tax returns this Income Tax Returns (ITR) filing season, there’s a good chance you may make a few mistakes that could cost you dearly later.
Rea...
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Income Tax |
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Blackmoney: Over Rs 1 Lakh Cr Illegal Income Detected
Posted Date : 16-Jul-2014 , 09:17:43 pm | Posted By CASANSAAR
Government has detected over Rs one lakh crore of undisclosed income in the last financial year, a figure more than double as compared to the search and seizure action undertaken by the Income Tax department during 2012-13 to check black money.
According to official data, the I-T department detecte...
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Income Tax |
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Two flats merged into one must get tax exemption: Bombay HC
Posted Date : 16-Jul-2014 , 08:00:52 am | Posted By CASANSAAR
If two adjacent flats are bought from different people through two agreements and then converted into a single unit with a common kitchen, then the owner is exempt from paying capital gains tax, the Bombay high court has said.
The HC upheld the Income Tax Appellate Tribunal (ITAT) order that went i...
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Income Tax |
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12 changes in Income Tax Return forms you must know about
Posted Date : 15-Jul-2014 , 05:21:39 pm | Posted By CASANSAAR
It’s that time of the year, when the entire country starts talking about filing income tax returns. The deadline for filing returns is 31 July and there’s a good possibility, you haven’t filed your returns yet.
But before you begin, it's important to know the changes the I...
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Income Tax |
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Beware of phishing emails, cautions Income Tax department
Posted Date : 15-Jul-2014 , 08:29:00 am | Posted By CASANSAAR
The I-T department today cautioned the public against responding to emails originating from private addresses as tax personnel send communication only through official email addresses. "Information has been received from several quarters that emails are being received by taxpayers claiming to b...
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Income Tax |
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ITR filing: CBDT launches new tax calculator for taxpayers
Posted Date : 13-Jul-2014 , 01:37:48 pm | Posted By CASANSAAR
CBDT has launched a new online 'tax calculator' for computing annual I-T liability which can now be emailed to personal inboxes of taxpayers before returns are filed by the end of this month. The 'tax calculator' is a computer based programme hosted on the web-based platform of the I-T departme...
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Income Tax |
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Government to take on GAAR implementation soon: Revenue Secretary
Posted Date : 12-Jul-2014 , 05:26:40 pm | Posted By CASANSAAR
Amid industry apprehensions, Revenue Secretary Shaktikanta Das on Saturday said the government would shortly take a view on whether controversial tax law GAAR should be implemented from the scheduled date of April, 2015.
“It should not be interpreted that General Anti-Avoidance Rules ...
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Income Tax |
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File appeal in court based on merit of case: CBDT to I-T dept
Posted Date : 11-Jul-2014 , 09:41:26 am | Posted By CASANSAAR
In order to reduce litigation and fine-tune the legal machinery in the Income Tax department, the CBDT today issued fresh directions asking the taxman to go into appeal strictly based on merits of a case even as it fixed a new monetary limit for these cases.
Under the new instructio...
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Income Tax |
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Economic Survey 2013-14: Highlights
Posted Date : 09-Jul-2014 , 12:52:40 pm | Posted By CASANSAAR
Finance Minister Arun Jaitley has tabled the Economic Survey for FY 2013-14 in Lok Sabha on Wednesday, ahead of the Union Budget.
Wholesale Price Index (WPI) Inflation shows sign of receding; fell to 5.98% during 2013-14
Consumer price inflation (CPI) declined to about 9.49 per...
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Income Tax |
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Black money trail: No list of Indians holding money in Swiss banks - FM
Posted Date : 09-Jul-2014 , 08:57:11 am | Posted By CASANSAAR
India has been told four days ago that there is no list of Indian tax residents holding assets in Swiss Banks in their own name or through structures, the Rajya Sabha was informed today.
However, the government said the Swiss National Bank on its website reported that the total deposit of I...
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Income Tax |
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Banks run to govt as taxman asks for Rs 1.25 trillion in dues
Posted Date : 09-Jul-2014 , 07:59:10 am | Posted By CASANSAAR
When the taxman comes calling, it’s rarely a pleasant experience. When they bring with them a tax notice demanding thousands of crores in unpaid dues dating back many years, it’s a rude shock.
That’s what happened back in February, when the service tax department served notices on...
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Income Tax |
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A valid Email ID and Mobile Number to be Registered/Updated on the E-Filing Website of the Income Tax Department
Posted Date : 08-Jul-2014 , 08:18:10 am | Posted By CASANSAAR
A valid Email ID and Mobile Number has to be registered/updated on the e-filing website of the Income Tax Department so that direct communication with taxpayer can be possible. For details, taxpayers can log on to:https://incometaxindiaefiling.gov.in/eFiling/Portal/StaticPDF/Update_Contact_Details.p...
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Income Tax |
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CBI arrests Income Tax Deputy Commissioner in bribery case
Posted Date : 07-Jul-2014 , 05:17:43 pm | Posted By CASANSAAR
CBI on Monday arrested a Deputy Commissioner of Income Tax from Tirupati in Andhra Pradesh for allegedly taking a bribe of Rs three lakh in lieu of closing a few tax liability cases.
CBI sources said Deputy Commissioner, Income Tax, Fazulullah was nabbed after he allegedly received Rs three...
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Income Tax |
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Smart ways to file Income Tax Returns
Posted Date : 07-Jul-2014 , 08:29:13 am | Posted By CASANSAAR
Filing tax returns has become simpler but many still find it cumbersome
Here's your step-by-step guide
Tax filing has become more convenient than it used to be a few years ago. Yet, a lot of taxpayers find it difficult to file their returns and prefer to outsource...
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Income Tax |
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Taxpayers to get quick SMS, email updates on refunds, filing
Posted Date : 06-Jul-2014 , 04:45:51 pm | Posted By CASANSAAR
The Income-Tax department will soon start updating taxpayers about the status of their I-T refunds and processing of certain tax statements by sending real-time SMSes and emails, on similar lines as that of credit card and bank transactions at present.
The department’s ‘Systems&...
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Income Tax |
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CBDT allows usage of one mobile number and email-id for 10 user accounts in e-filing portal
Posted Date : 05-Jul-2014 , 08:47:13 am | Posted By CASANSAAR
UPDATE AND VALIDATE TAXPAYER EMAIL ID AND MOBILE NUMBER FOR THEIR E-FILING ACCOUNT
PRESS RELEASE, DATED 4-7-2014
A valid Email ID and Mobile Number has to be registered/updated on the e-filing website of the Income Tax Department so that direct communication with taxpayer can ...
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Income Tax |
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CBDT releases Form BB (Return of Net Wealth) for AY 2014-15
Posted Date : 04-Jul-2014 , 05:17:38 pm | Posted By CASANSAAR
A company and an assessee being individual or HUF who is liable to audit u/s 44AB are required to furnish Form BB (Return of Net Wealth) electronically under digital signature for assessment year 2014‐15 and onwards. [Refer Notification No:32/2014 dated ...
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Income Tax |
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Taxpayers to share their email-id, cell phone in Income-Tax returns
Posted Date : 04-Jul-2014 , 08:42:19 am | Posted By CASANSAAR
Taxpayers filing their I-T returns this year will now have to share their email-id and mobile phone number with the tax department. The Central Board of Direct Taxes ( CBDT), the administrative authority of the Income Tax department, has introduced a new column in the I-T returns Forms asking f...
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Income Tax |
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I-T moves SC with a tax demand of Rs 4,800 crore from Sahara
Posted Date : 03-Jul-2014 , 04:50:48 pm | Posted By CASANSAAR
There seems to be more trouble for the Sahara Group as the Income Tax department has now approached the Supreme Court with a tax demand of Rs 4,800 crore for the last 3 years. This comes even as Sahara chief Subrata Roy has sought an interim bail of 40 days.
Roy has sought bail to finalise ...
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Income Tax |
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70 New Special Income Tax Offices to Come up This Fiscal
Posted Date : 02-Jul-2014 , 10:30:27 pm | Posted By CASANSAAR
Seventy new special Income Tax department offices called the 'Aaykar Sampark Kendras' will be opened across the country during the current financial year to help tax payers file returns and address their grievances.
The Central Board of Direct Taxes (CBDT), the administrative authority of t...
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Income Tax |
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Finmin to fast-track I-T appeals cases to generate revenue
Posted Date : 02-Jul-2014 , 08:50:24 am | Posted By CASANSAAR
CBDT plan to unlock Rs 4.5 lakh crore stuck in such cases ready
The finance ministry is working on a strategy for raking in more revenue to gain the much-needed fiscal space in the budget.
The finance minister will look at unlocking almost Rs 4.5 lakh crore caug...
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Income Tax |
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NSDL releases FUV 4.30, FUV 2.139 & RPU 4.0 for TDS/TCS returns wef 28.06.2014
Posted Date : 01-Jul-2014 , 08:05:33 am | Posted By CASANSAAR
Tin-NSDL has released FUV 4.30, FUV 2.139 and RPU 4.0 which are effective from 28th June 2014
in respect of TDS /TCS statement filed or to be filed on or after 28th June 2014.
The only change in revised RPU and FUV is Addition of New State code for TELANGANA.
...
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Income Tax |
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Finmin may double tax exemption limit under 80C to Rs 2 lakh
Posted Date : 30-Jun-2014 , 04:02:54 pm | Posted By CASANSAAR
Seeking to boost household savings, the Finance Ministry is considering doubling the exemption limit for investments by individuals in financial instruments to Rs 2 lakh.
Presently the investments and expenditures up to a combined limit of Rs 1 lakh get exemptions under Sections 80C, 80CC and 80 CC...
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Income Tax |
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Important announcement for Tax payers for updating contact details in e-Filing Portal
Posted Date : 27-Jun-2014 , 09:12:41 am | Posted By CASANSAAR
Important announcement for Tax payers for updating contact details in e-Filing Portal – PINs Validation extended up to 24 hours – (Updated on 26.06.2014)
Income-Tax Department uses the registered contact details (Mobile number & E-mail ID) for all c...
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Income Tax |
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Vodafone Tax Row: PIL Filed in Supreme Court Against Arbitration
Posted Date : 27-Jun-2014 , 08:31:17 am | Posted By CASANSAAR
A public interest litigation (PIL) has been filed in the Supreme Court to restrain the government from going ahead with arbitration proceedings with UK-based mobile major Vodafone.
Vodafone Group has already begun an international arbitration against the Indian government in the more than Rs.&...
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Income Tax |
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0 | Hits : 977
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E-filing of wealth tax returns made must for Cos
Posted Date : 26-Jun-2014 , 08:46:55 am | Posted By CASANSAAR
The I-T department on Tuesday amended wealth tax rules to make it compulsory for companies as well as individuals and Hindu Undivided Families with income above Rs 1 crore a year to file their wealth tax returns in electronic form with digital signature in an attempt to have tax payer information re...
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Income Tax |
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CBDT asks Income Tax department to redress taxpayers grievances fast
Posted Date : 26-Jun-2014 , 08:32:34 am | Posted By CASANSAAR
Cracking its whip, the Central Board of Direct Taxes (CBDT) has asked the Income Tax Department to ensure prompt action in timely redressal of taxpayers' grievances pending for a long time.
The CBDT, which supervises the functioning of the I-T department, has asked all Chief Commissioners of ...
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Income Tax |
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