49,000 Cr Foreign Funds Received By Indian NGOs In 3 Years - Govt
Posted Date : 12-Aug-2021 , 09:25:25 am | Posted By CASANSAAR
Over ₹ 49,000 crore in foreign funds were received by more than 18,000 NGOs in the country in the last three years, Rajya Sabha was informed on Wednesday.
Union Minister of State for Home Nityanand Rai said ₹ 16,940.58 crore were received by the NGOs in 2017-18, ₹ 16,525.73 crore were recei...
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Rs 99,756 crore disputed tax amount settled under Vivad Se Vishwas scheme
Posted Date : 10-Aug-2021 , 08:24:19 am | Posted By CASANSAAR
The scheme ‘Vivad Se Vishwas’ is a voluntary scheme for resolving pending direct tax disputes amicably with the taxpayers and no targets were fixed by the Government under the Scheme. This was stated by Union Minister of State for Finance Shri Pankaj Chaudhary in a written reply to...
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Govt introduces bill in Lok Sabha to scrap retrospective tax law
Posted Date : 06-Aug-2021 , 09:21:36 am | Posted By CASANSAAR
Finance Minister Nirmala Sitharaman yesterday introduced the Taxation Laws (Amendment) Bill, 2021 in the Lok Sabha that seeks to withdraw tax demands made using a 2012 retrospective legislation to tax the indirect transfer of Indian assets.
The bill seeks to amend the Income Tax Act of 1961...
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Delhi HC recalls CBI probe order after Income Tax department says email was sent due to systems error
Posted Date : 03-Aug-2021 , 09:17:27 am | Posted By CASANSAAR
The Delhi High Court has recalled an order directing CBI to probe whether an email that was sent to a private company by the Income tax department was genuine or not, after the authorities submitted that the communication was “triggered due to a systems error” and withdrew its allegation...
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IBBI amends the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016
Posted Date : 22-Jul-2021 , 09:52:53 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2016 on 14th July, 2021.
The amendment regulations enhance the discipline, transparency, and account...
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Delhi High Court orders CBI to probe Income Tax department email
Posted Date : 20-Jul-2021 , 08:37:55 am | Posted By CASANSAAR
The Delhi High Court has directed the Central Bureau of Investigation (CBI) to launch an enquiry into an email, sent from the official address of the Income Tax Department to a taxpayer seeking adjournment of the case under e-proceedings.
The court order follows the petitioner, Three C Homes, whi...
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New curbs on insolvency resolution professionals
Posted Date : 17-Jul-2021 , 09:06:18 am | Posted By CASANSAAR
Insolvency resolution professionals hired by lenders to rescue bankrupt companies cannot continue in that role if any of their colleagues represent any of the parties in that case, says a new rule brought out by the Insolvency and Bankruptcy Board of India (IBBI).
The change seeks to eliminate a ...
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CBDT extends date for manual filing of tax forms for foreign remittance
Posted Date : 06-Jul-2021 , 09:40:28 am | Posted By CASANSAAR
The Central Board of Direct Taxes, CBDT has granted further relaxation in electronic filing of Income Tax Forms 15CA and 15CB and extended the date of filing from 30th June to 15th July, 2021. The taxpayers can now submit these forms in manual format to the authorized dealers till 15th of this month...
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Govt announces inclusion of Retail and Wholesale trades as MSMEs
Posted Date : 02-Jul-2021 , 02:26:16 pm | Posted By CASANSAAR
Minister of MSME and Road Transport and Highways Shri Nitin Gadkari today announced revised guidelines for MSMEs with inclusion of Retail and Wholesale trades as MSMEs. In a Tweet he said under the leadership of PM Shri Narendra Modi Ji, we are committed to strengthening of MSME and make them engine...
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Govt grants further extension in timelines of compliances
Posted Date : 26-Jun-2021 , 09:00:20 am | Posted By CASANSAAR
The Government has granted further extension of timelines of compliances under Income Tax Act. It has also announced tax exemption for expenditure on COVID-19 treatment and ex-gratia received on death due to COVID-19. The details are as follows:
A. &n...
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Government launches e-filing portal of Income Tax Appellate Tribunal, itat e-dwar
Posted Date : 26-Jun-2021 , 08:57:53 am | Posted By CASANSAAR
Law Minister Ravi Shankar Prasad formally launched the e-filing portal of Income Tax Appellate Tribunal (ITAT), ‘itat e-dwar yesterday. The portal will enable online filing of appeals, applications and documents by various parties. Speaking on occasion, he explained the power...
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Income Tax dept tool to identify 'specified persons' who have to pay higher taxes
Posted Date : 23-Jun-2021 , 09:04:29 am | Posted By CASANSAAR
The income tax department has developed a new utility to help TDS deductors and TCS collectors identify the 'specified persons' on whom higher rate of taxes will be levied from July 1.
The Budget 2021 had brought in a provision which mandated that non-filers of income tax returns for past...
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Clarification for use of functionality under section 206AB and 206CCA of the Income-tax Act, 1961
Posted Date : 23-Jun-2021 , 08:41:01 am | Posted By CASANSAAR
Finance Act, 2021 inserted two new sections 206AB and 206CCA in the Income-tax Act 1961 which takes effect from 1st day of July, 2021. These sections mandate tax deduction or tax collection at higher rate in case of certain non-filers (specified persons). Higher rate is twice the prescribed rat...
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Ministry of MSME Extends Validity of Udyog Aadhaar Memorandum from 31st March, 2021 to 31st Dec, 2021
Posted Date : 17-Jun-2021 , 08:49:41 pm | Posted By CASANSAAR
Ministry of Micro, Small and Medium Enterprises has issued an amendment to the original notification No. S.O. 2119 (E) dated 26.06.2020 vide 2347(E) dated 16.06.2021, extending the validity of EM Part-II and UAMs from 31.03.2021 to 31.12.2021. This would facilitate the holders of EM Part-II and UAMs...
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Net Direct Tax collection during current fiscal doubles to Rs 1.86 lakh Cr
Posted Date : 17-Jun-2021 , 09:21:22 am | Posted By CASANSAAR
Net Direct Tax collections have grown at a robust pace despite the disruption caused by the COVID-19 pandemic on the economy this financial year. Finance Ministry said that Net Direct Tax collections have increased over hundred per cent in this fiscal year in comparison to the corresponding period o...
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Relaxation in electronic filing of Income Tax Forms 15CA/15CB - CBDT
Posted Date : 15-Jun-2021 , 07:47:46 am | Posted By CASANSAAR
As per the Income-tax Act, 1961, there is a requirement to furnish Form 15CA/15CB electronically. Presently, taxpayers upload the Form 15CA, along with the Chartered Accountant Certificate in Form 15CB, wherever applicable, on the e-filing portal, before submitting the copy to the authoriz...
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DSC to be re-registered afresh 7th June onwards on the new portal - Income Tax Dept
Posted Date : 05-Jun-2021 , 09:36:29 am | Posted By CASANSAAR
Please ensure that you re-register your current valid DSC on the new e-filing portal https://www.incometax.gov.in from June 7th onwards.
The earlier DSC registration on the old portal cannot be migrated due to security and technical reasons.
This is a system generated e-mail and plea...
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Sovereign Gold Bond Scheme 2021-22 (Series II) – Issue Price
Posted Date : 22-May-2021 , 09:25:54 am | Posted By CASANSAAR
In terms of the Government of India Notification No.4(5)-B(W&M)/2021 dated May 12, 2021, Sovereign Gold Bonds 2021-22 (Series II) will be opened for the period May 24-28, 2021 with Settlement date June 01, 2021. The issue price of the Bond during the subscription period shall be Rs 4,842 (Rupees...
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Govt extends certain timelines in light of severe pandemic
Posted Date : 21-May-2021 , 09:49:59 am | Posted By CASANSAAR
The Central Government, in continuation of its commitment to address the hardship being faced by various stakeholders on account of the severe Covid-19 pandemic, has, on consideration of representations received from various stakeholders,decided to extend timelines for compliances under ...
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Direct Tax collections for last financial year go up by 5 pct to Rs 9.45 lakh Cr
Posted Date : 10-Apr-2021 , 08:15:14 am | Posted By CASANSAAR
Direct Tax collections for the last financial year show growth of almost five per cent despite the challenges posed by the Covid-19 pandemic.
Finance Ministry informed that the provisional figures of Direct Tax collections for the Financial Year 2020-21 show that net collections are at 9.45...
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Income Tax Deptt launches offline utility for ITR 1, 4 on new technology JSON
Posted Date : 06-Apr-2021 , 08:37:37 am | Posted By CASANSAAR
The Income Tax Department has launched the offline utility for taxpayers filing ITR - 1 and 4 for 2020-21 fiscal year.
The offline utility is available on the e-filing portal and is based on new technology JSON (JavaScript Object Notation), which is a light weight format for storing data.
The ...
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GST revenue collection hits new record of over Rs 1.23 lakh crore in March 2021
Posted Date : 02-Apr-2021 , 09:09:51 am | Posted By CASANSAAR
GST Revenue collection for March 2021 has set a new record with highest ever collection of 1 lakh 23 thousand 902 crore rupees. The GST revenue collected in the last month is 27 per cent higher than that collected in March last year.
The Finance Ministry has informed that GST revenues of Ma...
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Extension of Time for Intimation of Aadhaar and Certain Other Time Limits
Posted Date : 01-Apr-2021 , 08:56:11 am | Posted By CASANSAAR
In view of the COVID-19 pandemic, certain time limits specified under the various tax and Benami laws have been extended by the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 and subsequent notifications issued under this Act.
The extended last date for intimat...
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Govt hikes PF threshold limit to Rs 5 lakh for earning tax-free interest
Posted Date : 24-Mar-2021 , 10:05:28 am | Posted By CASANSAAR
Finance Minister Nirmala Sitharaman on Tuesday raised the limit for tax exemption on interest earned on provident fund contribution by employees to Rs 5 lakh per annum in specified cases as against Rs 2.5 lakh proposed in the Budget. In her Budget for 2021-22, Sitharaman had capped the tax-free inte...
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Download List of Important Circulars for the Purpose of Bank Audit
Posted Date : 18-Mar-2021 , 10:36:14 am | Posted By CASANSAAR
Download List of Important Circulars for the Purpose of Bank Audit.
Shared by CA. Ajay Kumar Jain Ji, Download Telegram on Mobile and Search casaansaar
Here is the link, Open in Mobile.
https://t.me/casaansaar/92
...
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Clarification on continuation of concessional rate of tax on certain interest income of the FPIs
Posted Date : 18-Mar-2021 , 08:51:52 am | Posted By CASANSAAR
Section 115AD of the Income-tax Act, 1961 (the ‘Act’) inter alia contains provisions for taxation of income of FPIs. Proviso to section 115AD(1)(i) provides that the tax shall be chargeable at the concessional rate of 5% on interest income referred to in section ...
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Tax rules amended to step up tax payer data collection
Posted Date : 14-Mar-2021 , 09:31:53 am | Posted By CASANSAAR
Banks, stock exchanges and companies will have to share data on large investor transactions with the Income Tax Dept as frequently as sought by a designated official, according to rule change notified by the Income Tax Department on Friday.
Till now, these entities were only mandated to give a st...
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GST officers arrest one person for Rs 43 crore Input Tax Credit fraud
Posted Date : 12-Mar-2021 , 10:37:56 am | Posted By CASANSAAR
GST officers have arrested one person for creating fictitious firms on forged documents and passing on fake ITC worth Rs 43 crore, Finance Ministry said on Thursday.
The Directorate General of GST Intelligence (DGGI) Gurugram Zonal Unit (GZU), Haryana, has arrested Ravinder Kumar (aka Ravinder Ga...
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CBIC asks field offices to exercise max caution, prudence in property attachment
Posted Date : 08-Mar-2021 , 08:39:49 am | Posted By CASANSAAR
The CBIC has directed its field offices to exercise utmost prudence and maximum caution in attachment of property of a taxpayer and said that such a remedy can be considered in cases involving GST evasion, fake invoicing and delay of more than three months in depositing tax collected.
The Central...
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Income Tax Department conducts searches in Mumbai
Posted Date : 05-Mar-2021 , 08:49:43 am | Posted By CASANSAAR
The Income Tax Department is carrying out search and survey operations which started on 03.03.2021 on two leading film production companies, a leading actress and two Talent Management companies in Mumbai. Search operation is being carried out at Mumbai, Pune, Delhi and Hyderabad.
The group...
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