PM Modi to launch another major direct tax reform to benefit taxpayers
Posted Date : 13-Aug-2020 , 10:49:56 am | Posted By CASANSAAR
Prime Minister Narendra Modi will launch a platform which will honour the honest taxpayers of the country. The unveiling will take place at 11 am today via video conferencing.
The “Transparent Taxation - Honoring The Honest” platform will initiate major tax reforms aimed at bringing t...
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Income Tax |
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Scrutiny of income tax cases on the decline, shows data
Posted Date : 06-Aug-2020 , 09:54:09 am | Posted By CASANSAAR
The Income Tax department tempered its scrutiny of tax returns in 2018-19 after a spike in the year before, the period in which returns filed for the demonetisation year of 2016-17 were processed, data released by the finance ministry showed.
Data tweeted by the department late on Tuesday showed ...
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Income Tax |
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0 | Hits : 1599
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Income Tax Department to share PAN, TDS and bank account details with 10 agencies under NATGRID
Posted Date : 25-Jul-2020 , 10:43:01 am | Posted By CASANSAAR
The Income Tax Department will share PAN and bank account details of any entity with 10 investigative and intelligence agencies, including the CBI and the NIA, under the integrated counter-terrorism platform NATGRID, according to an official order.
The Central Board of Direct Taxes, which frames ...
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Income Tax |
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Govt's endeavour has been to further simplify Direct Tax laws - FM
Posted Date : 25-Jul-2020 , 10:25:00 am | Posted By CASANSAAR
The government's endeavour has been to further simplify the Direct Tax laws and has brought in a major reform by giving option to taxpayers to opt for a new simpler tax regime, Finance Minister Nirmala Sitharaman said on Friday.
In her message on the 160th Income Tax Day, the minister also la...
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Income Tax |
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SC orders Rs. 833 Cr Income Tax refund to Vodafone Idea
Posted Date : 24-Jul-2020 , 08:25:36 am | Posted By CASANSAAR
In a major relief to Vodafone Idea Ltd (VIL), the Supreme Court dismissed a plea filed by the Income Tax Department and directed it to refund Rs. 833 Cr to the telecom company. This was the tax for the assessment year (AY) 2014-15.
“We do not see any reason to interfere in the matter. The s...
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Income Tax |
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Over 7,000 income tax cases disposed under faceless assessment system
Posted Date : 20-Jul-2020 , 10:32:13 am | Posted By CASANSAAR
The Income Tax department has disposed of 7,116 cases under the first phase of faceless assessment scheme, an official source said.
Since its launch on October 7, 2019 and implementation of first phase, faceless scrutiny assessment scheme has provided for assessment of income tax in electronic mo...
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Income Tax |
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New Form 26AS is the Faceless hand-holding of the Taxpayers
Posted Date : 19-Jul-2020 , 09:09:21 am | Posted By CASANSAAR
The new Form 26AS is the faceless hand-holding of the taxpayers to e-file their income tax returns quickly and correctly. From this Assessment Year, taxpayers will see an improved Form 26AS which would carry some additional details on taxpayers’ financial transactions as specified in the State...
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Income Tax |
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Income Tax Dept to launch e-campaign against individuals with high value transaction
Posted Date : 19-Jul-2020 , 08:43:40 am | Posted By CASANSAAR
The Income Tax Department on July 18 said it has identified certain individuals with high value transactions in 2018-19 who have either not filed returns or have discrepancies in their ITRs.
The last date for filing as well as revising the Income Tax Return for Assessment Year 2019-20 (relevant t...
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Income Tax |
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Income tax department launches tool to calculate TDS rate on cash withdrawals under new tax rules
Posted Date : 05-Jul-2020 , 10:57:00 am | Posted By CASANSAAR
The income tax department has made the calculation of TDS (tax deducted at source) on cash withdrawals easier for banks and other financial institutions. A tool to calculate the TDS rate under Section 194N has been enabled in the income tax department's e-filing portal.
However, this tool has...
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Income Tax |
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Income Tax dept refunds Rs 62,361 Cr during lockdown - CBDT
Posted Date : 04-Jul-2020 , 09:49:50 am | Posted By CASANSAAR
Income tax department has issued Rs 62,361 crore of pending refunds to 20.44 lakh taxpayers between April 8 and June 30, the Central Board of Direct Taxes (CBDT) said Friday.
"In order to help taxpayers in a Covid-19 pandemic situations, the department has issued tax refunds at a speed of 76...
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Income Tax |
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CBDT notifies certain exemptions to employees opting for lower Income Tax regime
Posted Date : 29-Jun-2020 , 09:56:34 am | Posted By CASANSAAR
The government has allowed individuals under new lower tax regime to claim I-T exemption on conveyance allowance received from employers.
The Central Board of Direct Taxes (CBDT) has now amended Income Tax rules to prescribe certain exemptions which can be availed by the employees.
These inclu...
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Income Tax |
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Further extension of various time limits under Direct Tax & Benami laws
Posted Date : 24-Jun-2020 , 09:42:49 pm | Posted By CASANSAAR
In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliance requirements across sectors due to the outbreak of Novel Corona Virus (COVID-19), the Government brought the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 [the Ordinance] on 3...
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Income Tax |
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1 | Hits : 2243
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Principal Income Tax commissioner commits suicide in Delhi.
Posted Date : 28-May-2020 , 08:39:24 am | Posted By CASANSAAR
A principal tax commissioner posted at the income tax office has committed suicide at his residence in Bapu Dham, Chanakyapuri. He was found hanging in his bedroom using a bed sheet. A suicide note has been found from his room.
The man Keshav Saxena (57) was found hanging in his room by his wife ...
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Income Tax |
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Retailers, small businesses not registered as MSMEs eligible for emergency credit
Posted Date : 27-May-2020 , 10:52:50 am | Posted By CASANSAAR
The Rs 3 lakh crore emergency credit borrowing scheme for Micro, Small and Medium Enterprises (MSMEs) announced by the govt on May 12 will also cover retailers and other businesses.
Retail businesses devastated by the 62-day lockdown have been declared eligible for the scheme, although they are n...
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Income Tax |
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Income Tax dept issues refunds of Rs 26,242 crore since April
Posted Date : 23-May-2020 , 09:49:26 am | Posted By CASANSAAR
The tax department on Friday said it has issued I-T refunds of Rs 26,242 crore to 16.84 lakh taxpayers since April as part of efforts to hasten refund process for making liquidity available with people and firms to deal with COVID-19 crisis.
The Central Board of Direct Taxes (CBDT) said 16,84,298...
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Income Tax |
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Govt cuts TDS, TCS rates for non-salaried payments by 25%
Posted Date : 13-May-2020 , 05:57:27 pm | Posted By CASANSAAR
In order to provide more funds at the disposal of the taxpayers, the government reduced rates of Tax Deduction at Source (TDS) for non-salaried specified payments made to residents and rates of Tax Collection at Source (TCS) for the specified receipts by 25 percent of the existing rates.
The paym...
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Income Tax |
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Trust for Ayodhya temple gets special Income Tax exemption
Posted Date : 09-May-2020 , 10:12:43 am | Posted By CASANSAAR
Donors contributing to the Shri Ram Janmabhoomi Teerth Kshetra, set up on February 5 this year, to build a temple in Ayodhya, will be granted tax exemption under Section 80G of the Income-tax Act from financial year 2020-21.
In a notification on Friday, the Central Board of Direct Taxes notified ...
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Income Tax |
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Govt may raise up to Rs 10,000 Cr via tax-free bonds
Posted Date : 02-May-2020 , 11:10:06 am | Posted By CASANSAAR
The government is seeking to raise up to Rs 10,000 crore in its maiden tax-free bond issue to help bridge the fiscal gap, which is set to widen in the aftermath of Covid-19-induced economic disruptions and low tax collections.
The finance ministry has begun negotiations with bankers on a likely t...
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Income Tax |
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Search and Seizure under Income Tax
Posted Date : 24-Apr-2020 , 10:57:10 am | Posted By CASANSAAR
Law Relating to Search and Seizure under Income Tax Explained by Dr.(CA) Rakesh Gupta, Ex Member - ITAT (Income Tax Appellate Tribunal).
https://youtu.be/16zBYHC68Ks
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Income Tax |
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Procedure for Registration of Charitable and Religious entities
Posted Date : 19-Apr-2020 , 10:08:22 am | Posted By CASANSAAR
Procedure for Registration of Charitable and Religious entities (Trust or Societies) under Income Tax Act, 1961 as per the Finance Act, 2020 discussed by CA. Vidhu Duggal. Watch this Video,,,,
https://youtu.be/BQscM2t3g3U
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Income Tax |
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Recent Judicial Pronouncements from Business Head | Income Tax Act
Posted Date : 15-Apr-2020 , 10:48:40 am | Posted By CASANSAAR
Separate Recent Judicial Pronouncements from Business Head of Income Tax Act 1961 discussed by CA.(Adv) Kapil Goel.
https://youtu.be/m2JFa1Jzdz4
Dont forget to like the video and Subscribe CA Sansaar YouTube Channel.
...
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Revolutionary Section for CA Practitioners | Section 80JJAA | Income Tax Act
Posted Date : 14-Apr-2020 , 09:04:41 am | Posted By CASANSAAR
Revolutionary Section for CA Practitioners - Section 80JJAA of the Income Tax Act, 1961 discussed by CA. Vipin Garg.
https://youtu.be/K-1_xFg8m80
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Penalty for False Entry or Omission of any entry | Section 271AAD | Income Tax Act
Posted Date : 10-Apr-2020 , 10:59:01 am | Posted By CASANSAAR
Penalty for False Entry or Omission of any entry under section 271AAD of the Income Tax Act,1961.
Penalise person maintaining books of account in case of a false entry or omission of an entry relevant for computing total income.
Dangerous Provision under Finance Act, 2020 - Penalty for False E...
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Income Tax |
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Income tax dept asks taxpayers to keep their e-filing account safe
Posted Date : 09-Apr-2020 , 09:12:36 am | Posted By CASANSAAR
The income tax department has asked taxpayers to be careful with their income tax e-filing account and report account misuse by any unauthorised person. "If you think your e-Filing account may have been compromised or accessed in an unauthorized manner, then you may be a victim of cybercrime. P...
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Income Tax |
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0 | Hits : 1482
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Suggestions are welcomed for better implementation of Vivad Se Vishwas scheme - CBDT
Posted Date : 07-Apr-2020 , 09:46:29 am | Posted By CASANSAAR
The government is open to suggestions from stakeholders for better implementation of the direct tax 'Vivad Se Vishwas' scheme, Central Board of Direct Taxes Chairman P C Mody said on Monday. The government has launched the Vivad Se Vishwas scheme for resolution of pending litigation by payin...
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Income Tax |
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0 | Hits : 922
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SC quashes tax Reassessment Notice to NDTV vver money laundering case
Posted Date : 04-Apr-2020 , 11:05:10 am | Posted By CASANSAAR
he Supreme Court on Friday quashed a notice sent by the income tax (I-T) department to media company NDTV, which sought a re-assessment of the company’s income for the 2006-2007 financial year.
The apex court dismissed the notice – which had alleged round-tripping of money by the news...
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Income Tax |
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Donation to PM CARES Fund to be fully exempted under section 80G of I-T Act
Posted Date : 01-Apr-2020 , 11:56:21 am | Posted By CASANSAAR
As the date for claiming deduction under section 80G of the IT Act has been extended up to June 30, the donation made up to that date will also be eligible for deduction from income of FY 2019-20.
Anyone contributing to PM CARES Fund (Prime Minister’s Citizen Assistance and Relief Emergency...
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Income Tax |
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Govt issues Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020
Posted Date : 01-Apr-2020 , 11:08:05 am | Posted By CASANSAAR
In order to give effect to the announcements made by the Union Finance Minister vide Press Release dated 24.03.2020, regarding several relief measures relating to statutory and regulatory compliance matters across sectors in view of COVID-19 outbreak, the govt has brought in an Ordinance o...
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Income Tax |
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Income Tax dept asks officers working from home to chase large taxpayers for dues
Posted Date : 31-Mar-2020 , 10:03:38 am | Posted By CASANSAAR
A three-month extension in deadlines for tax payment and filing of returns notwithstanding, the Income-Tax Department has asked field formations to contact large taxpayers over phone or email to follow up on pending collections. Rakesh Gupta, Commissioner of Income Tax (Coordination & Systems), ...
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Income Tax |
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Impact of Corona Virus on Financial Reporting and the Auditors Consideration
Posted Date : 27-Mar-2020 , 10:45:01 am | Posted By CASANSAAR
ASB & AASB of ICAI have released *Impact of Corona Virus on Financial Reporting and the Auditors Consideration*
The advisory has been prepared for:
1. Entities to whom Ind AS is applicable and
2. Entities to whom AS is applicable, viz,
a. Companies to whom Companies, Ac...
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