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News - (Get Professional Updates on Whatsapp, Msg on 8285393786) Category : Income Tax

Income tax dept says check your email or e-filing account as e-assessment begins
Posted Date : 15-Oct-2019 , 09:33:34 am | Posted By CASANSAAR

The income tax department has advised taxpayers to check their registered e-filing accounts and email ids as the first phase of the e-Assessment Scheme 2019 gets underway.  In the first phase, the income tax department has selected 58,322 cases for scrutiny under the new e-assessment scheme ...

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Category : Income Tax | Comments : 0 | Hits : 335

ED attaches Bhushan Steel’s assets worth Rs.4025 Cr
Posted Date : 14-Oct-2019 , 09:03:45 am | Posted By CASANSAAR

In a major blow to Bhushan Power and Steel Limited (BPSL), the Enforcement Directorate (ED) on Saturday attached assets worth Rs.4,025 crore, in connection with its ongoing money-laundering probe linked to an alleged bank loan fraud. The probe agency said it had attached immovable properties &mda...

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Category : Income Tax | Comments : 0 | Hits : 156

Govt working to create information system on stressed companies
Posted Date : 12-Oct-2019 , 08:28:35 am | Posted By CASANSAAR

The government is working on creating an information system to provide basic financial and other details of stressed companies to potential acquirers through the corporate insolvency process, a senior government official said. The move will help bridge the information gap faced by bidders and is exp...

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Category : Income Tax | Comments : 0 | Hits : 89

HC asks IT department to refund Vodafone Idea’s Rs.374.26 Cr withheld for a TDS mismatch of Rs.1
Posted Date : 11-Oct-2019 , 10:01:09 am | Posted By CASANSAAR

In a major relief for Vodafone Idea Limited, the Bombay high court last week directed the income-tax department to refund in two weeks ₹374.26 crore, which was withheld for about a year over a TDS (tax deducted at source) mismatch of ₹1, to the company. The telecom major had filed two separat...

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Category : Income Tax | Comments : 0 | Hits : 310

Govts may get more power to tax MNCs like Google, Apple, Facebook
Posted Date : 10-Oct-2019 , 09:33:47 am | Posted By CASANSAAR

Countries around the world, including India, will get more power to tax big multinationals such as Google, Apple and Facebook doing business within their borders under a proposed overhaul of decades-old rules.  The Organisation for Economic Co-operation and Development (OECD) has proposed to...

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Category : Income Tax | Comments : 0 | Hits : 148

Income Tax dept identifies over 58,000 cases under e-assessment plan
Posted Date : 08-Oct-2019 , 12:37:08 pm | Posted By CASANSAAR

The income tax (I-T) department has identified 58,322 cases for scrutiny under the newly launched e-assessment scheme, which seeks to end the physical interface between the assessee and tax officials. This is part of the Narendra Modi administration’s efforts to make tax compliance easier for ...

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Category : Income Tax | Comments : 0 | Hits : 408

FM to inaugurate national tax e-assessment Centre on Monday
Posted Date : 07-Oct-2019 , 08:01:30 am | Posted By CASANSAAR

Finance Minister Nirmala Sitharaman will on Monday inaugurate the income tax department's national e-assessment centre (NeAC), which will avoid face-to-face interaction between taxpayers and tax officials. The setting up of NeAC is a step for better taxpayer service, reduction of taxpayer gri...

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Category : Income Tax | Comments : 0 | Hits : 517

MAT credit not available to companies opting for lower corporate tax rate
Posted Date : 03-Oct-2019 , 10:16:53 am | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) on Wednesday said the benefit of minimum alternative tax (MAT) credit cannot be availed of by companies that opt to pay the tax rate recently lowered by the government to 22%. MAT is the minimum tax to be paid by companies that keep their taxable profit lo...

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Category : Income Tax | Comments : 0 | Hits : 393

Personal income tax slabs could be revised
Posted Date : 02-Oct-2019 , 09:19:54 am | Posted By CASANSAAR

Days after finance minister Nirmala Sitharaman slashed corporate tax rates to boost a slowing economy, the government is now planning to rationalise personal income tax rates too, according to a report. "...the idea is to give at least a 5 percentage point benefit to every taxpayer," Hindu...

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Category : Income Tax | Comments : 0 | Hits : 1439

Income Tax Deptt uncovers Rs 4,000-crore tax evasion through LTCG route
Posted Date : 01-Oct-2019 , 09:07:29 am | Posted By CASANSAAR

The investigation wing of the Income Tax Department has unearthed tax evasion to the tune of Rs 4000 crore carried out through the long term capital gain route. “We have found beneficiaries of 12 companies listed on NSE and BSE which evaded tax through the LTCG route,” a source close ...

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Category : Income Tax | Comments : 0 | Hits : 2183

Govt compulsorily retires 15 more senior tax officials on graft charges
Posted Date : 28-Sep-2019 , 10:29:26 am | Posted By CASANSAAR

The government has compulsorily retired 15 more tax officers in the fourth tranche of its crackdown on errant officials accused of corruption and other malpractices. The Central Board of Direct Taxes (CBDT) compulsorily retired 15 senior officers under Fundamental Rule 56(J) on corruption and oth...

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Category : Income Tax | Comments : 0 | Hits : 711

Income Tax Dept to scrutinise 4 lakh taxpayers under new e-assessment system
Posted Date : 27-Sep-2019 , 08:15:53 am | Posted By CASANSAAR

The Income Tax (I-T) Department has recognised around 4 lakh taxpayers who will face inspection under the new e-assessment scheme 2019. The new scheme was notified recently by the finance ministry for carrying faceless scrutiny of Income Tax Returns (ITR). The I-T Department has served notices to...

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Category : Income Tax | Comments : 0 | Hits : 835

RBI puts Mumbai-based PMC Bank under directions
Posted Date : 24-Sep-2019 , 01:01:13 pm | Posted By CASANSAAR

The Reserve Bank of India has placed Mumbai-based Punjab and Maharashtra Cooperative Bank (PMC Bank) under directions for six months from the close of business of the bank on September 23, 2019. The depositors will be allowed to withdraw a sum not exceeding ₹1,000 of the total balance in every ...

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Category : Income Tax | Comments : 0 | Hits : 258

CBDT issues order to set-up National centre for e-Assessment
Posted Date : 23-Sep-2019 , 08:36:51 am | Posted By CASANSAAR

A National e-Assessment centre (NeAC) will be setup in the national capital as part of the government’s ambitious plan to launch faceless and nameless assessment for income tax payers from next month. The Central Board of Direct Taxes (CBDT), that frames policy for the Income-tax department...

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Category : Income Tax | Comments : 0 | Hits : 604

President Kovind clears ordinance to amend Income Tax Act
Posted Date : 21-Sep-2019 , 09:28:22 am | Posted By CASANSAAR

The President Ram Nath Kovind on Friday cleared an ordinance to give effect to amendments in the Income Tax Act, 1961 and Finance Act, 2019. To arrest slowdown in the economy and boost growth, the government has cut corporate tax rate for new and domestic manufacturing companies. For companies th...

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Category : Income Tax | Comments : 0 | Hits : 389

Govt cuts corporate tax rate to 22%, relief on buyback tax
Posted Date : 20-Sep-2019 , 12:27:05 pm | Posted By CASANSAAR

The government on Friday cut corporate tax rate for companies that do not avail of any tax incentive to 22%. Effective corporate tax rate after surcharge will be 25.17%. New manufacturing companies will have to pay an even lower corporate tax rate of 15%. Finance minister Nirmala Sitharaman to...

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Category : Income Tax | Comments : 0 | Hits : 513

Income tax department issues warning against this fake SMS
Posted Date : 19-Sep-2019 , 09:39:01 am | Posted By CASANSAAR

After the income tax return (ITR) filing season is over, taxpayers have started to get tax refunds in their bank accounts. Miscreants have now started to take advantage of unsuspecting assesses by sending out fraudulent SMSes with phishing links. Sample this. "Important Alert! Dear xxxxxxxx,...

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Category : Income Tax | Comments : 0 | Hits : 356

No documents required for updating photograph, email, mobile number in Aadhaar
Posted Date : 18-Sep-2019 , 08:14:52 am | Posted By CASANSAAR

Aadhaar card holders can now update their personal details such as photograph, biometrics, gender, mobile number and email ID without requiring to submit any physical documents. Cardholders who need to update their details can simply walk into the nearest official Aadhaar Seva Kendra and get them up...

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Category : Income Tax | Comments : 0 | Hits : 572

ED slaps show cause penalty notice of over Rs.229 Cr FEMA violation against PwC
Posted Date : 14-Sep-2019 , 08:46:06 am | Posted By CASANSAAR

The Enforcement Directorate (ED) has slapped an over Rs.230-crore FEMA violation show cause penalty notice against multi-national accounting firm PricewaterhouseCoopers (PwC) and others, officials said on Friday.  They said the notice was issued under the Foreign Exchange Management Act (FEM...

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Category : Income Tax | Comments : 0 | Hits : 399

Cost Inflation Index for FY 2019 -20
Posted Date : 14-Sep-2019 , 08:33:21 am | Posted By CASANSAAR

CBDT prescribed Cost Inflation Index (CII) for the Financiya Year 2019 - 20 is  289....

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Category : Income Tax | Comments : 0 | Hits : 533

E-assessment scheme for faceless scrutiny of income tax returns notified
Posted Date : 14-Sep-2019 , 08:27:31 am | Posted By CASANSAAR

The income tax department’s scheme for assessing tax returns electronically without any personal contact between officials and tax payers has become effective, with the government notifying the e-assessment scheme, 2019, on Friday. Personal representation is allowed under the scheme in spec...

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Category : Income Tax | Comments : 0 | Hits : 2765

BlockChain - Opportunities and Challenges for Chartered Accountants
Posted Date : 13-Sep-2019 , 09:49:23 am | Posted By CASANSAAR

BlockChain - Opportunities and Challenges for Chartered Accountants by CA.Shailesh Churiwala and CA Vivek Khurana.    https://youtu.be/zuFR8eZgaXM   Don't Forget to  *SUBSCRIBE*  CA Sansaar YouTube Chanel. Click on the link and Subscribe.   ...

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Category : Income Tax | Comments : 0 | Hits : 582

CBDT eased prosecution norms for TDS, I-T return filing defaults
Posted Date : 12-Sep-2019 , 10:33:05 am | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) has relaxed some norms relating to prosecution of income tax defaulters for delay in depositing TDS (tax deducted at source), under-reporting of income in the tax return or non-filing of I-T return. CBDT’s circular, issued on September 9, sets the li...

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Category : Income Tax | Comments : 0 | Hits : 706

Govt to tweak Income Tax Act, won’t replace it with direct tax code
Posted Date : 10-Sep-2019 , 10:02:24 am | Posted By CASANSAAR

The government is unlikely to replace the Income Tax Act with the direct tax code, and will only incorporate select suggestions from the draft law to avoid creating more uncertainty for businesses amid an economic slowdown. Some suggestions in the draft legislation, submitted to finance minister ...

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Category : Income Tax | Comments : 0 | Hits : 1045

Govt gets tax bonanza from online ads on Google, Facebook
Posted Date : 09-Sep-2019 , 09:17:40 am | Posted By CASANSAAR

Tax receipts arising from a levy on payments made to digital advertising platforms such as Google and Facebook from Indian entities jumped 59% in the year ended March, said a tax official privy to the development. The tax department collected ₹939 crore in the year to 31 March, up from ₹590 c...

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Category : Income Tax | Comments : 0 | Hits : 315

Madras HC directs Cognizant to approach Appellate Authority on tax dispute
Posted Date : 07-Sep-2019 , 08:23:41 am | Posted By CASANSAAR

A Division Bench of Madras High Court has partially allowed an appeal by IT major Cognizant against a single judge order, while upholding its direction to the company to approach the tax appellate authority for a remedy. The order was issued on an appeal filed by the company against a single judg...

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Category : Income Tax | Comments : 0 | Hits : 318

PAN will be generated automatically if taxpayer uses Aadhaar for filing returns
Posted Date : 03-Sep-2019 , 09:41:26 am | Posted By CASANSAAR

The Income Tax Department will automatically issue PAN to a taxpayer using Aadhaar number for filing returns as part of a new arrangement to link the two databases. According to a notification issued by the CBDT on August 30, a person who furnishes Aadhaar, as they do not have PAN, “shall b...

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Category : Income Tax | Comments : 0 | Hits : 888

ITR filing deadline not extended again, clarifies tax department
Posted Date : 31-Aug-2019 , 10:43:30 am | Posted By CASANSAAR

The income tax department has said that an order circulating on social media about extension of income tax filing deadline is not genuine. "It has come to the notice of CBDT that an order is being circulated on social media pertaining to extension of due date for filing of IT Returns. It is cat...

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Category : Income Tax | Comments : 0 | Hits : 270

Revised threshold limits for appeals by I-T department to apply in all pending cases
Posted Date : 23-Aug-2019 , 09:26:55 am | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) in an internal notice sent to high ranking I-T officials has clarified that the revised monetary limits of filing of appeals by the tax authorities before the tax tribunals and courts, will also apply to all pending cases. TOI in its edition of August 9, h...

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Category : Income Tax | Comments : 0 | Hits : 368

Date extension the only solution for GST annual return & GST audit
Posted Date : 21-Aug-2019 , 10:53:46 am | Posted By CASANSAAR

The GST annual return & GST audit report for the first year, which is 2017-18, had to be submitted before December 31, 2018, but saw three extensions - March 31, 2019, June 30, 2019 and finally August 31, 2019. However looking at the recent statistics released by the authorities it is observed t...

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Category : Income Tax | Comments : 0 | Hits : 4123

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