Ministry wants ICAI to have a broader view on ISA 600
Posted Date : 06-Sep-2024 , 08:36:46 am | Posted By CASANSAAR
The ongoing tussle between the Institute of Chartered Accountants of India (ICAI) and the National Financial Reporting Authority (NFRA) over the latter’s proposed new audit standards is due to a “communication gap”, a senior official at the ministry of corporate affairs (MCA) said ...
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Income Tax |
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CBI arrests principal commissioner of Income Tax in Rs 10 lakh bribery case
Posted Date : 28-Aug-2024 , 09:24:52 am | Posted By CASANSAAR
The CBI on Tuesday arrested the principal commissioner of the Income Tax (Patna and Dhanbad) Department and four others over alleged bribery of Rs 10 lakh from different tax assessees, officials said.
Principal Commissioner of Income Tax Santosh Kumar was arrested along with four private individu...
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Income Tax |
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Income Tax Act Review to Wrap Up In 6 Months - CBDT Chairman
Posted Date : 23-Aug-2024 , 07:39:02 am | Posted By CASANSAAR
CBDT Chairman Ravi Agrawal stated on Wednesday that the review of the Income Tax Act of 1961 is set to be completed within the designated six-month timeframe.
Union Finance Minister Nirmala Sitharaman, in her Budget speech last month, announced that the direct tax law of the country would be revi...
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Income Tax |
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Gift received from NRI brother can be excluded from taxation - ITAT
Posted Date : 21-Aug-2024 , 09:53:43 am | Posted By CASANSAAR
The Income Tax Appellate Tribunal (ITAT) has recently held that a gift of Rs 20 lakh received by a taxpayer from his Non-Resident Indian (NRI) brother was not chargeable to the tax as the the assessee was the close relative of the donor.
“As such the gift from a brother is not chargeable to...
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Income Tax |
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0 | Hits : 308
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Income Tax Department warns against rising ITR Refund Scams
Posted Date : 07-Aug-2024 , 07:32:43 am | Posted By CASANSAAR
The last date to file ITR or income tax returns has passed and scammers have become active. As per the reports, frauds are being reported in the name of income tax refunds, so the people who have filed ITRs have to stay cautious. The Income Tax Department has issued a warning to the taxpayers, to st...
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Income Tax |
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Big update from Income Tax dept as ITR filing deadline for FY 2023-24 nears
Posted Date : 27-Jul-2024 , 09:44:46 pm | Posted By CASANSAAR
The income tax department on Saturday announced that over 5 crore tax returns for the Assessment Year 2024-25 have been filed so far through its e-filing portal, an 8% increase from the previous year.
On July 26, the portal received an 28 lakh ITRs, indicating the surge in last-minute filings as ...
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Income Tax |
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0 | Hits : 2396
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Banks must be fair in conduct with consumers - RBI Governor
Posted Date : 20-Jul-2024 , 08:14:34 am | Posted By CASANSAAR
RBI Governor Shaktkanta Das on Friday said banks and NFCs must be fair in their conduct and practices with consumers as this fosters confidence and public trust in financial institutions which strengthens their stability.
He pointed out that RBI has issued guidelines on Key Facts Statement (KFS),...
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Income Tax |
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0 | Hits : 318
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SEBI Introduces System Audit Framework for Professional Clearing Members
Posted Date : 21-Jun-2024 , 06:21:15 pm | Posted By CASANSAAR
In a significant move to enhance the integrity and efficiency of the financial markets, the Securities and Exchange Board of India (Sebi) announced on Thursday a comprehensive framework for the system audit of Professional Clearing Members (PCMs). This directive mandates PCMs to report both major an...
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Income Tax |
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Income Tax department issues fresh reminder on PAN-Aadhaar linking to avoid higher TDS
Posted Date : 29-May-2024 , 11:41:32 pm | Posted By CASANSAAR
The Income Tax Department has issued a fresh notification to taxpayers, asking them to link their Permanent Account Number (PAN) with Aadhaar by May 31, 2024. The tax department posted this reminder on X, highlighting the importance of meeting the deadline to avoid higher tax deductions at source (T...
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Income Tax |
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0 | Hits : 809
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SEBI releases norms for sharing of real-time price data with third parties
Posted Date : 25-May-2024 , 01:47:29 am | Posted By CASANSAAR
With an aim to curb misuse of real-time, securities-price data by various entities including online gaming apps and virtual-trading services, the market regulator has issued norms for the sharing of this price data.
In a circular issued on May 24, the Securities and Exchange Board of India (Sebi)...
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Income Tax |
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Income Tax dept starts drive to dispose of appeals, 0.54 million at last count
Posted Date : 22-Apr-2024 , 07:51:53 am | Posted By CASANSAAR
As many as 5,44,205 appeals were pending resolution with the Income Tax (IT) Department at commissioner (appeals) level as of January 31 this year, and 63,246 at various Income Tax Appellate Tribunals (ITATs), High Courts, and the Supreme Court, FE has learnt.
To be precise, the cases pending in ...
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Income Tax |
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0 | Hits : 2033
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Functionalities to file commonly used ITRs enabled by CBDT on 1st April, 2024
Posted Date : 06-Apr-2024 , 08:59:31 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has facilitated taxpayers to file their Income Tax Returns (ITRs) for the Assessment Year 2024-25 (relevant to Financial Year 2023-24) from 1st April, 2024 onwards. The ITR functionalities i.e. ITR-1, ITR-2 and ITR-4, commonly used by taxpayers...
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Income Tax |
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0 | Hits : 1761
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Clarification regarding applicability of new tax regime and old tax regime
Posted Date : 01-Apr-2024 , 08:00:53 pm | Posted By CASANSAAR
It has come to notice that misleading information related to new tax regime is being spread on some social media platforms. It is therefore clarified that the new regime under section 115BAC(1A) was introduced in the Finance Act 2023 which was as under as compared to the existing old regime (without...
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Income Tax |
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0 | Hits : 3901
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Income Tax Dept starts sending emails, SMSs to assessees for mismatches in tax profiles, financial transactions
Posted Date : 10-Mar-2024 , 09:22:59 pm | Posted By CASANSAAR
The income tax department on Sunday said it has started sending emails and SMSs to assessees whose taxes paid during the current fiscal are not commensurate with financial transactions.
To flag the mismatches in payment of taxes in financial year 2023-24 (assessment year 2024-25) and the financia...
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Income Tax |
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0 | Hits : 595
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CBDT clarifies provisions under Finance Act 2023 relating to donations made by a trust / institution to another trust / institution
Posted Date : 07-Mar-2024 , 08:32:55 am | Posted By CASANSAAR
Income of any fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to in specified sub-clauses of section 10 (23C) of the Income-tax Act, 1961 (the ‘Act’) or any trust or institution registered und...
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Income Tax |
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Last date for filing of updated returns (ITR-U) for A.Y. 2021-22 is 31.03.2024
Posted Date : 05-Mar-2024 , 08:36:20 am | Posted By CASANSAAR
The Income Tax Department receives information of specified financial transactions of taxpayers from various sources. To increase transparency and to promote voluntary tax compliance, this information is reflected in the Annual Information Statement (AIS) module and is available to the taxpayer for ...
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Income Tax |
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0 | Hits : 439
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Income Tax Department to send notice to taxpayers for ITR mismatch
Posted Date : 05-Mar-2024 , 08:19:44 am | Posted By CASANSAAR
The Income Tax Department on Monday said it is in the process of issuing notice to taxpayers pertaining to a ‘mismatch’ between the information filed in the Income Tax Return (ITR) vis-a-vis information of specified financial transactions, as available with the department, for the assess...
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Income Tax |
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0 | Hits : 639
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FinMin looking to modify income tax rule on payments to MSMEs within 45 days
Posted Date : 05-Mar-2024 , 08:13:08 am | Posted By CASANSAAR
The finance ministry is looking to modify the income tax rule on payments to micro, small and medium enterprises (MSMEs) within 45 days.
The new rule, to take effect from April 1, is being reviewed by the North Block officials following demands from industry.
While some businesses have sought ...
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Income Tax |
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SC refused to interfere in High Court's Guidelines on Reopening of Income Tax Assessments
Posted Date : 16-Feb-2024 , 04:03:49 pm | Posted By CASANSAAR
The Supreme Court has refused to interfere with a 2017 Delhi High Court judgment which issued a set of guidelines to the Income Tax Department regarding the reopening of assessments.
A bench comprising Justice PS Narasimha and Justice Aravind Kumar dismissed a Special Leave Petition filed b...
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Income Tax e-filing portal to be down for maintenance from Feb 3 to 5
Posted Date : 01-Feb-2024 , 08:13:53 am | Posted By CASANSAAR
The Income Tax department on Wednesday said that services for taxpayers on the e-filing portal will not be available between February 3 and early February 5 on account of scheduled maintenance.
“…taxpayer services on the e-filing portal will be restricted from 2 pm on Saturday (03....
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Income Tax |
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Income tax Department introduces new ‘Discard ITR’ facility on Income Tax Website
Posted Date : 29-Nov-2023 , 07:21:13 am | Posted By CASANSAAR
The income tax (I-T) department has introduced a crucial functionality on its website allowing taxpayers to discard their previously filed but unverified Income Tax Returns (ITR). Earlier, taxpayers were allowed to revise the ITR only in case of error or omission.
“The income tax portal has...
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Income Tax |
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0 | Hits : 633
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Delhi HC imposes Rs 2 lakh fine on ex-Bharat Pe MD Ashneer Grover for derogatory posts
Posted Date : 29-Nov-2023 , 07:18:00 am | Posted By CASANSAAR
The Delhi High Court on November 28 imposed a fine of Rs 2 lakh on Ashneer Grover, the former Managing Director and co-founder of Bharat Pe, for sharing inappropriate posts about Bharat Pe. The action, however, was taken despite Grover giving assurance to the court that he would refrain from doing s...
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Income Tax |
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CBDT Amended ITR-7 Permitting Assesses Taxable Income to File ITR-7 for AOPs Tax Rate
Posted Date : 22-Nov-2023 , 08:10:32 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) through its Notification No. 94/2023 dated 31/10/2023 has introduced changes to the ITR-7 form to accommodate the taxable income of individuals eligible to file the ITR-7 form under the tax rates applicable to AOP, which aligns with the slab rates applicable ...
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Income Tax |
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0 | Hits : 869
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Income Tax Returns filed by individual taxpayers registered increase of 90%
Posted Date : 28-Oct-2023 , 07:53:34 am | Posted By CASANSAAR
Income Tax Returns filed by individual taxpayers have registered an increase of 90 per cent from 3.36 crore in Assessment Year 2013-14 to 6.37 crores in 2021-22.
Finance Ministry said, the average gross total income for individual taxpayers have registered an increase of 56 percent from 201...
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Income Tax |
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0 | Hits : 407
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Supreme Court rejects lower tax on dividend under treaties
Posted Date : 21-Oct-2023 , 08:28:58 am | Posted By CASANSAAR
In a big win for revenue authorities, the Supreme Court has held that the provisions of the 'Most Favoured Nation' clause in a tax treaty are not triggered automatically and a separate notification is required. The SC's order is likely to result in re-opening of several high-value cases,...
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Income Tax |
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0 | Hits : 550
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Simplified e-procedure for nil and lower TDS certificates effective from October 1
Posted Date : 04-Oct-2023 , 08:45:34 am | Posted By CASANSAAR
If you are eligible for lower or NIL or lower TDS (Tax Deducted at Source) under Income Tax Act, filing for the certificate will be much easier as the Income Tax Department has finalised the e-procedure for the process. The new mechanism has come into effect from October 1.
An assessee must compl...
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Income Tax |
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0 | Hits : 2310
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CBI registers corruption case against former Income-Tax Additional Commissioner and others
Posted Date : 16-Sep-2023 , 10:03:53 am | Posted By CASANSAAR
The Central Bureau of Investigation (CBI) has registered an alleged corruption case against a former Additional Commissioner of Income Tax, Santosh Karnani, his wife, one director of an Ahmedabad-based firm and others.
It is based on the findings of another case taken over by the agency in Octobe...
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0 | Hits : 2204
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Govt plans to reduce income tax refund processing time
Posted Date : 25-Aug-2023 , 08:23:48 am | Posted By CASANSAAR
The income tax department is planning to reduce the average processing time for getting tax refunds. As per a report in Business Standard, the tax department is mulling over the reduction of days to 10 from the current 16 days.
The report says that the new timeline is expected to be implemented d...
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Income Tax |
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0 | Hits : 612
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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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Income Tax |
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0 | Hits : 337044
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