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

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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Category : Income Tax | Comments : 0 | Hits : 614

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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Category : Income Tax | Comments : 0 | Hits : 300

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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Category : Income Tax | Comments : 0 | Hits : 748

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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Category : Income Tax | Comments : 0 | Hits : 1863

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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Category : Income Tax | Comments : 0 | Hits : 656

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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Category : Income Tax | Comments : 0 | Hits : 1325

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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Category : Income Tax | Comments : 0 | Hits : 1122

Benami Law and its interplay with other Laws
Posted Date : 26-Mar-2020 , 11:06:47 am | Posted By CASANSAAR

Benami Law and its interplay with other Laws explained by CA (Adv) Ashwani Taneja, Ex Member - ITAT.. Watch this Video, https://youtu.be/bercqZVBj-w ...

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Category : Income Tax | Comments : 0 | Hits : 83

Relaxations by Finance Minister under Various Laws
Posted Date : 24-Mar-2020 , 04:16:37 pm | Posted By CASANSAAR

Income Tax :- F.Y. 18-19 1. Last date for filing income tax returns for the A.Y. 19-20 will be now 30/06/2020. 2. Interest for delayed payment reduced to 9% only for F.Y.18-19 3. Vivad se Vishwas Scheme has also extended to 30/06/2020 and no 10% additional Charge for now. 4. No extension...

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Category : Income Tax | Comments : 0 | Hits : 1068

Covid-19 related spends to be treated as CSR activity - MCA
Posted Date : 24-Mar-2020 , 11:14:51 am | Posted By CASANSAAR

With the number of Covid-19 cases increasing in the country, the Centre has now roped in the private sector to help in the efforts to minimise the spread of Coronavirus. The Corporate Affairs Ministry (MCA) on Monday said that spending of CSR funds for Covid-19 would be treated as eligible CSR ac...

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Category : Income Tax | Comments : 0 | Hits : 552

Finance Minister sets Rs 15 Lakh income cap to tax NRIs
Posted Date : 24-Mar-2020 , 10:49:05 am | Posted By CASANSAAR

Finance minister Nirmala Sitharaman softened the contentious budget proposal to tax non-resident Indians, putting in place a threshold of Rs 15 lakh for the levy of tax on incomes emanating from India, while leaving out global incomes from the tax ambit. Through amendments to the finance bill, sh...

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Category : Income Tax | Comments : 0 | Hits : 531

SC invokes its plenary power to extend limitation period of appeals
Posted Date : 24-Mar-2020 , 10:41:00 am | Posted By CASANSAAR

The Supreme Court Monday invoked its plenary powers under Article 142 of the Constitution to extend limitation period of appeals from high courts or tribunals on account of coronavirus (COVID-19) pandemic. A bench of Chief Justice S A Bobde and Justices L N Rao and Surya Kant said the Court has t...

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Category : Income Tax | Comments : 0 | Hits : 160

Income tax Dept may extend March 31 deadline due to coronavirus
Posted Date : 23-Mar-2020 , 08:11:45 pm | Posted By CASANSAAR

The Income Tax Department is "proactively pursuing" with the government extension of the statutory March 31 deadline to complete important tax-related works due to the COVID-19 outbreak, an all-India body of IRS officers said on Monday. It has also urged all I-T department officials to wor...

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Category : Income Tax | Comments : 0 | Hits : 1655

PM Modi to address nation tonight on Coronavirus
Posted Date : 19-Mar-2020 , 08:31:17 am | Posted By CASANSAAR

Prime Minister Narendra Modi chaired a high-level meeting to review the ongoing efforts to tackle COVID-19 on March 18. He is scheduled to address the nation on March 19 at 8 p.m., during which he will talk about issues relating to COVID-19 and the efforts to combat it. “During the meeti...

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Category : Income Tax | Comments : 0 | Hits : 176

Vivad Se Vishwas Scheme Procedure
Posted Date : 17-Mar-2020 , 11:15:55 am | Posted By CASANSAAR

Procedure for Vivad Se Vishwas Scheme, Watch this Video. https://youtu.be/UKC1YUcRDBc ...

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Category : Income Tax | Comments : 0 | Hits : 941

Vivad Se Vishwas Scheme Eligibility
Posted Date : 14-Mar-2020 , 10:12:02 am | Posted By CASANSAAR

Eligibility Criteria for availing Vivad Se Vishwas Scheme discussed by CA. (Adv) Kapil Goel with CA. Vivek Khurana. Watch This Video,,, https://youtu.be/RORU_GTvK00 ...

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

Parliament passes Vivad Se Vishwas Bill for settlement of Direct Tax disputes
Posted Date : 13-Mar-2020 , 09:49:03 pm | Posted By CASANSAAR

Parliament has passed the Vivad Se Vishwas Bill, 2020 today. The bill provides a waiver on interest, penalty and prosecution for settlement of Direct Tax disputes. It grants a complete waiver on interest and penalty when the disputed amount is paid before 31st of this month, and provisions an additi...

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Category : Income Tax | Comments : 0 | Hits : 1301

Gujarat HC issues notices to Centre, GST Council over surcharge imposition
Posted Date : 12-Mar-2020 , 08:45:51 am | Posted By CASANSAAR

The Gujarat High Court has issued notices to the Union government, the GST Council, and the Customs authorities over imposition of surcharge and cess on duties paid through scrip-based incentives by exporters. Earlier, exporters had moved the HC, challenging the constitutional validity of imposit...

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Category : Income Tax | Comments : 0 | Hits : 157

Three Infosys employees held for taking bribes from taxpayers
Posted Date : 09-Mar-2020 , 09:19:48 am | Posted By CASANSAAR

Three Infosys employees, attached to the Income Tax department's Centralised Processing Centre here, were arrested for allegedly taking bribes from taxpayers for speedy processing of their refund, police said on Sunday. According to police, the key accused among the three was attached to the ...

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Category : Income Tax | Comments : 0 | Hits : 907

Comparison between Old & New Income Tax Regime
Posted Date : 07-Mar-2020 , 08:22:00 am | Posted By CASANSAAR

Comparison between Old & New Income Tax Regime | New Income Tax Rates explained by CA. Bhanu Priya. Watchi this Video,,, https://youtu.be/vonnPTdtD74 ...

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Category : Income Tax | Comments : 0 | Hits : 344

Income Tax dept unearths Rs 4,000 Cr TDS default
Posted Date : 05-Mar-2020 , 09:01:01 am | Posted By CASANSAAR

A TDS survey by the income tax department has found many big corporates defaulting on payment of tax deducted at source (TDS). In one case, the tax department found that a major oil company defaulted on TDS payment of Rs 3,200 crores. The defaults were due to lower or non-deduction of taxes at sourc...

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Category : Income Tax | Comments : 0 | Hits : 396

Lok Sabha passes Direct Tax 'Vivad se Vishwas' bill
Posted Date : 04-Mar-2020 , 08:38:36 pm | Posted By CASANSAAR

In a move that will help the government mop up revenue before the financial year 2019-20 closes, Lok Sabha on Wednesday passed direct tax amnesty scheme Vivad se Vishwas bill. With mounting tax disputes, the government has had in Union budget come up with No Dispute but Trust Scheme (Vivad Se Vishwa...

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Category : Income Tax | Comments : 0 | Hits : 469

Govt collects Rs 7.52 lakh Cr direct tax in April-January
Posted Date : 04-Mar-2020 , 08:17:45 am | Posted By CASANSAAR

The government has collected over Rs 7.52 lakh crore as direct taxes till January 31 of the current fiscal, Parliament was informed on Tuesday. The Revised Estimate (RE) has pegged the target for collection of direct taxes for the current fiscal, which ends on March 31, at Rs 11.70 lakh crore. &q...

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Category : Income Tax | Comments : 0 | Hits : 348

Over 4.78 lakh income tax appeals pending at end of March 2019
Posted Date : 03-Mar-2020 , 10:29:29 am | Posted By CASANSAAR

The number of income tax appeals pending at various judicial fora stood at 4,78,801 at the end of the financial year 2018-19, the Lok Sabha was informed on Monday. During the Union Budget 2020 presentation, the ‘Vivad se Vishwas’ scheme was announced to provide for dispute resolution ...

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Category : Income Tax | Comments : 0 | Hits : 175

Firm busted for issuing fake invoices to claim input tax credit of goods worth Rs 436 crores
Posted Date : 02-Mar-2020 , 04:42:54 pm | Posted By CASANSAAR

Officers of Anti-Evasion, Central GST Delhi East Commissionerate have unravelled a major operation of Circular Trading, involving use of fake invoices to claim fraudulent refunds of Input Tax Credit. Shri Asif Khan, Shri Rajeev Chhatwal and Shri Arjun Sharma, operating a total of 17 fake firms, proc...

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Category : Income Tax | Comments : 0 | Hits : 184

Canada to welcome over one million new immigrants between 2020-2022
Posted Date : 29-Feb-2020 , 08:55:40 am | Posted By CASANSAAR

Marco Mendicino laid out his vision for Canada’s immigration system in Toronto. It was his first major policy speech since his November 2019 appointment as Minister of Immigration, Refugees and Citizenship. Mendicino was appointed after the Liberal Party of Canada was re-elected to a second...

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Category : Income Tax | Comments : 0 | Hits : 1330

Procedure of Prosecution under Various Laws
Posted Date : 21-Feb-2020 , 10:35:14 am | Posted By CASANSAAR

Procedure of Prosecution under Various Laws such as PMLA, PBPT, Black Money Act, Income Tax Act etc explained by Advocate Amit Khemka. Watch this Video,,,, https://youtu.be/O8ZuUfWgLMk ...

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Category : Income Tax | Comments : 0 | Hits : 286

Faceless tax assessment system prone to errors: HC
Posted Date : 19-Feb-2020 , 03:56:11 pm | Posted By CASANSAAR

The Madras High Court in a recent order has opined that the faceless tax-assessment system “can lead to erroneous assessment, if officers are not able to understand the transactions and statement of accounts of an assessee without a personal hearing”.The court, however, said electronic-a...

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Category : Income Tax | Comments : 0 | Hits : 689

Income Tax dept issues notices to directors of defaulting Cos
Posted Date : 19-Feb-2020 , 09:12:25 am | Posted By CASANSAAR

Income Tax officials are increasingly issuing notices to directors of private limited companies which default on their tax dues, experts said. Directors are being held accountable for the tax compliance of the companies they work for under section 179 of the Income Tax Act dealing with recovery o...

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Category : Income Tax | Comments : 0 | Hits : 1246

Income Tax Dept lead to detection of unaccounted income of more than Rs. 2000 crore
Posted Date : 14-Feb-2020 , 10:48:07 am | Posted By CASANSAAR

Income Tax Department carried out Search and Seizure action on 6th February 2020 at Hyderabad, Vijaywada, Cuddapah, Vishakhapatnam, Delhi and Pune. More than 40 premises were covered. The search action included three prominent infrastructure groups based in Andhra Pradesh and Telangana. Investiga...

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Category : Income Tax | Comments : 0 | Hits : 246

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