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

Govt mulls mediation to solve tax issues with companies
Posted Date : 23-Jan-2020 , 10:10:53 am | Posted By CASANSAAR

The government may adopt a mediation mechanism that will help companies determine their future tax liabilities and even settle disputes, said a person familiar with the development. The concept, which is widely prevalent overseas, is being discussed amid preparations for the February 1 budget, the p...

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Category : Income Tax | Comments : 0 | Hits : 106

Capital Gain on sales of Immovable Property and Judicial Pronouncements
Posted Date : 22-Jan-2020 , 10:39:10 am | Posted By CASANSAAR

Capital Gain on sales of Immovable Property and Judicial Pronouncements explained by CA.Rajat Bajoria. https://youtu.be/vgW3X9eK1_U ...

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Category : Income Tax | Comments : 0 | Hits : 277

Income tax dept serves notices to over 44,000 cases under e-assessment scheme
Posted Date : 22-Jan-2020 , 09:53:51 am | Posted By CASANSAAR

After the launch of e-assessment facility in October last year, out of 58,322 cases selected for faceless assessment, digitally signed notices were served in 44,285 cases (as on date), as announced by ministry of finance.  The e-assessment scheme will usher a paradigm shift in a way tax proc...

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Category : Income Tax | Comments : 0 | Hits : 1018

Massive fraud by jewellers during note ban detected by Income Tax dept
Posted Date : 22-Jan-2020 , 09:48:32 am | Posted By CASANSAAR

Several jewellers have been put under scrutiny by the income tax department in cases of alleged large and disproportionate cash deposits during the demonetisation period (November 9-December 30, 2016). In some cases, some of these jewellers have been found to have deposited nearly 1,000 times as muc...

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Category : Income Tax | Comments : 0 | Hits : 525

Online payment facility न देने पर Income Tax Dept. लगाएगा भारी जुर्माना!
Posted Date : 18-Jan-2020 , 09:56:57 am | Posted By CASANSAAR

Online payment facility न देने पर Income Tax Dept. लगाएगा भारी जुर्माना!!! Prescribed Payment mode under Section 269SU of Income Tax Act, 1961 explained by CA.Pooja Goyal. https://youtu.be/XJjqqUQWcvs ...

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Category : Income Tax | Comments : 0 | Hits : 462

Income Tax notice for Rs 3.5 Cr penalty leaves BPO employee Shocked
Posted Date : 17-Jan-2020 , 09:14:49 am | Posted By CASANSAAR

A man from Bhind district in Madhya Pradesh, who currently works in a BPO firm in Punjab, has said that he got the shock of his life when he received an Income Tax Department notice, asking him to pay Rs 3.49 crore penalty for the alleged transactions of Rs 132 crore done in 2011-12. Ravi Gupta, ...

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Category : Income Tax | Comments : 0 | Hits : 865

Applicability of Sec 68, 69A and 115BBE on cash deposited during demonetisation
Posted Date : 13-Jan-2020 , 08:59:20 am | Posted By CASANSAAR

Applicability of Sec 68, 69A and 115BBE in the cases of cash deposited during demonetisation explained by CA. Rajiv Jain. https://youtu.be/3Vq6jKNjYLI ...

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Category : Income Tax | Comments : 0 | Hits : 1449

Govt taking steps to simplify taxation; curb harassment of honest taxpayers - FM
Posted Date : 08-Jan-2020 , 09:37:33 am | Posted By CASANSAAR

Finance Minister Nirmala Sitharaman on Tuesday said the government is taking various steps to simplify taxation system and eliminate harassment of honest taxpayers. Addressing an event organised by Confederation of All India Traders (CAIT), the finance minister said the government is open to sugg...

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Category : Income Tax | Comments : 0 | Hits : 136

CBDT extends deadline for compounding of income tax offences till Jan 31
Posted Date : 04-Jan-2020 , 08:28:07 am | Posted By CASANSAAR

The CBDT has extended till January 31 the last date for taxpayers to avail a "one-time" facility to apply for compounding of income tax offences, an order issued on Friday said. The earlier deadline was December 31, 2019. In I-T parlance, compounding means that the taxman does not fi...

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Category : Income Tax | Comments : 0 | Hits : 1588

GSTR 9C Utility available on GSTN Postal
Posted Date : 24-Dec-2019 , 10:49:43 am | Posted By CASANSAAR

Updated GSTR 9C Utility for F.Y.  2017-18 available on GSTN portal. Last date for GSTR -9 and GSTR-9C is 31st Jan 2020. ...

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Category : Income Tax | Comments : 0 | Hits : 636

Glitches in ITR processing lead to bloated tax liability on capital gains
Posted Date : 24-Dec-2019 , 08:05:21 am | Posted By CASANSAAR

Hundreds of taxpayers are believed to have received notices from the income tax (I-T) department whose systems are unable to process the tax returns correctly. This has led to bloated tax liability on capital gains and denial of credit for tax deducted at source (TDS), among other discrepancies. ...

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Category : Income Tax | Comments : 0 | Hits : 455

FinMin asks tax officials to identify evaders through data analytics
Posted Date : 21-Dec-2019 , 09:55:47 am | Posted By CASANSAAR

In a bid to meet ambitious tax target, the finance ministry on Friday held a review meeting with tax officials directing them to make special efforts to identify and book tax evaders through data analytics and information sharing. The meeting chaired by Revenue Secretary Ajay Bhushan Pandey. H...

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Category : Income Tax | Comments : 0 | Hits : 648

CBI arrests former Income Tax Commissioner In corruption case
Posted Date : 18-Dec-2019 , 09:24:13 am | Posted By CASANSAAR

The CBI arrested former Income Tax Commissioner SK Srivastava on Tuesday, months after the CBI registered a case against him on charges of cheating, forgery and obtaining undue favours from those who had filed appeals before him. A CBI spokesperson told NDTV that he will now be produced before a ...

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Category : Income Tax | Comments : 0 | Hits : 845

CBDT extends advance tax payment deadline for northeastern region to Dec 31
Posted Date : 16-Dec-2019 , 09:33:28 am | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) has extended the date for payment of third installment of Advance Tax for financial year 2019-20 to 31st of this month for the North Eastern Region. Earlier, the deadline was 15th of December. The decision to this effect was taken in view of the recent dis...

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Category : Income Tax | Comments : 0 | Hits : 254

Application Form for the Information Systems Audit (ISA) Assessment Test - ICAI
Posted Date : 04-Dec-2019 , 09:06:37 am | Posted By CASANSAAR

Exam Date - 28th December, 2019. Last Date for receipt of application - 9th December 2019. Click for....   Online Application Form   Hard Copy Application Form Source - ICAI Website...

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Category : Income Tax | Comments : 0 | Hits : 596

21 Income Tax officers accused of corruption asked to retire
Posted Date : 27-Nov-2019 , 09:47:40 am | Posted By CASANSAAR

The government has ordered compulsory retirement of 21 income tax officers in the fifth tranche of its crackdown on officials accused of corruption and other malpractices. Government sources said these officers have been removed on charges of misuse of official position to seek and receive bribes...

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Category : Income Tax | Comments : 0 | Hits : 551

Income Tax dept launches web portal for exchange of information
Posted Date : 23-Nov-2019 , 10:26:23 am | Posted By CASANSAAR

The tax department has launched a portal that will provide information, including about procedures, related to automatic exchange of information under common reporting standard. Central Board of Direct Taxes (CBDT) Chairman P C Mody inaugurated the web portal on Income Tax website. India is co...

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Category : Income Tax | Comments : 0 | Hits : 1017

Cabinet approves Taxation Laws (Amendment) Bill, 2019
Posted Date : 21-Nov-2019 , 10:34:32 am | Posted By CASANSAAR

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the proposal for introducing the Taxation Laws (Amendment) Bill, 2019 in order to replace the Ordinance. Economic developments after the enactment of the Finance (No. 2) Act, 2019 (Finance Act) along with reduction ...

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Category : Income Tax | Comments : 0 | Hits : 696

Income Tax department raids BMC Contractors
Posted Date : 15-Nov-2019 , 09:16:45 am | Posted By CASANSAAR

Amid a high-voltage political drama in Maharashtra, the Income Tax department has turned its glare on a clutch of large contractors hired by Brihanmumbai Muncipal Corporation (BMC) - a Shiv Sena stronghold. In a press release issued on Thursday, IT said they had conducted search action in Mumbai ...

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Category : Income Tax | Comments : 0 | Hits : 261

Mr. Sudhaker Shukla takes charge as Whole Time Member, IBBI
Posted Date : 15-Nov-2019 , 08:59:34 am | Posted By CASANSAAR

Mr. Sudhaker Shukla took charge as Whole Time Member, Insolvency and Bankruptcy Board of India in New Delhi today. Mr. Shukla will look after Registration & Monitoring Wing comprising Insolvency Professionals, Information Utilities, Insolvency Professional Agencies, Registered Valuers, Regist...

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Category : Income Tax | Comments : 0 | Hits : 133

Income tax department admits error in charging late ITR filing fee
Posted Date : 14-Nov-2019 , 08:40:05 am | Posted By CASANSAAR

The income tax department has admitted that there has been an inadvertent error while processing income tax returns (ITR) of partners of firms whose accounts are liable to be audited. The taxman has assured that it will rectify the error on its own and remove the late fee charge. "In a few c...

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Category : Income Tax | Comments : 0 | Hits : 967

Income Tax dept busts Rs 3,300 Cr hawala racket involving infra firms
Posted Date : 11-Nov-2019 , 10:04:22 pm | Posted By CASANSAAR

The CBDT on Monday claimed that the Income Tax Department has busted a hawala racket worth Rs 3,300-crore and spread across multiple cities such as Delhi, Mumbai and Hyderabad with links to "leading corporate houses" in the infrastructure sector. The raids to unearth the large tax evasi...

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Category : Income Tax | Comments : 0 | Hits : 406

Finance Minister asks taxmen not to scare taxpayers
Posted Date : 09-Nov-2019 , 07:24:48 am | Posted By CASANSAAR

The taxpayers of country should not be scared of officers collecting revenue for the country, Finance Minister Nirmala Sitharaman said on November 8. "In today's free India, serving and being served by its own people and for its own people, it is important that the enforcers don't re...

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Category : Income Tax | Comments : 0 | Hits : 790

SEBI issues clarifications on prohibition of insider trade regulations
Posted Date : 05-Nov-2019 , 08:55:54 am | Posted By CASANSAAR

Listed Indian firms' employees, including foreign nationals, are required to follow the code of conduct while trading in American Depositories Receipts and Global Depositories Receipts, capital market regulator Sebi said on Monday. Trading in such depository receipts is covered under the Proh...

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

Income Tax department to issue PAN instantly online
Posted Date : 05-Nov-2019 , 08:50:09 am | Posted By CASANSAAR

The income tax department is set to launch a facility to instantly issue permanent account number (PAN) online, using details available in the Aadhaar database, helping end the wait time for applicants. Sources told TOI the service would be launched over the next few weeks and would also help those ...

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Category : Income Tax | Comments : 0 | Hits : 1975

Quebec announced new quotas for Entrepreneur, Self-Employed Worker programs
Posted Date : 02-Nov-2019 , 03:42:17 pm | Posted By CASANSAAR

Quebec announced new quotas for its Entrepreneur and Self-Employed Worker programs for those who do not have a high level of French. There is no quota for those who can demonstrate an advanced intermediate level of oral French expression and comprehension. The province will accept 25 applications...

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Category : Income Tax | Comments : 0 | Hits : 575

Gold amnesty scheme might be announced soon
Posted Date : 31-Oct-2019 , 09:06:01 am | Posted By CASANSAAR

The government may soon announce an amnesty scheme for gold to bring hordes of black money used in buying the yellow metal considered a safe investment option in India. According to sources, the new amnesty scheme would allow gold hoarders to come clean on investment made using black money by dec...

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Category : Income Tax | Comments : 0 | Hits : 920

Income Tax notices can be sent to old address - SC
Posted Date : 29-Oct-2019 , 10:36:38 am | Posted By CASANSAAR

If you have not updated the address in the PAN (Permanent Account Number) database, then the Income Tax Department has every right to send any notice at your old address and complete the assessment accordingly. In an important judgement recently, the Supreme Court has made it clear that the notic...

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Category : Income Tax | Comments : 0 | Hits : 671

Notice issued to a person not existing in the eyes of law - Valid or not?
Posted Date : 26-Oct-2019 , 02:16:16 pm | Posted By CASANSAAR

Notice issued to a person not existing / not alive in the eyes of law - Valid or not explained by Adv (CA) Kapil Goel with CA Vivek khurana. Don't Forget to  SUBSCRIBE CA Sansaar YouTube Chanel. https://www.youtube.com/channel/UC4-Bk3Aw5QKFpn9gw_vFJDw?view_as=subscriber ...

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Category : Income Tax | Comments : 0 | Hits : 467

30,000 individuals under I-T scanner for money remitted abroad via RBI scheme
Posted Date : 24-Oct-2019 , 09:55:49 am | Posted By CASANSAAR

Around 30,000 individuals who remitted money abroad through the Liberalised Remittance Scheme (LRS) are under the Income Tax Department's scanner, reports Business Standard. The department has issued scrutiny notices to assessees, asking for details of foreign accounts, properties and shares ...

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Category : Income Tax | Comments : 0 | Hits : 626

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