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

Income Tax Dept probing gains made in agriculture income during demonetisation
Posted Date : 16-May-2019 , 08:57:59 am | Posted By CASANSAAR

The Income Tax Department, investigating cases of tax evasion during demonetisation, is stepping up probe into gains made in agriculture income by farmers and other assessees. Under the Income Tax (IT) Act of 1961, agriculture income is exempt from taxes. But during the demonetisation period, Inc...

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Category : Income Tax | Comments : 0 | Hits : 668

Income Tax officers to fast track disposal of appeal cases
Posted Date : 15-May-2019 , 10:29:00 am | Posted By CASANSAAR

The income-tax department has said it will undertake expeditious disposal of appeal cases, and look into taxpayer concerns of adjustment of past tax demands with due refunds during the fortnight beginning May 16. In a letter to field formations, the Central Board of Direct Taxes (CBDT) said that ...

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Category : Income Tax | Comments : 0 | Hits : 688

ITR e-filers by over 6.6 lakh in FY19:
Posted Date : 06-May-2019 , 10:08:09 am | Posted By CASANSAAR

In a first in recent history of tax filings, income tax e-filings in FY2019 have dropped by more than 6.6 lakh, a trend that analysts said was surprising as tax base was expected to increase post demonetisation. According to statistics put out on Income Tax Department's e-filing website, inco...

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Category : Income Tax | Comments : 0 | Hits : 307

CBDT to share ITR data with GSTN to detect tax evasion by business persons
Posted Date : 01-May-2019 , 09:24:21 am | Posted By CASANSAAR

Soon, the tax department will be sharing the income tax return (ITR) data of business persons with the Goods and Services Tax Network (GSTN) officer. The move is aimed at spotting income anomalies or mismatches between their GST returns and ITR.  Clearly, business persons need to ensure that...

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Category : Income Tax | Comments : 0 | Hits : 1440

HC sets aside CBDT’s plan of rewarding CITs-appeal
Posted Date : 23-Apr-2019 , 08:44:22 am | Posted By CASANSAAR

The Bombay high court has set aside that portion of CBDT’s action plan that sought to incentivise commissioners of income tax-appeals (CITs-A) who pass ‘quality’ orders, which could be detrimental to taxpayers. “Any temptation in the guidelines, referred to as incentives f...

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Category : Income Tax | Comments : 0 | Hits : 299

Income Tax dept revises format of TDS certificate issued by employers
Posted Date : 16-Apr-2019 , 10:02:42 pm | Posted By CASANSAAR

The Income Tax department has revised Form 16 by adding various details, including income from house property and remuneration received from other employers, thereby making it more comprehensive to help check tax avoidance. It will also include segregated information regarding deductions under vario...

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Category : Income Tax | Comments : 0 | Hits : 419

Income Tax Appellate Tribunal gets third bench in Pune
Posted Date : 13-Apr-2019 , 09:32:29 am | Posted By CASANSAAR

The Income tax Appellate Tribunal (ITAT) established its first bench in Pune on August 9, 1971, while the second Bench was added in 2004. Pune is the fourth largest city as far as the number of pending appeals is concerned. The Income tax Appellate Tribunal, Pune zone, got its third bench for Pun...

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Category : Income Tax | Comments : 0 | Hits : 205

SC directs parties to give details of donations received via electoral bond
Posted Date : 12-Apr-2019 , 01:17:43 pm | Posted By CASANSAAR

Hearing a petition challenging the validity of the electoral bond scheme, the Supreme Court on Friday directed all political parties to furnish details of donations received via these bonds and said that the issue raised in the petition is "vital to fairness” of electoral process. The ...

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Category : Income Tax | Comments : 0 | Hits : 109

Govt retains interest rate for General Provident Fund at 8%
Posted Date : 10-Apr-2019 , 04:35:54 pm | Posted By CASANSAAR

The government has retained the interest rate for General Provident Fund, GPF, Contributory Provident Fund and other related schemes at 8 per cent for the first quarter of current financial year.  The interest rate on these funds was at 8 per cent in January-March quarter of 2018-19 and gove...

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Category : Income Tax | Comments : 0 | Hits : 386

Taxmen to scrutinise mismatch between ITR and service tax returns
Posted Date : 10-Apr-2019 , 09:57:24 am | Posted By CASANSAAR

The revenue department has asked tax officials to scrutinise the mismatch in turnover towards services between income tax returns and service tax returns by businesses during 2015-16 and 2016-17.  Central Board of Indirect Taxes and Customs (CBIC) Chairman P K Das in a letter to field format...

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Category : Income Tax | Comments : 0 | Hits : 828

Holding period of house starts from date of allotment, not registration - ITAT
Posted Date : 08-Apr-2019 , 09:07:31 am | Posted By CASANSAAR

In a decision that will benefit many taxpayers, the Mumbai bench of Income Tax Appellate Tribunal (ITAT) recently held that the date of allotment of a house shall be treated as the date of acquisition. The holding period will be counted from this date and not from the date of registration. Gains ...

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

CBI Arrests Income Tax Officer in Bribery Case
Posted Date : 04-Apr-2019 , 07:53:39 pm | Posted By CASANSAAR

The CBI has arrested an income tax officer from Bengaluru allegedly for accepting a bribe of Rs 14 lakh from a complainant and was later produced before the court, an official said on Thursday.  According to sources, the officer has been identified as HR Nagesh. Besides Nagesh, the agency ha...

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Category : Income Tax | Comments : 0 | Hits : 212

Tax evasion may get more difficult as Income Tax Dept to use Big Data Analytics from April
Posted Date : 30-Mar-2019 , 07:58:06 am | Posted By CASANSAAR

Tax evasion is likely to get more difficult if not impossible with the entry of Big Data Analytics into the Income Tax (I-T) Department's realm of tools to check tax evasion starting April 1. The Rs 1,000 crore programme named "Project Insight" would track social networking profiles...

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Category : Income Tax | Comments : 0 | Hits : 1289

AO can suo moto extend time period for special audit retrospectively - SC
Posted Date : 30-Mar-2019 , 07:47:06 am | Posted By CASANSAAR

The Supreme Court has held that the Assessing Officer can suo moto extend the time period for a special audit retrospectively, even before the amendment in the Finance Act of 2008. The judgment, which lays to rest a long controversy, relates to Section 142 (2C) of the Income Tax Act, which deals ...

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Category : Income Tax | Comments : 0 | Hits : 228

Income Tax Dept will compile profiles on taxpayers from 1st April
Posted Date : 26-Mar-2019 , 10:32:21 pm | Posted By CASANSAAR

The Income-Tax (I-T) Department will begin compiling comprehensive profiles on taxpayers from April 1, according to a Business Standard report. The move, which is a part of Project Insight, aims to track compliance of tax paying individuals and bring more people under the tax net, the paper said. ...

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Category : Income Tax | Comments : 0 | Hits : 925

Foreign investors to pay higher taxes starting from April 1
Posted Date : 25-Mar-2019 , 08:38:56 am | Posted By CASANSAAR

Changes in the Sebi listing and prevention of insider-trading regulations, revisions in the double-taxation avoidance agreements (DTAAs) with Mauritius and Singapore are set to come into effect from April 1. The changes in DTAAs give India the right to tax capital gains arising on Indian equity s...

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Category : Income Tax | Comments : 0 | Hits : 456

RBI categorises IDBI Bank as private sector lender
Posted Date : 15-Mar-2019 , 08:27:24 am | Posted By CASANSAAR

IDBI Bank has been categorised as a private sector lender following acquisition of majority stake by Life Insurance Corporation, RBI said. In January, LIC completed the process of picking up a controlling 51 per cent stake in the nearly crippled IDBI Bank. "IDBI Bank has been categorised ...

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Category : Income Tax | Comments : 1 | Hits : 1188

Income Tax Deptt to assess 80k big cash depositors during demonetisation
Posted Date : 07-Mar-2019 , 10:21:42 am | Posted By CASANSAAR

Over 80,000 taxpayers who had deposited significant amounts of cash during the demonetisation period but failed to respond to initial notices sent by the income tax (I-T) department and furnish their tax returns for the financial year 2016-17 will now be subject to a ‘best judgement’ ass...

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Category : Income Tax | Comments : 0 | Hits : 1313

Link your PAN with bank for refunds - Income Tax Dept
Posted Date : 28-Feb-2019 , 04:57:29 pm | Posted By CASANSAAR

The Income Tax Department will "only" issue refunds via the e-mode into bank accounts of taxpayers beginning next month and they should link PAN with their accounts, the taxman said in its latest public communication.  The department said refunds will be sent to bank accounts as it...

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Category : Income Tax | Comments : 0 | Hits : 203

Income tax dept to issue only e-refunds from Mar 1, 2019
Posted Date : 27-Feb-2019 , 08:15:22 am | Posted By CASANSAAR

Come March 1, 2019 Income tax department will issue only e-refunds and that too these will be credited only to bank accounts linked with PAN.  In addition to that, you are also required to prae-validate your bank account with the income tax department e-filing portal to receive tax refund.&n...

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Category : Income Tax | Comments : 0 | Hits : 493

Karnataka businessman jailed for income tax default of Rs 7.35 Cr
Posted Date : 18-Feb-2019 , 08:55:37 am | Posted By CASANSAAR

A Karnataka-based businessman has been jailed for six months for allegedly not filing his income tax arrears and interest of around Rs 7.35 crore despite reminders, an official said on Saturday. "The defaulter was arrested on Friday for failing to pay his tax arrears and produced before the ...

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Category : Income Tax | Comments : 0 | Hits : 735

Suspicious income tax refund claims under Income Tax Dept scanner
Posted Date : 12-Feb-2019 , 08:05:57 pm | Posted By CASANSAAR

Suspicious income tax refund claims have gone up in last three years and scrutiny assessments have been initiated against taxpayers claiming high refunds inconsistent with the pattern of income and investments, Parliament was informed Tuesday. Minister of State for Finance Shiv Pratap Shukla in a...

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Category : Income Tax | Comments : 0 | Hits : 142

Income Tax Dept plans e-allocation, verification and hearing in scrutiny of returns
Posted Date : 12-Feb-2019 , 09:24:04 am | Posted By CASANSAAR

Hoping to cut down harassment of taxpayers during verification and scrutiny of income-tax returns, the Tax Department hopes to introduce features, including team-based assessment, video-conferencing and electronic review of orders, to ensure quality assessments and avoid high pitched tax demands. ...

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Category : Income Tax | Comments : 0 | Hits : 499

Income Tax Dept unearths Rs 20,000 cr Hawala racket in Delhi
Posted Date : 12-Feb-2019 , 08:44:10 am | Posted By CASANSAAR

The Income Tax Department has busted a nexus of hawala operators who were running a money laundering racket in Delhi estimated to be worth over 20 thousand crore rupees. Official sources said, a series of raids and surveys were conducted by sleuths of the Delhi investigation unit of the I-T Departme...

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Category : Income Tax | Comments : 0 | Hits : 1483

RBI raises collateral-free farm loan limit to Rs 1.6 lakh
Posted Date : 07-Feb-2019 , 05:42:49 pm | Posted By CASANSAAR

RBI Governor Shaktikanta Das today announced that the limit of collateral free agricultural loans has been increased from one lakh to 1.6 lakh. Addressing the post monetary policy announcement in Mumbai today, Mr. Das said the decision has been taken in view of the overall inflation and rise in the ...

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Category : Income Tax | Comments : 0 | Hits : 232

Banks liable for unauthorised withdrawals from customer accounts - Kerala HC
Posted Date : 07-Feb-2019 , 10:08:03 am | Posted By CASANSAAR

The Kerala High Court has held that banks cannot be exonerated from liability for loss caused to a customer on account of unauthorised withdrawals made from his/her account, merely on the ground that the customer did not respond promptly to the SMS alert given by the bank. The court observed that...

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Category : Income Tax | Comments : 0 | Hits : 760

Linking Aadhaar with PAN card compulsory to file income tax returns - SC
Posted Date : 06-Feb-2019 , 09:17:44 am | Posted By CASANSAAR

The Supreme Court on Monday said that it was essential to link Aadhaar with the PAN card to file income tax returns. The court was hearing the government’s plea against a Delhi High Court order allowing the respondent, Shreya Sen, to file income tax returns for 2018-’19 without linking h...

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Category : Income Tax | Comments : 0 | Hits : 632

Income taxpayers to start getting refunds within 24 hours in next 2 years
Posted Date : 06-Feb-2019 , 09:15:23 am | Posted By CASANSAAR

The revenue department will put in place within two years a mechanism to ensure that all returns are processed within 24 hours and refunds issued simultaneously, an official said.  The government has already sanctioned Rs 4,200 crore last month for upgradation of information technology infra...

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Category : Income Tax | Comments : 0 | Hits : 143

Highlights Of Interim Budget 2019-20
Posted Date : 01-Feb-2019 , 01:53:22 pm | Posted By CASANSAAR

The key highlights of the Interim Budget 2019-20 presented by the Union Minister for Finance, Corporate Affairs, Railways & Coal, Shri Piyush Goyal in Parliament today are as follows:   New Announcements Farmers 12 crore small and marginal farmers to be provided wit...

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Category : Income Tax | Comments : 0 | Hits : 867

Adjudicating Authority revokes benami attachment order against SRK
Posted Date : 30-Jan-2019 , 08:53:25 am | Posted By CASANSAAR

Actor Shah Rukh Khan has been absolved of the charge of being a beneficiary of a benami property in the scenic beach town of Alibaug in Maharashtra as an appellate Authority under the law has "revoked" the attachment order of the I-T Department, calling it baseless and coloured. The Adj...

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Category : Income Tax | Comments : 0 | Hits : 285

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