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News Category : Income Tax

Income Tax return processing time to reduce from 63 days to just 1 day
Posted Date : 17-Jan-2019 , 09:39:04 am | Posted By CASANSAAR

The Union Cabinet on Wednesday approved an integrated income-tax e-filing and centralised processing centre (CPC) portal, which will reduce the return processing time from 63 days to just one day. The new portal is also expected to process the refunds within one day of filing of tax returns, in huge...

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Category : Income Tax | Comments : 0 | Hits : 901

Govt eases norms for start-ups seeking exemptions from Angel Tax
Posted Date : 17-Jan-2019 , 09:35:45 am | Posted By CASANSAAR

Facing sustained pressure from start-ups and venture capital funds over the so-called angel tax, the government has relaxed norms for seeking exemptions from the controversial levy. The government, via a notification issued on Wednesday, scrapped the existing mechanism to approve start-ups applying ...

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

Cabinet gives nod to integrated e-filing project for faster ITR processing
Posted Date : 16-Jan-2019 , 09:56:48 pm | Posted By CASANSAAR

The Union Cabinet today approved expenditure sanction of over 4200  crore rupees for Integrated E-filing and Centralized Processing Centre 2.0 Project.  Union Minister Piyush Goyal said, it will help in improving tax payers' awareness and education through continuous engagement.&nbs...

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Category : Income Tax | Comments : 0 | Hits : 144

Income Tax exemption limit may go up in interim Budget
Posted Date : 16-Jan-2019 , 09:12:34 am | Posted By CASANSAAR

With middle-class apathy on the rise, Finance Minister Arun Jaitley may double the income tax exemption threshold for the salaried from the present Rs 2.5 lakhs to Rs 5 lakhs while also reinstating tax-free status for medical expenses and transport allowance, providing some relief to the section alr...

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Category : Income Tax | Comments : 0 | Hits : 1143

MCA to collect KYC details of Companies, CA, CS & CMAs
Posted Date : 07-Jan-2019 , 04:02:13 am | Posted By CASANSAAR

In efforts to weed out unscrupulous elements, the Corporate Affairs Ministry plans to collect KYC details of companies, chartered accountants, cost accountants and company secretaries.  A senior ministry official said the exercise would help in having a "sanitised list" of companie...

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Category : Income Tax | Comments : 0 | Hits : 1251

Loans to wife written off by Jackie Shroff be treated as business loss - ITAT
Posted Date : 07-Jan-2019 , 09:23:50 am | Posted By CASANSAAR

The Mumbai bench of the Income-Tax Appellate Tribunal (ITAT) has allowed a sum of Rs 11.35 crore advanced by actor Jackie Shroff to his wife Ayesha and her production house to be treated as a business loss. As there was no hope of recovery of these advances, during the financial year 2008-09, the ac...

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Category : Income Tax | Comments : 0 | Hits : 445

Income Tax Deptt withdraws circular on transfer of shares for No or Inadequate Consideration
Posted Date : 07-Jan-2019 , 09:18:33 am | Posted By CASANSAAR

The Income Tax Department has withdrawn a four-day old circular relating to transfer of shares for “no or inadequate consideration”, saying the matter is sub-judice. The Central Board of Direct Taxes (CBDT) had on December 31, 2018, issued a circular clarifying applicability of sectio...

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Category : Income Tax | Comments : 0 | Hits : 364

Govt to set up panel to look into tax issues faced by startups
Posted Date : 21-Dec-2018 , 11:01:11 am | Posted By CASANSAAR

The government has decided to set up an expert committee to look into all the taxation issues being faced by startups and angel investors, the CBDT said Thursday.  It added that "no coercive action or measures to recover the demands of completed assessment under income tax would be take...

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Category : Income Tax | Comments : 0 | Hits : 197

Govt makes NPS withdrawal 100% tax exempt
Posted Date : 11-Dec-2018 , 09:02:35 am | Posted By CASANSAAR

The government has made the National Pension System (NPS) more attractive for investors, with the biggest bonanza going to 18 lakh central government employees. The Centre will contribute 14% of basic salary to their pension corpus, up from 10%. The employee’s contribution will remain at 10%, ...

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Category : Income Tax | Comments : 0 | Hits : 645

Direct Tax Gross collections for 2018-19 upto November are at Rs 6.75 lakh Cr
Posted Date : 11-Dec-2018 , 08:53:56 am | Posted By CASANSAAR

The provisional figures of Direct Tax collections for 2018-19 up to November this year show that Gross Collections are at 6.75 lakh crore rupees. This is 15.7 percent higher than the Gross Collections for the corresponding period of last year. Finance Ministry said in a release that refunds amoun...

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Category : Income Tax | Comments : 0 | Hits : 424

Govt moves to redraft direct tax laws to modernize income tax
Posted Date : 27-Nov-2018 , 08:36:57 am | Posted By CASANSAAR

The Narendra Modi government will take a fresh look at modernizing the Income Tax Act, 1961, after an earlier effort by a six-member task force got derailed. The union government on Monday appointed Akhilesh Ranjan, member (legislation), Central Board of Direct Taxes (CBDT), as the new convener to h...

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

Sunil Arora to be next chief election commissioner
Posted Date : 27-Nov-2018 , 08:29:31 am | Posted By CASANSAAR

President RN Kovind is said to have cleared the appointment of election commissioner Sunil Arora as the next Chief Election Commissioner. He is slated to take over as CEC on December 2, a day after incumbent Om Prakash Rawat retires. The appointment of Arora, a former 1980 batch IAS officer of Ra...

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Category : Income Tax | Comments : 0 | Hits : 301

Task Force for drafting a New Direct Tax Legislation
Posted Date : 27-Nov-2018 , 08:27:52 am | Posted By CASANSAAR

In order to review the Income-tax Act, 1961 and to draft a new direct tax law in consonance with the economic needs of the country, a Task Force was constituted by the Government of India in November, 2017. In partial modification of the earlier order, the Government has appointed Shri Akhilesh R...

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Category : Income Tax | Comments : 0 | Hits : 324

Income Tax Returns not filed in 80,000 cases Post-Notes Ban
Posted Date : 15-Nov-2018 , 12:48:47 pm | Posted By CASANSAAR

The Income Tax Department is "chasing" 80,000 cases where people have not filed their returns post-demonetisation, despite the taxman sending them notices to do so, a senior official said on Wednesday. After inaugurating a stall of the Income Tax Department at the India International Trade...

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Category : Income Tax | Comments : 0 | Hits : 403

Income Tax department to probe use of fake PAN cards in market trading
Posted Date : 05-Nov-2018 , 10:15:43 pm | Posted By CASANSAAR

The Income Tax Department will apparently seek details of trading worth thousand crores and more on equity exchanges which have been carried out a few years ago using fake Permanent Account Number (PAN) cards. According to a preliminary probe by Multi Commodity Exchange (MCX) between 2012 and 2015, ...

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Category : Income Tax | Comments : 0 | Hits : 340

75 lakh new tax filers added to income tax list this fiscal - CBDT
Posted Date : 05-Nov-2018 , 09:01:26 am | Posted By CASANSAAR

About 75 lakh new tax filers have been added to the income tax payers list in the country this fiscal till now, a senior official said. The target for the taxman is to add 1.25 crore fresh tax filers by the end of the 2018-19 financial year that ends in March next year, as per a directive of the Cen...

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Category : Income Tax | Comments : 0 | Hits : 342

21,900 entities under IT Dept’s scanner for evading taxes of about Rs 3,400 Cr
Posted Date : 30-Oct-2018 , 09:31:12 am | Posted By CASANSAAR

As many as 21,900 entities are under the scanner of Income Tax Department for allegedly evading taxes of approximately Rs 3,200 crore between 2014 and 2016 through non-genuine trades in the illiquid stock options contract segment of the Bombay Stock Exchange (BSE) Ltd. Of the total 21,900 entities t...

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Category : Income Tax | Comments : 0 | Hits : 546

Income Tax dept proposes online filing of tax exemption application
Posted Date : 30-Oct-2018 , 09:15:47 am | Posted By CASANSAAR

Educational institutions, hospitals, charitable and religious trusts will soon have to file the online application for seeking income tax exemption, the I-T department said Monday.  The department sought comments from stakeholders by November 12 on the amended rules and application forms see...

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Category : Income Tax | Comments : 0 | Hits : 333

Two crore Indians file returns but pay zero income tax
Posted Date : 24-Oct-2018 , 07:26:38 am | Posted By CASANSAAR

In the last four years, the government's efforts to widen the tax base resulted in an 80% jump in number of returns filed to 6.85 crore in 2017-18 from 3.31 crore in 2013-14. However, a large number of these individuals are paying no tax at all. As many as 2.02 crore individuals filed income-tax...

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

Income tax dept targets foreign assets in new anti-black money drive
Posted Date : 23-Oct-2018 , 09:41:19 am | Posted By CASANSAAR

The income tax department has launched a major operation to investigate cases of illegal funds and properties stashed abroad by Indians and may invoke the new anti-black money law for strict criminal action in many such cases, officials said on Monday. The department, in coordination with their fore...

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Category : Income Tax | Comments : 0 | Hits : 439

SC denies income tax exemption to local authority
Posted Date : 20-Oct-2018 , 10:36:20 pm | Posted By CASANSAAR

In a ruling that will have a significant implication on local authorities set up under state legislations, the Supreme Court has held that they are not eligible for income tax exemption, overruling a Rajasthan High Court order.  A top court bench gave its ruling on October 12, 2018 in respec...

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

IT officer can’t adjust tax refund against outstanding demand without notice
Posted Date : 18-Oct-2018 , 03:19:42 am | Posted By CASANSAAR

As per the Income Tax Act, income tax officials need to serve a valid notice of demand to the concerned taxpayer before doing any adjustment against the demand. A valid notice means a notice which is served within the time-frame specified under the respective sections of the Income Tax Act. Thus, if...

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Category : Income Tax | Comments : 0 | Hits : 707

IPOs, FPOs, ESoPs exempt from STT for concessional LTCG tax
Posted Date : 07-Oct-2018 , 05:38:32 pm | Posted By CASANSAAR

Initial public offerings, bonus, rights issues and ESoPs will be eligible for concessional rate of 10 per cent long-term capital gains (LTCG) tax even if the Securities Transaction Tax has not been paid earlier.  In the 2018-19 budget, the government had after a gap of 14 years reintroduced ...

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Category : Income Tax | Comments : 0 | Hits : 613

Pakora seller surrenders Rs 60 lakh to Income Tax department in Ludhiana
Posted Date : 06-Oct-2018 , 06:23:27 pm | Posted By CASANSAAR

When the Congress party had mocked Prime Minister Narendra Modi over his remark that selling ‘pakodas’ too was a form of self-employment, little did it know that a ‘pakora’ seller in Ludhiana would not only prove the PM right but far exceed his expectations. On Friday morn...

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Category : Income Tax | Comments : 0 | Hits : 2009

CBI arrests Income Tax officer for accepting Rs 10 lakh as bribe
Posted Date : 05-Oct-2018 , 07:47:52 am | Posted By CASANSAAR

The CBI has arrested an Income Tax inspector in Lucknow for allegedly receiving Rs 10 lakh in bribe to settle a tax case against a businessman, officials said Thursday. It was alleged that the Income Tax Inspector had demanded an illegal gratification of Rs 25 lakh for releasing Fixed Deposit Receip...

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Category : Income Tax | Comments : 0 | Hits : 764

Government notifies withholding tax waiver for masala bonds
Posted Date : 18-Sep-2018 , 09:25:15 am | Posted By CASANSAAR

Investors will not have to pay withholding tax, a key levy on the rupee-denominated masala bonds this financial year, the government said in a notification Monday.  The move is aimed at obtaining dollar inflows into the country at a time when a drastic rupee route against the dollar threaten...

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Category : Income Tax | Comments : 0 | Hits : 450

Foreign income of visiting NRI is not taxable - ITAT
Posted Date : 12-Sep-2018 , 10:08:26 am | Posted By CASANSAAR

In a recent decision, Income-Tax Appellate Tribunal (ITAT) has upheld that the benefit of “extended stay” for determining the tax residential status is available to a citizen of India or a Person of Indian Origin (PIO) who visits the country during a particular year. The number of day...

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Category : Income Tax | Comments : 0 | Hits : 684

Govt to vet GST, income tax and transfer pricing filings to find leakage
Posted Date : 29-Aug-2018 , 08:33:54 am | Posted By CASANSAAR

The government is planning to compare data filed by companies with different departments to detect discrepancies and check whether there’s been any leakage in tax collected, raising the prospect of even greater scrutiny, said people with knowledge of the matter. Goods and services tax (GST) re...

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Category : Income Tax | Comments : 0 | Hits : 333

CBDT extends income tax return filing deadline to August 31
Posted Date : 21-Aug-2018 , 02:40:00 pm | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) has extended the deadline of filing income tax returns from July 31 to August 31. The decision comes days before the deadline and provides relief to individuals who were required to file returns by the month end. In a couple of tweets, The finance ministry sa...

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Category : Income Tax | Comments : 0 | Hits : 695

Govt invites comments on Proposed Amendments to Income-tax Rules,1962
Posted Date : 21-Aug-2018 , 12:17:26 pm | Posted By CASANSAAR

Income-tax Rules, 1962 (I.T.Rules) prescribe Form No.13 for filing an application for seeking a certificate under Section 197 and/or under Section 206C (9) of the Income-tax Act, 1961 (the Act), for no deduction of tax or deduction/collection of tax at lower rate.   In order to rationalise ...

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Category : Income Tax | Comments : 0 | Hits : 449

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