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

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Posted Date : 23-Oct-2020 , 10:42:45 am | Posted By CASANSAAR

XML Schema for Income Tax Audit forms Form 3CA-3CD and Form 3CB-3CD has been updated yesterday night incorporating new 3CD reporting requirements applicable from 01st October 2020.   You Retweeted       ...

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Category : Income Tax | Comments : 0 | Hits : 507

Income Tax survey to be conducted only after nod from high-ranked officers
Posted Date : 21-Oct-2020 , 10:11:36 am | Posted By CASANSAAR

Income tax surveys to collect information for scrutiny assessment will be undertaken by the tax deducted at source (TDS) directorate only after approval from principal chief commissioner or chief commissioner level officer, the Central Board of Direct Taxes (CBDT) has said. The CBDT has issued direc...

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Category : Income Tax | Comments : 0 | Hits : 329

Income Tax Department carries out searches in Delhi, NCR and Haryana
Posted Date : 16-Oct-2020 , 09:24:40 am | Posted By CASANSAAR

The Income Tax Department has carried out a search and seizure action on 14.10.2020 in the case of a leading advocate practicing in the field of commercial arbitration and alternate dispute resolution. He was suspected to be receiving substantial amounts in cash from his clients, to settle their dis...

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

FinMin statement on misinterpretation of LTC stimulus and its benefits
Posted Date : 14-Oct-2020 , 09:28:57 am | Posted By CASANSAAR

A report has appeared in the Economic Times Markets (ETMarkets.com) which gives the impression that the LTC voucher scheme for Government employees may not be attractive. Unfortunately, the piece which it relies on has a serious factual error in its understanding of how Government LTC works. It is b...

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Category : Income Tax | Comments : 0 | Hits : 192

CBDT issues over Rs 1,21,607 Cr to over 35.93 lakh taxpayers since April
Posted Date : 08-Oct-2020 , 09:31:56 am | Posted By CASANSAAR

In pursuance of the exercise to meet liquidity needs of taxpayers during Covid-19 pandemic, the Income Tax Department has fast tracked its tax refund process and processed 35.93 lakh cases amounting to more than Rs 1,21,607 crore up to October 6 in FY21. The Income Tax Department has worked at br...

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Category : Income Tax | Comments : 0 | Hits : 309

Income Tax Department launches Faceless Income tax Appeals
Posted Date : 26-Sep-2020 , 09:52:53 am | Posted By CASANSAAR

The Income Tax Department has launched Faceless Income tax Appeals. In a statement, the Central Board of Direct Taxes (CBDT) said, under it, all income tax appeals will be finalised in a faceless manner with the exception of appeals relating to serious frauds, major tax evasion, sensitive and search...

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Category : Income Tax | Comments : 0 | Hits : 310

CBDT issues over Rs 1 trn refunds to 3.2 mn taxpayers since April
Posted Date : 24-Sep-2020 , 10:09:50 am | Posted By CASANSAAR

Central Board of Direct Taxes (CBDT) has issued refunds of over Rs 1 lakh crore to more than 32.07 lakh taxpayers between 1st April 2020 to 22nd September 2020. The I-T refunds of Rs 31,856 crore were issued in 30,29,681 cases and corporate tax refunds of Rs 79,517 crore have been issued in 1,76,...

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Category : Income Tax | Comments : 0 | Hits : 305

Lok Sabha passes taxation bill to provide reliefs for taxpayers
Posted Date : 20-Sep-2020 , 10:47:02 am | Posted By CASANSAAR

Lok Sabha on Saturday passed a taxation bill that seeks to provide various reliefs in terms of compliance requirements for taxpayers amid the coronavirus pandemic. The reliefs include extending deadlines for filing returns and for linking PAN and Aadhaar. The Taxation and Other Laws (Relaxation a...

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Category : Income Tax | Comments : 0 | Hits : 519

Income Tax Dept issues refunds of over Rs. 1,06,000 Cr
Posted Date : 17-Sep-2020 , 09:56:47 am | Posted By CASANSAAR

Income Tax Department has issued refunds of over Rs. 1,06,000 crore to more than 30 lakh taxpayers between 1st April to 15th September this year.   In a tweet, Central Board of Direct Taxes (CBDT) said, Income tax refunds of Rs. 31,741 crore have been issued in over 29 lakh cases and corporat...

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

Over 3 lakh MSMEs have registered on Udyam portal since July
Posted Date : 26-Aug-2020 , 10:31:52 am | Posted By CASANSAAR

Over 3 lakh micro, small and medium enterprises (MSMEs) have registered in nearly two months through the new registration process on the 'Udyam' portal, a top official said on Tuesday. "More than 3 lakh registrations have taken place in the months of July and August and now the speed...

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Category : Income Tax | Comments : 0 | Hits : 303

Govt announces PSUs to pay Customs duty later within 14 days
Posted Date : 26-Aug-2020 , 10:19:03 am | Posted By CASANSAAR

Government has announced a major initiative to allow the Public Sector Undertakings to first clear the goods imported by them through Customs and then pay Customs duty later, within 14 days. In a statement, Central Board of Indirect Taxes and Customs (CBIC) said, this measure is expected to result i...

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Category : Income Tax | Comments : 0 | Hits : 244

All communication with taxpayers to be from NeAC under faceless assessment
Posted Date : 17-Aug-2020 , 09:35:51 am | Posted By CASANSAAR

The Income Tax department has issued guidelines for the demarcation of roles of officers for the implementation of faceless assessment, making the National e-Assessment Centre (NeAC) as the main gateway for communication with a taxpayer. The Central Board of Direct Taxes (CBDT) has notified the N...

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Category : Income Tax | Comments : 0 | Hits : 253

PM Modi to launch another major direct tax reform to benefit taxpayers
Posted Date : 13-Aug-2020 , 10:49:56 am | Posted By CASANSAAR

Prime Minister Narendra Modi will launch a platform which will honour the honest taxpayers of the country. The unveiling will take place at 11 am today via video conferencing. The “Transparent Taxation - Honoring The Honest” platform will initiate major tax reforms aimed at bringing t...

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Category : Income Tax | Comments : 0 | Hits : 308

Scrutiny of income tax cases on the decline, shows data
Posted Date : 06-Aug-2020 , 09:54:09 am | Posted By CASANSAAR

The Income Tax department tempered its scrutiny of tax returns in 2018-19 after a spike in the year before, the period in which returns filed for the demonetisation year of 2016-17 were processed, data released by the finance ministry showed. Data tweeted by the department late on Tuesday showed ...

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Category : Income Tax | Comments : 0 | Hits : 767

Income Tax Department to share PAN, TDS and bank account details with 10 agencies under NATGRID
Posted Date : 25-Jul-2020 , 10:43:01 am | Posted By CASANSAAR

The Income Tax Department will share PAN and bank account details of any entity with 10 investigative and intelligence agencies, including the CBI and the NIA, under the integrated counter-terrorism platform NATGRID, according to an official order. The Central Board of Direct Taxes, which frames ...

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Category : Income Tax | Comments : 0 | Hits : 1042

Govt's endeavour has been to further simplify Direct Tax laws - FM
Posted Date : 25-Jul-2020 , 10:25:00 am | Posted By CASANSAAR

The government's endeavour has been to further simplify the Direct Tax laws and has brought in a major reform by giving option to taxpayers to opt for a new simpler tax regime, Finance Minister Nirmala Sitharaman said on Friday. In her message on the 160th Income Tax Day, the minister also la...

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Category : Income Tax | Comments : 0 | Hits : 291

SC orders Rs. 833 Cr Income Tax refund to Vodafone Idea
Posted Date : 24-Jul-2020 , 08:25:36 am | Posted By CASANSAAR

In a major relief to Vodafone Idea Ltd (VIL), the Supreme Court dismissed a plea filed by the Income Tax Department and directed it to refund Rs. 833 Cr to the telecom company. This was the tax for the assessment year (AY) 2014-15. “We do not see any reason to interfere in the matter. The s...

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

Over 7,000 income tax cases disposed under faceless assessment system
Posted Date : 20-Jul-2020 , 10:32:13 am | Posted By CASANSAAR

The Income Tax department has disposed of 7,116 cases under the first phase of faceless assessment scheme, an official source said. Since its launch on October 7, 2019 and implementation of first phase, faceless scrutiny assessment scheme has provided for assessment of income tax in electronic mo...

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Category : Income Tax | Comments : 0 | Hits : 293

New Form 26AS is the Faceless hand-holding of the Taxpayers
Posted Date : 19-Jul-2020 , 09:09:21 am | Posted By CASANSAAR

The new Form 26AS is the faceless hand-holding of the taxpayers to e-file their income tax returns quickly and correctly. From this Assessment Year, taxpayers will see an improved Form 26AS which would carry some additional details on taxpayers’ financial transactions as specified in the State...

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Category : Income Tax | Comments : 0 | Hits : 1090

Income Tax Dept to launch e-campaign against individuals with high value transaction
Posted Date : 19-Jul-2020 , 08:43:40 am | Posted By CASANSAAR

The Income Tax Department on July 18 said it has identified certain individuals with high value transactions in 2018-19 who have either not filed returns or have discrepancies in their ITRs. The last date for filing as well as revising the Income Tax Return for Assessment Year 2019-20 (relevant t...

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Category : Income Tax | Comments : 0 | Hits : 1213

Income tax department launches tool to calculate TDS rate on cash withdrawals under new tax rules
Posted Date : 05-Jul-2020 , 10:57:00 am | Posted By CASANSAAR

The income tax department has made the calculation of TDS (tax deducted at source) on cash withdrawals easier for banks and other financial institutions. A tool to calculate the TDS rate under Section 194N has been enabled in the income tax department's e-filing portal. However, this tool has...

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Category : Income Tax | Comments : 0 | Hits : 738

Income Tax dept refunds Rs 62,361 Cr during lockdown - CBDT
Posted Date : 04-Jul-2020 , 09:49:50 am | Posted By CASANSAAR

Income tax department has issued Rs 62,361 crore of pending refunds to 20.44 lakh taxpayers between April 8 and June 30, the Central Board of Direct Taxes (CBDT) said Friday. "In order to help taxpayers in a Covid-19 pandemic situations, the department has issued tax refunds at a speed of 76...

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Category : Income Tax | Comments : 0 | Hits : 207

CBDT notifies certain exemptions to employees opting for lower Income Tax regime
Posted Date : 29-Jun-2020 , 09:56:34 am | Posted By CASANSAAR

The government has allowed individuals under new lower tax regime to claim I-T exemption on conveyance allowance received from employers. The Central Board of Direct Taxes (CBDT) has now amended Income Tax rules to prescribe certain exemptions which can be availed by the employees. These inclu...

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Category : Income Tax | Comments : 0 | Hits : 1728

Further extension of various time limits under Direct Tax & Benami laws
Posted Date : 24-Jun-2020 , 09:42:49 pm | Posted By CASANSAAR

In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliance requirements across sectors due to the outbreak of Novel Corona Virus (COVID-19), the Government brought the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 [the Ordinance] on 3...

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Category : Income Tax | Comments : 1 | Hits : 1006

Principal Income Tax commissioner commits suicide in Delhi.
Posted Date : 28-May-2020 , 08:39:24 am | Posted By CASANSAAR

A principal tax commissioner posted at the income tax office has committed suicide at his residence in Bapu Dham, Chanakyapuri. He was found hanging in his bedroom using a bed sheet. A suicide note has been found from his room. The man Keshav Saxena (57) was found hanging in his room by his wife ...

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Category : Income Tax | Comments : 0 | Hits : 1651

Retailers, small businesses not registered as MSMEs eligible for emergency credit
Posted Date : 27-May-2020 , 10:52:50 am | Posted By CASANSAAR

The Rs 3 lakh crore emergency credit borrowing scheme for Micro, Small and Medium Enterprises (MSMEs) announced by the govt on May 12 will also cover retailers and other businesses. Retail businesses devastated by the 62-day lockdown have been declared eligible for the scheme, although they are n...

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Category : Income Tax | Comments : 0 | Hits : 793

Income Tax dept issues refunds of Rs 26,242 crore since April
Posted Date : 23-May-2020 , 09:49:26 am | Posted By CASANSAAR

The tax department on Friday said it has issued I-T refunds of Rs 26,242 crore to 16.84 lakh taxpayers since April as part of efforts to hasten refund process for making liquidity available with people and firms to deal with COVID-19 crisis. The Central Board of Direct Taxes (CBDT) said 16,84,298...

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Category : Income Tax | Comments : 0 | Hits : 320

Govt cuts TDS, TCS rates for non-salaried payments by 25%
Posted Date : 13-May-2020 , 05:57:27 pm | Posted By CASANSAAR

In order to provide more funds at the disposal of the taxpayers, the government reduced rates of Tax Deduction at Source (TDS) for non-salaried specified payments made to residents and rates of Tax Collection at Source (TCS) for the specified receipts by 25 percent of the existing rates. The paym...

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Category : Income Tax | Comments : 0 | Hits : 571

Trust for Ayodhya temple gets special Income Tax exemption
Posted Date : 09-May-2020 , 10:12:43 am | Posted By CASANSAAR

Donors contributing to the Shri Ram Janmabhoomi Teerth Kshetra, set up on February 5 this year, to build a temple in Ayodhya, will be granted tax exemption under Section 80G of the Income-tax Act from financial year 2020-21. In a notification on Friday, the Central Board of Direct Taxes notified ...

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Category : Income Tax | Comments : 0 | Hits : 311

Govt may raise up to Rs 10,000 Cr via tax-free bonds
Posted Date : 02-May-2020 , 11:10:06 am | Posted By CASANSAAR

The government is seeking to raise up to Rs 10,000 crore in its maiden tax-free bond issue to help bridge the fiscal gap, which is set to widen in the aftermath of Covid-19-induced economic disruptions and low tax collections. The finance ministry has begun negotiations with bankers on a likely t...

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Category : Income Tax | Comments : 0 | Hits : 1296

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