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News Category : Income Tax

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 : 301

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 : 599

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 : 239

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 : 617

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 : 333

Income tax deptt eyes over Rs 100 Bn from Struck off Companies
Posted Date : 18-Aug-2018 , 08:33:28 am | Posted By CASANSAAR

The income-tax (I-T) department is estimating tax recovery of over Rs 100 billion from companies that have been struck off from records of the Registrar of Companies (RoC) last year. The tax department is in the process of filing a petition before the National Company Law Tribunal (NCLT) for rest...

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Category : Income Tax | Comments : 0 | Hits : 938

Income Tax collection at record Rs 10.03 lakh Cr in 2017-18 - CBDT
Posted Date : 18-Aug-2018 , 08:18:03 am | Posted By CASANSAAR

Income Tax collection in the country stood at a record Rs 10.03 lakh crore during 2017-18, the Central Board of Direct Taxes (CBDT) on Friday said. Addressing a two-day conference of Income Tax administrators of Eastern Zone here, Shabri Bhattasali, member of CBDT said that during 2017-18, a reco...

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Category : Income Tax | Comments : 0 | Hits : 623

More than 2 lakh non-filers filed Income Tax of Rs 6,416 Cr in FY18
Posted Date : 07-Aug-2018 , 09:58:54 pm | Posted By CASANSAAR

As many as 2.09 lakh 'non-filers' filed income tax returns in last fiscal and paid taxes worth Rs 6,416 crore, Minister of State for Finance Shiv Pratap Shukla said today. In a written reply to a question in the Rajya Sabha, he said the I-T department issued notices to 3.04 lakh persons who ...

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Category : Income Tax | Comments : 0 | Hits : 326

Unit holders in SEZs likely to start ops in H2 2019 to get tax benefits: CBRE
Posted Date : 07-Aug-2018 , 11:52:57 am | Posted By CASANSAAR

Unit holders in special economic zones (SEZ) are likely to start operations during the second half of 2019 in order to avail tax incentives before the sunset date, according to property consultant CBRE. Tax incentives granted to both developers and occupiers of SEZs will expire on March 31, 2020....

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Category : Income Tax | Comments : 0 | Hits : 273

Notices for assessment/reassessment of income of old cases
Posted Date : 03-Aug-2018 , 10:25:45 pm | Posted By CASANSAAR

Under the provisions of Income-tax Act, 1961 (‘Act’), notices for assessment/reassessment of income of old cases of more than six years from the end of the relevant assessment year can be issued only in the following exceptional situations:   Under clause (c) of sub-section (...

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Category : Income Tax | Comments : 0 | Hits : 194

Income Tax dept can’t attach property being liquidated under IBC
Posted Date : 02-Aug-2018 , 08:56:02 am | Posted By CASANSAAR

Government agencies don’t have rights on the encumbered property of a company facing liquidation under the Insolvency and Bankruptcy Code, the Hyderabad High Court has ruled. A Bench of Justices Sanjay Kumar and Amarnath Goud was hearing a case filed by Leo Edibles and Fats against a decisi...

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

Assessee has to prove tax exemption - Supreme Court
Posted Date : 31-Jul-2018 , 09:27:40 am | Posted By CASANSAAR

The onus of proving a tax exemption where the guidelines aren’t clear would be on the assessee, and he cannot claim the benefit of any such ambiguity in provisions, a constitution bench of the Supreme Court said.  Experts said the ruling would completely alter precedents as also the pr...

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Category : Income Tax | Comments : 0 | Hits : 555

Income tax return filing deadline extended to August 31
Posted Date : 26-Jul-2018 , 01:52:08 pm | Posted By CASANSAAR

The finance ministry in a tweet has announced the extension of income tax return (ITR) filing deadline by a month to August 31. The tweet says "Upon consideration of the matter, the Central Board of Direct Taxes (CBDT) extends the ‘Due Date’ for filing of Income Tax Return...

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

Income Tax Deptt to crack down on TDS defaults
Posted Date : 25-Jul-2018 , 08:33:52 am | Posted By CASANSAAR

The Income Tax Department is set to crack down on TDS defaults by government and private sector entities, especially e-retail portals, local bodies like panchayats, as the CBDT has directed its assessing officers (AOs) across the country to undertake at least 30 surveys or on-spot checks. The dir...

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Category : Income Tax | Comments : 0 | Hits : 536

Fin Creditors have realized claims of app Rs. 47,426.75 Cr in 26 cases under IBC
Posted Date : 25-Jul-2018 , 02:49:47 am | Posted By CASANSAAR

The Financial Creditors have realized claims of approximately Rs. 47,426.75 crore in 26 cases where resolution plans are submitted under the IBC framework since its enactment. The Union Minister of State further stated that the Insolvency & Bankruptcy Code lays down a time bound and transpa...

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Category : Income Tax | Comments : 0 | Hits : 330

Income Tax department seeks industry views on taxing overseas online companies
Posted Date : 14-Jul-2018 , 08:17:53 am | Posted By CASANSAAR

Seeking to tax overseas online companies deriving economic value in India, the I-T department today sought industry views on the revenue and user thresholds to determine if they have 'significant economic presence' in the country. Companies like Amazon, Google , Netflix, Facebook, Twitter, p...

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Category : Income Tax | Comments : 0 | Hits : 600

GST Practitioners required to pass examination before 31.12.2018
Posted Date : 12-Jul-2018 , 10:14:38 pm | Posted By CASANSAAR

  National Academy of Customs, Indirect Taxes and Narcotics (NACIN) has been authorized to conduct an examination for confirmation of enrollment of Goods and Service Tax Practitioners (GSTP) in terms of sub-rule (3) of rule 83 of the Central Goods and Service Tax Rules, 2017, vide Notificati...

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Category : Income Tax | Comments : 0 | Hits : 2191

Govt increase the monetary limits for filing Appeals at various levels
Posted Date : 11-Jul-2018 , 04:14:28 pm | Posted By CASANSAAR

In order to reduce the long pending grievances of taxpayers and to minimise litigations pertaining to tax matters and to facilitate the Ease of Doing Business, Government of India has decided to increase the threshold monetary limits for filing Departmental Appeals at various levels, be it Appellate...

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Category : Income Tax | Comments : 0 | Hits : 323

GST evasion of Rs 2,000 crore detected in last few months - CBIC
Posted Date : 07-Jul-2018 , 08:00:44 am | Posted By CASANSAAR

The indirect-tax department has detected goods and services tax (GST) evasion of Rs 2,000 crore over the last few months, John Joseph, member, Central Board of Indirect Taxes and Customs (CBIC), said on Friday, adding that a tenth of this came to light only last week. Independent analysts have, howe...

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Category : Income Tax | Comments : 0 | Hits : 530

UK court grants enforcement order in Mallya assets case
Posted Date : 05-Jul-2018 , 10:33:58 pm | Posted By CASANSAAR

A UK High Court judge has issued an enforcement order in favour of a consortium of 13 Indian banks, seeking to recover funds owed to them by beleaguered liquor baron Vijay Mallya who is fighting extradition to India on fraud and money laundering charges worth nearly Rs 9,000 crore. The order gran...

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Category : Income Tax | Comments : 0 | Hits : 191

Cabinet approves extension of Scheme of Recapitalization of Regional Rural Banks upto 2019-20
Posted Date : 05-Jul-2018 , 09:11:59 am | Posted By CASANSAAR

  The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the extension of the scheme of recapitalization of Regional Rural Banks (RRBs) for the next three years i.e. upto 2019-20.   This will enable the RRBs to maintain the minimum prescribed Capital to Ris...

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Category : Income Tax | Comments : 0 | Hits : 410

Foreign Cos with POEM in India to be taxed at 40%
Posted Date : 28-Jun-2018 , 08:05:54 am | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) on Wednesday clarified that foreign companies that have their place of effective management (POEM) in India will be taxed at 40%, plus applicable surcharge and cess. Provisions relating to POEM were applicable from the financial year 2016-17. Prior to this...

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Category : Income Tax | Comments : 0 | Hits : 482

CBDT proposes clear-cut timelines under transfer pricing
Posted Date : 22-Jun-2018 , 08:39:43 am | Posted By CASANSAAR

The income-tax (I-T) department has proposed clear-cut timelines by which excess amount assessed by transfer pricing officials (TPOs) over what was declared by associated enterprises of multinational corporations (MNCs) has to be brought in India. These timelines relate to advance pricing agreements...

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Category : Income Tax | Comments : 0 | Hits : 501

Income Tax Dept detects Rs.10, 767 Crore undisclosed income during fiscal 2017-18
Posted Date : 18-Jun-2018 , 09:26:09 am | Posted By CASANSAAR

The Income Tax Department has detected undisclosed income of over Rs. 10,000 crore in fiscal 2017-18, thus recording a 20 percent surge over the previous fiscal. A senior department official told ANI on the condition of anonymity that the Directorate General of Income Tax (Intelligence and Crimin...

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Category : Income Tax | Comments : 0 | Hits : 550

CBDT proposes changes to three IT forms, seeks public suggestions
Posted Date : 14-Jun-2018 , 08:59:02 am | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) has proposed amendments in two forms and one rule under to Income Tax Rules, 1962 (I.T.Rules). It has suggested changes in Form No.36 for filing an appeal to the Income Tax Appellate Tribunal (ITAT) and in Form 36A, which is a memorandum of cross-objection...

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Category : Income Tax | Comments : 0 | Hits : 1056

Interest-free loan from employer taxable - ITAT
Posted Date : 12-Jun-2018 , 10:43:32 am | Posted By CASANSAAR

 Interest-free loans extended by an employer are taxable in the hands of an employee as a perquisite, the Income Tax Appellate Tribunal (ITAT) has said. However, the valuation of the taxable benefit or perquisite, which forms part of the salary income of the employee, cannot be done in an ad...

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Category : Income Tax | Comments : 0 | Hits : 517

Task Force on Shell Companies takes pro-active and coordinated steps to check the menace of shell companies
Posted Date : 08-Jun-2018 , 05:31:36 pm | Posted By CASANSAAR

The Task Force on Shell Companies has met 8 times since its constitution and has taken pro-active and coordinated steps to check the menace of shell companies. The ‘Task Force’ was set up in February, 2017 by the Prime Minister’s Office under the joint Chairmanship of the Revenue S...

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Category : Income Tax | Comments : 0 | Hits : 267

Get up to Rs. 5 Cr for information on tax evasion, benami transactions
Posted Date : 01-Jun-2018 , 07:59:09 pm | Posted By CASANSAAR

The government on Friday launched three new reward schemes under which a person can get up to Rs. 5 crore for information on tax evasion and 'benami' (proxy) transactions and properties. While a person can get maximum Rs. 5 crore for giving specific information about substantial tax evasion ...

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Category : Income Tax | Comments : 0 | Hits : 495

Income Tax Dept issues revised Income Tax Informants Reward Scheme, 2018
Posted Date : 01-Jun-2018 , 07:51:33 pm | Posted By CASANSAAR

With the objective of obtaining people’s participation in the Income Tax Department’s efforts to unearth black money and reduce tax evasion, a new reward scheme titled “Income Tax Informants Reward Scheme, 2018” has been issued by the Income Tax Department, superseding the ea...

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Category : Income Tax | Comments : 0 | Hits : 259

ICICI Bank to probe charges against CEO Chanda Kochhar
Posted Date : 30-May-2018 , 10:40:08 pm | Posted By CASANSAAR

Private sector lender ICICI Bank on Wednesday said it has decided to institute an independent enquiry into the allegations levelled by anonymous whistleblower against managing director and chief executive Chanda Kochhar. ICICI Bank in a regulatory filing said the enquiry will be headed by an inde...

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Category : Income Tax | Comments : 0 | Hits : 278

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