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

SC upholds IBC amendments mandating minimum threshold for insolvency process against developers
Posted Date : 20-Jan-2021 , 10:39:15 am | Posted By CASANSAAR

The Supreme Court on Tuesday upheld amendments to the Insolvency and Bankruptcy Code (IBC) that introduced a minimum threshold of 100 home buyers or 10% of the total allottees of a project, whichever was lower, for initiating the insolvency process against a defaulting developer. The homebuyers h...

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Category : Income Tax | Comments : 0 | Hits : 478

CBI Arrests Senior Railway Official, 2 Others In Rs.1 Crore Bribery Case
Posted Date : 18-Jan-2021 , 09:32:32 am | Posted By CASANSAAR

In its biggest bribe-trap case, the CBI arrested the chief administrative officer (construction) of the Northeast Frontier Railways on Sunday for allegedly receiving Rs. one crore for granting favours in awarding lucrative contracts to a private company, officials said. Mahender Singh Chauhan, a ...

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Category : Income Tax | Comments : 0 | Hits : 294

Gujarat HC rejects plea to extend deadline for filing tax audit reports
Posted Date : 15-Jan-2021 , 09:22:47 am | Posted By CASANSAAR

The Gujarat High Court has rejected a plea seeking extension of deadline for filing of returns but observed that the CBDT may take a lenient view on penalty for late filing of tax audit reports. The Income Tax Department had on Monday rejected demand for further extension of the deadline for fili...

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

Income-Tax department brings out Faceless Penalty Scheme
Posted Date : 14-Jan-2021 , 09:07:02 am | Posted By CASANSAAR

The Income Tax Department has brought out a "faceless penalty scheme" to handle recommendations for penalty issued under its faceless assessment programme. The scheme notified on Tuesday seeks to ensure that any order arising from faceless assessment of taxable income is fool proof and ...

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Category : Income Tax | Comments : 0 | Hits : 441

Govt creates special unit in Income Tax dept for probe into undisclosed foreign assets
Posted Date : 11-Jan-2021 , 09:22:49 am | Posted By CASANSAAR

A special unit has been created by the government in the countrywide investigation wings of the Income Tax department for focussed probe in cases of undisclosed assets held by Indians abroad and possession of black money in foreign shores, officials said. The Foreign Asset Investigation Units (FAIUs...

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

NCLT allows restoration of a company struck off from ROC
Posted Date : 07-Jan-2021 , 10:00:07 am | Posted By CASANSAAR

The National Company Law Tribunal (NCLT), Chennai, has allowed the restoration of a city-based Real Value Realties India Private Limited, which was struck off from Registrar of Companies, after the Income Tax Department pleaded that the company had pending dues. The company was struck off in 2017...

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Category : Income Tax | Comments : 0 | Hits : 1008

Extension of Due Dates by Govt of India
Posted Date : 31-Dec-2020 , 09:02:50 am | Posted By CASANSAAR

  In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliances due to the outbreak of COVID-19, the Government brought the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 (‘the Ordinance’) on 31st March, 2020 whi...

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Category : Income Tax | Comments : 0 | Hits : 581

Due Dates extended under Income Tax and GST
Posted Date : 30-Dec-2020 , 07:49:32 pm | Posted By CASANSAAR

  1. The due date for furnishing of ITR for AY 2020-21 for the taxpayers (including their partners) who are required to get their accounts audited, companies and the taxpayers who are required to furnish report in respect of international/specified domestic transactions has been further exte...

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Category : Income Tax | Comments : 0 | Hits : 322

Income Tax dept tightens noose around those ignoring notices
Posted Date : 26-Dec-2020 , 10:08:49 am | Posted By CASANSAAR

The Income Tax department has launched a nationwide campaign to identify people who have deliberately chosen to ignore the notices calling for enquiry and verification of the tax returns, to catch tax evaders and collect due taxes and penalties from them. Sources in the revenue department say tha...

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Category : Income Tax | Comments : 0 | Hits : 5394

Tweet / Retweet Karo Jhat Se, Date Extend Hogi Pat Se
Posted Date : 21-Dec-2020 , 10:42:25 am | Posted By CASANSAAR

Tweet / Retweet Karo Jhat Se, Date Extend Hogi Pat Se. Resp. @nsitharaman Ji, Every one waiting for your Tweet / Notification for Dates Extension.  @IncomeTaxIndia @FinMinIndia @ianuragthakur @casansaar @cbic_india #ITRFileKaroJhatpat #DatesExtendKaroJha...

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

Email ID to register grievance under Faceless Assessment Scheme
Posted Date : 18-Dec-2020 , 09:25:45 am | Posted By CASANSAAR

Exclusive email ID- "feedback.notice.neac@incometax.gov.in" enabled to register grievance regarding S. 142(1) notices (including roving questionnaires) issued under the Faceless Assessment Scheme 2019. The grievances received in the said email shall be closely monitored by a team of off...

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Category : Income Tax | Comments : 0 | Hits : 532

Tax Professionals Seek extension of due dates for Income Tax, GST Compliance
Posted Date : 17-Dec-2020 , 09:12:20 am | Posted By CASANSAAR

Tax professionals have urged the government to extend various deadlines under the Income Tax Act for assessment year 2020-21 and for filing annual reconciliation statement under the Goods and Services Tax Act for the years ending March 2019 and March 2020.   CA Sansaar &nbs...

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Category : Income Tax | Comments : 0 | Hits : 660

HC quashes Income Tax proceedings against Karti Chidambaram & his wife
Posted Date : 14-Dec-2020 , 09:40:34 am | Posted By CASANSAAR

The Madras High Court has quashed the Income Tax proceedings initiated against Karti Chidambaram, son of former Union Finance Minister P Chidambaram,and his wife over alleged non-disclosure of cash transactions of about Rs seven crore following sale of a property near here. The Court, while rulin...

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Category : Income Tax | Comments : 0 | Hits : 189

Govt’s criticism can’t be ground for penal action - Supreme Court
Posted Date : 09-Dec-2020 , 10:58:54 am | Posted By CASANSAAR

Criticism of the government, even in the strongest terms, must be protected from criminal prosecution under charges of hate speech or public mischief, ruled the Supreme Court on Monday, outlining the contours of hate speech and constitutionally--protected freedom of expression. In a 128-page judg...

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Category : Income Tax | Comments : 0 | Hits : 484

RBI cancels licence of Karad Janata Sahakari Bank
Posted Date : 09-Dec-2020 , 10:56:38 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has cancelled the licence of Karad Janata Sahakari Bank, Karad, in Maharashtra, with effect from the close of business from December 7. With the cancellation of licence and commencement of liquidation proceedings, the process of paying the depositors of the bank as...

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Category : Income Tax | Comments : 0 | Hits : 256

FM says frequent changes to GST rates upset calculations
Posted Date : 05-Dec-2020 , 10:24:05 am | Posted By CASANSAAR

Finance minister Nirmala Sitharaman on Friday signalled that the Centre may push to limit changes in goods and services tax rates by the GST Council to only once a year instead of continuing to allow frequent tweaks. Speaking at the 18th edition of the Hindustan Times Leadership Summit, Sitharama...

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Category : Income Tax | Comments : 0 | Hits : 264

CBDT issues refunds of over Rs 1,36,962 Cr to taxpayers between April-Nov 2020
Posted Date : 26-Nov-2020 , 09:30:08 am | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) has issued refunds of over Rs 1,36,962 crores to over 41.25 lakhs taxpayers between April 1, 2020, to November 24, 2020, said Income Tax Department. Income Tax refunds of Rs 36,028 crores were issued in 39,28,067 cases and corporate tax refunds of Rs 1,00,...

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Category : Income Tax | Comments : 0 | Hits : 165

Income Tax dept conducts searches at 16 locations in Ludhiana, Delhi, UP
Posted Date : 21-Nov-2020 , 09:30:02 am | Posted By CASANSAAR

The Income Tax Department started a search and survey action in the case of a leading cattle feed producer in Northern India.   The search and survey actions are being carried out at 16 locations in Kanpur, Gorakhpur, Noida, Delhi and Ludhiana. The I-T department said that the main allegat...

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Category : Income Tax | Comments : 0 | Hits : 557

Income Tax refunds worth Rs 1.36 lakh cr issued to 40.19 lakh taxpayers
Posted Date : 19-Nov-2020 , 09:47:44 am | Posted By CASANSAAR

The Income Tax department has issued refunds worth over Rs 1.36 lakh crore to over 40 lakh taxpayers so far this fiscal. This includes Personal income tax (PIT) refunds amounting to Rs 35,750 crore and corporate tax refunds of over Rs 1 lakh crore during this period. “CBDT issues ref...

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Category : Income Tax | Comments : 0 | Hits : 391

Income-Tax portal showing GST turnover to better compliance - Govt
Posted Date : 18-Nov-2020 , 10:46:27 am | Posted By CASANSAAR

The revenue department on Monday clarified that the GST turnover details available to taxpayers on income-tax portal (Form 26AS) is aimed at providing additional information to the assessees without any extra compliance burden. Further, the details would force dishonest taxpayers to report correc...

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Category : Income Tax | Comments : 0 | Hits : 528

Income Tax relief for Real-estate Developers and Home Buyers
Posted Date : 14-Nov-2020 , 10:51:07 am | Posted By CASANSAAR

As part of the AatmaNirbhar Bharat Package 3.0 as announced by Hon’ble Finance Minister on 12th November, 2020, certain income tax relief measures were brought in for real-estate developers and home buyers. Up to 2018, section 43CA of the Income-tax Act, 1961 (‘the Act’) provide...

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Category : Income Tax | Comments : 0 | Hits : 380

FinMin extends I-T exemption under LTC cash voucher scheme to non-central government employees
Posted Date : 30-Oct-2020 , 09:47:58 am | Posted By CASANSAAR

Government has decided to extend the income tax exemption available under leave travel concession (LTC) cash voucher scheme to non-central government employees also to boost consumer spending. Non-central government employees will include employees of state governments, public sector enterprises, ba...

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Category : Income Tax | Comments : 0 | Hits : 480

Income tax department raids expose Rs 500-crore racket of fake bill entry operation
Posted Date : 28-Oct-2020 , 09:15:05 am | Posted By CASANSAAR

The income tax department carried out search and seizure action on October 26 on a large network of individuals running a Rs 500-crore racket of entry operation and generation of huge cash through fake billing. The searches were carried out on Monday at 42 premises in Delhi-NCR, Haryana, Punjab, ...

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Category : Income Tax | Comments : 0 | Hits : 2399

Payment Date Extended for Vivad se Vishwas Scheme
Posted Date : 28-Oct-2020 , 09:04:02 am | Posted By CASANSAAR

In order to provide further relief to the taxpayers desirous of settling disputes under Vivad se Vishwas Scheme, the Government today further extended the date for making payment without additional amount from 31st December 2020 to 31st March 2021. The last date for making declar...

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Category : Income Tax | Comments : 0 | Hits : 345

Request to Tweet / Retweet for Extension of Due Dates with #extendduedates
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 : 620

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 : 376

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 : 322

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 : 215

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 : 324

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 : 330

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