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News Category : Income Tax

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 : 139

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 : 1382

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 : 235

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 : 407

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 : 121

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 : 162

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 : 387

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 : 421

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 : 503

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 : 840

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 : 469

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 : 239

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 : 466

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 : 229

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 : 251

Income-tax appeal limits may be raised to cut litigation
Posted Date : 30-May-2018 , 01:08:24 pm | Posted By CASANSAAR

In a move that will lead to more concentrated efforts in resolving tax litigation involving around Rs 5 trillion, the Central Board of Direct Taxes (CBDT) is planning to increase the threshold for filing appeals by income-tax (IT) authorities. The CBDT is planning to increase the limit for appeals t...

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Category : Income Tax | Comments : 0 | Hits : 653

Income Tax dept releases all e-filing forms for AY 2018-19
Posted Date : 27-May-2018 , 12:51:18 pm | Posted By CASANSAAR

The Income Tax department has released all the e-filing forms for the assessment year 2018-19, and has set the last date for filing income tax returns at  July 31. All the forms are available for download on the income tax department's official website. The Central Board of Direct Tax...

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Category : Income Tax | Comments : 0 | Hits : 201

CBDT Chairman Sushil Chandra gets another one-year extension
Posted Date : 25-May-2018 , 09:14:09 pm | Posted By CASANSAAR

Senior bureaucrat Sushil Chandra was given one-year extension as the chairman of the Central Board of Direct Taxes (CBDT) till May next year.  This is his second extension after taking over as the chief of the CBDT, the apex policy making body of the Income Tax department, on November 1, 201...

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Category : Income Tax | Comments : 0 | Hits : 133

I-T Dept to file pleas in NCLT to extract tax dues of Shell Companies
Posted Date : 22-May-2018 , 07:36:36 am | Posted By CASANSAAR

The Income Tax (I-T) Department is an "aggrieved creditor" to many de-registered shell companies and will petition the National Company Law Tribunal (NCLT) to recover tax dues of crores of rupees.  The Central Board of Direct Taxes (CBDT) has directed the I-T Department to form a s...

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Category : Income Tax | Comments : 0 | Hits : 533

Income tax dept cautions TDS deductors against quarterly filing default
Posted Date : 19-May-2018 , 12:53:59 am | Posted By CASANSAAR

The Income Tax Department (ITD) cautioned TDS deductors to adhere to the stipulated deadline of May 31 for filing their statements failing which they would invite a penalty of Rs 200 for each day of default.  The Central Board of Direct Taxes (CBDT), that frames policy for the department, is...

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Category : Income Tax | Comments : 0 | Hits : 1315

Subramanian Swamy pitches for abolition of income tax
Posted Date : 12-May-2018 , 08:58:14 am | Posted By CASANSAAR

Bharatiya Janata Party MP, Subramanian Swamy on Friday pitched for abolition of Income Tax to ease the burden on the middle class and promote higher economic growth in the country. He said it is essentially the middle class and young generation of startup entrepreneurs who suffer because of incom...

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Category : Income Tax | Comments : 1 | Hits : 663

Walmart-Flipkart deal to face scrutiny from income tax dept
Posted Date : 10-May-2018 , 10:46:11 am | Posted By CASANSAAR

The Walmart-Flipkart deal will face fresh scrutiny from the income tax department. Even before Walmart’s acquisition of 77 per cent stake in Flipkart became official on Wednesday, the income tax department had sent a communication to the company, apprising them about the Sections of the Income...

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Category : Income Tax | Comments : 1 | Hits : 685

SC censures Income Tax dept for delay in filing appeal
Posted Date : 08-May-2018 , 10:35:42 am | Posted By CASANSAAR

The Supreme Court today came down heavily on the Income Tax Department for delayed filing of appeals in high courts and in the apex court. A bench comprising Justices A K Sikri and Ashok Bhushan took strong note of the usual delay in filing appeals by the IT department in cases related to income ...

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

27th GST Council meet Highlights
Posted Date : 05-May-2018 , 11:04:35 am | Posted By CASANSAAR

The GST Council on Friday decided to roll out in six months a new, simpler process of filing monthly returns, as it deferred a decision on imposing a sugar cess and allowing an incentive for digital payments. In its 27th meeting, the GST Council also decided to take complete ownership of the go...

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Category : Income Tax | Comments : 0 | Hits : 596

SEBI allows exchanges to extend derivative trade till 11.55 pm
Posted Date : 05-May-2018 , 09:55:57 am | Posted By CASANSAAR

Markets regulator SEBI allowed exchanges to extend the trading time for equity derivatives till 11:55 PM from October 1. The move is part of SEBI's efforts to enable integration of stocks and commodities trading on a single exchange.  This is similar to the trading hours for commodity de...

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Category : Income Tax | Comments : 0 | Hits : 227

Income Tax Dept detects Rs 1 lakh Cr unreported high value transactions
Posted Date : 04-May-2018 , 09:24:35 am | Posted By CASANSAAR

The Income Tax (IT) department has detected three lakh unreported transactions in the financial year 2017-18, sources revealed on Thursday. The value of these transactions detected is more that Rs. one lakh crore. These unreported transactions were detected by the Directorate of Intelligence and ...

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Category : Income Tax | Comments : 0 | Hits : 1073

Discounts by Flipkart are not taxable - ITAT
Posted Date : 26-Apr-2018 , 10:07:11 am | Posted By CASANSAAR

 Flipkart won respite from the Income-Tax Appellate Tribunal in Bengaluru, which rejected the revenue department’s contention that discounts doled out on India’s largest online retailing platform two years ago should be reclassified as capital expenditure and are not eligible for de...

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Category : Income Tax | Comments : 0 | Hits : 2135

Income Tax department warns salaried class again filing wrong ITRs
Posted Date : 19-Apr-2018 , 01:34:30 pm | Posted By CASANSAAR

The Income Tax Department on Wednesday cautioned salaried class taxpayers against using illegal means like under-reporting of income or "inflating" deductions while filing their returns, stating violators will be prosecuted and their employers will be intimated to take action against them....

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Category : Income Tax | Comments : 0 | Hits : 614

CBI arrests income tax commissioner for accepting bribe of Rs 40 lakh
Posted Date : 14-Apr-2018 , 12:05:18 am | Posted By CASANSAAR

The Central Bureau of Investigation (CBI), on Friday, arrested an income tax commissioner while taking a bribe of Rs 40 lakh. CBI said that a 1988 batch India Revenue Services (IRS) officer Swetabh Suman was caught red-handed while accepting a bribe of Rs 40 lakh. Along with Suman, his junior Pra...

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Category : Income Tax | Comments : 0 | Hits : 3225

Mutual fund nominees, wives of HNIs, NRIs on Black Money Watch list
Posted Date : 13-Apr-2018 , 11:50:25 pm | Posted By CASANSAAR

In a bid to nab holders of benami property, the Income Tax Department has issued notices to nominees in mutual funds, wives of HNIs who don’t file income tax returns, NRIs who may have sold real estate in last few years and even those who had deposited more than Rs 1 lakh during demonetisation...

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Category : Income Tax | Comments : 0 | Hits : 381

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