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Posted Date : 20-Aug-2019 , 08:35:12 am | Posted By CASANSAAR
Ontario, home to both Canada’s capital city, Ottawa, and the country’s largest city, Toronto, issued 997 invitations to apply for Canadian permanent residence to Express Entry candidates on August 15. Express Entry candidates who received an invitation were required to have work exper...
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Posted Date : 20-Aug-2019 , 08:28:48 am | Posted By CASANSAAR
A committee headed by CBDT member Akhilesh Ranjan on Monday submitted its report on replacing the Income Tax Act with a new Direct Tax Code, said the finance ministry on Monday. The report's recommendations could not be known immediately. The task force--as the committed was called officia...
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Posted Date : 20-Aug-2019 , 08:21:16 am | Posted By CASANSAAR
A government panel tasked with overhauling the nearly six-decade-old Income-Tax Act on Monday recommended significant relief for taxpayers, including an across-the-board 25% tax rate for both local and foreign companies and changes in personal tax slabs to benefit middle and upper middle class India...
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Posted Date : 19-Aug-2019 , 09:39:23 am | Posted By CASANSAAR
In a bid to seize illegal cash, the Income Tax Department has issued a 17-point checklist to tax commissioners across the country to track those who deposited unaccounted cash during demonetisation. In a directive to the Principal Chief Commissioners of Income Tax and Principal Director Gen...
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Posted Date : 17-Aug-2019 , 07:10:25 am | Posted By CASANSAAR
The much-awaited report on the new direct tax code (DTC), which will replace the existing income tax act of 1961, will be submitted to finance minister Nirmala Sitharaman on Monday, said one person privy to the development, requesting anonymity. The finance ministry-appointed task force, headed b...
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Posted Date : 13-Aug-2019 , 08:15:13 am | Posted By CASANSAAR
Forty years after an eight-year-old city boy was left maimed for life in a car accident, the Bombay High Court on Thursday held that income tax should not have been deducted from the interest on the compensation awarded by the court. The ruling was given by a bench of justices Akil Kureshi and S J K...
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Posted Date : 09-Aug-2019 , 08:09:35 am | Posted By CASANSAAR
The revenue department on Thursday released FAQs on filling income tax returns (ITR) with regard to reporting of directorship in a foreign company and equity shares held outside India. Through frequently asked questions (FAQs), the Central Board of Direct Taxes (CBDT) has also clarified that repo...
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Posted Date : 02-Aug-2019 , 12:20:55 pm | Posted By CASANSAAR
A 'lite' e-filing facility was launched by the Income Tax department on Thursday to facilitate the easy and quick filing of returns by taxpayers. The facility was operationalised on the official portal of the department --https://www.incometaxindiaefiling.gov.in. "The Income Tax d...
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Posted Date : 02-Aug-2019 , 12:12:35 pm | Posted By CASANSAAR
The Financial Intelligence Unit (FIU-Ind) has imposed a penalty of Rs 15.62 crore on state-owned Punjab National Bank (PNB) for breaching anti-money laundering rules. The FIU move against PNB is significant because it is based on inspection and review of the Bank during April 2016-November 2017, whi...
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Posted Date : 30-Jul-2019 , 10:48:03 am | Posted By CASANSAAR
The Income Tax Department will use data mining and risk profiling rather than intrusive methods for tax collection, Revenue Secretary Ajay Bhushan Pandey said on Wednesday while exuding confidence of achieving the direct tax mop-up target for the current fiscal. In the 2019-20 Budget, the g...
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Posted Date : 27-Jul-2019 , 07:39:11 am | Posted By CASANSAAR
The CBDT on July 26 said that it has extended the taxman's deadline by another two months till September to complete the final assessment of about 87,000 entities across the country who made suspicious deposits post-demonetisation. The CBDT said the extension of time is being granted after co...
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Posted Date : 25-Jul-2019 , 07:33:22 am | Posted By CASANSAAR
The government came out in support of financial creditors and spelled out concerns over extensive litigation causing undue delays in insolvency proceedings, while introducing the Insolvency and Bankruptcy Code Amendment Bill in the Rajya Sabha on Wednesday. The statement of object and reasons sai...
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Posted Date : 25-Jul-2019 , 07:27:47 am | Posted By CASANSAAR
Union Cabinet has approved Official Amendments to the Aadhaar and Other Laws (Amendment) Bill 2019. Briefing the reporters after the Cabinet meeting, Information and Broadcasting Minister Prakash Javadekar said, the government has decided to make Aadhaar as identification document so that p...
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Posted Date : 23-Jul-2019 , 07:58:56 pm | Posted By CASANSAAR
The finance ministry has extended the deadline for filing income tax return (ITR) for FY2018-19 by individuals to August 31, 2019 from July 31, 2019. The extension is a much needed relief as there were multiple problems being faced by individuals in filing returns by July 31. July 31 was the deadlin...
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Posted Date : 23-Jul-2019 , 08:49:48 am | Posted By CASANSAAR
A country-wide 'taxpayer e-assistance campaign' will be launched on Wednesday by Finance Minister Nirmala Sitharaman to mark the 159th 'Income Tax Day', officials said on Monday. The campaign has been conceptualised by the CBDT and it will be launched across all regional offices o...
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Posted Date : 22-Jul-2019 , 09:10:04 am | Posted By CASANSAAR
The last date for filing income tax return (ITR) for the assessment year 2019-20 with no penalty or a fine is July 31, 2019. However, the due date for ITR filing may get an extension for the taxpayers to file the return of income well beyond the last date even without paying any fine. Here ...
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Posted Date : 17-Jul-2019 , 08:36:18 am | Posted By CASANSAAR
In a significant ruling, the National Company Law Appellate Tribunal (NCLAT) has held that the National Company Law Tribunal (NCLT) can’t quash the disciplinary proceedings initiated by the insolvency regulator IBBI. This will be the position even if the IBBI’s proceeding had been ini...
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Posted Date : 16-Jul-2019 , 10:24:10 am | Posted By CASANSAAR
It is a "misconception" to think that the Income Tax Department is snooping on social media posts related to exotic foreign tours or possession of expensive goods to check undisclosed income, a top official has said. CBDT Chairman P C Mody told PTI during an interview that the tax depar...
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Posted Date : 14-Jul-2019 , 06:08:10 pm | Posted By CASANSAAR
Pressure is mounting on the income tax department to grant extra time to people for filing income tax returns on account of changes brought in the format of tax returns as well as in the tax deducted at source (TDS) certificates issued by employers and the TDS returns to be filed by employers with t...
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Posted Date : 12-Jul-2019 , 09:03:06 am | Posted By CASANSAAR
Income Tax (IT) disputes pending as on 31st March 2019 for the Central Board of Direct Taxes aggregated to Rs 5.71 lakh crore. While the proportion of the new appeals rises, the disposal of these appeals has diminished from the previous year, as per report for FY20 by CBDT. The number of cases dispo...
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Posted Date : 10-Jul-2019 , 08:45:32 am | Posted By CASANSAAR
The Central Action Plan (CAP) for 2019-20 drafted by the Central Board of Direct Taxes (CBDT), which was recently circulated among its top cadre, continues to focus on widening the tax base. The CAP acts as the policy action vision document for the Income Tax Department and is unveiled by the tax re...
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Posted Date : 09-Jul-2019 , 09:13:10 am | Posted By CASANSAAR
Parliament on Monday passed an amendment bill which allows voluntary use of Aadhaar as proof of identity for users to open bank accounts and get a mobile phone connection. The Aadhaar and Other Laws (Amendment) Bill, 2019, was passed by Rajya Sabha by a voice vote. The Bill, which also provide...
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Posted Date : 09-Jul-2019 , 08:30:48 am | Posted By CASANSAAR
The income tax department is working on a processing centre for the allotment of e-PAN on a real-time basis, Parliament was informed Monday. "Real time PAN/TAN Processing Centre (RTPC) is being contemplated for future with the objective of allotment of e-PAN through Aadhaar based e-KYC on ne...
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Posted Date : 08-Jul-2019 , 02:23:48 pm | Posted By CASANSAAR
The government has made income tax return filing mandatory for high spenders even if their taxable income is below the threshold exemption limit of Rs 5 lakh. Those mandated to file returns include people spending more than Rs 2 lakh on a foreign trip or depositing Rs 1 crore in a year in a bank ...
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Posted Date : 01-Jul-2019 , 08:52:10 am | Posted By CASANSAAR
Fund transfer through Real-Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT) systems is set to become cheaper after the Reserve Bank of India decided it will not impose any charges on such transactions. After announcing its decision to waive all charges on fund tran...
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Posted Date : 25-Jun-2019 , 05:48:15 am | Posted By CASANSAAR
Law Minister Ravi Shankar Prasad introduced the Aadhaar and and Other Laws (Amendment) Bill, 2019 in the Lok Sabha today. It will replace an ordinance issued in March this year and proposes stiff penalties for violation of norms. The Bill seeks to amend Aadhaar (Targeted Delivery of Financial and...
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Posted Date : 20-Jun-2019 , 09:47:19 am | Posted By CASANSAAR
The Enforcement Directorate has arrested two former executives in connection with its money laundering probe in the Infrastructure Leasing and Financial Services Ltd (IL&FS) alleged financial irregularities case. Officials said former joint MD of the company Arun K Saha and MD of ...
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Posted Date : 19-Jun-2019 , 09:45:32 am | Posted By CASANSAAR
Indulgence in serious criminal cases of money laundering, terror financing, corruption, possession of benami properties and undisclosed foreign assets will virtually shut a person’s chances of getting relief in an income tax evasion offence beginning Monday, a latest directive issued by the CB...
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Posted Date : 17-Jun-2019 , 02:18:30 pm | Posted By CASANSAAR
Tightening the screw on tax evaders, the revised guidelines issued by the Income Tax (I-T) Department have made serious offences under black money and benami laws "generally" non-compoundable. This means that a person or entity would not be able to settle a case of tax evasion by just p...
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Posted Date : 12-Jun-2019 , 09:02:39 am | Posted By CASANSAAR
A day after the government forcibly retired a dozen senior Income-Tax Department officials over charges of corruption, the CBDT on Tuesday demoted four officials on the basis of "pending" vigilance cases against them. The four officials have been demoted from the rank of Joint Commissioner...
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- Income Tax Dept serves notices to salaried individuals for documentary proof to claim exemptions
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- GST Important Update - Enhancement in the GST Portal
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- CBDT extends due date for filing Form 10A/10AB upto 30th June, 2024
- RBI comes out with FEMA regulations for direct listing on international exchange
- RBI directs payment firms to track high-value, fishy transactions during elections
- NCLT orders insolvency proceedings against Subhash Chandra
- Income Tax dept starts drive to dispose of appeals, 0.54 million at last count
- Payment of MCA fees –electronic mode-regarding
- Budget '11-12' Parliament Completes Approval Exercise
- Satyam restrained from operating its accounts
- ICICI a foreign firm, subject to FDI norms: Govt
- Maha expects Rs 15 crore entertainment tax revenue from IPL
- CAG blames PMO for not acting against Kalmadi
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- Provision of 15-minutes reading and planning time allowance to the candidates of Chartered Accountants Examinations
- Companies Bill to be taken up in Monsoon Session
- File Service Tax Return in time as Maximum Penalty increased 10 times to Rs. 20000
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