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Posted Date : 12-Jun-2019 , 08:49:51 am | Posted By CASANSAAR
The GST Council in its 31st meeting decided that a new GST return system will be introduced to facilitate taxpayers. In order to ease transition to the new return system, a transition plan has been worked out. The details of the indicative transition plan are as follows: - In May, 2019 a prototyp...
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Posted Date : 11-Jun-2019 , 08:35:31 am | Posted By CASANSAAR
Twelve senior officers of Income Tax Department including one of the ranks of the joint commissioner were compulsorily retired by the government on charges of corruption and professional misconduct. Sources said the list is topped by a Joint Commissioner rank officer against whom there are ...
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Posted Date : 29-May-2019 , 09:08:39 am | Posted By CASANSAAR
The Income Tax Department continues to focus and enhance the skills of Assessing Officers (AO) to detect black money laundered through shell companies. At the Direct Taxes Regional Training Institutes, AOs have been asked to look closely at books of accounts and income tax returns for current lia...
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Posted Date : 16-May-2019 , 08:57:59 am | Posted By CASANSAAR
The Income Tax Department, investigating cases of tax evasion during demonetisation, is stepping up probe into gains made in agriculture income by farmers and other assessees. Under the Income Tax (IT) Act of 1961, agriculture income is exempt from taxes. But during the demonetisation period, Inc...
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Posted Date : 15-May-2019 , 10:29:00 am | Posted By CASANSAAR
The income-tax department has said it will undertake expeditious disposal of appeal cases, and look into taxpayer concerns of adjustment of past tax demands with due refunds during the fortnight beginning May 16. In a letter to field formations, the Central Board of Direct Taxes (CBDT) said that ...
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Posted Date : 06-May-2019 , 10:08:09 am | Posted By CASANSAAR
In a first in recent history of tax filings, income tax e-filings in FY2019 have dropped by more than 6.6 lakh, a trend that analysts said was surprising as tax base was expected to increase post demonetisation. According to statistics put out on Income Tax Department's e-filing website, inco...
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Posted Date : 01-May-2019 , 09:24:21 am | Posted By CASANSAAR
Soon, the tax department will be sharing the income tax return (ITR) data of business persons with the Goods and Services Tax Network (GSTN) officer. The move is aimed at spotting income anomalies or mismatches between their GST returns and ITR. Clearly, business persons need to ensure that...
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Posted Date : 23-Apr-2019 , 08:44:22 am | Posted By CASANSAAR
The Bombay high court has set aside that portion of CBDT’s action plan that sought to incentivise commissioners of income tax-appeals (CITs-A) who pass ‘quality’ orders, which could be detrimental to taxpayers. “Any temptation in the guidelines, referred to as incentives f...
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Posted Date : 16-Apr-2019 , 10:02:42 pm | Posted By CASANSAAR
The Income Tax department has revised Form 16 by adding various details, including income from house property and remuneration received from other employers, thereby making it more comprehensive to help check tax avoidance. It will also include segregated information regarding deductions under vario...
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Posted Date : 13-Apr-2019 , 09:32:29 am | Posted By CASANSAAR
The Income tax Appellate Tribunal (ITAT) established its first bench in Pune on August 9, 1971, while the second Bench was added in 2004. Pune is the fourth largest city as far as the number of pending appeals is concerned. The Income tax Appellate Tribunal, Pune zone, got its third bench for Pun...
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Posted Date : 12-Apr-2019 , 01:17:43 pm | Posted By CASANSAAR
Hearing a petition challenging the validity of the electoral bond scheme, the Supreme Court on Friday directed all political parties to furnish details of donations received via these bonds and said that the issue raised in the petition is "vital to fairness” of electoral process. The ...
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Posted Date : 10-Apr-2019 , 04:35:54 pm | Posted By CASANSAAR
The government has retained the interest rate for General Provident Fund, GPF, Contributory Provident Fund and other related schemes at 8 per cent for the first quarter of current financial year. The interest rate on these funds was at 8 per cent in January-March quarter of 2018-19 and gove...
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Posted Date : 10-Apr-2019 , 09:57:24 am | Posted By CASANSAAR
The revenue department has asked tax officials to scrutinise the mismatch in turnover towards services between income tax returns and service tax returns by businesses during 2015-16 and 2016-17. Central Board of Indirect Taxes and Customs (CBIC) Chairman P K Das in a letter to field format...
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Posted Date : 08-Apr-2019 , 09:07:31 am | Posted By CASANSAAR
In a decision that will benefit many taxpayers, the Mumbai bench of Income Tax Appellate Tribunal (ITAT) recently held that the date of allotment of a house shall be treated as the date of acquisition. The holding period will be counted from this date and not from the date of registration. Gains ...
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Posted Date : 04-Apr-2019 , 07:53:39 pm | Posted By CASANSAAR
The CBI has arrested an income tax officer from Bengaluru allegedly for accepting a bribe of Rs 14 lakh from a complainant and was later produced before the court, an official said on Thursday. According to sources, the officer has been identified as HR Nagesh. Besides Nagesh, the agency ha...
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Posted Date : 30-Mar-2019 , 07:58:06 am | Posted By CASANSAAR
Tax evasion is likely to get more difficult if not impossible with the entry of Big Data Analytics into the Income Tax (I-T) Department's realm of tools to check tax evasion starting April 1. The Rs 1,000 crore programme named "Project Insight" would track social networking profiles...
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Posted Date : 30-Mar-2019 , 07:47:06 am | Posted By CASANSAAR
The Supreme Court has held that the Assessing Officer can suo moto extend the time period for a special audit retrospectively, even before the amendment in the Finance Act of 2008. The judgment, which lays to rest a long controversy, relates to Section 142 (2C) of the Income Tax Act, which deals ...
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Posted Date : 26-Mar-2019 , 10:32:21 pm | Posted By CASANSAAR
The Income-Tax (I-T) Department will begin compiling comprehensive profiles on taxpayers from April 1, according to a Business Standard report. The move, which is a part of Project Insight, aims to track compliance of tax paying individuals and bring more people under the tax net, the paper said. ...
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Posted Date : 25-Mar-2019 , 08:38:56 am | Posted By CASANSAAR
Changes in the Sebi listing and prevention of insider-trading regulations, revisions in the double-taxation avoidance agreements (DTAAs) with Mauritius and Singapore are set to come into effect from April 1. The changes in DTAAs give India the right to tax capital gains arising on Indian equity s...
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Posted Date : 15-Mar-2019 , 08:27:24 am | Posted By CASANSAAR
IDBI Bank has been categorised as a private sector lender following acquisition of majority stake by Life Insurance Corporation, RBI said. In January, LIC completed the process of picking up a controlling 51 per cent stake in the nearly crippled IDBI Bank. "IDBI Bank has been categorised ...
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Posted Date : 07-Mar-2019 , 10:21:42 am | Posted By CASANSAAR
Over 80,000 taxpayers who had deposited significant amounts of cash during the demonetisation period but failed to respond to initial notices sent by the income tax (I-T) department and furnish their tax returns for the financial year 2016-17 will now be subject to a ‘best judgement’ ass...
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Posted Date : 28-Feb-2019 , 04:57:29 pm | Posted By CASANSAAR
The Income Tax Department will "only" issue refunds via the e-mode into bank accounts of taxpayers beginning next month and they should link PAN with their accounts, the taxman said in its latest public communication. The department said refunds will be sent to bank accounts as it...
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Posted Date : 27-Feb-2019 , 08:15:22 am | Posted By CASANSAAR
Come March 1, 2019 Income tax department will issue only e-refunds and that too these will be credited only to bank accounts linked with PAN. In addition to that, you are also required to prae-validate your bank account with the income tax department e-filing portal to receive tax refund.&n...
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Posted Date : 18-Feb-2019 , 08:55:37 am | Posted By CASANSAAR
A Karnataka-based businessman has been jailed for six months for allegedly not filing his income tax arrears and interest of around Rs 7.35 crore despite reminders, an official said on Saturday. "The defaulter was arrested on Friday for failing to pay his tax arrears and produced before the ...
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Posted Date : 12-Feb-2019 , 08:05:57 pm | Posted By CASANSAAR
Suspicious income tax refund claims have gone up in last three years and scrutiny assessments have been initiated against taxpayers claiming high refunds inconsistent with the pattern of income and investments, Parliament was informed Tuesday. Minister of State for Finance Shiv Pratap Shukla in a...
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Posted Date : 12-Feb-2019 , 09:24:04 am | Posted By CASANSAAR
Hoping to cut down harassment of taxpayers during verification and scrutiny of income-tax returns, the Tax Department hopes to introduce features, including team-based assessment, video-conferencing and electronic review of orders, to ensure quality assessments and avoid high pitched tax demands. ...
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Posted Date : 12-Feb-2019 , 08:44:10 am | Posted By CASANSAAR
The Income Tax Department has busted a nexus of hawala operators who were running a money laundering racket in Delhi estimated to be worth over 20 thousand crore rupees. Official sources said, a series of raids and surveys were conducted by sleuths of the Delhi investigation unit of the I-T Departme...
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Posted Date : 07-Feb-2019 , 05:42:49 pm | Posted By CASANSAAR
RBI Governor Shaktikanta Das today announced that the limit of collateral free agricultural loans has been increased from one lakh to 1.6 lakh. Addressing the post monetary policy announcement in Mumbai today, Mr. Das said the decision has been taken in view of the overall inflation and rise in the ...
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Posted Date : 07-Feb-2019 , 10:08:03 am | Posted By CASANSAAR
The Kerala High Court has held that banks cannot be exonerated from liability for loss caused to a customer on account of unauthorised withdrawals made from his/her account, merely on the ground that the customer did not respond promptly to the SMS alert given by the bank. The court observed that...
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Posted Date : 06-Feb-2019 , 09:17:44 am | Posted By CASANSAAR
The Supreme Court on Monday said that it was essential to link Aadhaar with the PAN card to file income tax returns. The court was hearing the government’s plea against a Delhi High Court order allowing the respondent, Shreya Sen, to file income tax returns for 2018-’19 without linking h...
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- Income Tax Dept serves notices to salaried individuals for documentary proof to claim exemptions
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- NFRA Imposes Monetary penalty of Rs 1 Crore on M/s Dhiraj & Dheeraj
- ICAI notifies earlier announced CA exam dates despite pending legal challenge before SC
- NFRA debars Auditors, imposes Rs 50 lakh penalties for lapses in Brightcom, CMIL cases
- GST Important Update - Enhancement in the GST Portal
- NFRA Slaps Rs 5 lakh Penalty on Audit Firm for lapses in Vikas WSP Audit Case
- 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
- No service tax on visa facilitators: CBEC
- 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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