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Posted Date : 06-Feb-2019 , 09:15:23 am | Posted By CASANSAAR
The revenue department will put in place within two years a mechanism to ensure that all returns are processed within 24 hours and refunds issued simultaneously, an official said. The government has already sanctioned Rs 4,200 crore last month for upgradation of information technology infra...
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Posted Date : 01-Feb-2019 , 01:53:22 pm | Posted By CASANSAAR
The key highlights of the Interim Budget 2019-20 presented by the Union Minister for Finance, Corporate Affairs, Railways & Coal, Shri Piyush Goyal in Parliament today are as follows: New Announcements Farmers 12 crore small and marginal farmers to be provided wit...
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Posted Date : 30-Jan-2019 , 08:53:25 am | Posted By CASANSAAR
Actor Shah Rukh Khan has been absolved of the charge of being a beneficiary of a benami property in the scenic beach town of Alibaug in Maharashtra as an appellate Authority under the law has "revoked" the attachment order of the I-T Department, calling it baseless and coloured. The Adj...
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Posted Date : 17-Jan-2019 , 09:39:04 am | Posted By CASANSAAR
The Union Cabinet on Wednesday approved an integrated income-tax e-filing and centralised processing centre (CPC) portal, which will reduce the return processing time from 63 days to just one day. The new portal is also expected to process the refunds within one day of filing of tax returns, in huge...
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Posted Date : 17-Jan-2019 , 09:35:45 am | Posted By CASANSAAR
Facing sustained pressure from start-ups and venture capital funds over the so-called angel tax, the government has relaxed norms for seeking exemptions from the controversial levy. The government, via a notification issued on Wednesday, scrapped the existing mechanism to approve start-ups applying ...
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Posted Date : 16-Jan-2019 , 09:56:48 pm | Posted By CASANSAAR
The Union Cabinet today approved expenditure sanction of over 4200 crore rupees for Integrated E-filing and Centralized Processing Centre 2.0 Project. Union Minister Piyush Goyal said, it will help in improving tax payers' awareness and education through continuous engagement.&nbs...
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Posted Date : 16-Jan-2019 , 09:12:34 am | Posted By CASANSAAR
With middle-class apathy on the rise, Finance Minister Arun Jaitley may double the income tax exemption threshold for the salaried from the present Rs 2.5 lakhs to Rs 5 lakhs while also reinstating tax-free status for medical expenses and transport allowance, providing some relief to the section alr...
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Posted Date : 07-Jan-2019 , 04:02:13 am | Posted By CASANSAAR
In efforts to weed out unscrupulous elements, the Corporate Affairs Ministry plans to collect KYC details of companies, chartered accountants, cost accountants and company secretaries. A senior ministry official said the exercise would help in having a "sanitised list" of companie...
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Posted Date : 07-Jan-2019 , 09:23:50 am | Posted By CASANSAAR
The Mumbai bench of the Income-Tax Appellate Tribunal (ITAT) has allowed a sum of Rs 11.35 crore advanced by actor Jackie Shroff to his wife Ayesha and her production house to be treated as a business loss. As there was no hope of recovery of these advances, during the financial year 2008-09, the ac...
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Posted Date : 07-Jan-2019 , 09:18:33 am | Posted By CASANSAAR
The Income Tax Department has withdrawn a four-day old circular relating to transfer of shares for “no or inadequate consideration”, saying the matter is sub-judice. The Central Board of Direct Taxes (CBDT) had on December 31, 2018, issued a circular clarifying applicability of sectio...
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Posted Date : 21-Dec-2018 , 11:01:11 am | Posted By CASANSAAR
The government has decided to set up an expert committee to look into all the taxation issues being faced by startups and angel investors, the CBDT said Thursday. It added that "no coercive action or measures to recover the demands of completed assessment under income tax would be take...
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Posted Date : 11-Dec-2018 , 09:02:35 am | Posted By CASANSAAR
The government has made the National Pension System (NPS) more attractive for investors, with the biggest bonanza going to 18 lakh central government employees. The Centre will contribute 14% of basic salary to their pension corpus, up from 10%. The employee’s contribution will remain at 10%, ...
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Posted Date : 11-Dec-2018 , 08:53:56 am | Posted By CASANSAAR
The provisional figures of Direct Tax collections for 2018-19 up to November this year show that Gross Collections are at 6.75 lakh crore rupees. This is 15.7 percent higher than the Gross Collections for the corresponding period of last year. Finance Ministry said in a release that refunds amoun...
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Posted Date : 27-Nov-2018 , 08:36:57 am | Posted By CASANSAAR
The Narendra Modi government will take a fresh look at modernizing the Income Tax Act, 1961, after an earlier effort by a six-member task force got derailed. The union government on Monday appointed Akhilesh Ranjan, member (legislation), Central Board of Direct Taxes (CBDT), as the new convener to h...
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Posted Date : 27-Nov-2018 , 08:29:31 am | Posted By CASANSAAR
President RN Kovind is said to have cleared the appointment of election commissioner Sunil Arora as the next Chief Election Commissioner. He is slated to take over as CEC on December 2, a day after incumbent Om Prakash Rawat retires. The appointment of Arora, a former 1980 batch IAS officer of Ra...
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Posted Date : 27-Nov-2018 , 08:27:52 am | Posted By CASANSAAR
In order to review the Income-tax Act, 1961 and to draft a new direct tax law in consonance with the economic needs of the country, a Task Force was constituted by the Government of India in November, 2017. In partial modification of the earlier order, the Government has appointed Shri Akhilesh R...
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Posted Date : 15-Nov-2018 , 12:48:47 pm | Posted By CASANSAAR
The Income Tax Department is "chasing" 80,000 cases where people have not filed their returns post-demonetisation, despite the taxman sending them notices to do so, a senior official said on Wednesday. After inaugurating a stall of the Income Tax Department at the India International Trade...
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Posted Date : 05-Nov-2018 , 10:15:43 pm | Posted By CASANSAAR
The Income Tax Department will apparently seek details of trading worth thousand crores and more on equity exchanges which have been carried out a few years ago using fake Permanent Account Number (PAN) cards. According to a preliminary probe by Multi Commodity Exchange (MCX) between 2012 and 2015, ...
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Posted Date : 05-Nov-2018 , 09:01:26 am | Posted By CASANSAAR
About 75 lakh new tax filers have been added to the income tax payers list in the country this fiscal till now, a senior official said. The target for the taxman is to add 1.25 crore fresh tax filers by the end of the 2018-19 financial year that ends in March next year, as per a directive of the Cen...
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Posted Date : 30-Oct-2018 , 09:31:12 am | Posted By CASANSAAR
As many as 21,900 entities are under the scanner of Income Tax Department for allegedly evading taxes of approximately Rs 3,200 crore between 2014 and 2016 through non-genuine trades in the illiquid stock options contract segment of the Bombay Stock Exchange (BSE) Ltd. Of the total 21,900 entities t...
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Posted Date : 30-Oct-2018 , 09:15:47 am | Posted By CASANSAAR
Educational institutions, hospitals, charitable and religious trusts will soon have to file the online application for seeking income tax exemption, the I-T department said Monday. The department sought comments from stakeholders by November 12 on the amended rules and application forms see...
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Posted Date : 24-Oct-2018 , 07:26:38 am | Posted By CASANSAAR
In the last four years, the government's efforts to widen the tax base resulted in an 80% jump in number of returns filed to 6.85 crore in 2017-18 from 3.31 crore in 2013-14. However, a large number of these individuals are paying no tax at all. As many as 2.02 crore individuals filed income-tax...
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Posted Date : 23-Oct-2018 , 09:41:19 am | Posted By CASANSAAR
The income tax department has launched a major operation to investigate cases of illegal funds and properties stashed abroad by Indians and may invoke the new anti-black money law for strict criminal action in many such cases, officials said on Monday. The department, in coordination with their fore...
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Posted Date : 20-Oct-2018 , 10:36:20 pm | Posted By CASANSAAR
In a ruling that will have a significant implication on local authorities set up under state legislations, the Supreme Court has held that they are not eligible for income tax exemption, overruling a Rajasthan High Court order. A top court bench gave its ruling on October 12, 2018 in respec...
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Posted Date : 18-Oct-2018 , 03:19:42 am | Posted By CASANSAAR
As per the Income Tax Act, income tax officials need to serve a valid notice of demand to the concerned taxpayer before doing any adjustment against the demand. A valid notice means a notice which is served within the time-frame specified under the respective sections of the Income Tax Act. Thus, if...
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Posted Date : 07-Oct-2018 , 05:38:32 pm | Posted By CASANSAAR
Initial public offerings, bonus, rights issues and ESoPs will be eligible for concessional rate of 10 per cent long-term capital gains (LTCG) tax even if the Securities Transaction Tax has not been paid earlier. In the 2018-19 budget, the government had after a gap of 14 years reintroduced ...
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Posted Date : 06-Oct-2018 , 06:23:27 pm | Posted By CASANSAAR
When the Congress party had mocked Prime Minister Narendra Modi over his remark that selling ‘pakodas’ too was a form of self-employment, little did it know that a ‘pakora’ seller in Ludhiana would not only prove the PM right but far exceed his expectations. On Friday morn...
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Posted Date : 05-Oct-2018 , 07:47:52 am | Posted By CASANSAAR
The CBI has arrested an Income Tax inspector in Lucknow for allegedly receiving Rs 10 lakh in bribe to settle a tax case against a businessman, officials said Thursday. It was alleged that the Income Tax Inspector had demanded an illegal gratification of Rs 25 lakh for releasing Fixed Deposit Receip...
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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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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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