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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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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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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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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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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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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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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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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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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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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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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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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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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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Posted Date : 13-Apr-2018 , 08:42:11 am | Posted By CASANSAAR
In an attempt to make it easier for start-ups to attract investments, the Centre has introduced some amendments in rules including a clarification on angel investors funding and allowing online applications for start-up certification. The government on Thursday allowed start-ups to avail tax conc...
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Posted Date : 03-Apr-2018 , 09:42:21 am | Posted By CASANSAAR
The Direct Tax collections for the fiscal year 2017-18 stood at 9(point)95 lakh crore rupees, which is 17(point)1 per cent higher than net collection of 2016-17. The tax collections during the fiscal year 2017-18 has exceeded the budget estimates of 9.80 lakh crore rupees. Briefing...
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Posted Date : 30-Mar-2018 , 09:57:59 am | Posted By CASANSAAR
The Income-Tax Department on Thursday released a pan-India list of 24 defaulting individuals and companies who owe about Rs 4.9 billion in taxes to the exchequer but have either gone untraceable or have reported inadequate assets for payment of dues. The department issued an advertisement as part...
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Posted Date : 27-Mar-2018 , 05:21:13 pm | Posted By CASANSAAR
The last date for filing belated returns for Assessment Years 2016-17 and 2017-18 and revised returns for Assessment Year 2016-17 is 31st March, 2018. The Financial Year 2017-18 closes on 31st March, 2018 which is a Saturday. 29th & 30th March, 2018 are also closed holidays. Therefore, to fac...
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Posted Date : 27-Mar-2018 , 08:29:41 am | Posted By CASANSAAR
In keeping with India’s commitment to implement the Recommendations of the 2015 Final Report on Action 13, titled “Transfer Pricing Documentation and Country-by-Country Reporting”, identified under the OECD Base Erosion and Profit Shifting (BEPS) Project, Section 286 of the Income-...
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Posted Date : 21-Mar-2018 , 09:02:57 pm | Posted By CASANSAAR
Government has constituted a task force to review the Income-tax Act, 1961 and to draft a new Direct Tax Law in consonance with the economic needs of the country. Finance Ministry, in a release said, in this endeavour of drafting the new tax law, it is imperative to engage with stakeholders...
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Posted Date : 19-Mar-2018 , 09:25:05 pm | Posted By CASANSAAR
Demanding a joint parliamentary committee (JPC) probe into the recent banking fraud, the United Forum of Bank Unions (UFBU) -- a body of nine trade unions -- on Monday questioned the supervision mechanism of the Reserve Bank of India (RBI). "We are demanding a detailed JPC probe into the rec...
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Posted Date : 06-Mar-2018 , 03:08:36 pm | Posted By CASANSAAR
ICICI Bank Chief Chanda Kocchar and Axis Bank Managing Director Shikha Sharma were summoned for interrogation on Tuesday by Serious Fraud Investigation Office (SFIO), Mumbai, in the Punjab National Bank (PNB) scam case. Both the bankers have been summoned in a case of over 5,000 crore rupee worki...
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Posted Date : 03-Mar-2018 , 01:00:52 am | Posted By CASANSAAR
The CBI is investigating a “revised tax returns” fraud involving several unknown employees of Infosys Technologies, officials from the I-T department and one fake CA from Bengaluru. This scam, benefiting employees of bellwether IT companies, was unearthed by the I-T department in late Ja...
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Posted Date : 14-Feb-2018 , 09:19:04 am | Posted By CASANSAAR
The soon-to-be rolled out pan India e-assessment system for scrutiny cases of taxpayers will not be applicable to instances where a raid has been conducted against an assessee by the Income Tax (IT) department, the Central Board of Direct Taxes has said. The CBDT added that the current system of ...
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Posted Date : 13-Feb-2018 , 04:22:20 pm | Posted By CASANSAAR
In a big relief for individuals facing income-tax (IT) scrutiny, the I-T department has said all further interaction would happen only through 'Eproceeding' facility, making the entire process faceless. In a direction issued to the field officers Monday, the Central Board of Direct ...
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Posted Date : 12-Feb-2018 , 08:42:34 am | Posted By CASANSAAR
The Centre is in talks to make the Permanent Account Number (PAN) an Aadhaar-like unique ID for businesses. The plan to introduce a unique identity for businesses was earlier announced by Finance Minister Arun Jaitley in his budget speech. An official told the Economic Times, this would help redu...
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Posted Date : 10-Feb-2018 , 10:36:42 am | Posted By CASANSAAR
The government's drive, through a non-filer monitoring system, to target those who indulge in high value transactions but don't pay enough taxes has forced the filing of at least Rs 1.7 crore extra returns and helped the Centre mop up close to Rs 26,500 crore till December. In a written r...
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Posted Date : 09-Feb-2018 , 09:15:45 pm | Posted By CASANSAAR
The government's direct tax collection has grown 6(point)95 lakh crore rupees during the April-January period of the current fiscal, a growth of 19.3 per cent over the year-ago period. The net collections for Corporate Income Tax, CIT, showed a growth of 19.2 per cent and for Personal Income ...
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Posted Date : 06-Feb-2018 , 08:59:39 pm | Posted By CASANSAAR
The income tax department is issuing notices to people who invested in crypto currencies like bitcoin but did not declare income or ‘profits earned’ from them, Central Board of Direct Taxes (CBDT) chairman Sushil Chandra said on Tuesday. The department has found that there is no clari...
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Posted Date : 02-Feb-2018 , 08:55:17 am | Posted By CASANSAAR
In a departure from the age-old procedure, the Central Board of Direct Taxes (CBDT) has stipulated that the ambitious e-assessment of a taxpayer will henceforth be handled by two officers, instead of the current system involving a single assessing officer (AO). CBDT Chairman Sushil Chandra ...
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Posted Date : 24-Jan-2018 , 08:53:46 am | Posted By CASANSAAR
The Income Tax Department on Tuesday cautioned people against indulging in illegal cash transactions including donating more than Rs.2000 to political parties. In a bid to clean up election funding, the government early this year had notified ‘electoral bonds’ that can be bought from ...
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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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