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Posted Date : 23-Jan-2018 , 08:39:57 am | Posted By CASANSAAR
With rise in personal disposable income post 7th Pay Commission, the income tax exemption limit needs to be raised by Rs 50,000 to Rs 3 lakh, a SBI report said today. The move will benefit around 75 lakh people, it said. The SBI's Ecowrap report further said that if the exemption limit of ...
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Posted Date : 20-Jan-2018 , 10:07:07 pm | Posted By CASANSAAR
Tis Hazari Court has ordered judicial custody of the Director of a Delhi based Real Estate and IT Solution Company for non-compliance in Income Tax TDS Default case. It was found during investigations that the company had deducted TDS but had not deposited in the Government account despite there bei...
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Posted Date : 18-Jan-2018 , 09:03:01 am | Posted By CASANSAAR
Price Waterhouse has moved the Securities Appellate Tribunal (SAT) against the Securities and Exchange Board of India (Sebi) order which has barred it from taking up audit of listed companies for a period of two years. Beside PW, Sebi has also barred two of its partners for a period of three year...
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Posted Date : 12-Jan-2018 , 09:03:23 am | Posted By CASANSAAR
Buying real estate in the names of proxies and depositing demonetized cash in bank accounts of multiple employees were among the ways tax evaders laundered unaccounted wealth after the November 2016 demonetisation of high-value banknotes, the income tax department said on Thursday. Intensive effo...
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Posted Date : 11-Jan-2018 , 09:43:05 am | Posted By CASANSAAR
The Income-Tax Department on Wednesday warned people to “keep away” from benami transactions, cautioning that violations under the newly enacted law invites criminal prosecution and rigorous imprisonment up to seven years. The department put out its alert in an advertisement published...
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Posted Date : 04-Jan-2018 , 08:26:39 am | Posted By CASANSAAR
The Central Bureau of Investigation (CBI) on Wednesday arrested a Mumbai-based Income Tax officer for demanding and accepting a bribe of Rs 1 lakh from a person. A case was registered against the accused under Section 7 of PC Act 1988 after a complaint was filed against the officer for alle...
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Posted Date : 02-Jan-2018 , 08:45:06 am | Posted By CASANSAAR
The income tax department on Monday notified a new helpline number for taxpayers who e-file their returns and conduct other tax-related businesses online. The department issued an advisory and said: “Attention taxpayers: e-Filing help desk number has been changed. New Help desk number is: I...
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Posted Date : 22-Dec-2017 , 09:06:46 am | Posted By CASANSAAR
The National Company Law Tribunal (NCLT) has granted Bhushan Steel’s committee of creditors (CoC) permission to extend the resolution period by 90 days beyond the initial 180-day time frame. On a plea of State Bank of India, Bhushan Steel was admitted in the insolvency court on July 26, under ...
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Posted Date : 21-Dec-2017 , 09:12:34 am | Posted By CASANSAAR
In continuation of its efforts to place more and more information in public domain, the Central Board of Direct Taxes(CBDT) has released data relating to distribution of income and tax payable in respect of returns filed for the Assessment Year 2015-16. With this release, detailed income-tax data fo...
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Posted Date : 19-Dec-2017 , 08:43:25 pm | Posted By CASANSAAR
The government is set to roll out a pan-India "faceless and nameless" e-assessment procedure for income tax payers from 2018 with the CBDT constituting a high-level committee to prepare a quick roadmap for the implementation of this ambitious proposal. The Central Board of Di...
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Posted Date : 15-Dec-2017 , 02:11:14 pm | Posted By CASANSAAR
The Supreme Court on Friday extended the deadline for linking of Aadhaar with mobile phone services and opening of new bank accounts to March 31, 2018, amid legal challenges over the legitimacy of the government’s push to make the biometric identification program mandatory. The five-judge c...
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Posted Date : 15-Dec-2017 , 09:11:32 am | Posted By CASANSAAR
The Enforcement Directorate (ED) is set to issue fresh notices to more than 45 Indian entities named in the Panama Papers list on charges of possible forex law violations, official sources today said. The agency, they said, is investigating about 46 "actionable" cases of Indians on this...
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Posted Date : 13-Dec-2017 , 04:11:44 am | Posted By CASANSAAR
The Income Tax Department today conducted survey operations at major Bitcoin exchanges across the country on suspicion of alleged tax evasion, official sources said. They said various teams of the sleuths of the department, under the command of the Bengaluru investigation wing, today visited the ...
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Posted Date : 08-Dec-2017 , 08:17:43 pm | Posted By CASANSAAR
A complaint was received making serious allegations against Shri D. K. Meena, Deputy Commissioner of Income Tax, posted at Surendranagar in Gujarat Region for harassing a taxpayer in a scrutiny case with malafide intention. The officer was alleged to have demanded illegal gratification through the t...
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Posted Date : 07-Dec-2017 , 11:31:28 pm | Posted By CASANSAAR
The Income-Tax Department is scrutinising all unexplained credits and investments in personal as well as corporate income-tax filings and is looking to invoke the Benami Act in many cases, according to people in the know. Unexplained credits, in the books of a company or bank accounts of individuals...
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Posted Date : 29-Nov-2017 , 07:32:10 am | Posted By CASANSAAR
The Income Tax (IT) department today conducted searches at over 25 locations in Delhi and the National Capital Region in connection with its tax evasion probe into the Panama Papers leak cases, official sources said. The I-T teams swooped down on three business groups, which had interests in meta...
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Posted Date : 29-Nov-2017 , 07:25:47 am | Posted By CASANSAAR
The Income Tax Department has slapped notices on 1.16 lakh individuals and firms who made cash deposits of more than Rs 25 lakh in bank accounts post note ban but failed to file returns by the due date, CBDT Chairman Sushil Chandra said. Besides, large cash deposit by people who have filed I-T re...
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Posted Date : 29-Nov-2017 , 07:19:20 am | Posted By CASANSAAR
Less than a month after International Consortium of Investigative Journalists (ICIJ) leaked financial data known as Paradise Papers, tax advisers of Indians named in the list of those with money stashed in tax havens could find themselves in the income tax net, said two people in the know. However, ...
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Posted Date : 28-Nov-2017 , 07:34:57 am | Posted By CASANSAAR
The Income Tax (IT) department will launch full-fledged assessment proceedings from January next year against those assessees who have deposited "suspicious" amounts of money in banks post-demonetisation, but have not filed their income tax returns (ITRs) till now. The Central Board of ...
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Posted Date : 27-Nov-2017 , 02:59:03 pm | Posted By CASANSAAR
The Aam Aadmi Party (AAP) has been slapped with a notice of Rs 30.67 Crore by the Income Tax department. The taxman wants AAP to explain by December 7 the alleged discrepancies in donations received. The notice for tax assessment for financial years 2014-15 and 2015-16 has pegged the AAP’s tax...
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Posted Date : 23-Nov-2017 , 09:15:33 am | Posted By CASANSAAR
During the Rajaswa Gyan Sangam held on 1st and 2nd September, 2017, the Prime Minister Shri Narendra Modi had observed that the Income-tax Act, 1961 (the Act) was drafted more than 50 years ago and it needs to be re-drafted. Accordingly, in order to review the Act and to draft a new Direct Tax Law i...
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Posted Date : 18-Nov-2017 , 08:08:20 am | Posted By CASANSAAR
Draft of Proposed Notification under Section 115JG (1) of the Income-tax Act, 1961 issued in respect of conversion of Indian Branch of Foreign Bank into Indian Subsidiary company; Comments/suggestions of Stakeholders sought on Draft Notification by 30th November, 2017. &...
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Posted Date : 16-Nov-2017 , 10:24:22 am | Posted By CASANSAAR
In its fight against black money, the Income Tax Department is matching the tax history of people with property registrations valued above Rs 30 lakh under the provisions of the anti-benami Act. Any mismatch between the reported income and asset ownership will help tax department to identify any tax...
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Posted Date : 10-Nov-2017 , 08:25:46 am | Posted By CASANSAAR
The Delhi High Court has struck down six of the 10 provision under the Income Computation and Disclosure Standards (ICDS) as they overrode past judicial precedents. It, however, upheld the overall premise of this accounting principle for computing taxable income. The introduction of ICDS ha...
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Posted Date : 08-Nov-2017 , 08:27:03 am | Posted By CASANSAAR
The Income Tax Department is set to issue notices to about one lakh entities and individuals, who deposited huge cash in banks post demonetisation and whose tax returns have been picked for detailed probe into suspected discrepancies, official sources said. Issue of notices will begin this ...
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Posted Date : 06-Nov-2017 , 09:38:22 pm | Posted By CASANSAAR
Revelations made today in the media under the name ‘Paradise Papers’ [based upon expose done by the International Consortium of Investigative Journalists (ICIJ)] indicate that out of 180 countries represented in the data of offshore entities held by persons of different nationa...
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Posted Date : 06-Nov-2017 , 09:36:22 pm | Posted By CASANSAAR
Revenue secretary Hasmukh Adhia was on Monday appointed as finance secretary in the union ministry of finance. He replaces Ashok Lavasa who achieved superannuation last month. The Appointments Committee of the Cabinet has approved designating Adhia as the finance secretary, the order issued by th...
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Posted Date : 01-Nov-2017 , 09:26:03 am | Posted By CASANSAAR
The Madras High Court on Tuesday allowed a petitioner to file her income tax returns manually, without quoting the Aadhaar number or the enrolment ID. Petitioner Preeti Mohan relied on a June 9 Supreme Court judgement, which said Aadhaar cannot be mandatory for filing I-T returns. &ldquo...
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Posted Date : 26-Oct-2017 , 02:02:11 pm | Posted By CASANSAAR
CBDT have revised E-filing Income Tax Return Preparation Utilities for filing of all types of Income Tax Return Forms, Tax Audit Report under section 44 AB and also the schema for Tax Audit Reports. It is to be noted that last date for filing the Tax Audit Reports and connected Income Tax Retur...
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Posted Date : 26-Oct-2017 , 09:28:20 am | Posted By CASANSAAR
It is now personal income taxpayers’ turn to get relief from the rigours of taxation. About 4 million income taxpayers, who were to get extra tax demands for their FY17 income due to discrepancies in their tax returns, will now be spared. They will also get any tax refunds due for the year ove...
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