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Posted Date : 17-Nov-2016 , 08:21:26 am | Posted By CASANSAAR
Gold and jewellery establishments in the national capital remained shut for the 6th day on Wednesday after the Income Tax Department carried out surveys following reports of alleged profiteering and efforts at tax evasion due after the government's demonetization move. The government last wee...
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Posted Date : 17-Nov-2016 , 08:18:21 am | Posted By CASANSAAR
The Income Tax department has issued notices to hundreds of charitable and religious organisations in the country enjoying tax exemption. The organisations have been asked to inform the department about their cash balances as of 8th of this month when the government demonetised 500 and 1,00...
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Posted Date : 14-Nov-2016 , 12:11:52 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) asked banks to submit daily amounts of cash withdrawn from over the counter as well as through automated teller machines to help it gather accurate data on the circulation of currency. In a circular on Sunday it asked banks to submit the data in a speci...
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Posted Date : 14-Nov-2016 , 12:02:02 pm | Posted By CASANSAAR
With banks struggling to cope with rush to get alternative currency, the government has extended use of old defunct Rs 500 and Rs 1,000 notes for paying household utility bills, fuel, taxes and fees and purchases from co-operative stores till November 24. While withdrawing Rs 500 and Rs 1,000 not...
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Posted Date : 10-Nov-2016 , 07:26:52 pm | Posted By CASANSAAR
This comes a day after Union Finance Ministry had warned of strict actions against those who will be found depositing undisclosed money after banks opened on Thursday. Further dangling the stick, government on Wednesday night had warned that cash deposits above Rs 2.5 lakh threshold under t...
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Posted Date : 10-Nov-2016 , 07:20:12 pm | Posted By CASANSAAR
Assuring people that taxman will not hound those making small deposits in scrapped Rs 500/1,000 currency, Finance Minister Arun Jaitley today advised them not to throng banks as there is enough time to exchange the junked notes. He said however that those depositing large amounts of unaccounted m...
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Posted Date : 10-Nov-2016 , 07:18:06 pm | Posted By CASANSAAR
The demonetization of 1000 rupees and 500 rupees notes has seen sudden spurt in donations to around 100 temples and trusts and in cash reserves of around 1000 cooperative banks and credit societies in Maharashtra. All these transactions have come under government scanner. The officials have apprised...
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Posted Date : 09-Nov-2016 , 07:12:41 pm | Posted By CASANSAAR
Housewives, farmers and those whose annual income is within the tax exemption limit may not be hounded by tax authorities for depositing up to Rs. 2.5 lakh of the now-defunct higher denomination currency notes in bank accounts, a top government official said today. After withdrawing Rs. 500 and...
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Posted Date : 03-Nov-2016 , 07:54:30 am | Posted By CASANSAAR
ICAI has released the 5th Edition (November 2016) of the Guidance Note on Report Under Section 92E of the Income Tax Act, 1961 (Transfer Pricing). This Guidance Note was previously revised in February, 2013 & August 2013. The ICAI has revised Guidance note on Report under Section...
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Posted Date : 31-Oct-2016 , 09:04:31 am | Posted By CASANSAAR
In a recent order, the income tax appellate tribunal's Mumbai bench has held that to claim an interest deduction against a home loan, a taxpayer is not required to submit a completion certificate from any government authority as proof of having obtained possession within the stipulated time peri...
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Posted Date : 29-Oct-2016 , 11:19:47 am | Posted By CASANSAAR
With over Rs 5.16 lakh crore locked up in tax disputes before commissioners, the revenue department has started sending emails and SMSes to assessees, asking them to avail of the ongoing one-time dispute scheme which will close by December-end. About 259,000 cases were pending as of February involvi...
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Posted Date : 24-Oct-2016 , 09:26:08 am | Posted By CASANSAAR
Undeclared wealth of Rs 65,250 crore disclosed under the one-time compliance window has not seen any significant addition after tax authorities completed scrutiny of all the filings, sources said. Finance Minister Arun Jaitley had on October 1 announced India's biggest ever black money haul w...
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Posted Date : 24-Oct-2016 , 09:13:39 am | Posted By CASANSAAR
With both the one-time black money declaration windows concluded, the Income Tax department is set to intensify its crackdown against stash holders after a recent case where an IDS participant surrendered a fresh Rs 30 crore of unaccounted wealth to the taxman after raids were conducted against him....
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Posted Date : 19-Oct-2016 , 07:54:29 am | Posted By CASANSAAR
Central Processing Centre (CPC) of IT Department are issuing the certificate of Appreciation through the registered e-mails of the prompt tax payers. Such an idea is delivered from the Central Finance Ministry. Arun Jaitley, on 19th Sep 2016, handed over these certificates to some of the selected...
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Posted Date : 12-Oct-2016 , 08:16:25 am | Posted By CASANSAAR
The income tax department has come to acquire an image of an agency that has usually harassed taxpayers, including the honest ones. But recently several individuals were surprised to receive a 'Certificate of Appreciation' in their mailbox, with some even mistaking it for a spam mail. ...
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Posted Date : 11-Oct-2016 , 11:06:43 am | Posted By CASANSAAR
Tax collected under the country's biggest black money disclosure will help cushion revenue shortfall from the sale of telecom spectrum and help manage the fiscal situation, Finance Minister Arun Jaitley said today. As much as Rs 65,250 crore of undisclosed assets were brought to light during ...
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Posted Date : 06-Oct-2016 , 08:39:05 am | Posted By CASANSAAR
A division bench of the Hyderabad High Court has ordered the Institute of Chartered Accountants of India (ICAI) to suspend a Firm of Chartered Accountants for issuing a false certification to a business firm which enabled the promoters to squander public money by inducing the general public to subsc...
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Posted Date : 05-Oct-2016 , 08:08:35 am | Posted By CASANSAAR
The CA Institute on Tuesday said that as per the latest information available with the Institute total declarations made under the ‘Income Declaration Scheme’ 2016 has crossed Rs.71,000 crore. M Devaraja Reddy, President, Institute of Chartered Accountants of India (ICAI), told at p...
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Posted Date : 04-Oct-2016 , 08:46:31 pm | Posted By CASANSAAR
CBI has arrested an Income Tax officer for allegedly accepting a bribe of Rs 3 lakh and demanding Rs 5,000 as additional illegal gratification for his staff. A CBI spokesperson said in Delhi that the officer and his staff member were arrested from Mumbai. “A case was registered U/...
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Posted Date : 03-Oct-2016 , 10:08:33 pm | Posted By CASANSAAR
The comptroller and auditor general has initiated an audit of entities claiming tax exemption on agricultural income amid suggestions from some political parties and income tax authorities that a blanket exemption be done away with and tax be levied after a threshold. The auditor has written to t...
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Posted Date : 03-Oct-2016 , 12:52:09 pm | Posted By CASANSAAR
Bollywood actor Kareena Kapoor Khan on Friday filed a complaint against an unidentified person for allegedly hacking into her Income Tax account and filing a false return claim. The cyber police station in BKC has registered a case and a probe is on to identify and trace the accused. Police so...
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Posted Date : 01-Oct-2016 , 10:36:41 pm | Posted By CASANSAAR
In the biggest ever blackmoney disclosure, at least Rs 65,250 crore of undisclosed assets were declared in the one-time compliance window, yielding Rs 29,362 crore in taxes to the government. While the blackmoney declarations will go up once all the online and manual filings of undisclosed ...
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Posted Date : 01-Oct-2016 , 07:34:39 am | Posted By CASANSAAR
The Capital’s tallest building, the 28-storey Civic Centre near the New Delhi Railway Station, is hardly a hub of action on a weekend night. But September 30 was not like any other Friday evening. It was the last day of the government’s Income Declaration Scheme (IDS). And hours before t...
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Posted Date : 28-Sep-2016 , 08:11:49 pm | Posted By CASANSAAR
Prime Minister Narendra Modi has asked the Income Tax Department to set up a mechanism to address the grievances of taxpayers. Mr Modi today reviewed the progress towards handling and resolution of grievances related to income tax administration and expressed concern over the grievances. Interact...
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Posted Date : 28-Sep-2016 , 08:10:57 pm | Posted By CASANSAAR
CBDT extends Working Hours till 8.00 pm on 28th& 29th September, 2016 for IDS Declarations; On 30th September, such declarations can be filed till midnight. In order to further facilitate the filing of declarations under the Income Declaration Scheme, 2016, the Centr...
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Posted Date : 23-Sep-2016 , 08:00:39 am | Posted By CASANSAAR
Kerala seems to be hot spot when it comes to Income tax (IT) evasion as sleuths traced out undisclosed income worth Rs 1200 in first 6 months of this year alone. The IT officials claimed that they had eventful period with high number of searches and seizures carried out in 2016. As per the pre...
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Posted Date : 22-Sep-2016 , 09:19:37 pm | Posted By CASANSAAR
A Hyderabad court on Thursday sentenced A Raghunathan, former CFO of Kingfisher Airlines Ltd and a close aide of businessman Vijay Mallya, to 18 months imprisonment in connection with two cheque bounce cases. The Third Special Magistrate Court at Erram Manzil also imposed a penalty of Rs 20,000 o...
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Posted Date : 22-Sep-2016 , 11:47:30 am | Posted By CASANSAAR
With the deadline for payment of tax and penalty under the black money disclosure scheme less than two weeks away, the Income-Tax (IT) department has now raided several small businesses including vada pav and jalebi stalls. According to Economic Times, the IT department raided about 50 vada pav c...
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Cabinet approves Agreement between India and Samoa for exchange of information with respect to TaxesPosted Date : 21-Sep-2016 , 07:21:36 pm | Posted By CASANSAAR
The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has given its approval for signing and ratification of Agreement between India and Samoa for the exchange of information with respect to Taxes. The Agreement will stimulate the flow of exchange of inform...
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Posted Date : 16-Sep-2016 , 06:56:51 am | Posted By CASANSAAR
In a novel initiative revived after decades, the Central Board of Direct Taxes (CBDT) will soon honour lakhs of "honest and compliant" taxpayers from across the country who have paid their income tax dues diligently over the years. CBDT, the apex the policy-making body of the Income Tax...
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