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Posted Date : 15-Sep-2016 , 10:15:02 pm | Posted By CASANSAAR
The taxman will undertake a midnight vigil on September 30 as CBDT has directed the Income Tax department to keep their offices country-wide open in order to receive declarations under the domestic black money window - the Income Declaration Scheme (IDS). "The last date for making decl...
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Posted Date : 15-Sep-2016 , 10:12:05 pm | Posted By CASANSAAR
Government today said information about those who declare their black money under the compliance window, ending September 30, will be kept confidential. As regards concerns regarding confidentiality of the information filed under the scheme, it is reiterated that information contained in a ...
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Posted Date : 10-Sep-2016 , 10:06:44 pm | Posted By CASANSAAR
The Income Tax department on Saturday said those holding potential black money should hurry up and declare their stash funds under the one-time domestic compliance window as only 20 days are left for the Income Declaration Scheme (IDS) to close. “The Income Declaration Scheme closes on 30.0...
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Posted Date : 09-Sep-2016 , 07:45:20 pm | Posted By CASANSAAR
Due date for filing of Income tax returns by tax payers whose accounts are required to be audited under IT Act has been extended to 17th Oct. Authentic News. #casansaar(Tweet by Ministry of Finance)...
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Posted Date : 08-Sep-2016 , 09:45:39 pm | Posted By CASANSAAR
CBDT has launched the ambitious 'e-nivaran' facility for online redressal of taxpayers' grievances related to refunds, ITRs and PAN among others as part of its initiative to reduce instances of harassment of the public when it comes to complaints related to the I-T Department. A...
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Posted Date : 07-Sep-2016 , 10:58:22 am | Posted By CASANSAAR
The Reserve Bank of India said there is a rush for remitting income tax dues at the Reserve Bank and other bank authorised to collect income tax towards the end of March/June/September/December is heavy. It becomes difficult for the RBI to cope up with the pressure of receipts although additional...
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Posted Date : 06-Sep-2016 , 07:39:12 am | Posted By CASANSAAR
The Income Declaration Scheme, 2016 (the Scheme) provides an opportunity to persons who have not paid full taxes in the past to come forward and declare their undisclosed income and assets. The Scheme has come into effect from 1.6.2016 and is open for declarations up to 30.9.2016. The Income Declara...
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Posted Date : 02-Sep-2016 , 08:35:31 am | Posted By CASANSAAR
In a strong order against central excise authority, Delhi High Court asked it to refund the service tax amount paid by three travel portals soon, observing that these firms were made to deposit the money under "coercion and duress" through the "unwarranted" arrest of some of thei...
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Posted Date : 01-Sep-2016 , 07:55:10 am | Posted By CASANSAAR
The Inter-Governmental Agreement (IGA) with USA for implementation of FATCA entered into force on 31st August, 2015. Under the alternative procedure provided in Rule 114H(8) of the Income-tax Rules, 1962, the financial institutions need to obtain the self-certification and carry-out due diligence pr...
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Posted Date : 31-Aug-2016 , 07:30:30 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has directed the income tax assessing officers (AO) to mention their email IDs and telephone numbers in all the notices issued by them to the taxpayers, after several assesses complained to it that they were unable to communicate with taxman over the internet...
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Posted Date : 29-Aug-2016 , 11:57:43 pm | Posted By CASANSAAR
As part of its ‘naming and shaming’ policy to curb tax evasion, the Income Tax Department may soon go on to publish names of even those taxpayers who have a ‘chronic’ default of Rs.1crore and above. Officials said the policy framework for putting the names of such e...
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Posted Date : 25-Aug-2016 , 11:55:30 pm | Posted By CASANSAAR
It has been noticed that the Income Tax Department has blocked/ disabled the e-Filing account of the members whose correct PAN details are not available with the Department. Upon following with the Income Tax Department, it has been informed that the blocking and disablement of the E-filing Accou...
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Posted Date : 25-Aug-2016 , 10:53:09 pm | Posted By CASANSAAR
In a bid to keep nation's tax laws in conformity with changing times, the Income Tax Department has created a permanent mechanism for seeking inputs from its officers for changes required in the direct tax regulations. To begin with, the I-T Department has asked officials to provide suggestio...
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Posted Date : 22-Aug-2016 , 08:01:35 am | Posted By CASANSAAR
The Union Budget has for decades been presented on the last day of February, but this could soon change with the government mulling advancing it to January-end, to complete the exercise before the beginning of the new financial year. The finance ministry is overhauling the Budget-making exercise,...
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Posted Date : 19-Aug-2016 , 10:52:58 pm | Posted By CASANSAAR
Fifth Set of Frequently Asked Questions (FAQs) was issued yesterday clarifying certain issues relating to Income Declaration Scheme,2016 (the Scheme). Clarification has been sought as to whether the answer number 4 of the said FAQ shall apply to all assets declared under the Scheme or it is limited ...
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Posted Date : 19-Aug-2016 , 10:52:07 pm | Posted By CASANSAAR
Central Board of Direct Taxes (CBDT) had proactively released data relating to direct tax collections, PAN allocation and distribution of income in the returns for AY 2012-13 earlier in April, 2016. A new version of the income distribution data for AY 2012-13 has now been placed in pu...
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Posted Date : 19-Aug-2016 , 10:51:24 pm | Posted By CASANSAAR
Section 35AC of the Income Tax Act 1961, inter alia provides for a deduction in computing the business income of an assessee, of the amount paid by him to a Public Sector company or a local authority or to an association or institution approved by the National Committee for carrying-out any eligible...
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Posted Date : 18-Aug-2016 , 10:37:42 pm | Posted By CASANSAAR
The Income Declaration Scheme, 2016 (the Scheme) provides an opportunity to persons who have not paid full taxes in the past to come forward and declare their undisclosed income and assets. Income Declaration Scheme Rules, 2016 (the Rules) were notified on 19.5.2016. Representations have been receiv...
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Posted Date : 18-Aug-2016 , 08:36:13 pm | Posted By CASANSAAR
Only 14 lakh individuals out of the 2.89 crore assessees in the country declared an annual income of over Rs. 10 lakh, attracting the highest tax bracket of 30 per cent, in assessment year 2012-13. As per the Income Tax Return Statistics for Assessment Year 2012-13, 14 lakh people or just 4.6 per c...
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Posted Date : 16-Aug-2016 , 07:46:21 am | Posted By CASANSAAR
Black money holders who have disclosed their ill-gotten assets during July under the ongoing compliance window will receive acknowledgement from the tax department by August 30. Since the government has extended the deadline for payment of tax and penalty under the Income Disclosure Scheme (IDS),...
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Posted Date : 15-Aug-2016 , 07:06:14 pm | Posted By CASANSAAR
Prime Minister Narendra Modi on Monday assured tax payers that he will remove the fear of taxman hounding them by ushering in accountability and answerability. “Middle class, upper middle class used to be hassled with I-T officers, more than police. I have to change this situati...
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Posted Date : 14-Aug-2016 , 09:58:59 am | Posted By CASANSAAR
India has notified a landmark Protocol that has now amended an existing 33-year-old double taxation avoidance agreement (DTAA) between India and Mauritius. The notification of the Protocol on August 10 by the Indian side signifies the culmination of the entire process of amending the DTAA, putt...
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Posted Date : 12-Aug-2016 , 10:04:56 pm | Posted By CASANSAAR
The government on Friday said it is not considering any proposal to extend the four-month deadline for disclosing domestic black money under the Income Disclosure Scheme (IDS), which ends on September 30. On a question whether the government has any plans to extend the IDS deadline, Minister of...
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Posted Date : 12-Aug-2016 , 02:04:29 pm | Posted By CASANSAAR
Following allegations of discrepancies in its accounts and audit system, the Brihanmumbai Municipal Corporation (BMC) is all set to tie-up with the Institute of Chartered Accountants of India (ICAI) to review its accounting and audit procedures. Municipal commissioner Ajoy Mehta confirmed that th...
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Posted Date : 10-Aug-2016 , 07:21:15 am | Posted By CASANSAAR
The Income Tax Department has found unaccounted income and investment worth Rs 130 crore with Aam Aadmi Party (AAP) MLA Kartar Singh Tanwar, sources said on Tuesday. The department has already seized unaccounted cash and jewellery of nearly Rs 1 crore from Tanwar and his brother. Tanwar has been ...
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Posted Date : 09-Aug-2016 , 06:48:01 am | Posted By CASANSAAR
Income Tax refunds of Rs 14,332 crore have been issued this year till August 5, the Finance Ministry said. "The Central Processing Centre (CPC) Bengaluru has already issued over 54.35 lakh refunds totaling to Rs 14,332 crore which includes 20.81 lakh refunds for AY 2016-17 (current year retu...
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Posted Date : 06-Aug-2016 , 07:00:44 am | Posted By CASANSAAR
Refund claims worth Rs 1.23 lakh crore are pending with the Income Tax Department as on March 31, the government on Friday said. "As on March 31, 2016, refund claims of above Rs 10 lakh are pending only in 57,783 cases for various assessment years, involving a total amount of Rs 1,23,335 cro...
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Posted Date : 29-Jul-2016 , 09:29:22 am | Posted By CASANSAAR
Sending a stern warning of disciplinary action against tax officials who passed a resolution against Department of Revenue last week, the finance ministry has said it’s an act of insubordination and that no government department has absolute autonomy. “Finance minister Arun Jaitley ha...
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Posted Date : 27-Jul-2016 , 09:49:31 pm | Posted By CASANSAAR
Government has fixed December 31, 2016 as the deadline for companies like Vodafone and Cairn Energy Plc to settle their retrospective tax disputes. The one-time offer to settle tax issues by waiving of interest and penalty, if the companies paid up the principal tax amount, had opened on June 1 t...
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Posted Date : 23-Jul-2016 , 08:26:01 am | Posted By CASANSAAR
The Income Tax Department has detected undisclosed income worth Rs 22,475 crore in over 9,500 surveys conducted over the past two years, Finance Minister Arun Jaitley said today. As part of enforcement measures the department has conducted searches in 990 groups of assessees during the last two y...
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