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Posted Date : 21-Jul-2016 , 10:06:19 pm | Posted By CASANSAAR
CBI has chargesheeted former Deputy Commissioner of Income Tax Yogendra Mittal for allegedly taking illegal gratification from StockGuru scam accused Ullas Prabhakar Khaire in exchange of an assurance that he would settle his case. In its charge sheet filed before Special CBI Judge Anju Bajaj Cha...
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Posted Date : 21-Jul-2016 , 09:56:46 pm | Posted By CASANSAAR
Income Tax Department will issue seven lakh letters seeking information regarding high value non PAN transactions. An official release issued today, said various types of high-value transactions were being reported to the Income Tax Department under the Annual Information Returns. ...
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Posted Date : 20-Jul-2016 , 08:49:16 am | Posted By CASANSAAR
After unleashing a massive awareness campaign for the one-time black money compliance window, the tax authority will now write to over 2.59 lakh taxpayers to avail benefits of a similar scheme where an estimated Rs 5.5 lakh crore is stuck in litigation. The ‘Direct Tax Dispute Resolution ...
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Posted Date : 18-Jul-2016 , 07:47:55 am | Posted By CASANSAAR
If you have received an income-tax scrutiny notice, there's no need to be unduly fearful as the government has sought to protect you against possible harassment. That's in line with Prime Minister Narendra Modi's recent message to the tax department that people should not fear s...
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Posted Date : 16-Jul-2016 , 05:38:25 pm | Posted By CASANSAAR
With the government pulling out all the stops to make the one-time black money compliance window a success, the Income Tax Department has now hiked financial powers of its supervisory officers for publicity of the scheme by up to 50 times. Till now, the regional heads of the tax department could ...
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Posted Date : 16-Jul-2016 , 09:19:31 am | Posted By CASANSAAR
The Mumbai bench of the Income-Tax Appellate Tribunal (ITAT) has held that a taxpayer cannot be denied investment-related tax benefits if due to a builder's fault the taxpayer does not get timely possession of a house in which the reinvestment was made. The Income-Tax...
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Posted Date : 15-Jul-2016 , 08:38:07 am | Posted By CASANSAAR
The Income Tax department has widened the ATM-based validation system for filing of online Returns by taxpayers. The department has included Axis Bank to enhance the paperless regime of filing the annual Income Tax returns. In May this year, the department had launched the bank account-based vali...
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Posted Date : 15-Jul-2016 , 08:23:34 am | Posted By CASANSAAR
The Fifth SIT report has been submitted before the Hon’ble Supreme Court by the SIT. An extract of the report has been uploaded on Department of Revenue website www.dor.gov.in. The SIT has made the following recommendations in the Fifth Report: Cash transactions : T...
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Posted Date : 15-Jul-2016 , 07:51:02 am | Posted By CASANSAAR
Income Tax department raided at least 20 premises of Indiabulls on Wednesday across Mumbai, Delhi and Chennai. This was one of the biggest raids undertaken by the I-T department in recent times. The raid lasted for more than 5 hours at some locations. Nearly 1,000 Income Tax officials were involved ...
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Posted Date : 15-Jul-2016 , 07:46:09 am | Posted By CASANSAAR
During the course of meetings and seminars held in different parts of the country, various stakeholders have expressed concern that the time period available under the Scheme up to 30th November, 2016 for making payment of tax, surcharge and penalty is very short, especially where funds in liquid fo...
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Posted Date : 15-Jul-2016 , 07:45:15 am | Posted By CASANSAAR
The Income Declaration Scheme, 2016 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 Board has issued three sets of clarifications in the form of FAQs. The fourth set of Frequently Asked Questions (F...
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Posted Date : 15-Jul-2016 , 07:43:53 am | Posted By CASANSAAR
The Special Investigation Team (SIT) on blackmoney has recommended ban on cash transactions of above Rs 3 lakh and restricting cash holding with individuals to not more than Rs 15 lakh to curb illegal wealth in the economy. The SIT headed by Justice M B Shah (retd), submitted its fifth report to ...
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Posted Date : 12-Jul-2016 , 08:14:45 am | Posted By CASANSAAR
In a bid to end taxpayers' harassment, the Finance Ministry has "modified" the Income Tax department notice issued for the tedious scrutiny procedure by bringing in "three new formats" that will clearly stipulate if the inqury against them is "limited, complete or manual...
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Posted Date : 08-Jul-2016 , 10:54:12 pm | Posted By CASANSAAR
Income Tax Department has asked its top officers to closely scrutinise high-value transactions and investments in penny stocks to identify potential black money holders who can avail the four-month compliance window ending September 30 to come clean. In a communication to Principal Chief Commissi...
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Posted Date : 08-Jul-2016 , 08:36:58 am | Posted By CASANSAAR
The income tax department has prepared an integrated databank of suspected black money holders across the country who have taken the help of 'entry operators' to launder large amounts of unaccounted cash through banking channels over the past few years. These entry operators are chartered...
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Posted Date : 07-Jul-2016 , 10:33:02 pm | Posted By CASANSAAR
The Centre may extend the September 30 deadline for taxpayers to declare their undisclosed income. The government has approved a request from the industry for tax to be paid in parts, PTI reported. “The government is favourably considering extending the tax payment deadline as it understand...
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Posted Date : 07-Jul-2016 , 10:30:04 pm | Posted By CASANSAAR
The government has set up a committee to examine the desirability and feasibility of having a new financial year. According to the Finance Ministry, the four member committee will be headed by former Chief Economic Advisor Shankar Acharya. As per terms of reference, the committee will examine the me...
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Posted Date : 06-Jul-2016 , 10:27:43 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has ordered regulation of leave of all income-tax (I-T) department officials over the next three months. The CBDT wants to ensure that enough officials are available to run the ongoing one-time black money window scheme, also known as the income dec...
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Posted Date : 06-Jul-2016 , 10:03:27 pm | Posted By CASANSAAR
Vide Notification No. SO 892 (E) dated 31st March, 2015, the Central Government notified 10 Income Computation and Disclosure Standards (ICDS). These ICDS are applicable from 1.4.2015 i.e. previous year 2015-16 (Assessment Year 2016-17). Subsequent to notification of the ICDS, a number of representa...
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Posted Date : 04-Jul-2016 , 10:37:01 pm | Posted By CASANSAAR
The government is looking to encourage people with black money stashed away under the mattress to come clean by softening the tax blow in its amnesty scheme that runs from June 1 to September 30. They may only need to pay an effective tax of about 31% against 45% stipulated in the Income Declaration...
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Posted Date : 04-Jul-2016 , 10:04:34 pm | Posted By CASANSAAR
As per the latest data, over 1.02 crore Income Tax Returns (ITRS) have been verified by the internet-based electronic filing system of the department. "The figures for e-verified ITRs stand at 1,02,08,715 as of now. The one crore mark was achieved recently and the department wants this to gr...
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Posted Date : 01-Jul-2016 , 08:54:06 am | Posted By CASANSAAR
Under section 9 of the Income-tax Act, 1961 (the Act), any income arising from transfer of any share of or interest in a foreign company or entity that derives its value substantially from the assets located in India, is deemed to accrue or arise in India. . &nb...
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Posted Date : 29-Jun-2016 , 01:32:52 pm | Posted By CASANSAAR
The Union Cabinet on Wednesday approved the recommendations of 7th Pay Commission, headed by Justice A K Mathur. The pay panel had earlier recommended an increase in pay by 16 percent, 63 percent in allowances and a 24 percent hike in pension, suggesting a total increase of 23.55 percent. ...
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Posted Date : 29-Jun-2016 , 09:20:11 am | Posted By CASANSAAR
The income tax department will establish over 60 facilitation centres - Aaykar Seva Kendras(ASKs) - this fiscal from Goalpara in Assam to Neemuch in MP as part of efforts to widen the taxpayer base and reach a maximum number of people who need help in doing business with the taxman. The ASKs he...
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Posted Date : 26-Jun-2016 , 05:54:28 pm | Posted By CASANSAAR
Prime Minister Narendra Modi appealed to people with undisclosed income to come clean by 30th September. Addressing the Nation on his monthly Mann Ki Baat programme in All India Radio, he said this is the last opportunity for such people. He assured that there will be no probe against persons those ...
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Posted Date : 26-Jun-2016 , 05:49:09 pm | Posted By CASANSAAR
To clear the air on retrospective applicability of the General Anti-Avoidance Rule (GAAR), the Income Tax Department has said the same will not apply to income from transfer of investments before April 1, 2017. The stringent anti-avoidance rule (GAAR), which will kick in from April 1 next year, c...
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Posted Date : 25-Jun-2016 , 09:10:33 am | Posted By CASANSAAR
The Income Tax department today published a country-wide list of registered asset valuers for those who wish to declare their untaxed funds and properties under the one-time domestic black money compliance window that opened this month. The exhaustive list, uploaded on t...
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Posted Date : 22-Jun-2016 , 10:06:44 pm | Posted By CASANSAAR
The Rule 114H of the Income-tax Rules, 1962 (the Rules) has been amended vide Notification No.48/2016 [S.O.2151(E)] dated 20th June 2016. In order to provide sufficient time to the reporting Financial Institutions for completing the due diligence procedure in respect of other reportable acc...
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Posted Date : 22-Jun-2016 , 10:03:39 pm | Posted By CASANSAAR
In order to keep a check on the funding of NGOs, organisations receiving more than Rs one crore as government grant and donations above Rs 10 lakh from abroad have been brought under the ambit of the Lokpal. Under the new rules, office bearers of such NGOs will be treated as "public servants...
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Posted Date : 22-Jun-2016 , 09:11:12 am | Posted By CASANSAAR
Investors holding penny stocks have got a reprieve from the Income-Tax Tribunal. The body has ruled that gains from penny stocks cannot be termed as bogus just because the Securities and Exchange Board of India (Sebi) is probing into possible irregularities in these stocks. Recently, invest...
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