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Posted Date : 22-Jun-2016 , 09:07:03 am | Posted By CASANSAAR
Tax needs to be paid even on property encroached upon illegally as it would be considered as 'income from other sources', though it would not be considered as a 'capital asset', according to a tribunal ruling. A Mumbai bench of the Income Tax Appellate Tribunal (ITAT) ha...
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Posted Date : 22-Jun-2016 , 08:49:28 am | Posted By CASANSAAR
Certain sections of the press have been carrying news reports today that Income Tax Department is going to arrest wilful defaulters of tax. In this regard, it is clarified that no such statement has been authorised by the Income-tax Department. Though the provisions for arrest and detention...
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Posted Date : 21-Jun-2016 , 10:27:51 pm | Posted By CASANSAAR
Challenged by increasing cases of defaulters who smartly evade paying due taxes, the Income Tax department has asked its officers not to shy away from invoking the rare provisions of arrest, detention and auctioning of attached assets of the accused. The Central Board of Direct Taxes, in a strate...
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Posted Date : 20-Jun-2016 , 10:23:57 pm | Posted By CASANSAAR
Government today approved 100 per cent FDI in a host of sectors including civil aviation, defence, pharma and single brand retail sector under automatic route. Other sectors in which FDI norms have been relaxed include e-commerce in food products, broadcasting carriage services, private security age...
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Posted Date : 07-Jun-2016 , 08:42:34 am | Posted By CASANSAAR
The Income Tax department has launched an ATM-based validation system for filing e-ITRs by taxpayers as part of its measure to enhance the paperless regime of filing the annual IT returns. "Now, Electronic Verification Code (EVC) can be generated by pre-validating your Automated Teller Machi...
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Posted Date : 03-Jun-2016 , 08:24:40 am | Posted By CASANSAAR
The Income Tax department today notified four new forms 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 forms– 1, 2, 3 and 4– can be used both for e-filing or manual fili...
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Posted Date : 03-Jun-2016 , 07:59:31 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) Thursday allowed non-banking finance companies (NBFC) to provide takeout financing to projects, an option so far available to only banks. In a notification, the central bank said NBFCs can provide takeout financing for existing infrastructure loans subject to cer...
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Posted Date : 02-Jun-2016 , 07:08:18 am | Posted By CASANSAAR
The Income Tax department will soon put out a list of registered valuers of various categories of assets for those who wish to declare their untaxed funds and properties under the one-time domestic black money compliance window that opened on Wednesday. Officials said a decision to upload details...
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Posted Date : 01-Jun-2016 , 10:03:01 pm | Posted By CASANSAAR
The Income Tax department had made overseas information exchange requests to a clutch of countries, including some tax havens, in connection with a tax evasion probe against Delhi-based defence consultant Sanjay Bhandari, who is said to be linked to Robert Vadra in an alleged benami proper...
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Posted Date : 01-Jun-2016 , 08:55:54 am | Posted By CASANSAAR
Payment in cash for buying goods and services worth more than Rs 2 lakh with the exception of jewellery will attract 1 per cent tax collected at source (TCS) from 1st June. The existing TCS of 1 per cent on cash purchase of over Rs 5 lakh of jewellery and over Rs 2 lakh of bullion will continue, ...
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Posted Date : 01-Jun-2016 , 08:05:24 am | Posted By CASANSAAR
The Income Declaration Scheme will open today and will remain in force till 30th of September. The Scheme is part of Finance Act, 2016 and seeks to provide an opportunity to all persons who have not declared their income correctly in previous years to come forward and declare undisclosed incomes. AI...
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Posted Date : 31-May-2016 , 08:24:38 am | Posted By CASANSAAR
Come Wednesday, consumers will now have to dole out an additional 0.5 per cent cess for various services, taking the total service tax to 15 per cent. In the last budget, the total service tax was raised to 14 per cent from 12.36 per cent. With the addition of the Krishi Kalyan C...
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Posted Date : 28-May-2016 , 07:51:10 am | Posted By CASANSAAR
An Inter-Governmental Agreement between India and USA was signed for implementation of Foreign Account Tax Compliance Act (FATCA). The Government of India has also joined the Multilateral Competent Authority Agreement (MCAA) for Automatic Exchange of Information as per Common Reporting Sta...
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Posted Date : 26-May-2016 , 07:11:29 am | Posted By CASANSAAR
Paperless assessment/ e-mail based assessment on a pilot basis was commenced in the financial year 2015-16 in non-corporate charges of five cities i.e. Ahmedabad, Bangalore, Chennai, Delhi and Mumbai. The e-mail based assessment scheme has now been extended to two more cities, namely Hyderabad and K...
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Posted Date : 25-May-2016 , 08:05:37 am | Posted By CASANSAAR
The Income Tax department, beginning this financial year, has decided to 'name and shame' all category of taxpayers who have a default of Rs one crore and above. The department has begun publishing the names of tax defaulters in leading national dailies since last year and has named 67 su...
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Posted Date : 24-May-2016 , 09:40:21 am | Posted By CASANSAAR
The income tax department on Monday put out draft rules to assess the value of the assets of a multinational company in India and abroad in an attempt to provide clarity for levy of capital gains tax on indirect transfer of shares. While these rules will provide clarity on how the tax...
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Posted Date : 24-May-2016 , 09:37:50 am | Posted By CASANSAAR
The Income Tax department has decided to extend its ambitious email-based pilot assessment project to two more cities, in addition to the existing five metros, in an effort to ensure paperless communication regime with the taxpayers. The department has now added Hyderabad and Kolkata under the sc...
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Posted Date : 20-May-2016 , 09:18:43 am | Posted By CASANSAAR
The Enforcement Directorate (ED) will conduct a forensic audit of Vijay Mallya’s and related companies’ accounts, to collect money trail details in connection with the Rs 6,963 crore borrowed by him and his now-defunct Kingfisher Airlines. The ED is forma...
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Posted Date : 18-May-2016 , 07:30:52 am | Posted By CASANSAAR
In a decision that will benefit taxpayers and ensure faster refunds, the Delhi high court quashed an order of the income-tax department that linked tax refunds to scrutiny assessment. The income-tax department, in a notification, had said that an assessing officer will mandatorily not...
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Posted Date : 18-May-2016 , 07:22:37 am | Posted By CASANSAAR
The Income Tax department has launched a special electronic grievance redressal system called 'e-nivaran' in order to fast track taxpayer grievances and ensure early resolution of their complaints. A separate and dedicated window for grievance redressal has been launched recently in...
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Posted Date : 17-May-2016 , 06:31:08 am | Posted By CASANSAAR
The Reserve Bank has asked income tax assessees to pay their tax dues well in advance to avoid last minute rush. RBI has also designated 29 banks where people can pay their I-T advances besides accepting the dues at its own office. It has also asked assessees that they can u...
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Posted Date : 16-May-2016 , 08:00:26 am | Posted By CASANSAAR
E-filing of income tax returns witnessed a 68.5 per cent jump in the first month of the current fiscal year with over 8.32 lakh assessees filing ITRs electronically. The number of e-filed returns recorded in April 2015-16 stood at 4.94 lakh. In all, 4.33 crore returns were electronically filed la...
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Posted Date : 15-May-2016 , 09:07:44 am | Posted By CASANSAAR
The Income Declaration Scheme, 2016 incorporated as Chapter IX of the Finance Act 2016 provides an opportunity to all persons who have not declared income correctly in earlier years to come forward and declare such undisclosed income(s). Under the Scheme, such income as declared by the eligible per...
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Posted Date : 12-May-2016 , 05:31:21 am | Posted By CASANSAAR
The Supreme Court on Wednesday allowed the Income Tax (IT) department to reopen the 2001 tax case against actor Amitabh Bachchan over his earnings during the quiz show Kaun Banega Crorepati (KBC). The apex court set aside the Bombay High Court’s order that gave relief to the actor in ...
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Posted Date : 12-May-2016 , 05:15:27 am | Posted By CASANSAAR
The Income Tax department's ambitious plan to link its PAN number database with Aadhaar has crossed the 50-lakh mark. The Central Board of Direct Taxes (CBDT), the policy-making body for the IT department, had launched the initiative of linking the two databases -- Permanent Account Number ...
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Posted Date : 10-May-2016 , 09:12:39 am | Posted By CASANSAAR
Delhi High Court sought the Income Tax department's response on Vodafone's plea challenging an order directing special audit of its accounts for assessment year 2012-13. A bench of Justices S Muralidhar and Vibhu Bakhru issued notice to the IT department and asked it to fil...
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Posted Date : 05-May-2016 , 08:55:01 pm | Posted By CASANSAAR
Finance Minister Arun Jaitley today warned of action against those passing off income from other sources as agriculture income but ruled out levying any tax on farm earnings. Replying to the discussion on the Finance Bill 2016 in the Lok Sabha, he also ruled out withdrawal of the 1 per cent excis...
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Posted Date : 05-May-2016 , 08:35:18 am | Posted By CASANSAAR
An Inter-Ministerial Group (IMG) has been constituted to look into the possibility of reduction in the number of tax and administrative tribunals, Union Minister Jitendra Singh said today. There are at least 36 tribunals for settling various administrative and tax-related disputes, including Cent...
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Posted Date : 03-May-2016 , 08:55:26 am | Posted By CASANSAAR
India's apex direct taxes body has said income from sale of unlisted equities would be treated as capital gains in a move that gives significant relief to private equity, offshore and alternative investment funds. The directive puts to rest the debate over treatment of income from sale ...
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Posted Date : 02-May-2016 , 08:29:11 am | Posted By CASANSAAR
Only about one per cent of India’s population pays income tax but the number of effective I-T assessees has risen to ~5.17 crore in 2014-15, from 4.72 crore in 2012-13, according to government data. A total of 2.87 crore individuals filed I-T returns for assessment year 2012-13, b...
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