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Posted Date : 06-Dec-2015 , 06:13:47 pm | Posted By CASANSAAR
In good news for lakhs of taxpayers awaiting their IT refunds, the government has directed the taxman to "expeditiously" settle claims involving less than Rs. 50,000. According to government data, over Rs. 5,400 crore is locked in pending refunds, which has become a ...
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Posted Date : 06-Dec-2015 , 10:13:01 am | Posted By CASANSAAR
Employers failing to pay the Government the tax deducted at source (TDS) on salaries of their employees can be jailed for up to seven years, the CBDT has said. Failure to deduct income tax on salaries of employees or defaulting in payment of the same to the government will be liable to a ...
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Posted Date : 03-Dec-2015 , 07:28:52 am | Posted By CASANSAAR
Aiming to make it easier to pay taxes and improve quality of tax orders, the government has set up a committee to look into possibility of a system of peer review before assessment. To a query on whether government feels peer review assessments can improve quality of tax orders, as recommen...
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Posted Date : 02-Dec-2015 , 08:21:11 am | Posted By CASANSAAR
Higher education overseas is no bar for claiming interest on educational loans for tax deduction. Parents whose children are studying overseas or plan to do so, have much to cheer. The Pune Income-tax Appellate Tribunal (ITAT) has held that a deduction for interest paid on educational loans tak...
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Posted Date : 02-Dec-2015 , 07:38:02 am | Posted By CASANSAAR
Pension Fund Regulatory and Development Authority (PFRDA) has been established by the Government of India for regulation and development of Pension Sector in order to protect the old age income security of subscribers. PFRDA takes various initiatives from time to time in order to simplify and improv...
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Posted Date : 01-Dec-2015 , 08:17:47 am | Posted By CASANSAAR
Punjab and Haryana High Court has held that Income Tax Appellate Tribunal(ITAT) has no power to interfere in a prosecution under the Income Tax Act, either at the stage of a show cause notice or at any other stage. A division bench of Justices Rajive Bhalla and Rekha Mittal said that pendency of app...
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Posted Date : 01-Dec-2015 , 07:54:37 am | Posted By CASANSAAR
The Centre has appointed Anita Kapur, the outgoing CBDT Chairperson, as an advisor on tax reforms for a period of six months. Kapur, who superannuated on Monday, will be an advisor for a period of six months. Meanwhile, A.K. Jain, Member, CBDT will discharge duties and responsibilities of ...
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Posted Date : 26-Nov-2015 , 08:01:45 am | Posted By CASANSAAR
Aimed to reduce lengthy proceedings and time taken in litigation, the Income Tax department has activated a PAN-based online system which enables the taxman to access cases in their jurisdiction on a click, amongst a building database of over 5 lakh appeals and 1.50 lakh judgements. The new fac...
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Posted Date : 25-Nov-2015 , 08:07:11 am | Posted By CASANSAAR
The Income Tax department will soon upgrade its official web portal and unveil more user-friendly features for taxpayers on the online platform. Officials said the website--www.incometaxindia.gov.in-- will host easy navigation tools for taxpayers and others so that they can easily do ...
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Posted Date : 19-Nov-2015 , 07:30:15 am | Posted By CASANSAAR
Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its 226th meeting held on 30th October 2015, the Government has approved 6 (six) proposals of Foreign Direct Investment (FDI) amounting to Rs. 1810.25 crore. The following 6 (six) proposals have bee...
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Posted Date : 18-Nov-2015 , 08:30:19 am | Posted By CASANSAAR
Taxpayers facing "high-pitched" assessments or unfair scrutiny by the Income Tax Department can now attempt to get their grievances redressed in a short time before undertaking the arduous litigation route of courts or other appellate mechanisms. In a maiden initiative...
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Posted Date : 17-Nov-2015 , 08:46:05 am | Posted By CASANSAAR
The investigation wing of Income Tax(IT) department is sharpening its strategies to make search and survey procedures more effective, an official said. "We are sharpening our strategies to such an extent that non-compliance with the taxation provisions by individuals and companies do not g...
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Posted Date : 15-Nov-2015 , 09:08:34 am | Posted By CASANSAAR
The income-tax department is developing a mobile app which can be used by users for filing their tax returns, a top finance ministry official said on Saturday. “We are developing a mobile app which can be used by users for filing their income tax returns. There are some security related i...
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Posted Date : 13-Nov-2015 , 09:12:34 am | Posted By CASANSAAR
The government has extended the benefits enjoyed by individual NRI investors to companies, trusts and other incorporated entities owned by nonresident Indians (NRIs) as part of the liberalised FDI norms announced on Tuesday. Giving more flexibility to NRIs to decide the ...
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Posted Date : 11-Nov-2015 , 09:36:07 am | Posted By CASANSAAR
In a bid to tackle high-pitched and unreasonable tax assessment orders, which result in heavy income tax (I-T) demands, the Central Board of Direct Taxes (CBDT) issued a notification on Monday requiring setting up of local grievance committees across I-T offices in India. The CBDT, in its n...
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Posted Date : 10-Nov-2015 , 08:20:00 am | Posted By CASANSAAR
Based on the recommendations of Foreign Investment Promotion Board(FIPB) in its Meeting held on 19.10.2015, the Government of India has approved four (04) proposals of Foreign Direct Investment (FDI) amounting to Rs. 384.45 crore. ...
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Posted Date : 08-Nov-2015 , 11:10:53 pm | Posted By CASANSAAR
The Income Tax Department has launched its official account on micro-blogging site Twitter with the handle "incometaxindia". CASANSAAR already on Twitter with the handle "casansaar" The first tweet of the income tax department read: "Follow us to stay updated on the lat...
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Posted Date : 07-Nov-2015 , 08:58:46 am | Posted By CASANSAAR
Draft Interpretation published by the IFRS Interpretations Committee for comment only. Comments on the Draft Interpretation need to be received by December 21, 2015. The International Accounting Standards Board’s IFRS Interpretations Committee (‘Interpretations Committee’)...
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Posted Date : 07-Nov-2015 , 08:48:57 am | Posted By CASANSAAR
Prime Minister Narendra Modi on Friday said the Income Tax Department will introduce a system of online scrutiny of returns and modify the performance appraisal pro forma of officials with a view to motivating them to pass correct orders and also check corruption. Stating that the government is t...
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Posted Date : 05-Nov-2015 , 08:28:05 am | Posted By CASANSAAR
The government in the next few days will come out with a list of exemptions that would go as part of the plan to gradually reduce corporate tax to 25%, the first tranche of which will be announced in the Budget in February, Finance Minister Arun Jaitley said on Wednesday. Th...
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Posted Date : 03-Nov-2015 , 09:19:38 pm | Posted By CASANSAAR
The Income Tax department on Tuesday issued an advisory asking taxpayers not to share their personal financial details over email or phone and urged them to register a complaint in case they face such malicious attempt. The advisory has come at a time when income tax returns (ITRs) fi...
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Posted Date : 03-Nov-2015 , 07:56:24 am | Posted By CASANSAAR
Finance Minister Arun Jaitley today said tax evasion and money laundering will become “extremely difficult” in the next 1-2 years, with real-time global automatic exchange of information system coming into effect. “I am quite certain that the activity is going on in ...
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Posted Date : 30-Oct-2015 , 08:19:03 am | Posted By CASANSAAR
The Reserve Bank of India has recently permitted Indian corporates to issue rupee denominated bonds outside India. The matter of taxation of income from such bonds under Income-tax Act, 1961 has been considered by the Government. In so far as taxation of interest income from these ...
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Posted Date : 29-Oct-2015 , 09:06:49 am | Posted By CASANSAAR
Under new rules, Income Tax Department has asked its customer care centres to monitor email complaints of taxpayers about their income tax returns and other problems and diligently send them to tax officers. The new directive comes at a time when Finance Minister Arun Jaitley unveiled two ...
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Posted Date : 29-Oct-2015 , 08:37:35 am | Posted By CASANSAAR
Getting a notice from the income tax department has a direct effect on one’s heartbeat. One should, however, not panic and address the issues raised by the department especially when one is not on the wrong side of taxes. Scrutiny of income tax return may occur primarily be...
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Posted Date : 28-Oct-2015 , 07:53:11 am | Posted By CASANSAAR
The Government of India has constituted a Committee with a view to simplify the provisions of the Income Tax Act, 1961, with the following composition: (i) Justice R.V. Easwar, (Retd.),...
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Posted Date : 27-Oct-2015 , 08:19:19 pm | Posted By CASANSAAR
The Income-tax Department is committed to the ‘Digital India’ initiative of the Government of India. The Finance Minister Shri Arun Jaitley launched here today an “e-Sahyog” pilot project which furthers the Department’s commitment to work in an e-environment and reduces...
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Posted Date : 26-Oct-2015 , 08:24:55 am | Posted By CASANSAAR
The Income Tax department will roll out next week its ‘pilot’ project to conduct scrutiny assessment in an e-environment when they begin sending queries through email to 500 “select” taxpayers without calling them to its offices. The department had recently said it would...
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Posted Date : 20-Oct-2015 , 07:40:59 am | Posted By CASANSAAR
In a bid to promote business-friendly taxation regime, the Centre has issued guidelines for transfer pricing (TP) provisions that are expected to reduce the rising volume of tax litigation. According to the guidance note on international transactions issued by the Central Board of Direct Taxes (C...
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Posted Date : 19-Oct-2015 , 08:35:11 pm | Posted By CASANSAAR
Filmmakers, who could not complete their movies or had to abandon them mid-way, can now have some relief as the Income Tax department has decided to do away with a provision of claiming tax on such projects. The Central Board of Direct Taxes earlier this month brought out a directive statin...
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