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Posted Date : 22-Jun-2015 , 09:38:11 pm | Posted By CASANSAAR
The Narendra Modi government on Monday proposed income tax benefits for people making payments through credit or debit cards and doing away with transaction charges on purchase of petrol, gas and rail tickets with plastic money. In a draft paper for moving towards cashless economy and reduce tax ...
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Posted Date : 17-Jun-2015 , 01:40:23 pm | Posted By CASANSAAR
A new “smart and intelligent” database is being set up in the Income Tax department to help check tax evasion, a “menace” that is “spoiling” compliance culture, a top CBDT official said today. The database will immensely improve “mining” of data a...
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Posted Date : 15-Jun-2015 , 08:47:29 am | Posted By CASANSAAR
In a first for state-owned banks, candidates from private sector banks have been shortlisted for interviews, for the post of chief executive officer (CEO) and managing director (MD) at five large banks, beginning Monday. As many as 26 candidates, including executives from private sector banks, ar...
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Posted Date : 15-Jun-2015 , 08:40:35 am | Posted By CASANSAAR
The government has asked senior Income Tax (I-T) department officers to individually contribute at least three innovative ideas, to widen the tax base. A senior official said a direction in this regard was given by Union Minister of State for Finance Jayant Sinha during the recently con...
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Posted Date : 11-Jun-2015 , 08:26:53 am | Posted By CASANSAAR
In order to aggressively mitigate grievances of taxpayers, CBDT has asked the taxman to address rectification applications filed by affected assesses in a prompt and time-bound manner. An application for rectification of an order issued by the Income Tax department's Assessing Offic...
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Posted Date : 09-Jun-2015 , 09:13:46 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has asked the Income Tax department officials to take strict actions against those who are seeking illegal tax exemptions from the government in the name of charity. Guiding the I-T officials, the apex policy making body of the tax department has tol...
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Posted Date : 07-Jun-2015 , 09:16:14 pm | Posted By CASANSAAR
Taxman should instill the fear of “incarceration, loss of liberty and social opprobrium” in tax evaders and prosecute them in large numbers to create a credible deterrence against the menace of black money, the CBDT says. The apex policy making body of the I-T department, in a ...
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Posted Date : 31-May-2015 , 01:31:13 pm | Posted By CASANSAAR
Failure to answer questions from the tax department can entail a penalty of up to Rs two lakh from the next financial year under the new black money law, which has got the assent of the President. The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 provid...
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Posted Date : 29-May-2015 , 08:19:10 am | Posted By CASANSAAR
Income Tax (IT) department faced the ire of a trial court on Thursday for withholding information on foreign bank accounts of those persons against whom it has filed complaints. The court also imposed a fine of Rs 10,000 on the IT department and directed it to deposit the fine amount in the...
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Posted Date : 28-May-2015 , 08:54:04 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) is likely to decide soon on the complaints against scam-hit National Spot Exchange (NSEL)’s auditor, Mukesh P Shah & Co. Earlier this month, the institute told the high court here that its disciplinary committee was looking into the...
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Posted Date : 26-May-2015 , 08:27:12 am | Posted By CASANSAAR
The income tax department seems to be finding ways to expedite the process of linking permanent account number (PAN) with the unique identity number Aadhaar, a step that could eliminate duplicate PANs and assist the government in taking action against those evading tax. To achieve this, the Inc...
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Posted Date : 22-May-2015 , 07:49:55 am | Posted By CASANSAAR
A Central Bureau of Investigation (CBI) special judge at the Saket Court sentenced then deputy commissioner of income tax Arun Kumar Gurjar and then inspector of income tax Baljeet Singh to undergo four years rigorous imprisonment with fine of Rs.2 lakh each in the case. "The court found b...
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Posted Date : 21-May-2015 , 08:23:57 am | Posted By CASANSAAR
In a major reshuffle, the Income Tax department has issued mass transfer and promotion orders to over 100 tax officials across the country. The transfers on Tuesday, included officials of the rank of Commissioner of assistant and deputy commissioners of income tax and principal chief commis...
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Posted Date : 20-May-2015 , 08:35:26 am | Posted By CASANSAAR
To address grievances of taxpayers, the Income-Tax department on Tuedsay put in place a detailed framework for “verification and correction” of the outstanding tax demand, while rectifying the inaccuracies arising due to delayed or non-reporting of TDS (tax ...
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Posted Date : 13-May-2015 , 08:45:53 am | Posted By CASANSAAR
Desperate to widen the tax base in a country where just about 2 per cent of the population files tax returns, the income-tax authorities now plan to corner tax evaders in smaller cities and towns, and double the number of taxpayers in a year. Anita Kapur, chairperson of the Central Board of...
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Posted Date : 12-May-2015 , 09:41:26 pm | Posted By CASANSAAR
The Citizen’s Charter 2014 of Income Tax Department includes ‘Redressal of grievances’ within the specified timeline of 60 days, as one of the key taxpayer services provided by the Department. Redressal of grievances has been included as a key result area in the Interim Action Plan...
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Posted Date : 12-May-2015 , 09:38:56 pm | Posted By CASANSAAR
In Chapter III of Second SIT report, the SIT has recommended as under: “Financial Action Task Force (FATF) on money laundering recommends ‘tax crimes’ to be made a predicate offence so that action can be taken under Prevention of Money Laundering Act, 2002. There are more ...
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Posted Date : 11-May-2015 , 10:24:45 pm | Posted By CASANSAAR
In a move to pacify investors, the income tax department has said in a statement that it will hold off from issuing new demands to foreign investors for payment of the controversial minimum alternate tax or MAT, and will take no coercive action to pursue claims that have already been filed. 1) Th...
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Posted Date : 06-May-2015 , 07:56:08 am | Posted By CASANSAAR
The Supreme Court on Tuesday sought response from the Centre, RBI and others on a petition challenging the government’s move to appoint private bank executives to head five public sector banks. A bench headed by Justice AR Dave also sought reply from the five public sector banks — B...
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Posted Date : 05-May-2015 , 10:02:41 pm | Posted By CASANSAAR
Section 80E of the Income-tax Act, 1961 provides that in computing the total income of an individual, their shall be allowed a deduction of the amount paid by way of interest on loan taken by him from any financial institution or approved charitable institution for the purpose of pursuing his own hi...
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Posted Date : 04-May-2015 , 10:22:13 pm | Posted By CASANSAAR
3rd May 2015 Observations of the candidates on the question papers of CA examinations-May 2015. It is hereby informed that candidates can bring to the notice of the Examination Department, their observations, if any, on the question papers relating to CA Examinations being held in May 20...
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Posted Date : 04-May-2015 , 07:21:43 am | Posted By CASANSAAR
Government collected over Rs 6,96,200 crore revenue under the direct taxes kitty in the just concluded financial year 2014-15, about 14 per cent short of target. Officials said the I-T Department which collects a variety of taxes like Income Tax and Corporate Tax collected approximately Rs 6,96...
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Posted Date : 30-Apr-2015 , 09:57:00 pm | Posted By CASANSAAR
The government on Thursday announced tax relief to foreign investors, exempting income from securities transactions, royalties and technical service from the contentious minimum alternative tax (MAT). The tax, which continues to be effective retrospectively on foreign institutional investors (F...
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Posted Date : 29-Apr-2015 , 07:49:50 am | Posted By CASANSAAR
The Income Tax Department will provide the mandatory permission within two days to charitable organisations seeking to undertake relief and rehabilitation activities in earthquake-hit Nepal. "Charitable organisations under IT Act can render help to earthquake victims in Nepal. Applicat...
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Posted Date : 28-Apr-2015 , 09:52:28 pm | Posted By CASANSAAR
Corporates owed over Rs.4.85 lakh crore to the government as outstanding dues under direct and indirect taxes towards the end of the last fiscal, parliament was told on Tuesday. "The total outstanding tax demand pending collection under the head corporate tax under the Direct Tax laws as o...
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Posted Date : 27-Apr-2015 , 08:51:01 am | Posted By CASANSAAR
As part of its strategy of 'naming and shaming' big defaulters, the Income Tax department on Sunday published names of 31 tax evaders who owe over Rs 1,500 crore (Rs 15 billion) tax to the government. The names, last known addresses and vital financial details of these entities were pub...
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Posted Date : 24-Apr-2015 , 10:06:15 pm | Posted By CASANSAAR
Section 80DD of the Income Tax Act, 1961, inter alia, provides for a deduction to an individual or HUF, who is a resident in India, and • Incurs expenditure for the medical treatment (including nursing), training and rehabilitation of a dependant, being a person with disability; or •...
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Posted Date : 22-Apr-2015 , 09:35:22 pm | Posted By CASANSAAR
The government has refused to give any relaxation to the Foreign Institutional Investors,FIIs on the 40,000 crore rupees past tax demand and said remedy lies in judicial appeal. Talking to reporters after meeting with FIIs Minister of Finance Jayant Sinha said, NDA government is a responsive governm...
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Posted Date : 22-Apr-2015 , 07:51:40 am | Posted By CASANSAAR
The Income Tax Department has been awarded the 'Prime Minister's Award for Excellence in Public Administration' for 'Easy Tax Compliance through Quality Service'. The award was presented at a function at the Vigyan Bhawan here today by Prime Minister Narendra Modi on the occ...
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Posted Date : 18-Apr-2015 , 08:43:29 am | Posted By CASANSAAR
Widening its net to check generation of black money, the Income Tax department has introduced significant changes in the income tax return form for AY assessment year 2015-16. Taxpayers will now have to disclose instances of foreign travel, details of theirbank&nb...
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- Income Tax Dept serves notices to salaried individuals for documentary proof to claim exemptions
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