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Posted Date : 19-Nov-2020 , 09:47:44 am | Posted By CASANSAAR
The Income Tax department has issued refunds worth over Rs 1.36 lakh crore to over 40 lakh taxpayers so far this fiscal. This includes Personal income tax (PIT) refunds amounting to Rs 35,750 crore and corporate tax refunds of over Rs 1 lakh crore during this period. “CBDT issues ref...
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Posted Date : 18-Nov-2020 , 10:46:27 am | Posted By CASANSAAR
The revenue department on Monday clarified that the GST turnover details available to taxpayers on income-tax portal (Form 26AS) is aimed at providing additional information to the assessees without any extra compliance burden. Further, the details would force dishonest taxpayers to report correc...
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Posted Date : 14-Nov-2020 , 10:51:07 am | Posted By CASANSAAR
As part of the AatmaNirbhar Bharat Package 3.0 as announced by Hon’ble Finance Minister on 12th November, 2020, certain income tax relief measures were brought in for real-estate developers and home buyers. Up to 2018, section 43CA of the Income-tax Act, 1961 (‘the Act’) provide...
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Posted Date : 30-Oct-2020 , 09:47:58 am | Posted By CASANSAAR
Government has decided to extend the income tax exemption available under leave travel concession (LTC) cash voucher scheme to non-central government employees also to boost consumer spending. Non-central government employees will include employees of state governments, public sector enterprises, ba...
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Posted Date : 28-Oct-2020 , 09:15:05 am | Posted By CASANSAAR
The income tax department carried out search and seizure action on October 26 on a large network of individuals running a Rs 500-crore racket of entry operation and generation of huge cash through fake billing. The searches were carried out on Monday at 42 premises in Delhi-NCR, Haryana, Punjab, ...
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Posted Date : 28-Oct-2020 , 09:04:02 am | Posted By CASANSAAR
In order to provide further relief to the taxpayers desirous of settling disputes under Vivad se Vishwas Scheme, the Government today further extended the date for making payment without additional amount from 31st December 2020 to 31st March 2021. The last date for making declar...
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Posted Date : 23-Oct-2020 , 10:42:45 am | Posted By CASANSAAR
XML Schema for Income Tax Audit forms Form 3CA-3CD and Form 3CB-3CD has been updated yesterday night incorporating new 3CD reporting requirements applicable from 01st October 2020. You Retweeted ...
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Posted Date : 21-Oct-2020 , 10:11:36 am | Posted By CASANSAAR
Income tax surveys to collect information for scrutiny assessment will be undertaken by the tax deducted at source (TDS) directorate only after approval from principal chief commissioner or chief commissioner level officer, the Central Board of Direct Taxes (CBDT) has said. The CBDT has issued direc...
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Posted Date : 16-Oct-2020 , 09:24:40 am | Posted By CASANSAAR
The Income Tax Department has carried out a search and seizure action on 14.10.2020 in the case of a leading advocate practicing in the field of commercial arbitration and alternate dispute resolution. He was suspected to be receiving substantial amounts in cash from his clients, to settle their dis...
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Posted Date : 14-Oct-2020 , 09:28:57 am | Posted By CASANSAAR
A report has appeared in the Economic Times Markets (ETMarkets.com) which gives the impression that the LTC voucher scheme for Government employees may not be attractive. Unfortunately, the piece which it relies on has a serious factual error in its understanding of how Government LTC works. It is b...
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Posted Date : 08-Oct-2020 , 09:31:56 am | Posted By CASANSAAR
In pursuance of the exercise to meet liquidity needs of taxpayers during Covid-19 pandemic, the Income Tax Department has fast tracked its tax refund process and processed 35.93 lakh cases amounting to more than Rs 1,21,607 crore up to October 6 in FY21. The Income Tax Department has worked at br...
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Posted Date : 26-Sep-2020 , 09:52:53 am | Posted By CASANSAAR
The Income Tax Department has launched Faceless Income tax Appeals. In a statement, the Central Board of Direct Taxes (CBDT) said, under it, all income tax appeals will be finalised in a faceless manner with the exception of appeals relating to serious frauds, major tax evasion, sensitive and search...
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Posted Date : 24-Sep-2020 , 10:09:50 am | Posted By CASANSAAR
Central Board of Direct Taxes (CBDT) has issued refunds of over Rs 1 lakh crore to more than 32.07 lakh taxpayers between 1st April 2020 to 22nd September 2020. The I-T refunds of Rs 31,856 crore were issued in 30,29,681 cases and corporate tax refunds of Rs 79,517 crore have been issued in 1,76,...
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Posted Date : 20-Sep-2020 , 10:47:02 am | Posted By CASANSAAR
Lok Sabha on Saturday passed a taxation bill that seeks to provide various reliefs in terms of compliance requirements for taxpayers amid the coronavirus pandemic. The reliefs include extending deadlines for filing returns and for linking PAN and Aadhaar. The Taxation and Other Laws (Relaxation a...
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Posted Date : 17-Sep-2020 , 09:56:47 am | Posted By CASANSAAR
Income Tax Department has issued refunds of over Rs. 1,06,000 crore to more than 30 lakh taxpayers between 1st April to 15th September this year. In a tweet, Central Board of Direct Taxes (CBDT) said, Income tax refunds of Rs. 31,741 crore have been issued in over 29 lakh cases and corporat...
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Posted Date : 26-Aug-2020 , 10:31:52 am | Posted By CASANSAAR
Over 3 lakh micro, small and medium enterprises (MSMEs) have registered in nearly two months through the new registration process on the 'Udyam' portal, a top official said on Tuesday. "More than 3 lakh registrations have taken place in the months of July and August and now the speed...
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Posted Date : 26-Aug-2020 , 10:19:03 am | Posted By CASANSAAR
Government has announced a major initiative to allow the Public Sector Undertakings to first clear the goods imported by them through Customs and then pay Customs duty later, within 14 days. In a statement, Central Board of Indirect Taxes and Customs (CBIC) said, this measure is expected to result i...
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Posted Date : 17-Aug-2020 , 09:35:51 am | Posted By CASANSAAR
The Income Tax department has issued guidelines for the demarcation of roles of officers for the implementation of faceless assessment, making the National e-Assessment Centre (NeAC) as the main gateway for communication with a taxpayer. The Central Board of Direct Taxes (CBDT) has notified the N...
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Posted Date : 13-Aug-2020 , 10:49:56 am | Posted By CASANSAAR
Prime Minister Narendra Modi will launch a platform which will honour the honest taxpayers of the country. The unveiling will take place at 11 am today via video conferencing. The “Transparent Taxation - Honoring The Honest” platform will initiate major tax reforms aimed at bringing t...
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Posted Date : 06-Aug-2020 , 09:54:09 am | Posted By CASANSAAR
The Income Tax department tempered its scrutiny of tax returns in 2018-19 after a spike in the year before, the period in which returns filed for the demonetisation year of 2016-17 were processed, data released by the finance ministry showed. Data tweeted by the department late on Tuesday showed ...
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Posted Date : 25-Jul-2020 , 10:43:01 am | Posted By CASANSAAR
The Income Tax Department will share PAN and bank account details of any entity with 10 investigative and intelligence agencies, including the CBI and the NIA, under the integrated counter-terrorism platform NATGRID, according to an official order. The Central Board of Direct Taxes, which frames ...
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Posted Date : 25-Jul-2020 , 10:25:00 am | Posted By CASANSAAR
The government's endeavour has been to further simplify the Direct Tax laws and has brought in a major reform by giving option to taxpayers to opt for a new simpler tax regime, Finance Minister Nirmala Sitharaman said on Friday. In her message on the 160th Income Tax Day, the minister also la...
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Posted Date : 24-Jul-2020 , 08:25:36 am | Posted By CASANSAAR
In a major relief to Vodafone Idea Ltd (VIL), the Supreme Court dismissed a plea filed by the Income Tax Department and directed it to refund Rs. 833 Cr to the telecom company. This was the tax for the assessment year (AY) 2014-15. “We do not see any reason to interfere in the matter. The s...
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Posted Date : 20-Jul-2020 , 10:32:13 am | Posted By CASANSAAR
The Income Tax department has disposed of 7,116 cases under the first phase of faceless assessment scheme, an official source said. Since its launch on October 7, 2019 and implementation of first phase, faceless scrutiny assessment scheme has provided for assessment of income tax in electronic mo...
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Posted Date : 19-Jul-2020 , 09:09:21 am | Posted By CASANSAAR
The new Form 26AS is the faceless hand-holding of the taxpayers to e-file their income tax returns quickly and correctly. From this Assessment Year, taxpayers will see an improved Form 26AS which would carry some additional details on taxpayers’ financial transactions as specified in the State...
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Posted Date : 19-Jul-2020 , 08:43:40 am | Posted By CASANSAAR
The Income Tax Department on July 18 said it has identified certain individuals with high value transactions in 2018-19 who have either not filed returns or have discrepancies in their ITRs. The last date for filing as well as revising the Income Tax Return for Assessment Year 2019-20 (relevant t...
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Posted Date : 05-Jul-2020 , 10:57:00 am | Posted By CASANSAAR
The income tax department has made the calculation of TDS (tax deducted at source) on cash withdrawals easier for banks and other financial institutions. A tool to calculate the TDS rate under Section 194N has been enabled in the income tax department's e-filing portal. However, this tool has...
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Posted Date : 04-Jul-2020 , 09:49:50 am | Posted By CASANSAAR
Income tax department has issued Rs 62,361 crore of pending refunds to 20.44 lakh taxpayers between April 8 and June 30, the Central Board of Direct Taxes (CBDT) said Friday. "In order to help taxpayers in a Covid-19 pandemic situations, the department has issued tax refunds at a speed of 76...
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Posted Date : 29-Jun-2020 , 09:56:34 am | Posted By CASANSAAR
The government has allowed individuals under new lower tax regime to claim I-T exemption on conveyance allowance received from employers. The Central Board of Direct Taxes (CBDT) has now amended Income Tax rules to prescribe certain exemptions which can be availed by the employees. These inclu...
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Posted Date : 24-Jun-2020 , 09:42:49 pm | Posted By CASANSAAR
In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliance requirements across sectors due to the outbreak of Novel Corona Virus (COVID-19), the Government brought the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 [the Ordinance] on 3...
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Fresh Income tax news only on casansaar covering details for Income tax return,efiling, calculator,refund, income tax slab,forms,rates etc in india
