18 January 2018
Registered Users : 154569
Current Active Users : 95133

Opportunities

  • Comptroller And Auditor General Of India
    Chartered Accountant Firms / LLPs Who Desire to be Empanelled With the Office of the Comptroller and Auditor General of India for Appointment as Auditors of Government Companies / Corporations for the Year 2018-19.
    Last Date: Feb 15, 2018
  • Gujarat State Disaster Management Authority
    Hiring services of a firm of Chartered Accountants for maintenance of accounts and providing tax consultancy services to Gujarat State Disaster Management Authority
    Last Date: Feb 02, 2018
  • Urban Development And Housing Department
    Request for Proposal (RFP) Document for Selection of Chartered Accountant Firms for Internal Audit of 140 ULBs of Bihar.
    Last Date: Jan 30, 2018
View More »
Home News

Direct Tax Income Tax 001001

  • Unexplained deposits in focus, taxmen ordered to go all out in the next three months
    Jan 15, 2018
    The income-tax department will in all likelihood go into overdrive in the next three months with the Central Board of Direct Taxes — the apex body — alerting all senior tax officials that their performance is being "monitored at the highest level." It will also give a renewed push towards imposing and recovering tax on Rs 3 lakh crore deposit, which is suspected to be the quantum of unexplained cash parked with banks post demonetisation. "There will be searches, surveys, information verification, and follow-ups.
  • Income Tax department likely to achieve 19% growth in tax collection from Bihar, Jharkhand
    Jan 13, 2018
    The Income Tax Department of Bihar & Jharkhand region is likely to achieve a growth of 19 per cent in tax collection during the current fiscal as it has already successfully brought 3.25 lakh new assessees under its net. Out of the set target of 13,200 crore of tax collection for the fiscal 2017-18, the department has already achieved a collection of Rs 7,075 crore and efforts are on to meet the target in next two-and-half months, said Principal Chief Commissioner of Income Tax (Bihar and Jharkhand region), K C Ghumaria.
  • Long road for I-T dept in 2018
    Jan 01, 2018
    The year 2018 will be challenging for the income tax (I-T) department as it grapples to establish cases of untaxed cash deposits made during demonetisation, estimated at about Rs.3 lakh crore.The Lok Sabha elections of 2019 are expected to put more pressure on the taxman because eradicating black money is likely to be a key poll plank of the Bharatiya Janata Party (BJP).
  • Income tax department in tough spot as investors go all tech
    Dec 30, 2017
    Crypto currencies appear to be living up to their cryptic reputation. Days after the income-tax department issued about 5 lakh notices to high net-worth individuals (HNIs) who own bitcoins or any other crypto currency, investors are drafting replies that would show they have no dues to the authorities. On its part, the income tax department may also find it difficult to figure out whether wealthy investors actually hold any bitcoins, or the income earned from these instruments.
  • Mere 1.7% Indians paid income tax in AY 2015-16: Official data
    Dec 26, 2017
    Just over 2 crore Indians, or 1.7 per cent of the total population, paid income tax in the assessment year (AY) 2015-16, according to data released by the I-T department. The number of income-tax return filers increased to 4.07 crore in the assessment year 2015-16 (FY 2014-2015) from 3.65 crores in the previous year but only 2.06 crore actually paid tax as the others claimed income below taxable limits. In the previous AY 2014-15, 1.91 crores, out of 3.65 crores who filed returns, had paid income tax.
  • Income Tax department can now send communication to more addresses
    Dec 23, 2017
    The central board of Direct Taxes has amended the rules relating to service of notice, summons, requisition or order. The step widens the scope of addresses that the I-T department can use for delivering any form of communication with the taxpayers. The I-T can now use address of the assessee as available with the banks, post office, insurer or that available in government/local authority records. It can also include communication address provided under PAN database, which is meant for filing statement of financial transaction.
  • You can shift residence, fudge address but you can't avoid income tax notice anymore
    Dec 22, 2017
    Avoiding income tax notices by fudging addresses or shifting residence will now become difficult. Income tax rules have been amended that will allow the tax department to deliver notices to assessees at addresses given by them to banks, insurance companies, post offices etc in case the notice is undeliverable at the address supplied to the tax department. The government issued a notification dated December 20, 2017 amending the Income Tax Rules to ensure that all notices, summons , requisitions or any other communication issued in your name is delivered to you either via post or e-mail.
  • Whopping! 5 individuals in India have annual salary income above Rs 100 crore
    Dec 21, 2017
    Five individuals in the country reported an annual salary income above Rs 100 crore, 11 others had such income in the Rs 50-100 crore range and 58 persons earned Rs 25-50 crore from salary in FY15 (assessment year 2015-16). This was when salary income — the largest source among individual taxpayers — was shown as nil by a substantial 54% of the 4.07 crore people who filed tax returns in the year. For a comparison, none reported salary income higher than Rs 100 crore in FY12. During that year, six persons declared salary income of Rs 50-100 crore and another 23 reported to have earned Rs 25-50 crore from salaries; 60% of the 2.88 crore people who filed tax returns in that year showed nil income from salaries.
  • Full I-T e-assessment from next year; CBDT forms committee
    Dec 20, 2017
    The government is set to roll out a pan-India "faceless and nameless" e-assessment procedure for income tax payers from 2018 with the CBDT today constituting a high-level committee to prepare a quick roadmap for the implementation of this ambitious proposal. The Central Board of Direct Taxes (CBDT), the policy- making body for the Income Tax Department, notified a nine- member committee--headed by a Principal Chief Commissioner rank officer -- and has set for it a deadline of February 28, 2018, for submitting its report.
  • I-T notices to 4-5 lakh individuals trading in bitcoins across the country
    Dec 19, 2017
    Widening its probe into bitcoin investments and trade, the Income Tax (I-T) department is set to issue notices to 4 to 5 lakh high networth individuals (HNI) across the country who were trading on the exchanges of this unregulated virtual currency. The taxman had conducted surveys at nine such exchanges last week to check instances of tax evasion. The department, official sources said, found that out of the estimated 20 lakh entities registered on these exchanges, about 4 to 5 lakh were "operational" and indulging in transactions and investments.
  • Income-Tax dept conducts surveys at Bitcoin exchanges across country
    Dec 14, 2017
    The Income Tax Department today conducted survey operations at major Bitcoin exchanges across the country on suspicion of alleged tax evasion, official sources said.They said various teams of the sleuths of the department, under the command of the Bengaluru investigation wing, today visited the premises of nine such exchanges in the country including in Delhi, Bengaluru, Hyderabad, Kochi and Gurugram, since early morning.The survey, under Section 133A of the Income Tax Act, is being conducted for “gathering evidence for establishing the identity of investors and traders, transactions undertaken by them, identity of counterparties, related bank accounts used, among others,” they said.
  • Income Tax department conducts surveys at Bitcoin exchanges country-wide
    Dec 13, 2017
    The Income Tax Department today conducted survey operations at major Bitcoin exchanges across the country on suspicion of alleged tax evasion, official sources said. They said various teams of the sleuths of the department, under the command of the Bengaluru investigation wing, today visited the premises of nine such exchanges in the country including in Delhi, Bengaluru, Hyderabad, Kochi and Gurugram, since early morning. The survey, under section 133A of the Income Tax Act, is being conducted for “gathering evidence for establishing the identity of investors and traders, transaction undertaken by them, identity of counterparties, related bank accounts used, among others,” they said.
  • BUYERS IN IBC AUCTIONS TO BENEFIT
    Dec 12, 2017
    Transfer of shares of unlisted stressed companies at a price below its fair market value might soon be exempt from the tax net, according to the government’s plans. The move, if implemented, would bring down the cost of investment and benefit buyers. Fair market value is the company’s adjusted book value. The government is also deliberating on allowing carry forward of losses if over 51 per cent shares of a stressed company change hands. The tax on transfer of shares in unlisted companies was becoming an issue in insolvency cases. Under Section 56 of the Income-Tax (I-T) Act, a transfer of shares in an unlisted company at a price below the fair market value is considered income in the hands of the transferee, and is subject to tax under the head ‘other income’.
  • Taxman pressing ahead with prosecution notices
    Dec 11, 2017
    As tax officials chase to meet stiff revenue targets amid sluggish growth, there is a sudden surge in prosecution notices slapped by the income tax (I-T) department. Till now prosecution provision was invoked sparingly and primarily on wilful tax evaders. Now, prosecution proceedings are being initiated for not filing tax returns or for short or even delayed remittance of tax deducted at source (TDS) by business entities. "A list of 8,000-odd non-filers (of tax return) with a past record of earnings has been compiled (by the tax department).
  • India is said to plan electronic tax scrutiny for top 500 firms
    Dec 05, 2017
    India plans to overhaul its tax assessment and investigation process for the nation’s top 500 companies as part of Prime Minister Narendra Modi’s endeavor to improve ease of doing business and curb corruption in Asia’s third-largest economy, people with knowledge of the matter said. The measure, likely to be introduced in the federal budget in February, will eliminate the need for all human interactions in scrutiny of tax returns and replaced with an online system, the people said, asking not to be identified as the matter is private.
  • Income tax notices to 1.16 lakh for cash deposit of over Rs25 lakh post demonetisation
    Nov 29, 2017
    The Income Tax (I-T) department has slapped notices on 1.16 lakh individuals and firms who made cash deposits of more than Rs25 lakh in bank accounts post note ban but failed to file returns by the due date, CBDT chairman Sushil Chandra said. Besides, large cash deposit by people who have filed I-T returns are also under close scrutiny, he said. The tax department has combed as many as 18 lakh people who had deposited junked Rs500 and Rs1,000 currency notes of over Rs2.5 lakh each post demonetisation.
  • I-T notices to 1.16 lakh for cash deposit of over Rs 25 lakh
    Nov 28, 2017
    The Income Tax Department has slapped notices on 1.16 lakh individuals and firms who made cash deposits of more than Rs 25 lakh in bank accounts post note ban but failed to file returns by the due date, CBDT Chairman Sushil Chandra said. Besides, large cash deposit by people who have filed I-T returns are also under close scrutiny, he said. The tax department has combed as many as 18 lakh people who had deposited junked 500 and 1000 rupee currency notes of over Rs 2.5 lakh each post demonetisation.
  • I-T Dept may tax unsold realty inventories to curb hoarders
    Nov 28, 2017
    The Income Tax Department may levy a fresh tax on the unsold inventories in the real estate sector from the next financial year to check hoarding, Business Standard reported. Unsold flats that have been lying with developers for more than a year may be the next target of the I-T department to stall developers’ strategy of hoarding constructed property in anticipation of price escalation in future, a senior I-T official told the paper.
  • Corporate results under I-T dept scanner
    Nov 25, 2017
    The income-tax department is monitoring mis matches in revenue growth and advance tax payments by top 100 firms across sectors ahead of advance tax filing for the December quarter( Q 3). According to sources, the tax department has identified at least 30 firms that had claimed zero growth for Q 3, citing various macro economic factors such as uncertainties due to the G ST.
  • IT, ITeS companies jittery over Rs 10,000 crore tax demand
    Nov 23, 2017
    The tax department has raised service tax demand of about Rs 10,000 crore from information technology and IT-enabled services companies in the country, sending a shock wave through an industry already reeling under tighter US immigration laws and increasing automation.In its notices sent to about 200 companies so far, the service tax department has told them to return export benefits claimed in the last five years (2012-2016) on software provided to clients outside India, and has additionally sought 15% service tax along with fines, according to people in the know.
  • 1 2 3 4 Next Last
Login
Sign Up!  |  Forgot Password?