27 March 2017
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    Appointment Of Chartered Accountant Firms For Assignment Of Internal Audit Of Shops And Offices. Empanelment Of Manpower. Empanelment Of Nationalized /scheduled Banks For Providing Cash Management Services. Fire (and Allied Perilis, Terrorism, Stfi And Earthquake), Burglary Of Stock, Money In Safe And Fidelity Guarantee Insurance For Csmc Retail Vending Shops.
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    Selection of Auditors- Request for Proposal (RFP) Hiring Services of Chartered Accountant Firm for Concurrent Audit of 27 Districts Health Societies fDHSs) for the Financial Year 2017-18 under National Health Mission (NHM).
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    Selection of Auditors- Request for Proposal (RFP) Hiring Services of Chartered Accountant Firm for Concurrent Audit of Slate Health Society (SHS) for the Financial Year 2017-18 under National Health Mission (NHM).
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Direct Tax Income Tax 001001

  • 137% tax if you don't come clean on hidden cash by March 31, IT department warns evaders
    Mar 24, 2017
    The Income Tax department today warned black money holders that it has "information" about their illegal deposits and they should avail the soon-to-end PMGKY window to come clean. In advertisements issued in leading national dailies, the department said that the "countdown" in this regard has begun and stash holders should declare their black money "or regret later". The window under the Pradhan Mantri Garib Kalyan Yojna (PMGKY) closes on March 31. The advertisement said that the "Income Tax department has information about your deposits."
  • Gifts to trusts for benefit of kin exempted from tax
    Mar 23, 2017
    Gifts to trusts in the form of money or property for the benefit of relatives will not be taxed. The finance bill, approved by the Lok Sabha on Wednesday, has amended the original proposal that had expanded the scope of gifts to include money or property received for no consideration by trusts. Gifts received from trusts registered under section 12A of the Income Tax Act will also be excluded. Besides, trusts receiving dividend income will be exempt from the additional 10% tax on dividend income exceeding Rs 10 lakh. The move benefits those looking at succession planning.
  • Income Tax relief on money in single parent’s account may lead to tax evasion: Law panel
    Mar 21, 2017
    The income tax exemption on the money deposited in a single parent’s account as maintenance for a minor child in a divorce settlement case could open flood gates of tax evasion, the Law Commission warned today. In a recommendation submitted to the Punjab and Haryana High Court and the Law Ministry, the law panel has recommended against granting such an exemption in its report ‘Prospects of exempting income arising out of maintenance money of minor’. “The Commission is of the view that income earned by way of interest on the amount of maintenance deposited in favour of the child does not require to be exempted from being clubbed with the income of the parent/guardian; as such exemption, if granted, would open flood gates of tax evasion…,” it said. The Commission said the exemption would also defeat the very object of inserting the provisions of section 64(1A) in the Income Tax law, which had been brought to plug-in the loopholes to prevent the avoidance of tax, causing substantial loss or leakage of revenue. The issue was referred to it by the Punjab and Haryana High Court.
  • Income Tax department makes public list of defaulters owing Rs 448 crore
    Mar 18, 2017
    The Income Tax department today released a list of 29 entities owing Rs 448.02 crore in taxes as part of its strategy to name and shame large defaulters. In advertisements issued in leading national dailies, the department brought out the list of defaulters of income tax and corporate tax even as it advised them to pay their "tax arrears immediately".The department has carried out this exercise earlier too and had named at least 67 such entities which have huge tax liabilities on them but have either gone non-traceable or have shown no assets for recovery.
  • Advance tax mop-up rises only 6% in Q4
    Mar 17, 2017
    India’s top 100 companies paid six per cent more advance tax in the March quarter than they did a quarter ago. Of these, 43 companies contributed Rs 29,239 crore, according to the income tax (I-T) data, which is a reflection of corporate India’s financial health. The advance tax paid by the same 43 companies in the December quarter was Rs 27,584 crore. The March 2017 figures are around eight per cent higher than those of March 2016. “Advance tax collections from the top companies were discouraging.
  • Note-Ban Bites Income Tax Department, Q4 Advance Tax Mop-Up Falls 10%
    Mar 16, 2017
    It seems that the note ban has badly hit advance tax collection from the megapolis that contributes one-third of the total corporate tax collection with the income tax department today saying mop-up fell 10 per cent on a year-on-year basis for the fourth quarter.The department had collected Rs. 1.01 trillion in advance taxes from the city in the March quarter of last fiscal."Overall advance tax collection from the Mumbai zone fell by 10 per cent over the same period last year," an income tax official said while refusing to share details. The official also refused to quantify the number and also refused to link the overall fall in mop-up to the demonetisation shock.
  • I-T target hits record tax refund hurdle
    Mar 04, 2017
    Record tax refunds by the income tax (I-T) department so far this financial year (2016-17) to companies and individuals has adversely impacted the direct tax collection figures. With the year ending this month, the collection figures indicate that the finance ministry is unlikely to meet its ambitious collection target, according to two I-T department officials. According to tax department data, total direct tax collection at the end of February was Rs 6.13 lakh crore, or 72.4 per cent of the full year’s target of Rs 8.47 lakh crore.
  • 100% I-T sop to end for some NGO donations
    Mar 04, 2017
    Donations made to hundreds of projects carried out by NGOs across the country will no longer be eligible for a 100% income tax (I-T) deduction in the hands of the donor from April 1. While tax savings are not the main purpose, if donations are made in March towards eligible projects, then donors comprising salaried employees could reap an I-T benefit. At present, donations made for specific projects run by NGOs that have been certified under section 35AC entitle the donor to a 100% I-T deduction under section 80GGA in respect of the donated amount.
  • Modi gets tough on benami transactions: Violators may get may get 7 years rigorous imprisonment
    Mar 03, 2017
    The tax department today warned that those who undertake Benami transactions would invite Rigorous Imprisonment (RI) of up to 7 years and such violators would also stand to be charged under the normal I-T Act.In advertisements issued in leading national dailies today, the Income Tax department stated: “Do not enter into benami transactions” as the Benami Property Transactions Act, 1988, is “now in action” from November 1, 2016.“Black money is a crime against humanity. We urge every conscientious citizen to help the government in eradicating it,” it said.
  • Income tax returns: No tax on Rs 20 lakh gratuity for private employees
    Mar 01, 2017
    The government has amended the Payment of Gratuities Act where private sector employees will now be able to withdraw up to R20 lakh in tax-free gratuity. Till now the tax-free limit was R10 lakh. For government employees, however, the limit is R20 lakh.i. This move has brought private sector employees on a par with the central government employees.ii. The 7th Pay Commission allows the central government employees to withdraw tax-free gratuity up to R20 lakh.iii. All companies and establishments employing 10 or more workers come under the Gratuity Act.iv. An employee who has completed five years of continuous service in an organisation is eligible for gratuity.
  • Expect a visit from taxman if you've ignored I-T dept's email
    Feb 21, 2017
    Income Tax officials could soon be at your doorstep if you have deposited a huge amount during the note-swapping exercise last year, and have not yet explained the source of the cash. "We have tried to keep the exercise non-intrusive. But if people have not come forward, then some kind of verification is needed especially in cases that involve deposits of large sums," a senior income-tax department official told ET.
  • Fresh transfer pricing trouble for MNCs
    Feb 20, 2017
    A new provision for secondary adjustment in transfer pricing, announced in the Union Budget for 2017-18, is likely to affect the cash flow of multinational corporations (MNCs) and the dividend distribution tax paid by their Indian subsidiaries. The provision has also sparked worry on Minimum Alternate Tax (MAT) and service tax payable by the subsidiaries, as well as retrospective implementation from 2013-14.
  • Note ban deposits: No reply to I-T query could invite a notice from the dept
    Feb 18, 2017
    The I-T department is "verifying" over Rs 4.5 lakh crore of suspicious deposits made by 18 lakh people post note ban and will send 'non-statutory' letters to those who have not responded to its SMS and e-mail queries seeking explanation. Big Data analysis by the tax department has revealed that deposits of over Rs 2 lakh totalling Rs 10 lakh crore were made in about 1 crore bank accounts in the 50-day window after the demonetisation decision that cancelled 86 per cent of currency in circulation.
  • I-T Lens on Art Bought by Cos
    Feb 14, 2017
    A recent tweak in tax rules may worry art buyers. From the next financial year, expensive paintings, antique jewellery, vintage cars, real estate or any other art bought by companies will face I-T scrutiny and tax will be demanded if real price or fair value has not been paid on that, reports Sachin Dave.
  • Operation Clean: 527,000 taxpayers explain cash deposits after note ban
    Feb 14, 2017
    The income tax department has received responses from more than 5,27,000 taxpayers by February 12 about the source of their money deposited in old currencies during November 8 and December 30, 2016. The Department had identified 1.8 million taxpayers in its Operation Clean through data mining and asked them to submit responses about the source of their deposits.While the department on Monday claimed that it has got an overwhelming response on 7,41,000 accounts, it also extended the deadline for submission of responses to February 15 from February 10.
  • I-T refunds rise by a whopping 41.5%, government issues 1.62 cr refunds worth Rs 1.42 lakh cr
    Feb 14, 2017
    The income tax department has issued refunds to the tune of Rs 1.42 lakh crore so far this fiscal till February 10, 41.5 per cent higher than last year’s. The Centralised Processing Centre (CPC) of the tax department has already processed over 4.19 crore income tax returns (ITRs) and issued over 1.62 crore refunds during the current financial year up to February 10, 2017.“The amount of refunds issued at Rs 1.42 lakh crore is 41.5 per cent higher than the corresponding period last year,” an official statement said. As much as 92 per cent of the refunds issued are below Rs 50,000 due to the high priority given to expeditious issue of refunds to small taxpayers.
  • I-T may relax norms for search operations if compliance improves
    Feb 07, 2017
    The income tax department could relax laws dealing with search and survey if tax compliance improved in future, the chairman of Central Board of Direct Taxes (CBDT) Sushil Chandra, said on Monday. While not specifying the compliance threshold that could trigger the easing of Section 132 (search) and Section 133 A (survey) of the Income Tax Act, Chandra said that time had come for citizens to be aware of their tax liabilities.Speaking at a post-Budget event, Chandra said that no question would be asked from those who have deposited cash of up to Rs 2.5 lakh during the demonetisation period.
  • Delay in filing Income Tax returns will now attract fine upto Rs 10,000
    Feb 07, 2017
    The Budget has proposed imposing a fine for not filing income tax returns within the due date. For income below R5 lakh, filing returns after July will attract a fine of R1,000, while for income above R5 lakh it will be R5,000, if it is filed after the due date but on or before December 31 of the assessment year. It has also proposed a fee of R10,000 in any other case.Since it is a fee, it has to be paid while filing tax returns along with any tax on any income and interest.
  • Govt to issue exemption list on new tax for unlisted firms
    Feb 06, 2017
    Government will come out with an "exhaustive list" of transactions on which the "anti-abuse" provision of levying long-term capital gains tax on share transfer in unlisted companies will not be applicable.Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra said the provision was introduced in Budget 2017-18 to plug bogus long-term capital gains being availed by investment in penny stocks and put an end to "sham transactions".
  • All I-T returns must be filed by March-end of assessment year
    Feb 03, 2017
    With a view to expedite tax assessments, the revenue department proposes to make it mandatory for tax payers to file I-T returns as well as revised returns by March end of the assessment year (AY). The department, in the memorandum to Finance Bill 2017, has also proposed a fee for delayed filing of income tax returns. In case of people whose total income does not exceed Rs 5 lakh, Rs 1,000 fee would be charged.If the income exceeds Rs 5 lakh, a fee of Rs 5,000 shall be payable, if the return is filed after July but on or before December 31 of the Assessment Year (AY). A fee of Rs 10,000 shall be payable if ITR is filed after December.
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