27 April 2017
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  • Deadline for declaring black money under PMGKY extended till May 10
    Apr 22, 2017
    The deadline for declaring the black money under the Pradhan Mantri Garib Kalyan Yojana has been extended till May 10.The extension is applicable to those who make payment of tax, surcharge and penalty by March 31.The PMGKY scheme was launched by the government on December 17, 2016, as the last chance to holders of undisclosed income.
  • CBDT removes Cyprus from NJA with retro effect from Nov 2013
    Apr 22, 2017
    The tax department today said it has removed Cyprus from the list of notified jurisdictional area with retrospective effect from November 1, 2013, thereby providing a big relief to investors and Indian companies that have raised capital from the island nation."For removal of doubts, it is hereby clarified that Notification No. 86/2013 has been rescinded with effect from the date of issue of the said notification, thereby, removing Cyprus jurisdictional area with retrospective effect from November 1, 2013," the Central Board of Direct Taxes (CBDT) said.
  • Uncertainty continues over retrospective taxation
    Apr 22, 2017
    The ghost of retrospective amendments hangs over foreign investors who had made gains from indirect transfers, with added risk of penalty as high as 300 per cent going by the recent Cairn Energy case.This is more so for all those past cases (before Arun Jaitley became Finance Minister) that were entangled in litigation around indirect transfer involving underlying Indian assets.
  • No income tax on salary deducted for not serving notice period
    Apr 21, 2017
    The Income-tax Appellate Tribunal (ITAT) which adjudicates Income-tax (I-T) disputes, has held that an amount deducted by an employer for not serving out a notice period cannot be brought to tax. In this case, two companies while settling dues had deducted salary for the notice period which the person had not served, but this deduction was not taken into account during tax assessment. However, ITAT (Ahmedabad bench) in its order dated April 18, said only salary received would be taxable, and not portions which were deducted by a company for not serving out a notice period.
  • Operation Clean Money 2.0: I-T to probe deposits of Rs 5-10 lakh now
    Apr 14, 2017
    Following a poor response to the Pradhan Mantri Garib Kalyan Yojana (PMGKY), an income declaration scheme, the Income Tax (I-T) department is set to launch another drive to catch hold of tax evaders who could have deposited large sums during the demonetisation drive.While the first phase of the so-called Operation Clean Money scrutinised cash deposits of over ~10 lakh, the second phase will examine deposits between Rs 5 lakh and Rs 10 lakh. A data analytics firm has already started the analysis of such cash deposits made during demonetisation drive. The information will soon be sent to the Central Board of Direct Taxes (CBDT), which will decide further course of action.
  • Loans, card payments above Rs 2 Lakh in cash to be shown in ITR
    Apr 10, 2017
    All cash payments of over Rs 2 lakh for paying loans and credit card bills during the 50-day period post demonetisation will have to be disclosed in the new one-page Income Tax return form. The tax department a few days back notified new Income Tax Return (ITR) forms for filing of returns for the Assessment Year 2017-18 (financial year 2016-17).Besides providing for declaring income, exemption claimed and tax paid, the forms have a new column providing for declaration for any deposit of over Rs 2 lakh in bank accounts made during November 9 and December 30, 2016 after the old 500 and 1,000 rupee notes were demonetised.
  • Mumbai zone misses income tax collection target of Rs 2.79 lakh cr in FY17
    Apr 10, 2017
    The Mumbai income tax zone, which contributes a third of the nationwide direct tax collection, has missed the revenue mop-up target for FY17 by a whisker, a department official has said. "The Mumbai zone has missed the target of Rs 2,79,000 crore for financial year 2017 by a wafer-thin margin," an official of the income tax department told PTI here. However, the official didn't give the exact amount which has been collected fromCiting the reason for missing the mark, the official said, "We have given refunds by over 30 per cent when compared to the previous year and it was one of the major reasons for marginally missing the target.
  • Tax evasion in India: Rs 1.4 lakh cr hunted down in 3 years, says CBDT
    Apr 08, 2017
    The Central Board of Direct Taxes (CBDT), the policymaking body of the income tax department, on Friday said that various law enforcing agencies have unearthed tax evasion of R1.37 lakh crore during the last three years as a result of over 23,000 searches and surveys. This led to criminal prosecution in 2,814 cases and arrest of nearly 4,000 persons. The CBDT’s performance appraisal report comes after the expiration of government’s second scheme for income disclosure called Prime Minister Garib Kalyan Yojana (PMGKY).Although the finance ministry is yet to announce the amount declared under the scheme, an analysis of tax collection numbers done by FE earlier this week showed that PMGKY may have garnered only a fraction of its predecessor scheme, under which a declaration of R55,000 crore of unaccounted money was made and close to R13,000 crore was collected as taxes and penalties in 2016-17.
  • Centre’s tax collections rise 18 per cent in FY 17
    Apr 05, 2017
    The number 100 is significant in Bollywood as well as in cricket. It is a barometer of the performance of an actor and a batsman in their respective fields. The crowd cheers when a batsman scores a century, and the producers and distributors when a movie grosses over Rs.100 crore at the box-office.But when it came to the Indian Premier League, thanks to its hold on the public, the century of the batting variety was much more likely than the one at the box-office. The grip may be loosening, though.A quick glance through the nine years beginning 2008 shows that IPL, which gave Bollywood box-office a run for its money in the first few years, is struggling to maintain its strike rate.Bollywood released more than 140 movies during the nine editions of the IPL, which is played during April and May. Of them, 15 proved semihits while another five were average grossers. Only three managed to cross Rs.100 crore at the box office even as an IPL event rolled out alongside.
  • Deposited Rs 2L or more during note ban? Get ready to mention it in new I-T return form
    Apr 01, 2017
    People who made cumulative deposits of Rs 2 lakh or more during the first 50 days of demonetisation will have to mention it in their income tax returns for 2017-18, the government said on Friday.A simpler, one-page income tax return form unveiled by the government on Friday includes a separate section for cash deposits of Rs 2 lakh and more between November 9 and December 30. The government had allowed people time till December 31 to exchange and deposit the old Rs 500 and Rs 1,000 bank notes, pulled out of circulation through a shock announcement on November 8.The government had termed the demonetisation drive a “surgical strike” on illicit cash and has since then taken several steps to crack down on people suspected to have laundered the banned 500- and 1000-rupee banknotes.
  • Aadhaar for PAN and tax return filing - Likely challenges for foreigners and Indian citizens abroad
    Mar 31, 2017
    Aadhaar is a unique identification number issued by the Indian government to every individual resident of India. It is based on demographic and biometric data of the individual and thus no duplicate number can be issued to the same individual. Proposal to make Aadhaar mandatory for PAN and tax return filing As a part of efforts to make the financial system more transparent and to curb the menace of black money, the Finance Minister has proposed changes to the Finance Bill,2017, whereby Aadhaar (Aadhaar number / Enrolment ID) would be mandatory, effective July 1 2017, for filing income tax returns and for application for PAN.
  • Government notifies simplified ITR forms; e-filing to start from tomorrow
    Mar 31, 2017
    The government today notified a simplified Income Tax Return form for individuals which will be available for filing ITR for Assessment Year 2017-18 from tomorrow. Currently, SAHAJ (ITR 1) is filed by salaried employees and ITR 2 by individuals and HUFs whose income does not include income from business. The government has done away with two forms ITR 2A (used by individuals & HUFs not having income from business or profession and capital gains and who do not hold foreign assets).
  • Filing tax returns to be less painful as government simplifies ITR forms
    Mar 29, 2017
    A crisp income tax form for salaried individuals will be introduced from April 1, doing away with some columns to simplify the filing of returns. Individuals with salary and interest income will have to fill fewer columns as some of these for claiming income deductions have been clubbed in ITR1 form called 'Sahaj'. In the form for Assessment Year 2017-18, deductions claimed under different sections of Chapter VIA have been removed and only mostly used ones have been included.
  • Filing I-T returns: Single-page form for income up to Rs 50 lakh
    Mar 27, 2017
    To encourage more individuals to file returns and widen the tax net, the government is set to introduce a single-page income tax (I-T) return form from April 1.This will be for those with annual salaried income up to Rs 50 lakh, much higher than Rs 5-lakh limit proposed in the Union Budget, Revenue Secretary Hasmukh Adhia told Business Standard. He added this would only be for those with salaried and one house rent income. There are 290 million PAN card holders (the I-T dept identification) but only 60 mn return filers.Currently, the I-T form is three pages. It was simplified two years ago, when a controversial provision for mandatory disclosure of foreign trips and dormant bank accounts was removed.
  • 6 important income tax rules for individuals which will change from April 1, 2017
    Mar 27, 2017
    With the onset of the new financial year, some tax rules for individuals are also going to change. These changes were proposed by Finance Minister Arun Jaitley in the Budget 2017, and with the passage of the Finance Bill in Lok Sabha recently, these tax proposals have now become law.Here we are taking a look at 5 important income tax rules for individuals which will change from the new financial year:Reduction in tax rate The rate of taxation for individual assesses between income of Rs 2.5 lakh and Rs 5 lakh will from the next financial year get reduced to 5% from the present 10%.
  • 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.
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