24 August 2017
Registered Users : 154058
Current Active Users : 94615


  • Nehru Yuva Kendra Sangathan
    Expression of Interest for Chartered Accountants for Drawing a Panel of Internal Auditors for Next 03 Years starting from Financial Year 2016-17.
    Last Date: Sep 07, 2017
  • Southern Railway
    Internal Audit Training For Integrated Management Systemims.
    Last Date: Sep 06, 2017
  • Hindustan Insecticides Limited
    Engagement Of Internal Auditor.
    Last Date: Sep 05, 2017
View More »
Home News

Direct Tax Income Tax 001001

  • Income tax scrutiny to remain limited despite ITR filings surge
    Aug 21, 2017
    The income tax department will maintain the number of income tax returns (ITRs) chosen for scrutiny at the current level of less than 1% of all returns, in spite of a surge in individual tax filings to keep the process non-intrusive and taxpayer-friendly.Gentle persuasion through text messages, emails and advertisements will remain the department’s main ways of interacting with taxpayers, while enforcement action will be reserved for cases where specific tip-offs regarding large-scale evasions have been received. Out of the 52.8 million income-tax returns filed for the 2015-16 fiscal year, only about 300,000 cases, or around 0.6%, were scrutinized, a person privy to the deliberations within the tax department said on condition of anonymity.“Even when the number of our assessees grow, scrutiny will be limited to this level—250,000-400,000 cases. It will always be less than 1% of returns received. We are absolutely non-intrusive to almost everyone. Even in most of the cases scrutinized, we do not hold searches or surveys,” the person cited above said, adding that the income-tax department vests its faith in taxpayers.
  • Filing a revised tax return is quite easy
    Aug 18, 2017
    If you are one of the last-minute filers of income-tax returns, it is quite possible that mistakes have crept in some computation or other. For instance, you might have incurred capital losses but haven't offset it against capital gains or there could be some additional income, such as bank interest income which you have forgotten to show. In such cases, despite the final deadline of August 5 being over, you have the option to file a revised return. After you have filed your return, the Central Processing Centre (CPC) in Bengaluru carries out electronic
  • I-T plans to pursue property-holders who have never filed income tax returns
    Aug 18, 2017
    Income tax authorities plan to pursue those who have properties in their name but haven’t ever filed income tax returns on the suspicion that these may be benami holdings on behalf of people looking to conceal their wealth. The exercise is part of the government’s crackdown on black money. The findings have emerged from the analysis of vast amounts of data that the government has collected. “We have a lot of data from various sources including on investments in property by people who have never filed returns,” said an income tax official. This information will be verified to ascertain the source of income used for the purchase of the properties and to see if these are being held by benami owners.
  • Income Tax Return Filings Grow 25%, Says Government
    Aug 08, 2017
    The number of Income Tax Returns (ITRs) filed for 2016-17 year grew by 25 per cent to 2.82 crore, as increased number of individuals filed their tax returns post demonetisation, the tax department said today. The growth in ITRs filed by individuals is 25.3 per cent with over 2.79 crore returns having been received up to August 5 as against over 2.22 crore returns filed in the corresponding period last fiscal."As a result of demonetisation and Operation Clean Money, there is a substantial increase in the number of Income Tax Returns (ITRs) filed," an official statement said. The total number of returns filed as on August 5 stands at over 2.82 crore as against over 2.26 crore filed during the corresponding period of 2016-17. This was an increase of 24.7 per cent compared to growth rate of 9.9 per cent in the previous year.
  • Zero tax certification for foreign remittances under I-T lens
    Aug 08, 2017
    The international arm of the income tax (I-T) department is examining the tax deduction at source (TDS) certification issued by chartered accountants (CAs) in case of remitting money abroad. According to a senior tax official, the I-T department suspects that entities have colluded with CAs to obtain “zero” TDS certificates and hence, remitted taxable income abroad without paying taxes. “We have sought an explanation from CAs in certain cases and asked them to file replies. The queries are based on the criteria upon which they had issued TDS
  • What if you miss the Income Tax Return deadline on August 5: Here’s what to do
    Aug 05, 2017
    While the government has extended the last date for filing income tax returns to August 5 because of some technical glitches, if an assessee still misses the deadline, it does not mean that he cannot file his tax returns for the assessment year 2017-18. However, if an assessee misses the deadline he will not be allowed to file a revised return. He cannot carry forward losses when filing the tax returns late. Also, in addition to paying any unpaid tax, the assessee will have to pay interest on any tax that had not been paid. Delayed filing also means delayed refunds.
  • Income tax returns filing, PAN-Aadhaar linking deadlines extended to 5 Aug, 31 Aug on deluge of complaints
    Aug 01, 2017
    In a last minute decision, the government on Monday extended the deadline for filing Income Tax Returns (ITRs) and linking Aadhaar with the Permanent Account Number (PAN) of taxpayers. While ITRs can now be filed by August 5, the Aadhaar-PAN linking can be done till 31 August.The government had made mandatory the linking of the two databases for filing ITRs from 1 July, this year.The Central Board of Direct Taxes (CBDT) issued a statement saying the dates have been extended on receipt of complaints from "some taxpayers" that they were unable to log on to the e-filing website of the Income Tax department.There were also complaints that the assessees were unable to link Aadhaar with PAN because their names were mentioned differently in the database relating to the two documents, the CBDT, the policy making body of the IT department, said.
  • You have a few more days to file I-T returns; deadline extended to Aug 5
    Jul 31, 2017
    The Income-tax department on Monday extended the deadline for filing of I-T returns for the assessment year 2016-17 to August 5. The earlier deadline of July 31 was ending today.The reason for this extension in deadline is understood to be technical snag developed by the online tax-filing platform, incometaxindiaefiling.gov.in, due to the last-minute rush by tax filers. The government portal had been facing glitches for the past three days, even as the introduction of GST since July 1 kept chartered accountants busy, further aggravating the problems faced by tax filers.In a post on microblogging site Twitter, the Income-Tax department said the step had been taken in view of the difficulties faced by taxpayers.
  • Special counters to file tax returns
    Jul 29, 2017
    A total of 54 special counters will be set up at Palace Grounds to help salaried persons and pensioners file their income tax returns between July 29 and 31, which is the last date to file returns. According to a release, since the assessees with total income exceeding Rs.5 lakh are required to file their returns electronically, e-filing intermediaries and Tax Return Preparers (TRPs) will be available. In addition, ATMs and Bank Extension Counters will be set up to help instantaneous payment of taxes.Other counters include PAN service (NSDL) counters, Medical Support Unit, food courts and Help Desks; volunteers to guide taxpayers, and even a Centralized Processing Centre (CPC) to receive acknowledgement of the e-returns filed.
  • India Inc vendors under I-T lens, firms asked to give payment details
    Jul 21, 2017
    The income-tax (I-T) department has asked large corporate entities, including multinational firms, to furnish details of employees off the payroll to check whether they are filing tax returns after deduction at source, or TDS.According to I-T officials, many lawyers, chartered accountants, consultants, and designers — not on the payroll of companies — have not filed I-T returns (ITR), fearing they would have to disclose their full income.
  • Aadhaar, PAN linking: Filing Income tax returns turns difficult
    Jul 21, 2017
    From an Indian tax legislation perspective, July 1, 2017 should be a historic date as the revolutionary and the most-debated GST finally came into force. It’s on the same day that another most debated tax provision also came in to effect. Effective July 1, 2017, quoting Aadhaar (Aadhaar number / enrolment ID) has become mandatory for income tax return filing and for applying for Permanent Account Number (PAN).
  • Tax departments keep a close watch on prices post GST rollout
    Jul 19, 2017
    Tax departments across the country are keeping a close watch on prices following the July 1 rollout of the goods and services tax (GST). Makers of consumer goods and handsets, as well as some restaurant chains, have all got calls from local tax authorities seeking details of invoices before and after GST as part of the exercise. In order to study prices under the GST, you are requested to send selling price of your top commodity... in the relevant format,” read a notic sent to a company by local tax authorities in Tamil Nadu.
  • I-T dept seeks data of property deals worth Rs 1 crore or more
    Jul 19, 2017
    The income tax (I-T) department has asked all sub-registrars and tehsildars under its jurisdiction in Mumbai to send it details of property deals worth Rs 1 crore or more in the past 10 years. This is aimed at nabbing those who stash unaccounted money in benami property. The letters from the I-T department, seeking information of property registrations between April 2007 and June 2017, were issued under Section 21(1) of the Prohibition of Benami Property Transactions Act, 1988.
  • I-T asks tax practitioners to register entities separately
    Jul 18, 2017
    Barely a fortnight after GST was implemented, some taxpayers have reported that GST portal is mixing up their data with others, a "mishap" for which the I-T department blamed tax practitioners for registering multiple entities simultaneously. The Mumbai division of CBEC in a circular said some cases have been brought to its notice wherein "taxpayers are complaining that when they are logging into their account using their login credentials, they are diverted to some other's account on GST portal and the data of another taxpayer is displayed in that account".
  • Income tax filing: Claim benefit on interest payment on second house loan of up to Rs 2 lakh
    Jul 17, 2017
    For a second house, will I get tax benefit on the interest I am paying for the bank loan?– Sagar Guntupalli Tax benefit on repayment of interest on housing loan can be claimed on second house which would be treated as let-out or deemed to be let-out. However, from 2017-18, the maximum loss under the head “Income for House property” which can be set off against other head of income cannot exceed Rs 2,00,000. Till 2016-17, loss arising from a let out property could be set off against other head of income without any limit.How should I link my Hindu Undivided Family (HUF) PAN to Aadhaar of karta?
  • Find out potential taxpayers; focus on smaller cities: CBDT to taxmen
    Jul 14, 2017
    With almost 91 lakh new taxpayers brought in the tax net last fiscal, the CBDT has asked the Income Tax Department to increasingly identify those who can pay tax but are not doing so, with a special focus on smaller cities. Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra has written a letter to his regional I-T heads across the country asking them to “maximise” efforts for widening of the tax base during the current financial year of 2017-18.
  • NRIs’ foreign bank accounts under income tax lens
    Jul 14, 2017
    For decades, many Indians have escaped tax and legitimised their money stashed abroad by staying 182 days out of the country every year and declaring themselves as ‘non-resident’. The status of a non-resident Indian, or NRI, allowed them to claim such funds lying in offshore bank accounts as lawful income earned abroad. From now on, this won’t be easy.A few days ago, income-tax authorities have added a new provision in the tax return form (ITR2) which will require all non-residents to disclose details of their bank accounts outside India.
  • 5.5 lakh under I-T lens for deposits after note ban
    Jul 14, 2017
    Over 5.5 lakh people who deposited cash during the demonetisation drive are set to get a call from the income tax department while another one lakh people are on the radar of tax officials for not disclosing all their bank accounts. In the second phase of ‘Operation Clean Money”, the tax department is asking these people to explain deposit inconsistent with their income profile. “Fresh set of data of suspicious transactions has come to us…
  • Relax! Penalty for filing income tax return after due date is only applicable from FY 2017-18
    Jul 13, 2017
    The government has introduced a maximum fee amount of Rs. 10,000 for delayed filing of income tax return by individuals in the last budget presented in February this year. However, you need not worry just yet. This fee is applicable with effect from April 1, 2018 and will not apply for returns filed for FY2016-17 for which the deadline is July 31, 2017. A new section 234F has been inserted by the government in the Income Tax Act. As per this section, an individual would have to pay a fee of up to Rs 10,000 for filing income tax return after the due dates specified in section 139(1) of the Act.
  • I-T fast-tracks disposal of high value litigations
    Jul 12, 2017
    With Rs 7.3 lakh crore locked in litigations, the tax department has set December 31 as the deadline for deciding all appeals involving demands of Rs 50 crore and above, according to its new action plan.As on April 1, there were 1,390 appeals involving demands of Rs 50 crore and above, aggregating to Rs 4.26 lakh crore. The tax department wants these demands, about 70 per cent of the amount locked in litigations, to be settled by the year end.The Central Action Plan 2017-18 of the Central Board of Direct Taxes (CBDT) has linked performance evaluation of taxmen with the disposal of appeals against tax demands."To meet the core objectives of budget collection, reduction in outstanding demand and litigation management, a two-pronged strategy shall be adopted with proportionate focus on optimising disposal in terms of numbers and on maximising disposal of appeals involving high quantum of demand," it said.
  • 1 2 3 4 Next Last
Sign Up!  |  Forgot Password?