21 January 2017
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  • Banks to report deposits of Rs 10 lakh to I-T dept, depositors will have to disclose source
    Jan 20, 2017
    Stepping up the heat on tax dodgers, the Income Tax department has asked banks to report deposits in any account aggregating Rs 10 lakh in a year, as well as cash payments of Rs 1 lakh or more for clearing credit card dues.The Central Board of Direct Taxes (CBDT), has in a notification dated January 17, listed cash transactions which need to be reported to the tax authorities and set up an e-platform for receiving the information.Finance MInister Arun Jaitley is reported to have directed the IT Department to intensify operations against tax evaders.
  • No TDS or advance tax credit for disclosure under PMGKY: Govt
    Jan 19, 2017
    The Central Board of Direct Taxes (CBDT) on Wednesday clarified that no credit will be allowed against advance tax paid or the tax deducted at source (TDS) or tax collected at source (TCS) in respect of the income declared under Pradhan Mantri Garib Kalyan Yojna (PMGKY). This is in contrast to the earlier Income Declaration Scheme (IDS) under which these credits were allowed.About R65,250 crore was declared under IDS during the June-September period and 45% of this amount is expected to be collected by the government as taxes.
  • Note-ban sop: Govt may raise I-T exemption limit for individuals
    Dec 26, 2016
    In a move to assuage the common man for the demonetisation hardship he has put up with, the Centre is considering increasing the income tax threshold in the coming fiscal.“An increase in the personal income tax threshold by at least a few thousand rupees and further easing of compliance measures for individual taxpayers are on the cards. This will add a feel good factor to the Budget,” said a person privy to the development.The Finance Ministry is understood to be looking at raising the income tax threshold by Rs20,000 to Rs50,000. However, the proposal has to be balanced by available revenue space and a final decision is likely to be taken closer to the Budget date.
  • CBDT clarifies Rule114E of Income Tax Rules, says transactions of over Rs 2 lakh require to be reported
    Dec 23, 2016
    Issuing clarification regarding reporting of cash transactions under Rule 114 E of Income-tax Rules, 1962, the Central Board of Direct Tax (CBDT), today, notified that any businesses and traders receiving cash worth more than Rs 2 lakh in any single transaction for the sale of goods and services will have to send reports of it to the authorities. The clarification on the reporting guidelines came into action from April, 2016, amid doubts about reporting of cash transactions that aggregate to Rs 2 lakh.
  • Less tax for small traders on digital transactions: Government
    Dec 20, 2016
    In a bid to promote less cash economy, the government today said small traders and businesses with a turnover of up to Rs 2 crore will pay less tax if they accept payments through banking and digital means. Under the existing Section 44AD of the Income-Tax Act, 1961, in case of certain assesses (an individual, HUF or a partnership firm other than LLP) carrying on any business having a turnover of Rs 2 crore or less, the profit is deemed to be 8 per cent of the total turnover for taxation.
  • Transfer pricing may come back to haunt investors from cyprus
    Dec 20, 2016
    The government on Monday afternoon clarified that according to the amended Cyprus treaty, investors need to pay only 10% tax with retrospective effect from November 1, 2013, instead of the 30% tax they have already paid. While bringing in clarity on this matter, a lacunae as far as transfer pricing still remains. The genesis of the problem lies in 2013. The government had, on November 1, 2013, blacklisted Cyprus as an investment destination through a notification. So, investments made through Cyprus attracted 30% tax (TDS) instead of 10% tax under the original India-Cyprus treaty.
  • IDS-II window to close on March 31
    Dec 17, 2016
    Reaching out to whistleblowers to curb the black money menace, the government on Friday unveiled an e-mail address to allow people to send information about tax evaders. The government also notified the disclosure scheme, Pradhan Mantri Garib Kalyan Yojana (PMGKY), a three-and-a-half-month window opening on Saturday (till March 31, 2017), to declare income by paying 50 per cent tax and lock in a quarter of the deposits for four years.
  • Rs 6,700 crore comes in as first instalment of tax under IDS
    Dec 16, 2016
    The Modi government's much publicised Income Disclosure Scheme (IDS), a four-month window to declare domestic black money, that closed on September 30 has received a little over Rs 6,700 crore as the first instalment of tax that was to be deposited by November 30. The tax windfall of Rs 30,000 crore expected by September next year as a result of the disclosures is likely to fall short.
  • Altering your Income Tax returns post demonetisation may land you in jail
    Dec 14, 2016
    In a stern warning to assessees trying to misuse the provision of revising I-T returns, CBDT today said those “drastically” altering the forms to revise income will face scrutiny and penal action.It said that post demonetisation announced on November 8, some taxpayers may misuse this provision to revise the return filed by them for the earlier assessment year for manipulating income with an intention to show the current year’s undisclosed earnings in the earlier filing.
  • CBDT to organise drive to sensitise taxpayer of e-initiatives
    Dec 12, 2016
    The Income Tax Department is mulling a major educational drive to update professionals, taxpayers and representatives of trade bodies about the initiatives being taken by it with regard to online grievance redressal and e-filing of returns. The drive is aimed at updating stakeholders who have not been able to keep pace with the changes initiated by the department in the recent past, according to a communication sent to Chief Commissioners of about four dozen I-T zones across the country.
  • I-T department seizes Rs 106.52 cr and 127 kg gold from Chennai
    Dec 10, 2016
    Income Tax department on Friday said that it has seized Rs 106.52 crore cash and 127 kg Gold in the case of Sand mining Contractors at Chennai.Last two days, the Department has been raiding premises belongs to industrialist Shekhar Reddy and his associate Srinivasa Reddy.The Investigation Directorate of Income Tax Department at Chennai conducted searches on December 2016 in Eight premises (six residential & two offices). The group has sand mining licence for the entire state of Tamil Nadu.
  • Bengal Picture: A Windfall First, I-T Sleuths Next
    Dec 09, 2016
    Even a month after PM Narendra Modi sought to demonetise Rs 500 and Rs 1,000 notes, the country seems to be in turmoil with parties crying hoarse about the trouble of common man. However,demonetisation seems to havecomeasawindfallforsomein West Bengal.AninvestigationbytheITdepartment has revealed that dormant Jan Dhan accounts are now flush with funds. Bengal now has second-highest deposits in the poor man’s accounts. Of 17 cases probed by the IT department for unexplained cash deposits in Jan Dhan accounts, two depositors have surrendered. The rest would now be tried under the Benami Transaction Act.
  • I-T raid at eight locations in Chennai; Rs 90 cr, 100 kgs gold seized
    Dec 09, 2016
    The Income Tax Department on Thursday raided premises belonging to three businessmen in Chennai 's T Nagar area and seized Rs 90 crore and 100 kgs gold. According to reports, the I-T Department officials questioned businessmen Shekar Reddy, Srinivasa Reddy and Prem, who were allegedly involved in a money exchange racket. The seized currency includes newly introduced Rs 2,000 crore denomination notes.
  • Demonetisation: Income disclosure schemes 20 years apart yield roughly the same
    Dec 07, 2016
    Union Finance Minister Arun Jaitley’s Income Declaration Scheme (IDS) 2016 will collect a little over Rs 30,000 crore in taxes, whereas former finance minister P Chidambaram’s Voluntary Disclosure of Income Scheme (VDIS) in 1997-98 garnered around Rs 10,000 crore in taxes. Adjusted for inflation, the earlier scheme would have collected Rs 25,000 crore, according to Soumya Kanti Ghosh, chief economist, State Bank of India.
  • Taxman Finds Rs 1.64 Crore Undisclosed Income In Jan Dhan Accounts
    Dec 03, 2016
    The Income Tax department has detected undisclosed monies of Rs 1.64 crore and other "inconsistencies" in its countrywide investigations into the sudden popping up of suspicious amounts in Jan Dhan accounts.The department has detected the suspicious activity in these accounts in banks in Kolkata, Midnapore, Ara (Bihar), Kochi and Varanasi even as officials said some other accounts in over half-a-dozen cities are under the scanner of the taxman The Central Board of Direct Taxes (CBDT), policy-making body for the I-T department, said, "Rs 40 lakh has been seized from one such account in Bihar."
  • Amendments to I-T laws: No tax on ancestral jewellery, purchase from disclosed income
    Dec 01, 2016
    Amendments to the I-T laws do not seek to tax inherited gold and jewellery as also those items that are purchased through disclosed or agriculture income, the government said today. The Lok Sabha earlier this week passed the Taxation Laws (Second Amendment) Bill, which proposes a steep up to 85 per cent tax and penalty on undisclosed wealth that is discovered by tax authorities during search and seizure.
  • Come clean, pay 50%; caught hiding, lose 85%
    Nov 29, 2016
    Three weeks into the dramatic demonetisation move, the Narendra Modi government is pulling out yet more big guns in the battle against black money. On Monday, Finance Minister Arun Jaitley introduced a Taxation Laws (Second Amendment) Bill in Lok Sabha, which proposes a new voluntary disclosure and investment scheme, named Pradhan Mantri Garib Kalyan Yojana (PMGKY) 2016. It offers black money hoarders yet another opportunity to come clean, albeit at a higher tax cost than the recently concluded Income Disclosure Scheme (IDS).
  • I-T department asks IDS declarants to pay tax by November 30
    Nov 28, 2016
    With the last date for payment of tax instalment under IDS drawing close, the Income Tax Department today warned declarants that non-payment of first instalment by November 30 will make declarations invalid. The Income Disclosure Scheme (IDS), which was open from June to September, provided a one-time opportunity to domestic blackmoney holders to disclose wealth and come clean by paying 45 per cent tax and penalty.
  • Demonetisation: Government eyes deterrent 50% to 90% tax on deposits
    Nov 26, 2016
    The tax liability on those depositing — in scrapped banknotes — amounts higher than they can explain with their sources of income could be lower than what “concealed income” suffers currently under the Income Tax Act, but still be high enough to be a deterrent. The caveat is that the depositor will need to voluntarily disclose the unaccounted wealth to the taxman. If the unaccounted cash held is sought to be hidden and not shown in the income tax return for the current financial year, the tax burden will be as high as 90%, penalty included.
  • Unaccounted bank deposits to attract 60% income tax
    Nov 25, 2016
    The Union Cabinet late on Thursday cleared a proposal to amend the Income Tax (I-T) Act to levy close to 60% deduction on unaccounted deposits in banks above a threshold, said sources. The decision was purportedly prompted by a surge in deposits — about ~20,000 crore, according to some reports — in Jan Dhan accounts since November 8, when the central government announced the demonetisation of Rs 500 and Rs 1,000 currency notes.
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