19 April 2018
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  • I-T Dept warning to salaried taxpayers: 5 common inaccuracies every taxpayer should take care of NOW
    Apr 19, 2018
    Are you a salaried person, but one of those who usually conceal a part of their income from the Income Tax Department in a bid to save tax? Then you have more reason to worry. For, the I-T Department has just warned the salaried class against using illegal means while filing their income tax returns (ITRs). Such violators will not only be prosecuted, but their employers will also be now asked to take action against them, it has said. According to a PTI report, the Central Processing Centre (CPC) of the I-T Dept in Bengaluru, which processes ITRs, has advised the salaried class not to fall prey to unscrupulous intermediaries, who help them in preparing false claims in a bid to get income tax benefits.
  • ITR-1 Form For FY18-19 Activated For E-Filing: Income Tax Department
    Apr 18, 2018
    The latest ITR-1 form, largely used by the salaried class of taxpayers, has been activated on the official e-filing portal of the Income Tax Department, a senior official said today. The single Income Tax Return form, notified by the CBDT on April 5, has been put on its website, https://www.incometaxindiaefiling.gov.in, yesterday. “Other ITRs wil be available shortly,” the official said. The new ITR forms for the assessment year 2018-19 mandate the salaried class assessees to provide their salary breakup, and businessmen their GST number and turnover. The Central Board of Direct Taxes, that frames policy for the tax department, had said some fields have been “rationalised” in the latest forms and that there is no change in the manner of filing the ITRs as compared to the last year.
  • I-T officers restive over collection process
    Apr 11, 2018
    A silent revolt is brewing among tax officers against the process followed to achieve the direct tax collection target for FY18. According to sources, I-T officials are not happy with the directives and procedures set to meet the revised revenue target of Rs 10.05 trillion. Indian revenue officers took up the matter at a recent meeting held last week. Sources said they were considering issuing a resolution, besides seeking intervention of the Central Board of Direct Taxes (CBDT) and the finance ministry to address their concerns.
  • Start-up investors must disclose deal valuations in tax returns
    Apr 10, 2018
    Promoters and investors in unicorns or new-age start-ups can no longer expect to make a tidy pile from any exits without forking out due sums to the taxman. To ensure that promoters and investors accurately report the capital gains from the sale of unlisted shares, the Income-Tax Department has introduced new disclosure norms in the latest edition of I-T return forms. The new forms — applicable for FY18 — require taxpayers (individuals) to provide the fair market value, or FMV (in the prescribed manner), of unlisted shares and also disclose the full value of consideration received/receivable in respect of unquoted shares sold by them during the year.
  • Income Tax rules changed: In PAN card form, transgenders to be recognised as independent gender category
    Apr 10, 2018
    The government has amended Income Tax rules that will now allow transgenders to be recognised as an independent category of applicants for obtaining a Permanent Account Number (PAN) for their tax-related transactions. The Central Board of Direct Taxes (CBDT), which frames policy for the department, issued a notification yesterday that provides a new tick box for the transgenders to apply for the PAN. The notification, issued under sections 139A and 295 of the Income Tax Act, specifies the new application process for obtaining a PAN number by an individual.
  • ITR forms for this fiscal to seek more info – What businesses and salaried people should know
    Apr 07, 2018
    Income tax returns for the current fiscal are designed to extract more information, especially from businesses, as they are required to report their business transactions besides income. Additionally, individual salaried taxpayers would now have to furnish their salary break-up in the ITR-1 form. The new forms were notified by the Central Board of Direct Taxes, the policy-making body of the income tax (I-T) department, on Thursday. The last date for filing I-T returns for FY18 is July 31, 2018.
  • New ITR forms seek salary structure details, income from property
    Apr 06, 2018
    New income tax return forms (ITR forms) notified on Thursday seek more details from individual taxpayers about their salary structure and income from property while making it mandatory for small businesses to report their goods and services tax identification number (GSTIN) and turnover reported under GST. The forms give non-resident Indians (NRIs) some relief. They can now provide details of their foreign bank accounts to claim credit or refunds. Earlier, they could only provide details of bank accounts held in India.
  • Migrating HNIs a ‘substantial’ tax risk, says CBDT
    Apr 06, 2018
    After a recent global survey, quoted by Morgan Stanley’s Ruchir Sharma at an event here, said as many as 23,000 high net worth individuals (HNIs) have left India since 2014 including 7,000 in 2017 alone (the highest numbers for any country), the government has commenced a process to evaluate the “substantial task risk” such migrations pose and formulate a policy response. According to an office order issued by the Central Board of Direct Taxes (CBDT) on Tuesday, “for examining the taxation aspects of such (HNIs), a (five-member) Working Group has been constituted”.
  • With 99.49 lakh new tax filers, income tax returns surge 26% in 2017-18
    Apr 03, 2018
    The number of new income-tax filers increased nearly a crore in 2017-18, taking the total income tax returns filed to 6.84 crore, up 26% from 5.43 crore in the previous year. The higher filings allowed the government to meet the direct tax collections target for the financial year and almost reach the slightly higher revised numbers for the year.“The increase in total returns filed and new returns filed during FY 2017-18 is a result of sustained efforts made by the Income Tax Department in following up with potential non-filers through email, SMS, statutory notices, outreach programmes, etc.
  • Finish issuing all DeMO notices by May: CBDT to I-T dept
    Apr 03, 2018
    The CBDT has directed the Income Tax Department to finish in two months the exercise of issuing notices, as part of the 'Operation Clean Money', to those who deposited huge funds post demonetisation.Officials said the policy-making body of the department wants to fasten the process of raising tax demands on those who either concealed or generated black money in the wake of the notes ban of November 8, 2016.
  • LTCG tax, other Budget proposals to kick in from April 1
    Mar 31, 2018
    Several budget proposals including the reintroduction of tax on long term capital gains (LTCG) exceeding Rs 1 lakh from sale of shares will kick in from April 1, the beginning of 2018-19 financial year. Besides, other tax proposals like reduced corporate tax of 25 per cent on businesses on turnover of up to Rs 250 crore and a standard deduction of Rs 40,000 in lieu of transport allowance and medical reimbursement will come into effect from Sunday. While the exemption limit on income from interest for senior citizens has been raised five times to Rs 50,000 per year, the limit of deduction for health insurance premium and medical expenditure has been raised to Rs 50,000 from Rs 30,000 under section 80D of the I-T Act.
  • STT collections surge in buoyant market; govt rakes in Rs 111 bn in 2017-18
    Mar 30, 2018
    Buoyancy in the stock markets has helped the government collect a record amount from the securities transaction tax (STT) in 2017-18. According to an official with the income tax (I-T) department, the STT collection for the fiscal year stood at Rs 111.23 billion, an increase of 24 per cent over 2016-17. The amount is also 43 per cent higher than the Revised Estimates of Rs 77.7 billion. Introduced in 2004, the STT is levied on all stock market transactions. The tax is in the range of 0.017 per cent and 0.125 per cent of the transaction amount.
  • LTCG tax, other Budget proposals to kick in from Sunday
    Mar 30, 2018
    Several budget proposals including the reintroduction of tax on long term capital gains(LTCG) exceeding Rs 1 lakh from sale of shares will kick in from April 1, the beginning of 2018-19 financial year. Besides, other tax proposals like reduced corporate tax of 25 per cent on businesses on turnover of up to Rs 250 crore and a standard deduction of Rs 40,000 in lieu of transport allowance and medical reimbursement will come into effect from Sunday.
  • Income Tax offices, Ayakar Seva Kendras to remain open from March 29-31
    Mar 28, 2018
    Income Tax (I-T) offices and Ayakar Seva Kendras (ASKs) will remain open during holidays from March 29- 31 to facilitate taxpayers in filing returns before the end of the financial year 2017-18. The last date for filing belated returns for Assessment Years 2016-17 and 2017-18 and revised returns for Assessment Year 2016-17 is March 31, 2018. "To facilitate filing of Income Tax returns and completion of associated work, all income tax offices throughout India shall remain open from March 29-31, 2018, " a finance ministry statement said.
  • Good news for those filing belated returns by March 31; IT offices, ASK centres to remain open till month-end
    Mar 27, 2018
    Are you an income tax payer, and worried about filing your belated or revised income tax return in view of the impending holidays? Relax! Here’s good news for you. The Income Tax Offices will remain open on all these days. It is true that a 4 to 5-day long holiday is round the corner and most government offices as well as banks will remain closed on most of these days, starting from the 29th March. However, the financial year 2017-18 is going to end soon and the tax filing deadline (for belated and revised returns) of March 31 is only a few days away. If the income tax offices also remain closed on these days, then that will be result into huge inconvenience for income tax payers.
  • Income Tax Return Filing Deadline: Waiver On LTCG Tax To End On 31 March.
    Mar 12, 2018
    In the Budget 2018, Union Finance Minister Arun Jaitley had introduced long term capital gains (LTCG) on sale of equity and mutual funds, which will be taxed from April 1 onwards. One must remember that any capital gains arising out of sale of shares in this financial year (2017-18), which means prior to March 31 this year, will not attract any long term capital gains tax. Tax liability on long term capital gains (LTCG) at the rate of 10% will be charged only when the shares or mutual funds are sold after April 1, 2018.
  • Income tax department sends notices to investors over tax treaty gains
    Mar 01, 2018
    The income tax department has sent notices to about 100 Indian investors, family funds and family trusts to ascertain whether tax treaty benefits accrued by them in the past were genuine. The tax notices issued in February have asked investors to submit details of the treaty benefits. Investors fear that this could be a precursor to the next step when the taxman may start demanding taxes in some cases.
  • CBDT notifies new communication scheme
    Feb 28, 2018
    The Central Board of Direct Taxes (CBDT) has notified a new centralised communication scheme for serving e-notices to income tax-payers as part of the government's ambitious plan to usher in a countrywide paperless system of interface between the taxman and the assessee. The scheme stipulates that an internet-based independent centralised communication centre (CCC) will be established in the Income Tax department that will "issue notice" to any person (under section 133C of the Income Tax Act), who is required to furnish information or documents, for the purpose of verification, to the taxman.
  • Consumption survey: ‘Income might rise, but spends could fall’
    Feb 26, 2018
    Urban consumers appear to have turned a shade optimistic as they look at the year ahead and compare it with today’s situation. The Reserve Bank of India’s (RBI) future expectations index rose to 122.6 in December from 114.7 in November. However, although they see income going up, they believe spending — both on essential and non-essentials — will fall.Meanwhile, the pick-up in rural nominal wages has started to moderate and farm distress hasn’t eased meaningfully. However, farm incomes could get a boost from the government’s plans to compensate farmers for any shortfall in crop prices and also its rural infrastructure push next year.
  • Deadline for filing revised or belated income tax return for past two assessment years is March 31
    Feb 23, 2018
    Forget the Ides of March. The date you actually need to focus on is March 31, because that is the last day to file revised and belated income tax returns (ITR) for assessment years (AY) 2016-17 and 2017-18, with interest, if any, for late filing. This is not to be confused with the deadline for filing taxes for the current financial year, which is on or before July 31. Last year this deadline was extended till August, but the gesture may not be repeated.
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