24 June 2017
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  • Income tax mop-up begins on strong footing, up 26.2% till date
    Jun 17, 2017
    Net income tax collection till June 15 grew at a healthy 26.2 per cent to Rs 1,01,024 crore from across the country as of June 15 from Rs 80,075 crore in the year ago period. Among the metros, the Mumbai zone registered the highest revenue collection growth during the period with a growth of a whopping 138 per cent at Rs 22,884 crore from Rs 9,614 crore a year ago, sources at the income tax department here told PTI today.The Mumbai zone contributes over one-third of nationwide direct tax collections.
  • Income Tax Act treats all assessees alike, not discriminatory: Supreme Court
    Jun 13, 2017
    The Supreme Court has termed as "fallacious" an argument that the new provision of the Income Tax Act making Aadhaar mandatory for filing income tax returns, is discriminatory and creates two classes. The apex court did not find anything wrong with section 139AA of the Act and said all income tax assessees "constitute one class" and are "treated alike" by this provision which was challenged. The newly incorporated section 139AA provides for mandatory quoting of Aadhaar or enrolment ID of Aadhaar application form for filing of income tax returns and making application for allotment of PAN with effect from July 1 this year.
  • How 15,080 profitable Indian companies paid no tax in 2015-16
    Jun 13, 2017
    Tax incentives allowed 15,080 profit-making Indian companies to have effective tax rates of zero, and in some cases less than zero, in 2015-16, according to an IndiaSpend analysis of the latest available national tax data or more specifically a government analysis called the Revenue Impact of Tax Incentives under the Central Tax System. The central government introduced a minimum alternate tax (MAT) in the late 1980s to tackle this anomaly, but even MAT has exemptions that appear to have negated its original intent partially: 52,911 companies made profits in 2014-15 and paid no tax, IndiaSpend reported in March 2016.
  • One nation, one tax department: I-T takes cue from GST
    Jun 07, 2017
    The one-nation, one-tax principle that underlines the goods and services tax (GST), set to be rolled out on July 1, could be adopted in a much more broader sense by the income tax department through a path-breaking initiative on jurisdiction-free assessment.This would mean that a taxpayer in Mumbai could be assessed by an income tax officer located in Patna, a significant leap toward eradicating corruption by reducing the need for face-to-face contact between citizens and tax officials to the absolute minimum besides speeding up processing.
  • Income Tax department warns against cash dealings of Rs 2 lakh, seeks tip-off
    Jun 03, 2017
    Income Tax department today warned people against indulging in cash transaction of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty. It also advised people having knowledge of such dealings to tip-off the tax department by sending an email to ' blackmoneyinfo@incometax.gov.in '. The government has banned cash transactions of Rs 2 lakh or more from April 1, 2017, through the Finance Act 2017.
  • Official data for PMGKY: Unaccounted funds at just Rs 5000 crore
    Jun 02, 2017
    Making an official announcement of the declarations under the Pradhan Mantri Garib Kalyan Yojana (PMGKY) for the first time since the scheme ended in March, the government said the response to the tax compliance scheme “has not been so good”, with only Rs 5,000 crore unaccounted income being declared under the scheme.“The response (to the PMGKY) has not been so good … it is about Rs 5,000 crore of income which was declared in PMGKY.
  • CBDT issues clarification on furnishing statement of financial transactions
    May 26, 2017
    The Central Board of Direct Taxes (CBDT) on Friday issued a clarification on furnishing statements of financial transactions. It said that Section 285BA of the Income Tax Act, 1961, requires furnishing of a statement of financial transaction (SFT) for transactions prescribed under Rule 114E of the Income-tax Rules, 1962. The due date for filing such SFT in Form 61A is May 31.In case there are reportable transactions for the year, the reporting person/entity is required to register with the Income Tax Department and generate Income Tax Department Reporting Entity Identification Number (ITDREIN).
  • Get ready to file your ITR: Deadline for employers to provide Form 16 is May 31
    May 24, 2017
    The time has come for your employer to inform you about the taxes deducted in the previous year i.e. for the financial year 2016-17. Each month, the employer would have deducted tax at source (TDS) on your salary income and deposited the same to the government. The income tax Act mandates everyone who deducts TDS to issue a certificate to the individual. Under section 203 of the Income-tax Act, 1961, the employer is mandated to issue Form 16 to the employees showing the total TDS on income.
  • Cos must disclose securities deals above Rs 10L by May 31:Govt
    May 16, 2017
    The government has asked all companies to disclose shares and bond transactions involving Rs 10 lakh or more in a financial year to Income Tax department by May 31.Besides, a listed company purchasing its own securities for a specified amount from investors will have to furnish the information to the tax department, Corporate Affairs Ministry said in a notice.A company issuing shares, bonds or debentures aggregating to Rs 10 lakh or more in a financial year to any person will have to make the disclosure online regarding such transactions to the Income-Tax department on or before May 31, 2017."Buy back of shares from any person (other than shares bought in the open market) for an amount or value aggregating to Rs 10 lakh or more in a financial year," will also come under this disclosure.Further, the government is in the process of cancelling the registration of more than two lakh companies that have not been carrying out business for a considerable period of time, amid stepped up efforts to tackle the black money menace.
  • I-T scanner on end-beneficiary details of P-notes
    May 15, 2017
    The international taxation arm of the income tax (I-T) department has sought details of end-beneficiary subscribers of participatory notes (P-notes) from some leading offshore derivative instrument (ODI) issuers in the country.According to a senior official, the I-T department suspects that these instruments are being used to legalise unaccounted money.The issue came up when taxmen found certain discrepancies in the disclosures made by ODI issuers. Nearly half a dozen P-note issuers could come under scrutiny.“Details mentioned in the Know Your Customer (KYC) disclosures were not tallying with the tax authority’s database. We need more information from the issuers to ascertain if any law has been violated. We will get the data in the next few weeks,” the official said.
  • IT dept launches online facility to correct errors in PAN and Aadhaar
    May 15, 2017
    The income tax department has launched an online facility to correct errors in names and other details in permanent account number (PAN) and Aadhaar document. Alongside the facility to link biometric identifier Aadhaar with PAN, the department has also put two separate hyperlinks on its e-filing website — one to update changes in existing PAN data or for application of new PAN by an Indian or a foreign citizen.The second hyperlink is for individuals who want to update Aadhaar details by logging into ‘Aadhaar Self Service Update Portal’ using the unique identity number. The individual can then upload scanned documents as proof for data update request.
  • Aadhaar not required for PAN link, filing ITR
    May 13, 2017
    The income tax department on Friday exempted a few classes of assessees from the requirement of compulsorily quoting the Aadhaar number while applying for a Permanent Account Number (PAN) or while filing tax returns. The relief is available to non-residents, those who are not citizens of India, those who are 80 years of age and over and to the people living in Assam, Jammu & Kashmir and Meghalaya, a notification said.Aadhaar is the 12-digit number issued by the Unique Identification Authority of India (UIDAI), while PAN is the ten-digit alphanumeric number issued by the income tax department.
  • High-value transactions by doctors, lawyers under income tax lens
    May 13, 2017
    Senior tax officials are reaching out to chartered accountants and CFOs to drive home the point that by May 31 business establishments, various financial institutions and professionals, including doctors, lawyers and architects, will have to report a slew of high-value transactions such as cash deposit, credit card payments, share sale, property deals, debentures and mutual fund units among others. Salaried individuals are not required to file the newly introduced statement of financial transactions (SFT).
  • Income Tax Appellate Tribunal to prioritise pending tax cases of salaried, senior citizens
    May 13, 2017
    The Income-Tax Appellate Tribunal (ITAT) may soon give priority to hearings where the cases pertain to salaried taxpayers, senior citizens or non residents, provided these individuals do not have any income from business or profession. Appeals filed by or against individuals over 80 years, will also be given a priority in all cases, irrespective of their nature of income. Few other categories of taxpayers are also eligible for an 'out-of-turn' hearing.
  • Income Tax department activates all ITRs for e-filing
    May 05, 2017
    The Income Tax department on Thursday activated the e-filing facility for all categories of Income Tax Returns (ITRs) for the assessment year 2017-18. The new ITRs have been made available for filing on the e-portal of the department — http://incometaxindiaefiling. gov.in.“All ITRs are now available for e-filing on the website of the department,” a senior I-T officer said. A taxpayer should keep ready a copy of last year’s ITR, bank statements, Tax Deducted at Source (TDS) and savings certificates, Form-60 and other relevant documents on interest paid ready before attempting the e-filing, the officer added.The e-verification of ITRs can be done through the Aadhaar number which will allow them to complete all the formalities with a click on the computer and the ITR-V (acknowledgment) will not have to be sent by post to the Central Processing Centre (CPC) in Bengaluru.
  • 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.
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