22 February 2017
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Direct Tax Income Tax 001001

  • Expect a visit from taxman if you've ignored I-T dept's email
    Feb 21, 2017
    Income Tax officials could soon be at your doorstep if you have deposited a huge amount during the note-swapping exercise last year, and have not yet explained the source of the cash. "We have tried to keep the exercise non-intrusive. But if people have not come forward, then some kind of verification is needed especially in cases that involve deposits of large sums," a senior income-tax department official told ET.
  • Fresh transfer pricing trouble for MNCs
    Feb 20, 2017
    A new provision for secondary adjustment in transfer pricing, announced in the Union Budget for 2017-18, is likely to affect the cash flow of multinational corporations (MNCs) and the dividend distribution tax paid by their Indian subsidiaries. The provision has also sparked worry on Minimum Alternate Tax (MAT) and service tax payable by the subsidiaries, as well as retrospective implementation from 2013-14.
  • Note ban deposits: No reply to I-T query could invite a notice from the dept
    Feb 18, 2017
    The I-T department is "verifying" over Rs 4.5 lakh crore of suspicious deposits made by 18 lakh people post note ban and will send 'non-statutory' letters to those who have not responded to its SMS and e-mail queries seeking explanation. Big Data analysis by the tax department has revealed that deposits of over Rs 2 lakh totalling Rs 10 lakh crore were made in about 1 crore bank accounts in the 50-day window after the demonetisation decision that cancelled 86 per cent of currency in circulation.
  • I-T Lens on Art Bought by Cos
    Feb 14, 2017
    A recent tweak in tax rules may worry art buyers. From the next financial year, expensive paintings, antique jewellery, vintage cars, real estate or any other art bought by companies will face I-T scrutiny and tax will be demanded if real price or fair value has not been paid on that, reports Sachin Dave.
  • Operation Clean: 527,000 taxpayers explain cash deposits after note ban
    Feb 14, 2017
    The income tax department has received responses from more than 5,27,000 taxpayers by February 12 about the source of their money deposited in old currencies during November 8 and December 30, 2016. The Department had identified 1.8 million taxpayers in its Operation Clean through data mining and asked them to submit responses about the source of their deposits.While the department on Monday claimed that it has got an overwhelming response on 7,41,000 accounts, it also extended the deadline for submission of responses to February 15 from February 10.
  • I-T refunds rise by a whopping 41.5%, government issues 1.62 cr refunds worth Rs 1.42 lakh cr
    Feb 14, 2017
    The income tax department has issued refunds to the tune of Rs 1.42 lakh crore so far this fiscal till February 10, 41.5 per cent higher than last year’s. The Centralised Processing Centre (CPC) of the tax department has already processed over 4.19 crore income tax returns (ITRs) and issued over 1.62 crore refunds during the current financial year up to February 10, 2017.“The amount of refunds issued at Rs 1.42 lakh crore is 41.5 per cent higher than the corresponding period last year,” an official statement said. As much as 92 per cent of the refunds issued are below Rs 50,000 due to the high priority given to expeditious issue of refunds to small taxpayers.
  • I-T may relax norms for search operations if compliance improves
    Feb 07, 2017
    The income tax department could relax laws dealing with search and survey if tax compliance improved in future, the chairman of Central Board of Direct Taxes (CBDT) Sushil Chandra, said on Monday. While not specifying the compliance threshold that could trigger the easing of Section 132 (search) and Section 133 A (survey) of the Income Tax Act, Chandra said that time had come for citizens to be aware of their tax liabilities.Speaking at a post-Budget event, Chandra said that no question would be asked from those who have deposited cash of up to Rs 2.5 lakh during the demonetisation period.
  • Delay in filing Income Tax returns will now attract fine upto Rs 10,000
    Feb 07, 2017
    The Budget has proposed imposing a fine for not filing income tax returns within the due date. For income below R5 lakh, filing returns after July will attract a fine of R1,000, while for income above R5 lakh it will be R5,000, if it is filed after the due date but on or before December 31 of the assessment year. It has also proposed a fee of R10,000 in any other case.Since it is a fee, it has to be paid while filing tax returns along with any tax on any income and interest.
  • Govt to issue exemption list on new tax for unlisted firms
    Feb 06, 2017
    Government will come out with an "exhaustive list" of transactions on which the "anti-abuse" provision of levying long-term capital gains tax on share transfer in unlisted companies will not be applicable.Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra said the provision was introduced in Budget 2017-18 to plug bogus long-term capital gains being availed by investment in penny stocks and put an end to "sham transactions".
  • All I-T returns must be filed by March-end of assessment year
    Feb 03, 2017
    With a view to expedite tax assessments, the revenue department proposes to make it mandatory for tax payers to file I-T returns as well as revised returns by March end of the assessment year (AY). The department, in the memorandum to Finance Bill 2017, has also proposed a fee for delayed filing of income tax returns. In case of people whose total income does not exceed Rs 5 lakh, Rs 1,000 fee would be charged.If the income exceeds Rs 5 lakh, a fee of Rs 5,000 shall be payable, if the return is filed after July but on or before December 31 of the Assessment Year (AY). A fee of Rs 10,000 shall be payable if ITR is filed after December.
  • Tax rates slashed for small taxpayers
    Feb 02, 2017
    The Budget has rewarded honest taxpayers with lower tax rates and tax rebates. The tax rate for those earning up to Rs 5 lakh has been reduced from 10% to 5%, a move that will affect nearly two crore taxpayers. However, the tax rebate enjoyed by this segment of taxpayers under Section 87 has been reduced from Rs 5,000 to Rs 2,500 and will apply only to incomes up to Rs 3.5 lakh.
  • Win Some, Lose Some for Property Owners
    Feb 02, 2017
    It’s a mixed bag for homeowners. While there is relief on capital gains taxation, some benefits claimed by those with second homes have been taken away.The holding period for property to be considered for long-term gain has beenbroughtdownfromthreetotwo years. This means the tax liability will come down from marginal rates to 20% (with indexation) for anyone who wants to sell land or a building after two years of holding. “This will encourage investment into real estate,” says A. Balasubrahmanian, CEO, Birla Sunlife MF.
  • Benami Act comes into play: I-T issues 87 notices; attaches assets worth crores
    Jan 31, 2017
    Initiating a stringent action against black money holders post notes ban, the Income Tax department on Monday said it has issued 87 notices and attached bank deposits worth crores in 42 cases nationwide under the newly enforced Benami Transactions Act which attracts a heavy penalty and rigorous jail term of a maximum 7 years.Post the demonetisation order of the government on November 8 last year, the department had carried out public advertisements and had warned people against depositing their unaccounted old currency in someone else’s bank account saying such an act would attract criminal charges under the Benami Property Transactions Act, 1988, applicable on both movable and immovable property, that has been enforced from November 1, 2016.
  • 5,000 suspicious accounts and cash deposits of Rs 1 crore or more under I-T scrutiny
    Jan 28, 2017
    After demonetisation, here comes the black money crackdown. A Mumbai-based jeweller who deposited Rs 100 crore in his bank account in December was summoned by the income-tax department recently. He was asked to submit income-tax permanent account number (PAN) details of all who bought gold or jewellery from him since November 8, when demonetisation was announced.A New Delhi-based real estate developer who put Rs 25 crore into his account on December 30 has got a formal query from the income-tax department.
  • Govt analyses cash deposits in last 10 days of demonetisation
    Jan 23, 2017
    Expanding scrutiny of suspicious transactions post demonetisation, the government has begun analysing deposits in new accounts and loan repayments as well as transfers to e-wallets and advance remittance for imports during the last 10 days of deadline to turn in junked notes.After analysing cash deposits made in bank and post office accounts during the 50-day window provided to get rid of the junked 500 and 1,000 rupee notes, authorities are now examining term deposit and loan accounts that were opened after November 8 demonetisation decision.
  • Investors worried: Gaar may spoil tax treaty benefit for FPIs
    Jan 21, 2017
    Key benefits given to Foreign Portfolio Investors (FPIs) under amended tax treaties with Singapore, Cyprus and Mauritius may be negated by the implementation of General Anti-Avoidance Rules (Gaar). Domestic anti-avoidance law will prevail over treaty benefits in the event of a dispute under the Singapore and Mauritius treaties.
  • 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.
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