13 December 2017
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  • Income Tax department conducts surveys at Bitcoin exchanges country-wide
    Dec 13, 2017
    The Income Tax Department today conducted survey operations at major Bitcoin exchanges across the country on suspicion of alleged tax evasion, official sources said. They said various teams of the sleuths of the department, under the command of the Bengaluru investigation wing, today visited the premises of nine such exchanges in the country including in Delhi, Bengaluru, Hyderabad, Kochi and Gurugram, since early morning. The survey, under section 133A of the Income Tax Act, is being conducted for “gathering evidence for establishing the identity of investors and traders, transaction undertaken by them, identity of counterparties, related bank accounts used, among others,” they said.
    Dec 12, 2017
    Transfer of shares of unlisted stressed companies at a price below its fair market value might soon be exempt from the tax net, according to the government’s plans. The move, if implemented, would bring down the cost of investment and benefit buyers. Fair market value is the company’s adjusted book value. The government is also deliberating on allowing carry forward of losses if over 51 per cent shares of a stressed company change hands. The tax on transfer of shares in unlisted companies was becoming an issue in insolvency cases. Under Section 56 of the Income-Tax (I-T) Act, a transfer of shares in an unlisted company at a price below the fair market value is considered income in the hands of the transferee, and is subject to tax under the head ‘other income’.
  • Taxman pressing ahead with prosecution notices
    Dec 11, 2017
    As tax officials chase to meet stiff revenue targets amid sluggish growth, there is a sudden surge in prosecution notices slapped by the income tax (I-T) department. Till now prosecution provision was invoked sparingly and primarily on wilful tax evaders. Now, prosecution proceedings are being initiated for not filing tax returns or for short or even delayed remittance of tax deducted at source (TDS) by business entities. "A list of 8,000-odd non-filers (of tax return) with a past record of earnings has been compiled (by the tax department).
  • India is said to plan electronic tax scrutiny for top 500 firms
    Dec 05, 2017
    India plans to overhaul its tax assessment and investigation process for the nation’s top 500 companies as part of Prime Minister Narendra Modi’s endeavor to improve ease of doing business and curb corruption in Asia’s third-largest economy, people with knowledge of the matter said. The measure, likely to be introduced in the federal budget in February, will eliminate the need for all human interactions in scrutiny of tax returns and replaced with an online system, the people said, asking not to be identified as the matter is private.
  • Income tax notices to 1.16 lakh for cash deposit of over Rs25 lakh post demonetisation
    Nov 29, 2017
    The Income Tax (I-T) department has slapped notices on 1.16 lakh individuals and firms who made cash deposits of more than Rs25 lakh in bank accounts post note ban but failed to file returns by the due date, CBDT chairman Sushil Chandra said. Besides, large cash deposit by people who have filed I-T returns are also under close scrutiny, he said. The tax department has combed as many as 18 lakh people who had deposited junked Rs500 and Rs1,000 currency notes of over Rs2.5 lakh each post demonetisation.
  • I-T Dept may tax unsold realty inventories to curb hoarders
    Nov 28, 2017
    The Income Tax Department may levy a fresh tax on the unsold inventories in the real estate sector from the next financial year to check hoarding, Business Standard reported. Unsold flats that have been lying with developers for more than a year may be the next target of the I-T department to stall developers’ strategy of hoarding constructed property in anticipation of price escalation in future, a senior I-T official told the paper.
  • I-T notices to 1.16 lakh for cash deposit of over Rs 25 lakh
    Nov 28, 2017
    The Income Tax Department has slapped notices on 1.16 lakh individuals and firms who made cash deposits of more than Rs 25 lakh in bank accounts post note ban but failed to file returns by the due date, CBDT Chairman Sushil Chandra said. Besides, large cash deposit by people who have filed I-T returns are also under close scrutiny, he said. The tax department has combed as many as 18 lakh people who had deposited junked 500 and 1000 rupee currency notes of over Rs 2.5 lakh each post demonetisation.
  • Corporate results under I-T dept scanner
    Nov 25, 2017
    The income-tax department is monitoring mis matches in revenue growth and advance tax payments by top 100 firms across sectors ahead of advance tax filing for the December quarter( Q 3). According to sources, the tax department has identified at least 30 firms that had claimed zero growth for Q 3, citing various macro economic factors such as uncertainties due to the G ST.
  • Govt sets up task force to review income tax laws
    Nov 23, 2017
    After overhauling indirect taxes, the government today formed a task force to draft a new direct tax law to replace the existing Income Tax Act, which has been in force since 1961.Eight years after he first helped draft a new direct tax code for India, top taxman Arbind Modi has been asked to do the task again to meet the contemporary economic needs of the country.Modi, Member, Central Board of Direct Taxes (CBDT), will steer a six-member panel on the issue, an official press statement said. Arvind Subramanian, chief economic advisor will be a permanent special invitee on the panel.The move, which is aimed to make direct taxes – income and corporate – simple, comes ahead of BJP-led government’s last full Budget.
  • IT, ITeS companies jittery over Rs 10,000 crore tax demand
    Nov 23, 2017
    The tax department has raised service tax demand of about Rs 10,000 crore from information technology and IT-enabled services companies in the country, sending a shock wave through an industry already reeling under tighter US immigration laws and increasing automation.In its notices sent to about 200 companies so far, the service tax department has told them to return export benefits claimed in the last five years (2012-2016) on software provided to clients outside India, and has additionally sought 15% service tax along with fines, according to people in the know.
  • Can’t tax Rs 1 lakh crore gains on Idea share sale by Tatas’ Mauritius arm: ITAT
    Nov 21, 2017
    The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has in its recent order dismissed the action of the lower I-T authorities to tax capital gains of around Rs 1 lakh crore in the hands of Tata Industries. This capital gain had arisen on sale of Idea CellularBSE -0.30 % shares by a Mauritius subsidiary of the Tatas to a Birla group company during the financial year 2006-07. In April 2006, Tata Industries sold its shareholding in Idea Cellular to Birla TMT Holdings and of Tata Industries, also sold its shareholding in Idea Cellular to the Birla group company.
  • Redress taxpayers' grievances on priority: CBDT to I-T department
    Nov 16, 2017
    A "concerned" Central Board of Direct Taxes (CBDT) has asked the Income Tax (I-T) department to take prompt steps and address the taxpayers' grievances,especially those related to refunds and PAN, within 30 days of their receipt. CBDT Chairman Sushil Chandra has written a letter to all the principal chief commissioners of the department in the country, underlining that the high pendency of such complaints "reflects poorly on the efforts made by the field officers". The CBDT is the policy-making body of the IT department.
  • I-T to issue notices to suspicious cash depositors
    Nov 15, 2017
    The Income-Tax (I-T) Department will soon issue notices to those who have deposited “suspicious” amounts of money in banks after demonetisation and have not responded to the taxman’s preliminary communication, the CBDT has said. Chairman Sushil Chandra said despite closing of the I-T returns filing time period, a number of entities and individuals failed to file their returns, as required under the ‘Operation Clean Money’ initiated by the government to check black money after demonetisation.
  • Insolvency code: To get its pound,CBDT to strengthen presence before Tribunals
    Nov 15, 2017
    The income tax department is strengthening its representation in corporate insolvency cases being resolved through the Insolvency and Bankruptcy Code. The Central Board of Direct Taxes (CBDT) has directed field officials to appoint Standing Counsel to the National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) to ensure that the income tax department is fully represented in such cases. It has also asked the Principal Chief Commissioners of Income Tax (PCCIT), in whose jurisdiction the NCLT Bench is situated, to obtain and regularly update records of pending income tax matters from the registry to ensure that the cases do not go unrepresented.
  • Bidders for stressed assets face income tax hurdle
    Nov 14, 2017
    The sale of stressed assets by lenders could face a serious problem if the income tax (I-T) department demands a levy on the haircut and interest foregone by them on these assets once a new owner takes over. Bidders, private equity companies, and lawyers said while the erstwhile Sick Industrial Companies Act (SICA) had exempted the I-T for sick companies, those under the Insolvency and Bankruptcy Code (IBC) were not getting any tax breaks. This could lead to a lower valuation of these assets by potential bidders. Citing an example, a bidder said if a stressed company
  • Why it pays to pay your income tax
    Nov 10, 2017
    The income tax (I-T) department has proposed monetary rewards for honest taxpayers depending on the tax paid. According to the proposal, the reward will be for taxpayers who are consistent in filing returns and have no outstanding tax liabilities. However, if a taxpayer defaults in the future, the tax department will deduct the amount from his refund with interest. The quantum of the reward will depend on the amount of tax paid and the slab a taxpayer falls under. Sources said the reward could vary between one per cent and five per cent of the total tax paid.
  • Note ban: Over 20,000 I-T returns picked for detailed probe
    Nov 07, 2017
    The Income Tax Department has picked 20,572 tax returns for "detailed scrutiny" suspecting discrepancies in incomes before and after demonetisation , official sources said today.Separately, they said, the department has identified one lakh "high risk" cases of alleged tax evasion for detailed investigation .According to the sources, 20,572 tax returns have been selected for detailed scrutiny after their profiles before and after demonetisation did not match.A scrutiny procedure in the I-T department parlance denotes submission of a volume of records and testimonials, after which the taxman or the assessing officer makes sure that the return filed is correct and the filer has not evaded any tax.
  • E-tailers' global warehouses may come under tax net
    Oct 31, 2017
    Warehouses of e-commerce companies based in countries such as Australia, Japan, Italy, Spain, the Netherlands, and Russia may not be exempted from paying the income tax in India once the multilateral instrument (MLI) to prevent base erosion and profit shifting (BEPS) comes into force. BEPS refers to the reporting framework mooted by the Organisation for Economic Co-operation and Development (OECD) and signed by over 100 countries, including India, to prevent exploiting gaps and mismatches in tax rules to shift profits by multinational companies (MNCs) artificially
  • Supreme Court ruling lets I-T department open closed cases
    Oct 31, 2017
    Many individuals and small businesses could now find the tax office raking up old wounds and chasing tax demands they believed had been long forgiven. To minimise feuds between the income-tax (I-T) department and small taxpayers, the revenue authorities had in the past decided that for tax demands below certain limits, the department would not wage legal battles to recover dues. These limits were fixed in February 2011 and were raised in December 2015. A recent Supreme Court ruling will now change this for many. The apex court has ruled that “the Central Board of Direct Taxes (CBDT) cannot issue any circular having retrospective operation.”
  • Inheritance tax may be reintroduced in India by Centre soon; How it can impact you
    Oct 09, 2017
    In a bid to shore up its coffers, the government is planning to reintroduce inheritance tax in India, which may be introduced in the coming Budget, according to media reports. It may be noted that inheritance tax, which was known in India as ‘estate duty’ and is imposed on the property passed to an heir, was abolished in India by the Rajiv Gandhi government in 1985 as it failed to reduce wealth inequality.However, some economists are now in favour of reintroducing it to boost tax revenues.
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