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News - (Get Professional Updates on Whatsapp, Msg on 8285393786) Category : Income Tax

Income Tax department sends Notices over Donations to Charitable Trusts
Posted Date : 21-Apr-2023 , 12:14:08 pm | Posted By CASANSAAR

The income tax department in India has issued notices to around 8,000 taxpayers on account of them making large donations to charitable trusts, which are believed to be attempts to evade paying tax.  Tax officials say that these individuals and entities have made donations not commensurate w...

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Category : Income Tax | Comments : 0 | Hits : 5417

Mere Delay in TDS remittance shall not attract penalty u/s 271C - SC
Posted Date : 13-Apr-2023 , 08:02:13 am | Posted By CASANSAAR

The Supreme Court (SC) on Monday held that the delay in remitting tax deducted at source (TDS) by assessees is not liable for penalty. It stated the revenue department should adopt a literal interpretation of the penal provision. While allowing the assessee to appeal against the Kerala High Court...

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Category : Income Tax | Comments : 0 | Hits : 1407

CBDT notifies Cost inflation index (CII) for FY 2023-24 / AY 2024-25
Posted Date : 12-Apr-2023 , 06:20:15 am | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) has notified the cost inflation index (CII) number for the current financial year 2023-24.  As per the notification dated April 10, 2023, the CII number for the current fiscal is 348. This CII number will be used to calculate the capital gains accrued...

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Category : Income Tax | Comments : 0 | Hits : 425

RBI announces a Central Portal to Check Unclaimed Money from Inoperative Bank Accounts
Posted Date : 07-Apr-2023 , 06:48:49 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) Governor Shaktikanta Das, who surprised everyone by holding interest rates, on April 6 also announced a centralised web portal for the public to search unclaimed deposits. "At present, the depositors and beneficiaries of unclaimed bank deposits of 10 years or ...

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Category : Income Tax | Comments : 0 | Hits : 1491

Net direct tax collections grow to Rs 16.61 lakh Cr., exceeds estimates by 17.6%
Posted Date : 04-Apr-2023 , 08:45:30 am | Posted By CASANSAAR

The provisional figures of Direct Tax collections for the Financial Year (FY) 2022-23 show that Net collections are at Rs. 16.61 lakh crore, compared to Rs. 14.12 lakh crore in the preceding Financial Year i.e. FY 2021-22, representing an increase of 17.63%. The Budget&...

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Category : Income Tax | Comments : 0 | Hits : 424

IBBI publishes syllabus for Limited Insolvency Examination w.e.f 1st July 2023
Posted Date : 01-Apr-2023 , 07:45:00 am | Posted By CASANSAAR

IBBI conducts the Limited Insolvency Examination (LIE) in pursuance to regulation 3 of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016, for prospective Insolvency Professionals. The said Regulations inter-alia empower IBBI to determine the syllabus, of LIE w...

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Category : Income Tax | Comments : 0 | Hits : 740

Govt extends last date for linking PAN and Aadhaar cards to June 30
Posted Date : 28-Mar-2023 , 09:59:13 pm | Posted By CASANSAAR

The last date for linking PAN and Aadhaar has been extended to 30th June this year to provide some more time to the taxpayers. In a statement, Central Board of Direct Taxes, CBDT said, from 1st July, the PAN of taxpayers who have failed to intimate their Aadhaar will become inoperative. The CBDT sai...

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Category : Income Tax | Comments : 0 | Hits : 381

68,000 Cases Flagged for Mismatch In 2019-20 Income Tax Returns
Posted Date : 13-Mar-2023 , 10:25:21 pm | Posted By CASANSAAR

As many as 68,000 cases have been picked up for e-verification by the income tax department for underreporting of income in tax returns for 2019-20 fiscal, CBDT chief Nitin Gupta said on Monday. Under the e-verification scheme, the I-T department informs the taxpayers about mismatch in Annual Inf...

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Category : Income Tax | Comments : 0 | Hits : 1205

Income Tax Deptt puts income tax calculator live on income tax dept portal
Posted Date : 21-Feb-2023 , 08:12:32 am | Posted By CASANSAAR

  Income tax department on Monday released a 'tax calculator' which will help an assessee decide if the new income tax regime announced in the Budget is good for him/her or if the old one is better. The tax calculator is live on the income tax department's portal. "...

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Category : Income Tax | Comments : 0 | Hits : 543

Over 40,000 GST returns for 2018-19 under scrutiny
Posted Date : 23-Jul-2022 , 02:35:09 pm | Posted By CASANSAAR

To curb fraudulent availment of input tax credit (ITC) and tax evasion, the Central Board of Indirect Taxes (CBIC) will soon identify about 40,000 goods and services tax (GST) returns for 2018-19, based on the risk parameters, for scrutiny.   This would be the second such batch of GST ret...

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Category : Income Tax | Comments : 0 | Hits : 772

Govt aims to move bank privatisation bill in Monsoon session
Posted Date : 12-Jul-2022 , 09:21:32 am | Posted By CASANSAAR

The legislation for privatisation of select-public sector banks, which is considered to be in the offing for past few months, could be introduced in the upcoming Monsoon Session of the Parliament, sources told CNBC TV18 on July 11.   Both the houses of Parl...

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Category : Income Tax | Comments : 0 | Hits : 1103

CBDT issues fresh guidance on cross-border disputes for taxpayers
Posted Date : 14-Jun-2022 , 08:15:20 am | Posted By CASANSAAR

Authorities will allow the country’s taxpayers to access the mutual agreement procedure (MAP) for cross-border disputes.   This is even if they had settled the case under the direct tax dispute resolution scheme — Vivad se Vishwas — withou...

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Category : Income Tax | Comments : 0 | Hits : 494

RBI approves appointment of R Subramaniakumar as MD and CEO of RBL Bank
Posted Date : 12-Jun-2022 , 08:32:55 am | Posted By CASANSAAR

RBL Bank on Saturday said the Reserve Bank of India (RBI) has approved the appointment of R Subramaniakumar as Managing Director and CEO of the Bank for three years tenure.   Subramaniakumar's tenure will begin from the date of his taking charge, under ...

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Category : Income Tax | Comments : 0 | Hits : 519

Infosys directed to fix glitches on income tax e-filing portal
Posted Date : 08-Jun-2022 , 07:18:10 am | Posted By CASANSAAR

The income tax department on Tuesday directed vendor Infosys to address fresh technical glitches on the tax department’s e-filing portal.   “Issue relating to the search functionality of the e-filing website has come to our notice. The income ta...

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Category : Income Tax | Comments : 0 | Hits : 485

RBI cancels registration of 5 NBFCs due to irregular lending practices
Posted Date : 26-May-2022 , 08:47:21 am | Posted By CASANSAAR

In exercise of the powers conferred under Section 45-IA (6) (iv) of the Reserve Bank of India Act, 1934, the Reserve Bank has cancelled the Certificate of Registration (CoR) issued to the following five Non-Banking Financial Companies (NBFCs): Sr. N...

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Category : Income Tax | Comments : 0 | Hits : 798

CBI raids 40 locations linked to NGOs and MHA officials over alleged FCRA violation
Posted Date : 11-May-2022 , 11:17:21 am | Posted By CASANSAAR

Central Bureau of Investigation conducted raids at 40 locations linked to NGO representatives, their middlemen, and home ministry officials for allegedly facilitating violation of foreign funding rules. Raids were conducted at multiple locations in Delhi, Chennai, Hyderabad, Coimbatore, Mysore, and ...

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Category : Income Tax | Comments : 0 | Hits : 1634

ED arrests CA linked to IAS officer in money laundering case
Posted Date : 08-May-2022 , 09:13:08 am | Posted By CASANSAAR

The ED on Saturday arrested a chartered accountant under the anti-money laundering law in a case linked to alleged embezzlement of MGNREGA funds in Jharkhand's Khunti district as part of which state mining secretary and IAS officer Pooja Singhal and others were raided, officials said.  ...

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Category : Income Tax | Comments : 0 | Hits : 702

90,000 reassessment notices issued by the income tax department stay valid - SC
Posted Date : 05-May-2022 , 07:57:35 am | Posted By CASANSAAR

Nearly 90,000 reassessment notices that were issued by the income tax (I-T) department after April 1, 2021 under the provisions of the unamended section 148 have been held as valid by the Supreme Court (SC). These reassessment notices had been challenged in as many as 9,000 writ petitions acros...

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Category : Income Tax | Comments : 0 | Hits : 4376

Timeline to update UDIN on e-filing portal is extended
Posted Date : 30-Apr-2022 , 07:26:23 am | Posted By CASANSAAR

The timeline to update #UDIN is extended till 31st May 2022 to give more time to CAs to correctly verify and upload UDINs. https://twitter.com/casansaar/status/1520208877664751616 ...

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Category : Income Tax | Comments : 0 | Hits : 578

Income Tax dept amends norms to widen ambit  of  tax filers
Posted Date : 23-Apr-2022 , 09:52:50 am | Posted By CASANSAAR

The income tax department has made it mandatory for people who make large transactions but report incomes below the tax exemption limit to file returns, an official order said. The idea is to expand the oversight of economic activities and ensure that those who undertake large transactions file...

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Category : Income Tax | Comments : 0 | Hits : 759

GST bogus billing cases also come under scanner of Income Tax dept
Posted Date : 19-Apr-2022 , 09:07:47 am | Posted By CASANSAAR

After Goods and Services Tax (GST) department’s crackdown against bogus billing, income tax department too has started tightening its noose around the accused. After analysing the data of bogus sales and purchases and bank entries, I-T department too is regularly issuing notices to the people ...

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Category : Income Tax | Comments : 0 | Hits : 3030

Auditors may face ban on non-audit work in large companies
Posted Date : 16-Apr-2022 , 07:54:10 am | Posted By CASANSAAR

A high-level committee has proposed an overhaul of the audit architecture, including a ban on non-audit work in “public interest” or large companies, and mandating auditors of holding companies to look into the accounts of subsidiaries. The panel, whose recommendations were released...

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Category : Income Tax | Comments : 0 | Hits : 798

RBI proposes to make card-less cash withdrawal facility available across all banks, ATM networks using UPI
Posted Date : 09-Apr-2022 , 08:17:18 am | Posted By CASANSAAR

While announcing the monetary policy on Friday, the Reserve Bank of India (RBI) Governor Shaktikanta Das said RBI has proposed to make card-less cash withdrawal facility available across all banks and ATM networks using the Unified Payments Interface (UPI). RBI Governor said the absence of need...

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Category : Income Tax | Comments : 0 | Hits : 1158

Parliament passes Chartered Accountants, Cost and Works Accountants and Company Secretaries (Amendment) Bill
Posted Date : 06-Apr-2022 , 08:28:24 am | Posted By CASANSAAR

The Parliament has passed the Chartered Accountants, the Cost and Works Accountants and the Company Secretaries (Amendment) Bill, 2022 with the Rajya Sabha approving it today. The Lok Sabha has already passed the Bill. The Bill seeks to amend the Chartered Accountants Act, 1949, the Cost and Works A...

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Category : Income Tax | Comments : 0 | Hits : 782

SEBI clarifies on new norms for related party transactions
Posted Date : 31-Mar-2022 , 09:19:28 am | Posted By CASANSAAR

The Securities and Exchange Board of India (Sebi) on Wednesday clarified on the new norms governing related party transactions that will come into effect from April 1. The regulator said listed companies need not seek fresh approval from the shareholders for a related party transaction (RPT) th...

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Category : Income Tax | Comments : 0 | Hits : 816

CBDT prescribes fees u/s 234H for not linking PAN with Aadhaar
Posted Date : 31-Mar-2022 , 08:09:54 am | Posted By CASANSAAR

Under the provisions of the Income-tax Act, 1961 (“the Act”), every person who has been allotted a PAN as on 1st July, 2017 and is eligible to obtain Aadhaar Number, is required to intimate his Aadhaar to the prescribed authority on or before 31st March, 2022. On failure to do so, his PA...

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Category : Income Tax | Comments : 0 | Hits : 555

Bank Branch Audit 2022 - Update on allotment of Branches
Posted Date : 30-Mar-2022 , 10:19:28 pm | Posted By CASANSAAR

Bank Branch Audit 2022 - Update on allotment of Branches   As per information received, RBI has approved the Bank Branch Audit Panel. Banks start sending mails for allotment of Branches.. We Have Posted all details of Bank Branch Audit Allotment at our Twitter Account, ...

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Category : Income Tax | Comments : 5 | Hits : 20627

Finance Bill, 2022 passed in Lok Sabha
Posted Date : 25-Mar-2022 , 09:51:26 pm | Posted By CASANSAAR

The Lok Sabha on March 25 passed the Finance Bill 2022, which gives effect to new taxation, thus completing the Budgetary exercise for 2022-23 fiscal. The Finance Bill was approved by the Lower House after accepting 39 official amendments moved by Finance Minister Nirmala Sitharaman and rejecti...

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Category : Income Tax | Comments : 0 | Hits : 443

Parliamentary Panel pitches for ending ICAI’s statutory monopoly
Posted Date : 24-Mar-2022 , 08:12:30 am | Posted By CASANSAAR

A Parliamentary panel has said that government should consider setting up Indian institutes of accounting (IIAs) akin to IITs and IIMs across the country for enhancing the development of accounting and finance profession. This observation was made by the standing committee on finance in its rep...

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Category : Income Tax | Comments : 0 | Hits : 4174

CGST Delhi officials bust a syndicate of 7 firms in GST evasion of more than Rs 85 crore
Posted Date : 11-Mar-2022 , 08:14:04 pm | Posted By CASANSAAR

Through extensive analysis of E-way bills, CGST Delhi East Commissionerate had busted a syndicate of five firms who were engaged in availing and utilising fake Input Tax Credit (ITC) of Goods and Services Tax (GST). During further investigation it was found that this syndicate was using two mor...

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Category : Income Tax | Comments : 0 | Hits : 1378

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