Govt hikes PF threshold limit to Rs 5 lakh for earning tax-free interest
Posted Date : 24-Mar-2021 , 10:05:28 am | Posted By CASANSAAR
Finance Minister Nirmala Sitharaman on Tuesday raised the limit for tax exemption on interest earned on provident fund contribution by employees to Rs 5 lakh per annum in specified cases as against Rs 2.5 lakh proposed in the Budget. In her Budget for 2021-22, Sitharaman had capped the tax-free inte...
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Download List of Important Circulars for the Purpose of Bank Audit
Posted Date : 18-Mar-2021 , 10:36:14 am | Posted By CASANSAAR
Download List of Important Circulars for the Purpose of Bank Audit.
Shared by CA. Ajay Kumar Jain Ji, Download Telegram on Mobile and Search casaansaar
Here is the link, Open in Mobile.
https://t.me/casaansaar/92
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Clarification on continuation of concessional rate of tax on certain interest income of the FPIs
Posted Date : 18-Mar-2021 , 08:51:52 am | Posted By CASANSAAR
Section 115AD of the Income-tax Act, 1961 (the ‘Act’) inter alia contains provisions for taxation of income of FPIs. Proviso to section 115AD(1)(i) provides that the tax shall be chargeable at the concessional rate of 5% on interest income referred to in section ...
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Tax rules amended to step up tax payer data collection
Posted Date : 14-Mar-2021 , 09:31:53 am | Posted By CASANSAAR
Banks, stock exchanges and companies will have to share data on large investor transactions with the Income Tax Dept as frequently as sought by a designated official, according to rule change notified by the Income Tax Department on Friday.
Till now, these entities were only mandated to give a st...
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GST officers arrest one person for Rs 43 crore Input Tax Credit fraud
Posted Date : 12-Mar-2021 , 10:37:56 am | Posted By CASANSAAR
GST officers have arrested one person for creating fictitious firms on forged documents and passing on fake ITC worth Rs 43 crore, Finance Ministry said on Thursday.
The Directorate General of GST Intelligence (DGGI) Gurugram Zonal Unit (GZU), Haryana, has arrested Ravinder Kumar (aka Ravinder Ga...
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CBIC asks field offices to exercise max caution, prudence in property attachment
Posted Date : 08-Mar-2021 , 08:39:49 am | Posted By CASANSAAR
The CBIC has directed its field offices to exercise utmost prudence and maximum caution in attachment of property of a taxpayer and said that such a remedy can be considered in cases involving GST evasion, fake invoicing and delay of more than three months in depositing tax collected.
The Central...
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Income Tax Department conducts searches in Mumbai
Posted Date : 05-Mar-2021 , 08:49:43 am | Posted By CASANSAAR
The Income Tax Department is carrying out search and survey operations which started on 03.03.2021 on two leading film production companies, a leading actress and two Talent Management companies in Mumbai. Search operation is being carried out at Mumbai, Pune, Delhi and Hyderabad.
The group...
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Chartered Accountant firms, Hospitals under Taxman’s lens
Posted Date : 01-Mar-2021 , 09:12:38 am | Posted By CASANSAAR
Chartered Accountant firms and hospitals are under scrutiny after the revenue department found mismatches between their income tax and indirect tax filings.
Tax authorities have also decided to slot consultant doctors as ‘intermediaries’ for taxation purposes even as medical services ...
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CBDT chief Pramod Chandra Mody gets further extension for 3 months
Posted Date : 01-Mar-2021 , 08:55:02 am | Posted By CASANSAAR
The re-appointment of Pramod Chandra Mody as Chairman of the Central Board of Direct Taxes (CBDT) has been extended for a further period of three months, said Department of Personnel and Training, the Government of India on Sunday.
Mody is a 1982-batch Indian Revenue Service officer, was appointe...
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Cryptocurrencies trade may attract Income Tax, GST; taxes to be paid in this fiscal year
Posted Date : 17-Feb-2021 , 09:23:30 am | Posted By CASANSAAR
The Finance Ministry sees tax implications in crypto-currency trading. However, it is clear that levying a tax does not mean the government is legalising private crypto-currencies.
Minister of State for Finance Anurag Thakur said that a comprehensive Bill on cryptocurrencies will fill all the gap...
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SC asks CBDT to decide on exemption to NRIs from paying income tax
Posted Date : 11-Feb-2021 , 08:31:53 am | Posted By CASANSAAR
The Supreme Court (SC) has today directed a representation to be made to the Central Board of Direct Taxes (CBDT) on relief to be given to non-resident Indians (NRIs) in terms of the payment of tax under the Income Tax (I-T) Act for FY21 amid Covid-19.
Several NRIs, stuck in the country due to Co...
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SC upholds IBC amendments mandating minimum threshold for insolvency process against developers
Posted Date : 20-Jan-2021 , 10:39:15 am | Posted By CASANSAAR
The Supreme Court on Tuesday upheld amendments to the Insolvency and Bankruptcy Code (IBC) that introduced a minimum threshold of 100 home buyers or 10% of the total allottees of a project, whichever was lower, for initiating the insolvency process against a defaulting developer.
The homebuyers h...
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CBI Arrests Senior Railway Official, 2 Others In Rs.1 Crore Bribery Case
Posted Date : 18-Jan-2021 , 09:32:32 am | Posted By CASANSAAR
In its biggest bribe-trap case, the CBI arrested the chief administrative officer (construction) of the Northeast Frontier Railways on Sunday for allegedly receiving Rs. one crore for granting favours in awarding lucrative contracts to a private company, officials said.
Mahender Singh Chauhan, a ...
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Gujarat HC rejects plea to extend deadline for filing tax audit reports
Posted Date : 15-Jan-2021 , 09:22:47 am | Posted By CASANSAAR
The Gujarat High Court has rejected a plea seeking extension of deadline for filing of returns but observed that the CBDT may take a lenient view on penalty for late filing of tax audit reports.
The Income Tax Department had on Monday rejected demand for further extension of the deadline for fili...
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Income-Tax department brings out Faceless Penalty Scheme
Posted Date : 14-Jan-2021 , 09:07:02 am | Posted By CASANSAAR
The Income Tax Department has brought out a "faceless penalty scheme" to handle recommendations for penalty issued under its faceless assessment programme.
The scheme notified on Tuesday seeks to ensure that any order arising from faceless assessment of taxable income is fool proof and ...
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Govt creates special unit in Income Tax dept for probe into undisclosed foreign assets
Posted Date : 11-Jan-2021 , 09:22:49 am | Posted By CASANSAAR
A special unit has been created by the government in the countrywide investigation wings of the Income Tax department for focussed probe in cases of undisclosed assets held by Indians abroad and possession of black money in foreign shores, officials said. The Foreign Asset Investigation Units (FAIUs...
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NCLT allows restoration of a company struck off from ROC
Posted Date : 07-Jan-2021 , 10:00:07 am | Posted By CASANSAAR
The National Company Law Tribunal (NCLT), Chennai, has allowed the restoration of a city-based Real Value Realties India Private Limited, which was struck off from Registrar of Companies, after the Income Tax Department pleaded that the company had pending dues.
The company was struck off in 2017...
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Extension of Due Dates by Govt of India
Posted Date : 31-Dec-2020 , 09:02:50 am | Posted By CASANSAAR
In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliances due to the outbreak of COVID-19, the Government brought the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 (‘the Ordinance’) on 31st March, 2020 whi...
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Due Dates extended under Income Tax and GST
Posted Date : 30-Dec-2020 , 07:49:32 pm | Posted By CASANSAAR
1. The due date for furnishing of ITR for AY 2020-21 for the taxpayers (including their partners) who are required to get their accounts audited, companies and the taxpayers who are required to furnish report in respect of international/specified domestic transactions has been further exte...
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Income Tax dept tightens noose around those ignoring notices
Posted Date : 26-Dec-2020 , 10:08:49 am | Posted By CASANSAAR
The Income Tax department has launched a nationwide campaign to identify people who have deliberately chosen to ignore the notices calling for enquiry and verification of the tax returns, to catch tax evaders and collect due taxes and penalties from them.
Sources in the revenue department say tha...
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Tweet / Retweet Karo Jhat Se, Date Extend Hogi Pat Se
Posted Date : 21-Dec-2020 , 10:42:25 am | Posted By CASANSAAR
Tweet / Retweet Karo Jhat Se, Date Extend Hogi Pat Se.
Resp. @nsitharaman Ji,
Every one waiting for your Tweet / Notification for Dates Extension.
@IncomeTaxIndia @FinMinIndia @ianuragthakur @casansaar @cbic_india
#ITRFileKaroJhatpat #DatesExtendKaroJha...
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Email ID to register grievance under Faceless Assessment Scheme
Posted Date : 18-Dec-2020 , 09:25:45 am | Posted By CASANSAAR
Exclusive email ID- "feedback.notice.neac@incometax.gov.in" enabled to register grievance regarding S. 142(1) notices (including roving questionnaires) issued under the Faceless Assessment Scheme 2019.
The grievances received in the said email shall be closely monitored by a team of off...
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Tax Professionals Seek extension of due dates for Income Tax, GST Compliance
Posted Date : 17-Dec-2020 , 09:12:20 am | Posted By CASANSAAR
Tax professionals have urged the government to extend various deadlines under the Income Tax Act for assessment year 2020-21 and for filing annual reconciliation statement under the Goods and Services Tax Act for the years ending March 2019 and March 2020.
CA Sansaar
&nbs...
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HC quashes Income Tax proceedings against Karti Chidambaram & his wife
Posted Date : 14-Dec-2020 , 09:40:34 am | Posted By CASANSAAR
The Madras High Court has quashed the Income Tax proceedings initiated against Karti Chidambaram, son of former Union Finance Minister P Chidambaram,and his wife over alleged non-disclosure of cash transactions of about Rs seven crore following sale of a property near here.
The Court, while rulin...
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Govt’s criticism can’t be ground for penal action - Supreme Court
Posted Date : 09-Dec-2020 , 10:58:54 am | Posted By CASANSAAR
Criticism of the government, even in the strongest terms, must be protected from criminal prosecution under charges of hate speech or public mischief, ruled the Supreme Court on Monday, outlining the contours of hate speech and constitutionally--protected freedom of expression.
In a 128-page judg...
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RBI cancels licence of Karad Janata Sahakari Bank
Posted Date : 09-Dec-2020 , 10:56:38 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has cancelled the licence of Karad Janata Sahakari Bank, Karad, in Maharashtra, with effect from the close of business from December 7.
With the cancellation of licence and commencement of liquidation proceedings, the process of paying the depositors of the bank as...
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FM says frequent changes to GST rates upset calculations
Posted Date : 05-Dec-2020 , 10:24:05 am | Posted By CASANSAAR
Finance minister Nirmala Sitharaman on Friday signalled that the Centre may push to limit changes in goods and services tax rates by the GST Council to only once a year instead of continuing to allow frequent tweaks.
Speaking at the 18th edition of the Hindustan Times Leadership Summit, Sitharama...
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CBDT issues refunds of over Rs 1,36,962 Cr to taxpayers between April-Nov 2020
Posted Date : 26-Nov-2020 , 09:30:08 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has issued refunds of over Rs 1,36,962 crores to over 41.25 lakhs taxpayers between April 1, 2020, to November 24, 2020, said Income Tax Department.
Income Tax refunds of Rs 36,028 crores were issued in 39,28,067 cases and corporate tax refunds of Rs 1,00,...
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Income Tax dept conducts searches at 16 locations in Ludhiana, Delhi, UP
Posted Date : 21-Nov-2020 , 09:30:02 am | Posted By CASANSAAR
The Income Tax Department started a search and survey action in the case of a leading cattle feed producer in Northern India.
The search and survey actions are being carried out at 16 locations in Kanpur, Gorakhpur, Noida, Delhi and Ludhiana.
The I-T department said that the main allegat...
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Income Tax refunds worth Rs 1.36 lakh cr issued to 40.19 lakh taxpayers
Posted Date : 19-Nov-2020 , 09:47:44 am | Posted By CASANSAAR
The Income Tax department has issued refunds worth over Rs 1.36 lakh crore to over 40 lakh taxpayers so far this fiscal.
This includes Personal income tax (PIT) refunds amounting to Rs 35,750 crore and corporate tax refunds of over Rs 1 lakh crore during this period.
“CBDT issues ref...
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