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

Income Tax Case reopened in light of SC judgment in Ashish Agarwal to be completed by 31.05.2023
Posted Date : 30-Jan-2023 , 09:31:26 am | Posted By CASANSAAR

Time barring for completion of assessment in the cases reopened in consonance with the Judgement of Hon’ble Supreme Court of India in civil appeal No. 3005/2022 in the case of UoI vs. Ashish Agarwal and ors. (2022 SCC Online SC 543) – Regarding-    Ref: CBDT Instruction No. 0...

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Category : Income Tax | Comments : 0 | Hits : 502

CBDT exempts Non Resident taxpayers from mandatory Form 10F e-filing
Posted Date : 14-Dec-2022 , 03:58:45 am | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) has given partial relief to non-resident taxpayers by exempting them from mandatory electronic filing of Form 10F until March 2023. Filing this form is required to claim the benefits of tax treaty.   The Form 10F is signed physically by non-resident ta...

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Category : Income Tax | Comments : 0 | Hits : 1105

SEBI relaxes rules for Govt for PSU disinvestment
Posted Date : 07-Dec-2022 , 07:17:08 am | Posted By CASANSAAR

Capital markets regulator Sebi can relax regulatory norms for the central government in relation to strategic disinvestment of public sector undertakings (PSUs), according to a notification. "The Board (Sebi) may after due consideration of the interest of the investors and the securities market and ...

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Category : Income Tax | Comments : 0 | Hits : 480

Chartered Accountant cheated of Rs.3 lakhs by offering part time work
Posted Date : 02-Dec-2022 , 10:18:55 am | Posted By CASANSAAR

A 30-year-old chartered accountant (CA) was cheated to the tune of ₹2.85 lakhs by unknown frauds who posed as executives of a multinational company offering her a part time job. The accused initially asked her to follow certain celebrities and even paid her money for that and later started asking ...

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Category : Income Tax | Comments : 0 | Hits : 2633

About Rs.400 Cr tax deposited by filing updated ITRs so far
Posted Date : 25-Nov-2022 , 09:56:33 am | Posted By CASANSAAR

The recently introduced provision of allowing taxpayers to update their tax returns has seen as many as 5 lakh re-filings with about ₹400 crore additional tax coming in, a senior government official said on Thursday.   The Finance Act of 2022 introduced a new concept of updated returns, per...

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Category : Income Tax | Comments : 0 | Hits : 532

Income Tax dept committees on high-pitched assessments to submit report in about 2 months - CBDT
Posted Date : 14-Nov-2022 , 07:57:10 am | Posted By CASANSAAR

 The 'local committees' formed to deal with taxpayers' grievances arising out of 'high-pitched' scrutiny assessments shall submit their report within about two months, the CBDT has reiterated in a public communication.   A set of "revised" guidelines were issued by the Board in this cont...

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Category : Income Tax | Comments : 0 | Hits : 536

Protest by Professionals at ROC Jaipur for MCA Portal Glitches
Posted Date : 31-Oct-2022 , 10:46:14 am | Posted By CASANSAAR

Protest by Professionals at ROC Jaipur for MCA Portal Glitches. MCA Portal is throwing Glitches and hence companies, professionals are not able to upload annual filing and other forms at MCA Portal.  Humble Request to every Professional to Support this Protest. (Must Watch and Share with Oth...

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Category : Income Tax | Comments : 0 | Hits : 569

Due Date Extension for filing of TDS statement in Form 26Q for the 2nd quarter of FY 2022-23
Posted Date : 28-Oct-2022 , 07:21:43 am | Posted By CASANSAAR

Considering the difficulties in filing of TDS statement in the revised and updated Form 26Q, the Central Board of Direct Taxes (CBDT) has extended the due date of filing of Form 26Q for the second quarter of Financial Year 2022-23 from 31st October, 2022 to 30th November, 2022.  ...

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Category : Income Tax | Comments : 0 | Hits : 347

Extention of due date for furnishing return of Income for AY 22-23 to 7th Nov for Audit cases
Posted Date : 26-Oct-2022 , 11:44:52 am | Posted By CASANSAAR

In consequence to extension of due date for various reports of audit in the case of assessees referred in clause (a) of Explanation 2 to sub-section (I) of section 139 of the Act to 07th October 2022 by Circular No. 19/2022 dated 30.09.2022, Central Board of Direct Taxes (CBDT),in exercise of its po...

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Category : Income Tax | Comments : 0 | Hits : 357

Kolkata Police recovers Rs 8.15 Cr from Chartered Accountant’s house in Kolkata
Posted Date : 18-Oct-2022 , 08:46:54 am | Posted By CASANSAAR

The Detective Department of Kolkata Police has issued a lookout notice against a chartered accountant, who has been absconding after Rs 8.15 crore was recovered from his residence following a raid on October 15 and 16.   The Anti Bank Fraud section of the Kolkata police conducted a raid at th...

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Category : Income Tax | Comments : 0 | Hits : 1412

Validate pending forms by linking them with appropriate UDINs.
Posted Date : 11-Oct-2022 , 07:56:01 am | Posted By CASANSAAR

In pursuance of CBDT's announcement, whereby the last date for updating the UDIN for the forms filed during 1st April 2021 to 31 March 2022, has been extended till 30th November, 2022, as available at https://www.incometax.gov.in/iec/foportal//latest-news#bc241ff6-066d-4796-a3b4-3bb7146a1d1f, Memb...

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Category : Income Tax | Comments : 0 | Hits : 450

Ceiling on Number of Tax Audit by ICAI to be decided by Supreme Court
Posted Date : 27-Sep-2022 , 08:44:30 am | Posted By CASANSAAR

A Division Bench of the Supreme Court of India on September 22 continued hearing the challenge against a rule issued by the Institute of Chartered Accountants Of India (ICAI) barring members from accepting more than the "specified number of tax audit assignments" (at present, the upper limit is set ...

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Category : Income Tax | Comments : 0 | Hits : 1951

Direct Tax Collections for F.Y. 2022-23 up to 08.09.2022
Posted Date : 10-Sep-2022 , 09:23:40 am | Posted By CASANSAAR

The provisional figures of Direct Tax collections up to 8th September, 2022 continue to register steady growth.   Direct Tax collections up to 8th September, 2022 show that gross collections are at Rs. 6.48 lakh crore, which is 35.46% higher than the gross collections for the corresponding pe...

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Category : Income Tax | Comments : 0 | Hits : 441

RBI Issues Alert List on entities not authorised to Deal In Forex Trading
Posted Date : 08-Sep-2022 , 08:43:07 am | Posted By CASANSAAR

The Reserve Bank on Wednesday came out with an 'Alert List' containing the names of 34 entities, including OctaFX, Alpari, HotForex, and Olymp Trade, that are not authorised to deal in forex and operate electronic trading platforms in the country.   In a statement, the Reserve Bank of India (...

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

Over 1.55 lakh updated income tax returns (ITR-U) have been filed up to September 2
Posted Date : 06-Sep-2022 , 09:02:10 am | Posted By CASANSAAR

Over 1.55 lakh updated income tax returns (ITR-U) have been filed up to September 2, the income tax department said.   The income tax department had in May this year notified a form for filing updated income tax returns (ITRs). The taxpayer will have to pay an additional amount over and above...

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Category : Income Tax | Comments : 0 | Hits : 630

Income Tax dept going into new areas to check tax evasion - CBDT
Posted Date : 27-Aug-2022 , 08:45:39 am | Posted By CASANSAAR

The Income-Tax department is going into "new areas" of the economy to check tax evasion even as its investigation units are using analytics to sift through voluminous data on Indians holding assets abroad, CBDT Chairman Nitin Gupta has said.   The Central Board of Direct Taxes, the administra...

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Category : Income Tax | Comments : 0 | Hits : 1371

CAG asks CBIC to complete verification of GST transitional credit claims
Posted Date : 09-Aug-2022 , 09:06:32 am | Posted By CASANSAAR

The Comptroller and Auditor General (CAG) on Monday recommended that the indirect tax department should complete the verification of transitional credit allowed under the GST mechanism. As part of transition to GST with effect from July 1, 2017, taxpayers were allowed to file Form TRAN-1 and avail t...

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Category : Income Tax | Comments : 0 | Hits : 914

Income Tax dept likely to make PAN mandatory for cryptocurrency investors
Posted Date : 08-Aug-2022 , 09:29:24 am | Posted By CASANSAAR

The income-tax department may make a permanent account number (PAN) mandatory for cryptocurrency investors, in line with the demat account rules for stock market transactions, according to two people privy to the discussion....

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Category : Income Tax | Comments : 0 | Hits : 583

Income Tax Return (ITR) Verification Time Reduced by from 120 days to 30 days - CBDT
Posted Date : 01-Aug-2022 , 01:30:47 pm | Posted By CASANSAAR

CBDT Reduces time limit for e- verification of ITR from 120 days to 30 days of filing the return.   However, for ITR Filed upto 31/07/22 time limit of 120 days would continue to apply. ITR Filed from 01/08/22 new time limit of 30 days would be applicable.   https://youtu.be/5uFagxD3COA...

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

Anil Ambani moves SC challenging validity of IBC provisions relating to personal guarantors
Posted Date : 31-Jul-2022 , 08:34:37 am | Posted By CASANSAAR

Businessman Anil Ambani has moved the Supreme Court challenging the validity of provisions of Part III of the Insolvency and Bankruptcy Code, 2016 in so far as it is applicable to Personal Guarantors of a Corporate Debtor.   The petition has challenged provisions of Section 95, 96, 97, 99, 10...

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Category : Income Tax | Comments : 0 | Hits : 462

#Extend_Due_Date_Immediately trends on Top on Twitter
Posted Date : 29-Jul-2022 , 08:44:01 am | Posted By CASANSAAR

#Extend_Due_Date_Immediately trended heavily on Twitter from last two days with many users also claiming that the Income Tax portal was not working properly. Other reasons were given too due to which taxpayers are claiming that they haven’t been able to file tax returns.    The dea...

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Category : Income Tax | Comments : 0 | Hits : 1127

Supreme Court upholds powers of arrest, raids, seizure under PMLA
Posted Date : 28-Jul-2022 , 05:19:14 pm | Posted By CASANSAAR

The Supreme Court on Wednesday upheld the core amendments made to the Prevention of Money Laundering Act (PMLA), which gives the government and the Enforcement Directorate (ED) virtually unbridled powers of summons, arrest, and raids, and makes bail nearly impossible while shifting the burden of pro...

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Category : Income Tax | Comments : 0 | Hits : 421

Govt amends FCRA rules to reduce compliance burden on citizens
Posted Date : 27-Jul-2022 , 08:30:41 am | Posted By CASANSAAR

The Central Government has amended the Foreign Contribution (Regulation)  Rules, 2022 aiming to reduce the compliance burden on citizens. The Minister of State for Home Affairs in a press release today said, as per the amended rule any person receiving Foreign contributions of mor...

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Category : Income Tax | Comments : 0 | Hits : 273

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 : 835

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 : 1281

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 : 423

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 : 510

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 : 478

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 : 788

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 : 1586

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