The government has intensified its crackdown on shell companies — while some 210,000 companies have been deregistered and their bank accounts frozen, pending further investigations,
Category: Income Tax
Black Money: Cash deposits made before demonetisation scheme now on government checklist – The Economic Times–14.09.2017
If you thought cash deposits made prior to November 8 last year — when the government announced its demonetisation exercise — will escape the eagle
Tax experts under income-tax lens for valuation of startups – The Economic Times–13.09.2017
Indian tax authorities have begun questioning consultants and accountants on the methodology of their enterprise-value estimates after challenging the valuations of startups. Since August, the
Income-tax department calls big corporate entities to pay advance taxes | Business Standard News–13.09.2017
The income-tax (I-T) department is “coaxing” top corporate entities to make the 45 per cent of the total advance tax payment by September 15, the
Unprecedented black money crackdown launched by Narendra Modi government – The Financial Express–07.09.2017
Deregistering over 2 lakh companies—and, in the process, freezing their accounts—for failing to comply with statutory obligations to present information relating to their finances and
Ecommerce: E-commerce cos face tax heat as I-T dept says discounts should be treated as capital spend – The Economic Times–02-09-2017
E-commerce giants such as Flipkart and Amazon have appealed against an income tax order of last year which if implemented would force them to pay
PM tells tax authorities to bring all traders in GST net – The Hindu–02.09.2017
Tax officials should make every effort to bring all traders, including smaller businesses with turnover of less than ₹20 lakh, into the Goods and Services
I-T plans 3-pronged strategy to boost tax mop-up, base | Business Standard News–31.08.2017
There has been a 25 per cent increase in e-returns filed this year at 27.9 million Defaulted on your income tax payment? You may have
Arun Jaitley: It pays to be honest, I-T department will go after evaders–Times of India–31.08.2017
Finance Minister Arun Jaitley on Wednesday said the government will adopt a carrot-and-stick policy on taxation, saying post GST tax authorities will go after evaders
IT returns: I-T lens on individuals who earn Rs 5-lakh interest on FDs–Economic Times–30.08.2017
Income tax authorities have now turned their attention to thousands of individuals who have high interest income from fixed deposits but are probably not paying
cash dealing: I-T department warns against cash dealings above Rs 2 lakh–Economic Times–29.08.2017
The Income-Tax Department on Monday warned people against cash dealings of Rs 2 lakh and more, saying any violation of this cap will invite strict
How to download and send ITR-V to income tax department–Economic Times–25.08.2017
Did you know that if you haven’t verified your income tax return, the process is incomplete? As per the existing tax laws, a return filed
Big blow for taxpayers, Niti Aayog says retain income tax exemption limit at Rs 2.5 lakh – The Financial Express–25.08.2017
Niti Aayog today suggested the government should retain the income tax exemption threshold at Rs 2.50 lakh, and take steps to prevent non-farm entities from
Income Tax notices: Made a mistake in filing your ITR? Here’s how to respond to the tax notice under Section 143(1)(a)–Economic Times–24.08.2017
The government has introduced ‘e-Proceeding’ where a taxpayer can submit his/her response to the department without appearing physically. There is every possibility of making a
The puzzle over the 10 per cent drop | Business Standard Column–21.08.2017
The Narendra Modi government has reasons to compliment itself on the way it has succeeded in bringing more people under the direct tax net. The
Good news: Now you can invest capital gains multiple times for new residential property – The Financial Express–20.08.2017
The ITAT decision will now benefit many taxpayers as a lot of them sell more than one asset (i.e. plots, shares, gold, etc.) spreading over
Unmasking shell companies: How to tighten the screws | Business Standard Column–19.08.2017
Two recent events, though unrelated, could have wide-ranging impact going forward on the abuse of shell companies for money laundering and tax evasion. The first
Income tax returns: I-T plans to pursue property-holders who have never filed income tax returns–Economic Times–18.08.2017
Income tax authorities plan to pursue those who have properties in their name but haven’t ever filed income tax returns on the suspicion that these
Filing a revised tax return is quite easy | Business Standard News–18.08.2017
If you are one of the last-minute filers of income-tax returns, it is quite possible that mistakes have crept in some computation or other. For
Black money: How note ban showed Modi where exactly to look for black money–Economic Times–17.08.2017
When Prime Minister Narendra Modi banned high-denomination currency bills in a surprise move late last year, authorities noticed a surge in shell companies depositing cash
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