​Sharp increase in prosecutions of tax evaders by Income Tax Department

  Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 12th January, 2018 PRESS RELEASE Sharp increase in prosecutions of tax evaders by Income Tax Department The Income Tax Department has accorded the highest priority to tackle the menace of black money. With this objective in mind, the Department has initiated criminal prosecution proceedings in a large number of cases of tax offenders and evaders. Prosecutions have been initiated for various offences including wilful attempt to evade tax or payment of any tax; wilful failure in filing returns of income; false statement in verification and failure to deposit the tax deducted/collected at source or inordinate delay in doing so, among other defaults. During FY 2017-18(upto the end of November, 2017), the Department filed

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​Income Tax Department steps up actions under Prohibition of Benami Property Transactions Act – Benami properties of more than Rs. 3500 crore attached

  Government of India Ministry of Finance Department of Revenue  Central Board of Direct Taxes New Delhi, 11th January, 2018 PRESS RELEASE Income Tax Department steps up actions under Prohibition of Benami Property Transactions Act : Benami properties of more than Rs. 3500 crore attached The Income Tax Department has stepped up actions under the Prohibition of Benami Property Transactions Act (the ‘Benami Act’), which came into force w.e.f 1st November, 2016. The Act provides for provisional attachment and subsequent confiscation of benami properties, whether movable or immovable. It also allows for prosecution of the beneficial owner, the benamidar and the abettor to benami transactions, which may result in rigorous imprisonment up to 7 years and fine upto 25% of fair market value of the property. The Department had set

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Income Tax Return Services in Varanasi

Hello Readers, Want to get your Income Tax Return filed? An individual who earns above the maximum taxable amount has to get his return filed truely and correctly on time. Persons other than individual such as partnership firm, company etc has to get their Income Tax Return (ITR) filed every year. Get assistance with filing of your Income Tax Return by contacting us below: Phone number: 9554554553/9565655455

After note ban crackdown, Income Tax department should now focus on simplifying laws

  The effect of demonetisation on direct taxation has been complex. Despite obvious attempts at money laundering, it has yielded some positive outcomes: taxpayers are reporting higher incomes; the number of taxpayers have increased; and revenues have begun to grow at a faster clip. When demonetisation was announced, taxpayers with large unaccounted cash holdings of Rs 500 and Rs 1,000 notes had to make a choice: one option was to destroy these stocks, incur cash losses and avoid the prospect of facing huge additions, penalties and prosecution. Alternatively, they could risk depositing their cash stocks in their own bank accounts or those of others in a manner that might pass muster with tax authorities. If they exercised this choice, in the worst-case scenario, they would still be left with 15%

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An overview and understanding of Section 269ST of the Income Tax Act, 1961

Section 269ST of the Income Tax Act, 1961 was introduced in the Finance Act 2017. The section seeks to minimise or reduce cash receipts. To quote from the press note issued by the Finance Ministry, Various legislative steps have been taken by the Finance Act, 2017 to curb black money by discouraging cash transaction and by promoting digital economy. These prominently include placing restriction on cash transaction by introduction of new sections 269ST & 271DA to the Income-tax Act. The former one provides the restriction and the latter section talks about penalties for contravention of the provisions of section 269ST. The burden of compliance is put on the receiver of cash and not the person who makes the payment The section as introduced is reproduced below: 269ST. No person shall receive

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Asadharan Suraksha Seva Praman Patra to be the new gallantry award by Income Tax

  MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 30th August, 2017 (INCOME TAX) S.O. 2830(E).—In exercise of the powers conferred by sub clause (i) of clause (18) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government, hereby specifies the gallantry awards for the purpose of the said section, mentioned in column (2) of the Table below, awarded in the circumstances mentioned in corresponding column (3) thereof. TABLE SI. No. Name of gallantry award Circumstances for eligibility (1) (2) (3) 1 Asadharan Suraksha Seva Praman Patra When awarded for acts of exceptional courage or conspicuous Gallantry displayed by personnel of Research and Analysis Wing and Director General (Security) and certified to this effect by the Head of the

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Income Tax Audit and Return Date extended to 31st October

F.No. 225/270/2017/ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North-Block, ITA.II Division New Delhi dated the 31st of August, 2017 Order under Section 119 of the Income-tax Act, 1961 (`Act’) The Goods and Services Tax (‘GST’) has come into effect on 01.07.2017. In recent days, dates for filing various returns and forms under GST have been extended by the Government. In this backdrop, representations have been filed by various stakeholders requesting for extending the ‘due date’ for filing various reports of audit as well as tax-returns under the Income-tax Act from 30th September, 2017 so as to allow sufficient time to the assessees’ and tax professionals, and thus, facilitate their ease of compliance with statutory responsibilities under various fiscal laws. On consideration of

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I-T plans to pursue property-holders who have never filed income tax returns 

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 may be benami holdings on behalf of people looking to conceal their wealth. The exercise is part of the government’s crackdown on black money. The findings have emerged from the analysis of vast amounts of data that the government has collected. “We have a lot of data from various sources including on investments in property by people who have never filed returns,” said an income tax official. This information will be verified to ascertain the source of income used for the purchase of the properties and to see if these are being held by benami owners. Enforcement action will be taken only in cases where there is

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25% growth in number of Income Tax Returns filed in current fiscal Advance Tax (Personal Income Tax) collections up by 41% 

  Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 07th August, 2017. PRESS RELEASE 25% growth in number of Income Tax Returns filed in current fiscal Advance Tax (Personal Income Tax) collections up by 41% As a result of demonetization and Operation Clean Money, there is a substantial increase in the number of Income Tax Returns(ITRs) filed. The number of Returns filed as on 05.08.2017 stands at 2,82,92,955 as against 2,26,97,843 filed during the corresponding period of F.Y. 2016-2017, registering an increase of 24.7% compared to growth rate of 9.9% in the previous year. The growth in returns filed by Individuals is 25.3% with 2,79,39,083 returns having been received upto 05.08.2017 as against 2,22,92,864 returns in the corresponding period of F.Y. 2016-2017.

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Notification of Ministry of Corporate Affairs under section 138 of Income Tax Act, 1961-reg

  TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, the 26th of July, 2017 NOTIFICATION In pursuance of sub-clause (ii) of clause (a) of sub-section (1) of Section 138 of the Income-tax Act, 1961, the Central Government, hereby specifies Joint Secretary, Ministry of Corporate Affairs, Government of India, for purposes of the said clause. This Notification has to be read with order under section 138(1)(a) of Income-tax Act, 1961 dated 26.07.2017 in file of even number, issued by the Central Board of Direct Taxes, notifying Principal Director General of Income-tax (Systems) as the `designated authority’ for furnishing the ‘bulk information’ on certain identified parameters to the above

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