TAXATION


IANS 16 December 2016
Post the November 8 demonetisation of high-value currency, the government has uncovered concealed income to the tune of Rs 2,600 crore and has seized a total of Rs 393 crore involving nearly 300 cases, an official said on Friday.   "Admitted concealed income on the basis of our survey...

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IANS 15 December 2016
Income Tax officials on Thursday raided an Axis Bank branch here and seized 20 fake accounts with deposits amounting Rs 60 crore, police said.   The raid was conducted around 10 a.m. at an Axis Bank branch situated at Sector-51.    A police officer said the suspected accounts...

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IANS 14 December 2016
Any drastic alterations in revised income tax returns may call for strict action as people may try to misuse it post-demonetisation to declare their unaccounted cash, an official statement said on Wednesday.   "It is brought to the notice of tax payers that any instance coming to the...

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IANS 07 December 2016
The Income Tax Department has carried out investigations into over 400 cases post-demonetisation seizing as much as Rs 130 crore in cash and jewellery, an official statement said on Tuesday.   "The Income Tax Department has carried-out swift investigations in more than 400 cases since...

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IANS 05 December 2016
The declaration of Rs200,000 crore wealth by a four-member Mumbai family confounds the Income Tax Department, especially due to their middle class antecedents, official sources said on Monday.   However, a terse statement by the Central Board of Direct Taxes (CBDT) rejecting the...

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IANS 05 December 2016
The Income Tax Department has initiated inquiries against Gujarat businessman Mahesh Shah and four other persons for making "false" declarations under the Income Declaration Scheme (IDS) "to determine the intention" behind their action, an official statement said on Sunday.   Mahesh...

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IANS 02 December 2016
In surprise raids in Karnataka, Income Tax officials found and seized a whopping Rs 6 crore in cash and 7kg gold from the residences of two state government engineers and two contractors in the city, said an official on Thursday.   "Of the Rs.6 crore cash haul, Rs.4.7 crore were the...

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Moneylife Digital Team 30 November 2016
In the wake of the recent demonetisation of Rs500 and Rs1,000 denomination currency notes, the Narendra Modi Government has now proposed several far-reaching amendments to the Income-tax Act, 1961 by way of the Taxation Laws (Second Amendment) Bill, 2016 that has been presented before the...

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The Constitution of India, Article 246, read along with Schedule VII, provides for the division of powers between the Centre and the states. Central sales tax, excise duty, MODVAT (modified value added tax) and service-tax are imposed by the Central government, while each state has its own...

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IANS 29 November 2016
The Lok Sabha on Tuesday passed the Taxation Laws (Second Amendment) Bill, which amends the Income-tax Act, 1961, and the Finance Act, 2016.   The bill, moved by Union Finance Minister Arun Jaitley, was passed by voice vote amid a ruckus created by the opposition parties over the...

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IANS 28 November 2016
Finance Minister Arun Jaitley on Monday introduced a bill in the Lok Sabha to amend the Income Tax rules, levying a tax of 60% on undisclosed income or investment or cash credit deposited in the banks.   According to the Taxation Laws (Second Amendment) Bill, 2016, the declarant will...

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IANS 28 November 2016
Finance Minister Arun Jaitley on Monday introduced a bill in the Lok Sabha to amend the Income Tax rules levying a tax of 60 per cent on undisclosed income or investment or cash credit deposited in the banks.   According to the Taxation Laws (Second Amendment) Bill, 2016, the...

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Namrata Patel 25 November 2016
The Bombay Chartered Accountants Society has requested the Finance Minister, Arun Jaitley to scrap the Income Computation and Disclosure Standards (ICDS) – Sec. 145(2) of the Income-tax Act, 1961 [the Act]. The basic thrust of the 10 ICDS notified by the CBDT appears to be to prepone taxation...

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IANS 21 November 2016
An informal meeting of the Goods and Services Tax (GST) Council here on Sunday remained stalled on the issue of dual control, or cross-empowerment, on who will exercise control over GST assessees -- the Centre or the states.   "The meeting has remained incomplete. Discussions will...

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IANS 04 November 2016
The decision on the issue of dual control between the Centre and states remained elusive at the conclusion of the Goods and Services Tax (GST) Council's fourth meet here on Friday, a state Finance Minister said.   The Council, which reached a consensus on the four-tier tax slab...

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IANS 02 November 2016
Sharp anomalies in the taxation rates and structure across different industries such as telecom, tobacco, textiles, food processing and tourism should be addressed as the country moves to implement the Goods and Services Tax (GST), an industry report said on Wednesday.   "As we are in...

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IANS 25 October 2016
The Income Tax department will send SMS alerts regarding quarterly Tax Deducted at Source (TDS) deductions to around 2.5 crore salaried tax payers through a facility launched here on Monday by Finance Minister Arun Jaitley.   The Central Board of Direct Taxes (CBDT) will soon offer...

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IANS 24 October 2016
Under the proposed Goods and Services Tax (GST) regime, individuals and entities can pay taxes online using debit or credit cards, the government said on Sunday.   "With regard to payments, the best thing that will happen is all payments will have to be made online. You can use any...

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Having the HRA (house rent allowance) component in the salary helps in reducing the tax burden. Those without HRA had a smaller deduction. But the Finance Act 2016 has raised the maximum deduction available under Section 80GG to Rs60,000 per annum (pa) from the existing Rs24,000 pa. Those who...

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Moneylife Digital Team 13 October 2016
The recently concluded Income Declaration Scheme (IDS) 2016, while was successful in garnering hidden money of about Rs65,000 crore, also opened a window of opportunity for tax officials to open or re-open old cases or that is what the taxmen believes. A circular (No27 of 2016) issued by the...

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