Income Tax

200% penalty on Cash Deposits over 2,50,000 is not 100% true You would have got a message (forward) about 200% penalty on cash deposits. Many people have called me to know the correctness of the penalty calculation! So, the question is Does all deposits over Rs.2.50 Lakhs in the account …

Ban on High Denomination Currency and Income-tax Act As the Government has declared that currency notes of Rs. 500 and Rs. 1,000 denominations will not be valid from midnight of November 8, 2016, citizens will have to surrender the old notes at any branch of a bank or post office. …

What is ‘e-nivaran’ Scheme? e-Nivaran is a Unified Grievance Handling Mechanism for consolidating grievances received across all platforms viz. CPGRAMs, E-filing, CPC-ITR, CPC-TDS, ASK, NSDL, UTIISL and SBI-Refund Banker. Internal channelization of grievances between different department systems and workflow’ based grievance resolution mechanism will help speeding the resolution of tax …

Section 234E of the Income-tax Act, 1961 inserted by the Finance Act, 2012 provides for levy of a late filing fee of Rs. 200/- for each day’s delay in filing the statement of Tax Deducted at Source (TDS) or Tax Collected at Source (TCS). The provision for Levy of Late filing fee was introduced …

As a part of e-governance initiative to facilitate compliance, a taxpayer friendly measure in the form of a scheme for E assessment through e-mail has been introduced in seven cities of Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata and Mumbai. Income tax department has already started seeking consent for use of …

The purchase and sale of immovable property in India is subject to Tax Deduction at Source (popularly known as TDS) provisions under Income Tax Act. The buyer of the property is required to deduct tax (TDS) from the consideration payable to the seller. How much TDS is to be done? …

The Income Tax Department has been receiving information about large value transactions through Annual Information Return (AIR) without a valid PAN. In order to bring tax evaders under the tax net, the Income Tax department has sent  letters request for linking of large value transactions to a valid PAN. These …

Income Tax Department to issue 7 lakh letters seeking Information in respect of High Value Transactions Under the Annual Information Returns (AIR), various types of high-value transactions were being reported to the Income Tax Department. These include reporting of cash deposits of Rs.10,00,000 or more in a saving bank account, …

Income Tax Department signs contract with L & T Infotech Ltd for implementation of Project Insight In the last decade, the Income Tax Department embarked on an ambitious computerization plan which developed voluminous databases of IT returns, IT forms, TDS/TCS statements, Annual Information Return (AIR) etc. The large volumes of …

Income tax department has started sending notices to non-filers for the assessment year 2014-15. The income tax department has been capturing information on financial transactions /activities relating to you through Non-filers Monitoring System (NMS). This year NMS has identified 58.95 lakhs non-filers (Cycle 4 -2015) with potential tax liabilities for AY …