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The Income Tax Department calls big corporate entities to pay advance taxes
The Income Tax (IT) department is making "Topy" Top Corporate Institutions to make 45% of the total advance tax by
September 15, the date set for the second installment says that the tax officer is top 45-50 advances tax They were meeting
with the officials of the financial firms so that they could pay 45 percent of the advance tax of the whole year. ...
In a recent meeting, the Central Board of Direct Taxes (CBDT) directed the income tax commissioners to draw their socks on
revenue collection. CBDT has set an October deadline to achieve the desired ...
Proposal at 21st GST Council meeting at Hyderabad and
New time table of filing returns
GSTR-1 (for the month of July 2017) 10.10.2017
For registered persons with aggregate turnover in a state more than Rs. 100 crores., The due date for GSTR-1 for July 2017 will be 03.10.2017
GSTR-2 (for the month of July 2017) is 31.10.2017
GSTR-3 (for the month of July 2017) is 10.11.2017
GSTR-4 (for the quarter July-sept 2017) is 18.10.2017
Table 4 under GSTR-4 not to be filed for the quarter July-september 2017. Requirement of filing GSTR-4 for this period to be dispensed with.
GSTR-6 (for the month of July 2017) is 13.10.2017
Due dates for filing of the above-mentioned returns for subsequent periods shall be notified at a later date.
GSTR-3 B will continue to be filed till for the month of December 2017.
New Delhi: To file ITR, there will be at least one trained staff to assist small taxpayers in every district of the country, along with a proposal to appoint 7,600 additional experts, along with the Income Tax Department on the mobile application Services will also be provided.
The Central Board of Direct Taxes (CBDT), which is the highest policy making body of the tax department, has decided to expand the scope of the scheme (TRPS) to generate tax return of 2006 by creating "digital" service and covering all 708 districts. of the country.
According to a department of IT department, according to access by PTI, there is a proposal to provide adequate number of Tax Returns preparedness (TRPs) in each district by increasing the number of 5,400 to 13,000 TRPs in the country.
"It is proposed that there should be at least three TRPs in every district of the country," it has also been said.
A senior official working on the project said that it aims to ensure that a person specializing in filing a taxpayer or a chartered accountant, without hassling, to hassle and assess the 'home tax' filing service.
"ITR filing is still not easy for many people. The TRP scheme was kept in mind a decade ago and it is believed that such services should be available for taxpayers at a lower cost. .
"Currently, there is no TRP in every district of the country. With the government's directive to increase the tax base and increase taxpayer services in the year, a new scheme has been envisaged," the official said.
He said, "7,600 new TRPs will be trained and appointed by the tax department."
Under the new digital plan for this scheme, he said, a taxpayer will be able to get his nearest TRP by logging in to the 'Income Tax Mitra' mobile app, which starts shortly, like the popular Cab rental application, Taxi aggregators like Uberand Ola
He said, "The taxpayers can send their documents in TRP in online mode and even those who can prepare the services rates, the same can be made available to the passengers who provide their services to drivers in the rental cab app. Is available for. "
According to official figures, there are 5,400 TRPs in the country which are currently trained and appointed by the IT department.
According to official rates, a TRP can charge a maximum of Rs 250 for filing an ITR.
The TRDRP scheme was started in 2006, in which the small taxpayers will provide an optional and easy channel to record their annual income tax return (ITR).
The TRP scheme is going through three phases of expansion and the fourth and the biggest addition to the latest TRP scheme will be added, the official said
CBI arrests four income tax officials in craft case
The agency has arrested four IT officers in connection with criminal conspiracy, accepting illegal harassment and criminal misconduct.
New Delhi: The Central Bureau of Investigation (CBI) has arrested four IT (IT) officials in connection with the investigation of the corruption case, which is related to the principal commissioner IT department posted in Ranchi.
On July 10, the Central Investigation Agency had lodged an FIR against several IT officers in Ranchi, in which an FIR was lodged between other people, in connection with criminal conspiracy, illegal harassment and accepting criminal misconduct. On July 12, the principal commissioner was arrested by the CBI.
CBI spokesman said that the agency has now deployed four other IT officers - Ranjit Kumar Lal, Sunil Kumar Gupta and both Ranchi, Tarun Rai, Koderma and Vinod Kumar Pal, are posted in Hazaribagh. here.
Officials, in collaboration with the Chief Commissioner, allegedly gave unfair advantage to merchants who had been slapped with heavy tax liability, thanks to the large bribe.
After the FIR, 23 (18 in Kolkata, five in Ranchi) were raided on the premises of the accused. "3.7 crore (approx) in cash, 6.6 kilograms (approx.) Of gold and some offensive documents, of which related to the flat value of four crore (approx), were recovered during the raid and campus during a locker. The commissioner said, "the CBI spokesperson said.
The Income Tax Department (I-T) has charged five people in the British Virgin Islands (BVI) in the Caribbean tax haven, alleging illegal foreign assets worth Rs. 5000 crores. Investigation in more cases
According to tax department sources, these individuals are from gold and diamond export business and India also has strong business operations.
The total foreign wealth made by him was Rs. 5000 crores.
These are among 612 Indian residents, whose list was exposed in 2013 by the International Consortium of Interactive Journalists (ICIJ). Consortium released information about funds in thousands of secret companies, trusts and offshore patrons.
According to tax officials, these are "established" cases where they had made offshore investments and secret financial transactions, but it was not reflected in their tax statements. These people are accused of possessing shares / possessions in unknown BII companies.
This is the first major step in the probe in the BBC listing where the IT department has got a significant amount of tax evasion by not disclosing its foreign assets. "We have got the material from various sources and it has been mixed with the profiles of individuals and their disclosure property in India and abroad. The documents which we have, have proved the existence of significant unaccounted foreign currency," One Senior I.T. officer said
So far, the tax department has done its initial investigation in 292 institutions, which are included in Mumbai. Of these, 151 cases were actionable and are still under investigation. According to sources, prosecution has been started in 15 cases and five of them will be heard in Mumbai special court. In addition, the investigation branch of the tax department has sent 19 cases to the evaluation wing. 19 accounts for illegal foreign funds of Rs 3,117 crore
New Delhi: 21,000 people disclosed black money worth Rs 4,900 crore under the Prime Minister's Ghariel Kalyan Yojana (PMGKY), the government announced the declared declaration of funds after the announcement of post diplomacy, an official said on Thursday.
Income Tax Department, a top government official said that so far these announcements have collected tax of Rs 2,451 crore.
The official said, "21,000 people disclosed black money worth Rs 4,900 crore under PMGKY scheme which was closed on 31 March this year. These are now the final figures," the official said, the IT department is now following legal procedures. Has been doing. In some cases
This scheme was started in December last year to enable the people to clean black money due to payment of 50 percent tax and penalty. Closed on 31st March this year.
Prime Minister Narendra Modi had announced this scheme on November 8 last year after the currency notes worth Rs 2,000 and the declaration of Rs 500.
After the PMGKY window was closed, revenue secretary Hasmukh Adhia had said that the answer to the plan was "not good".
Finance Minister Arun Jaitley had said that PMGKY was done before similar schemes and hence the response of the public should not be seen in isolation.
"Keep in mind that PMGKY was not a separate scheme in that fiscal year, you were IDS first, then you were depositing cash in the banking system, to know that there would be tax liability in it and PMGKY had ended.
The minister had said, "When you examine the total disclosure made, you will have to see them all collectively".
The government had also told PMGKY as a last window for black money holders, which was cleared by taxing and financing on their unknown illegal money.
49.9 percent plan for payment of tax, surcharges and penalties was provided.
In addition, the mandatory deposit of 25 percent of the black money was to be accounted for in the zero year in the account for four years.
The PMGKY was disclosed before the Announcement Announcement Plan (IDS) between June 1, 2016 and September 30, 2016, where the declaration declared 71,726 was disclosed, in which unidentified income of Rs 67,382 crore was revealed, Was done by.
So far, under the IDS, the government has recovered more than Rs 12,700 crore.
Jay Sairam
Call on 9376642360 for It Return, Loan, Import Export Code License
Under the income tax investigation bank FD, the report says. 5 rules to know
Story Highlights
Interest earned by the bank fixed deposit (FD) is fully taxable. Banks deduct TDS over 10% on FD interest income of more than Rs. 10,000. Bank Fixed Deposit The most popular investment option
While referring to the income tax authorities, not paying tax returns or taxing income tax, the Times of India recently, in view of the income tax authorities, the fixed deposits (FD) of a bank, From the people who have earned high interest income, have paid taxes. The bank's fixed deposit is the most popular investment option for many people. What is the tax treatment of interest earned by the bank's fixed deposit? What are the provisions relating to TDS (tax on source)? It should be noted that the interest earned on the bank fixed deposit is fully taxable.
Five tax rules: A bank FD investor should know:
1) Interest earned by bank fixed deposits is fully taxable, unlike savings bank account, where income tax is exempted up to Rs 10,000 for one year. In the case of fixed deposit of the bank, the bank deducts tax on the source (TDS) at the rate of 10% if the interest income for the year is more than Rs. 10,000, check the combined interest income of all the branches of a particular bank, TDS calculation Is performed. Recurring deposits also fall within TDS. It should be noted that if the interest payable by the bank on fixed deposit is more than the taxable limit during the financial year, then the submission form 15G will be treated as invalid. Many banks allow for the submission of Form 15G or 15H Form online.
2) Depositors as determined by the bank are advised to present Form 15G / 15H to avoid TDS deducted by the bank. If someone fails to do so, then the person will have to claim the return by filing his income tax return (ITR). Interest received on fixed deposits has been combined with other income and you have to pay tax at interest rate on that income. These rates are shown under income from other sources
3) For those coming under the tax slab, here's a caution. Sandeep Sehgal, director of tax and regulatory in Ashok Maheshwari and Associates LLP, says, "Advance tax provisions should not be deducted by TDS due to other income, and that person has not provided adequate advance tax when it was due and taxes Interest will be paid with that. If some amount is already paid in the form of TDS, then that person can save the interest at least to that extent. "
4) Banks issue TDS credit certificate for tax deduction. Depositors can claim it as a deduction when filing their tax returns, if applicable.
5) Form 26 AS: This is an important document that the salaried person should use before tax filing returns. Tax is deducted from various sources such as salary and bank deposits, subject to the applicable exemption limit. Form 26AS is basically your tax credit statement which reflects all taxes received by the Income Tax Department. You can use Form 26 AS from the Income Tax Department's website. Taxpayers can also view Form 26AS through Net Banking. Select Bank offers this facility. "It is important to go through Form 26As to ensure that all proper credits have been taken appropriately for the deduction of TDS from any person's salary, FD interest etc.".
Jay Sairam
Call on 9376642360 For It Return, Loan, Import Export Code License
The PMO has asked the Income Tax Department to curb black money in banks to reduce all black money deposited in banks. It is a clear order given to the Income Tax Department by the Prime Minister's Office, according to a high ranking government official, and this directive was issued within the days of the Reserve Bank of India, which found that 99% of 500 rupees and a bill of 1000 rupees The bill was paid. For banking system
Sources say that Prime Minister Narendra Modi gave priority to the tax department to give priority to ignoring black money in the speech of the Finance Ministry, Revenue Department, CBDT and CBEC at the closed door function on 1 September and 2 September. . Modi was speaking at the annual meeting of the tax department, event, revenue knowledge confluence
According to sources, the income tax department will now train its guns on "suspicious" and "unusual deposits" after the announcement of shooting on November 8, 2016. It will also raise more questions for establishment of unusual activity with previous income tax return, the source of wealth deposited in the Jan Dhan accounts, which increased compared to the amount of Rs. 64,564 crores, is also likely to be under the scanner.
On the other hand, when it comes to the recently rolled GST, it has been advised by the Prime Minister's Office that the tax department has not lodged GST complaint despite filing IT returns. However, the tax department will not leave all the individuals and companies who have not registered with the GST network.
An official from ET Now said, "The message is loud and clear. Do not go after those who are trying to complain for the first time, instead, focus on those people who are GST Are not favorable. "
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Introduction: Through GST migration process, all the taxpayers registered under existing laws have been automatically migrated to GST regime. But the exemption threshold limit for registration under GST has been increased to 20 Lakhs. Such persons below taxable limit apply for cancellation of registration or may be cancelled by proper officer on his own motion for the reasons prescribed u/s 29(1) of CGST Act, 2017. This article discusses in detail about GST registration cancellation procedure.
Conditions for cancellation of GST Registration
Cancellation by the registered person himself
A registered GST person can himself/herself cancel their registration in one of the following conditions:
If your turnover is not more than 20 lakh and you have registered on the portal, but you do not want to file the return. Then, you should get it deactivated asap, otherwise, you may receive a tax notice from the government.
If your business has been discontinued.
The business has been sold or transferred to some other party. That other party needs to register under GST.
If the person or business is no longer liable for GST registration. (Like if the registration threshold is increased later by the government and you get out from its cover).
Cancellation by a GST officer
GST registration of a person or business can be cancelled by a proper GST officer in one of the following cases:
If the registered person has violated any of GST provisions or laws.
A composition registered person has not filed tax returns for three consecutive quarters.
A normal registered person who has not filed returns consecutively for six months.
A voluntarily registered person who has not commenced any business in the six months from the registration date.
If the registration is obtained by fraud methods, the proper officer has the right to cancel the registration with retrospective effect.
If the GST registration of a seller is cancelled with retrospective effect, it may result in denial of credits to the buyers who have purchased from such dealers.
The concerned person will receive a legal notice showing the cause of registration and will be given an opportunity to explain themselves before the actual cancellation.
The following persons are allowed to cancel a GST registration:
The registered person himself
A proper GST officer
The legal heir of the registered person can request cancellation through an application, in case of death of the person
The voluntary registrations can only be cancelled after one year or more from the date of GST registration.
Payment of Pending Tax after cancellation
The GST cancelled person will have to pay all the dues and liable taxes prior to cancellation.
The person will have to pay his due taxes either by reversing the input credit in semi-furnished/furnished/raw stock of goods one day before the date of cancellation or by paying taxes on these goods. (whichever is higher of the two).
For capital goods, the person will have to pay either the input credit back which was taken on these capital goods, reduced by a certain percentage or the tax applicable on the transaction value of goods. (whichever is higher of the two).
How to Cancel GST Registration?
GST registration can be cancelled by using the forms below.
GST REG 16 – this form is to be used to apply for cancellation.
GST REG 17 – A proper officer can send the show cause / cancellation notice to a registered person using this form.
GST REG 18 – The concerned person must reply back in this form within 7 days of notice explaining why his/her registration should not be cancelled.
GST REG 20 – If the proper officer is satisfied with the explanation, he can use this form to drop the cancellation proceeding and pass a formal order.
GST REG 19 – This form will be used by the proper officer to issue a formal order for cancellation of registration. The order is to be sent within 30 days from the application date or from the date of response in GST REG 18 form.
Application for Revocation of Cancellation of registration by proper officer – Sec 30 of CGST Act & Rule 23
Submit an application in Form GST REG-21 for revocation of cancellation of registration within 30 days from the date of service of the order of cancellation of registration
Application for revocation cannot be filed if cancellation is on account of failure to furnish returns or failure to pay liability unless such return is filed / liabilities are discharged.
For justified reasons, PO shall revoke cancellation of registration within 30 days of application or receipt of clarification by passing an order in Form GST REG-22.
For unjustified reasons, PO shall issue SCN in Form GST REG-23.
Reply shall be filed in within 7 days in Form GST REG-24.
For justified reasons, PO shall revoke cancellation of registration within 30 days of application or receipt of clarification by passing an order in Form GST REG-22.
For unjustified reasons, PO shall reject the application by passing an order in Fom GST REG-05.