The Income Tax department will investigate over 60,000 individuals under the second phase of the ‘Operation Clean Money’ which was launched on Friday with an aim to detect black money generation post demonetisation.

Law enforcement agencies have detected Rs.1.37 lakh crore worth of tax evasion, began criminal prosecution in 2814 cases, and have arrested 3,893 people in the last three years, according to a statement by the Central Board of Direct Taxes. Concerted and coordinated actions of law enforcement agencies under the Department of Revenue have achieved phenomenal … Continue reading “Rs.1.37 lakh crore of tax avoid detected over last 3 years”

All Income Tax Department-related proceedings between the taxpayer and the taxman will be conducted online from the new fiscal year, the Central Board of Direct Taxes declared.

GST provides that any lease or letting out of the building, including a commercial, industrial or residential complex for business or commerce, either wholly or partly, is a supply of services.

The government today removed the 1% tax on cash purchases above Rs 2 lakh, after putting a limit on transactions.

DVAT department further extended the due date of filing return for Q-3, financial year 2016-17 till 31st March 2017.

A new Notification: Notification No. 10/2017-Service Tax dated 8th March, 2017 has been issued by Government so as to withdraw exemptions granted earlier to few specific Services provided “to” an Education Institutions.

The I-T department has developed a mobile app for paying taxes and tracking refunds and is considering issuing PANs on real time basis using Aadhaar biometric

The DVAT department. has further extended the due date for filing of online/ hard copy of DVAT return for Q3 of FY 2016-17 (i.e. Oct.~Dec. 2016) in Form DVAT-16, DVAT-17 and DVAT-48 along with required annexures/ enclosures, to 17 Mar. 2017.

The exemption under section 54EC up to R50 lakh would be available only if the capital gain arising from the transfer of a long-term capital asset, is invested in the specified bonds within six months from the date of such transfer.

CBEC vide notification no. 14/2017-Customs (N.T) dated 2nd March 2017 determines the rate of exchange of Conversion of each of the foreign Currencies in to Indian currencies relating to export and Import of goods. This notification would come into effect from 3rd March, 2017. SNO. Foreign Currencies For Imported goods per unit of foreign currency … Continue reading “Supersession of notification no- 12/2017-Customs (N.T) dated 16th February 2017”

Central government vide notification no. 07/2017-Customs dated 1st March 2017 hereby makes the following further amendments in earlier notification. In the said notification-after the proviso to condition (v), the following paragraph shall be inserted, namely:- after the proviso to condition (v), the following paragraph shall be inserted, namely:- Notwithstanding anything contained herein above, the exemption … Continue reading “Amendment in Notification no. 9/2012-Customs dated 9th March 2012”

According to a practice that was generally prevalent, there was non levy of service tax, on the services by way of admission to a museum and this service was liable to service tax, for period commencing on and from the 1st day of July, 2012 and ending with the 31st day of March, 2015, which … Continue reading “Service Tax payable by way of admission to a museum”

The Central Board of Direct Taxes (CBDT) has signed 10 more unilateral advance pricing agreements (APAs) with Indian taxpayers as it looks to reduce litigation by providing certainty in transfer pricing.

Submitted by business_centrik on 20/02/2017 Cash purchase of jewellery will attract 1% TCS (Tax Collected at source) from April 1 if the amount exceeds Rs. 2 Lakhs, as against the current threshold of 5 Lakh. The bill seeks to do away with the threshold of Rs. 5 lakh on jewellery purchases of applicability of TCS … Continue reading “From April 1st buying Jewellery over Rs. 2 lakh cash to attract 1% TCS”