Snehal khanna Blog

Jurisdiction-free e-assessments, gradual reduction in personal tax rates in line with changes in corporation tax and enhanced tax breaks for education of kids are among other key demands BUDGET NEWS  :           A Deloitte survey of pre-price range expectations of managers on non-public income tax indicates that maximum give a thumbs-as much as aligning the tax 12 months with the calendar 12 months. Jurisdiction-free e-assessment of tax returns, a sluggish reduction in non-public tax rates in line with adjustments to the agency tax structure and more suitable tax breaks for education of kids are among different key price range 2018 needs from Finance Minister Arun Jaitley . Indian managers are keen to align the tax 12 months (April-March) with the calendar yr (January-December), no matter chances of preliminary hardships. In a survey of round 700-ordinary managers, a majority of respondents (eighty four in keeping with c...

For PSUs and Centre combined, capex target is very likely to cross Rs 4.2 trillion -- highest for any given year, surpassing previous high by a wide margin BUDGET NEWS :   Finance Minister Arun Jaitley is looking at yet another year of the central government and nation-owned businesses carrying a bulk of infrastructure spending. The Centre’s capital expenditure for 2018-19 could be at least Rs 3.6 trillion (Rs 3.6 lakh crore), approximately Rs 510 billion (RS fifty one,000 crore) or sixteen per cent higher than 2017-18 budgeted estimates of Rs three.09 trillion (Rs three.09 lakh crore). For PSUs and the Centre combined, the capex target is without problems predicted to move Rs four.2 trillion (Rs 4.2 lakh crore), enterprise standard has learnt. This will be the highest for any given year, and could surpass the preceding excessive with the aid of a extensive margin. The 2018-19 finances, to be offered via Jaitley on February 1, can be last complete finances bef...

Jurisdiction-free e-assessments, gradual reduction in personal tax rates in line with changes in corporation tax and enhanced tax breaks for education of kids are among other key demands BUDGET NEWS :   A Deloitte survey of pre-price range expectancies of managers on private profits tax indicates that maximum supply a thumbs-up to aligning the tax yr with the calendar 12 months. Jurisdiction-free e-assessment of tax returns, a gradual reduction in non-public tax costs in line with changes to the company tax structure and improved tax breaks for schooling of kids are amongst other key finances 2018 demands from Finance Minister Arun Jaitley . Indian managers are keen to align the tax yr (April-March) with the calendar year (January-December), despite probabilities of preliminary hardships. In a survey of round seven-hundred-atypical managers, a majority of respondents (84 in step with cent) need the Indian tax year to be modified from the economic 12 months to the c...

High-value transactions of more than Rs 50,000 and above require PAN details LATEST NEWS     :     Of the 1.1 million permanent account numbers (PAN) that the government deactivated last month, income-tax (I-T) sources say a majority were duplicates and were being used to open share-trading and demat accounts, transact on the stock markets, and operate in shell firms. The I-T department has discovered one individual could have five to seven PAN cards, each with a slightly different spelling of the holder’s name. According to I-T officials, such people, who have been identified as small- and medium-sized stock brokers, sub-brokers and their clients, have evaded taxes. They could have evaded so by using one card for filing tax returns, and others for investing in financial instruments or making high-value transactions, said a senior tax official. High-value transactions of more than Rs 50,000 and above require PAN details. Dur...

The move will increase transparency in financial dealings and help check tax evasion LATEST NEWS : Auditors will now have to disclose details of transactions exceeding Rs 20,000 in connection with immovable property in reports, which they file with the Income Tax (I-T) authorities on behalf of their clients. Under the Income Tax Act, professionals earning gross receipts of more than Rs 50 lakh and companies with a turnover of Rs one crore and above are required to get their accounts audited. The turnover limit for companies has been increased to Rs two crore from Assessment year 2018-19. So far, auditors in their report had to mention details of loans, and repayment exceeding Rs 20,000 in the tax audit report filed along with Income Tax returns. Henceforth, all transactions exceeding Rs 20,000 relating to immovable property will have to be mentioned in a specified format in the report. The move will increase transparency in financial dealings and help check tax e...

As many as 2.07 crore taxpayers have already linked their Aadhaar with PAN. Latest news : The government has made it mandatory to link existing Aadhaar numbers with PAN of taxpayers with effect from July 1. Amending income tax rules and notifying the same, the government has made quoting of the 12-digit biometric Aadhaar or the enrolment ID a must at the time of application of permanent account number (PAN). Finance Minister Arun Jaitley through an amendment to tax proposals in the Finance Bill for 2017-18 had made Aadhaar mandatory for filing income tax returns and provided for linking of PAN with Aadhaar to check tax evasion through use of multiple PAN cards. The revenue department said "every person who has been allotted PAN as on July 1, 2017, and who in accordance with the provisions of sub-section (2) of section 139AA is required to intimate his Aadhaar number, shall intimate his Aadhaar number to the principal director general of income tax (systems) or D...

Agarwal was accused of converting black money through dubious transactions The Enforcement Directorate on Tuesday arrested the chartered accountant of RJD chief Lalu Prasad's daughter Misa Bharti in connection with an alleged money laundering case. An ED official told IANS that Rajesh Agarwal was arrested from Delhi for alleged money laundering and involvement in the black money racket. Agarwal was accused of converting black money through dubious transactions with the help of two bothers S.K. Jain and V.K. Jain. The ED had arrested the Jain brothers on March 20. Read this: Windows smashed! Tejas Express vandalised one day before launch At least 90 shell firms were under the ED scanner. Agarwal has also been accused of helping Bharti's husband's company, Mishail Packers and Printers Pvt Ltd. The arrest follows the May 16 Income Tax raids at 22 places in and around Delhi in connection with alleged "benami" property deals involving Lalu ...

1.08 cr assessees done with linking; over 25 cr PAN card holders, 111 cr Aadhaar holders in India If you have not linked your Aadhaar with your PAN on the income tax portal yet, you should not delay it. As per latest circular from income tax (I-T) department, it is now mandatory to provide Aadhaar and permanent account number (PAN) details while filing tax returns. The rule which will be applicable from July 1, 2017 is aimed at tax evaders who hold multiple PAN cards to escape paying tax. Therefore, after linking both the Aadhaar and PAN, the government hopes to keep tabs on the taxable transactions of a particular individual or entity, whose identity and address will be verified by his Aadhaar card By linking the two, entities will no longer have to submit their Income Tax acknowledgement to the I-T department, thus saving tax payers a lot of trouble. When linking, make sure that name, date of birth and gender displayed on the income tax website matches with the detail o...