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The Non-filers Monitoring System (NMS) aims to identify and monitor persons who enter into high value transactions and have potential tax liabilities but have still not filed their tax returns. Analysis was carried-out to identify non-filers about whom specific information was available in the database of the Income Tax Department. The sources of information include Statement of Financial Transactions (SFT), Tax Deduction at Source (TDS), Tax Collection at Source (TCS), information about foreign remittances, exportRead More
The Central Board of Direct Taxes (CBDT) has stated that certain news items that appeared in a section of media regarding enmasse issue of prosecution notices to small companies for TDS default are completely misleading and full of factual inaccuracies. CBDT clarified that Mumbai Income Tax TDS office has issued prosecution Show Cause Notices only in a limited number of big cases where more than Rs. 5 lakh of tax was collected as TDS from employees etc and yet the same was not deposited with the Income Tax DepaRead More
The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has given its approval to expenditure sanction of Rs.4,241.97crore for Integrated E-filing &Centralized Processing Center 2.0 Project of the Income Tax Department. The Union Cabinet also approved the expenditure sanction for the consolidated cost of Rs.1,482.44crore of the existing CPC-ITR 1.0 project upto FY 2018-19.Read More
The GST Council in its 32nd Meeting held today under the Chairmanship of the Union Minister of Finance & Corporate Affairs, Shri Arun Jaitley in New Delhi took the following major decisions to give relief to MSME (including Small Traders) among others -
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