Operation Clean Money: I-T dept to exhibit anti-black money drive on R-Day

For the first time, an Income Tax Department tableau will roll down the Rajpath during the Republic Day parade, showcasing its special anti-black money drive that was launched post demonetisation.
The tableau will depict the Operation Clean Money (OCM), its salient features and people's contribution towards the drive which was launched by the I-T department on January 31 last year.
Its two editions have been rolled out by the policy-making body of the I-T Department, the Central Board of Direct Taxes (CBDT), till now.
"The tableau will showcase the OCM which is an initiative of the taxman against black money," a senior official said.
"As the drive against black funds is a major flagship of the government, the tableau will speak about clean money and how it can be used to create a strong country," the official added.
He said this will be the first time that the department's float will be a part of the Republic Day parade on the Rajpath, which witnesses representations from the armed forces besides various states and ministries.
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Trump promises giant tax cut as 'Christmas gift' to American families, cos

US President Donald Trump today said the Congress has reached an agreement on tax legislation that will deliver more jobs, higher wages, and "massive tax relief" for American families and domestic companies.

Trump recognised the tax reform as a campaign promise during his run-up to the 2016 presidential election, saying the "giant tax cut" will be his "Christmas gift" to fellow countrymen.

"Now we're just days away ... from keeping that promise and delivering a truly amazing victory for American families. We want to give you, the American people, a giant tax cut for Christmas," Trump told a select audience at the White House as he delivered an address to the nation making a final pitch for his massive tax reform.

"As we speak, Congress has reached an agreement on tax legislation that will deliver more jobs, higher wages, and massive tax relief for American families and for American companies," he said.

Trump cited an example to explain the impact of the tax cut: "The typical family of four earning USD 75,000 will see an income tax cut of more than USD 2,000, slashing their tax bill in half."

It nearly doubles the amount of income taxed at the rate of zero, he said, adding that the proposed tax reforms also closes special interest loopholes; and lowers tax rates for families. It cuts taxes on businesses, which is expected to raise income by an average of more than USD 4,000, he said.
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AAP calls I-T's Rs 30 cr tax notice 'bogus'; BJP, Cong demand explanation

Dubbing an Income Tax Department's Rs 30.67 crore tax notice as "bogus" and "vindictive", the AAP on Monday said it was being targeted by different government agencies and that it had maintained the record of every donation.

"The I-T Department has declared the complete amount of donations we received as illegal and has put it under the category of taxable income although we have maintained the records of each paisa that we received from donors," AAP Treasurer Deepak Bajpai told the media.

The I-T notice said the AAP had not disclosed income of Rs 13.16 crore and that its total taxable income calculated by it was Rs 68.44 crore for fiscal 2014-15 and 2015-16 and that the money received as donation in its bank was not recorded in the account books.

The notice also said that the Aam Aadmi Party had not recorded full details of 461 donors who had given a total of Rs 6.26 crore, each donation amount exceeding Rs 20,000.

The AAP was also accused of not disclosing the donations in its web site.

Bajpai dismissed the charges, saying the party had been keeping and maintaining books of accounts and other documents (of contribution in excess of Rs 20,000) under Section 13A of the Income Tax Act.

"We have been submitting reports to the Election Commission about the donations received as per the law," he said.
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HC halts 2nd Vodafone arbitration in Rs 11,000-cr tax demand against India

The Delhi High Court on Tuesday restrained Vodafone Group's arbitration proceeding against India, under a treaty with the United Kingdom, in connection with a Rs 11,000 crore tax demand raised against the company in relation to its $11 billion deal acquiring stake of Hutchinson Telecom.

Justice Manmohan restrained Vodafone or its subsidiaries from going ahead with arbitration under the India-UK Bilateral Investment Protection Agreement (BIPA) as the telecom major had initiated similar proceedings on the same issue under the the India-Netherlands BIPA.

"This court is of the prima facie view that in the present case, there is duplication of the parties and the issues. In fact, the reliefs sought by the defendants under the India-UK BIPA and by the Vodafone International Holdings BV (VIHBV), the subsidiary of defendants (Vodafone group), under the India-Netherlands BIPA are virtually identical.

"This court is further of the prima facie view that there is a risk of parallel proceedings and inconsistent decisions by two separate arbitral tribunals in the present case. In the prima facie opinion of this Court, it would be inequitable, unfair and unjust to permit the defendants to prosecute the foreign arbitration," the court said in an interim order.

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Last day for filing tax returns: Step by step guide to do quickly

Have you filed your tax returns already? If you haven't, this is the last day to file your returns for 2016-17 fiscal or assessment year 2017-18.

Keeping in view the government's inclination towards technology, the filing of returns has become speedy and hassle-free exercise for the citizens.

Here is how you can file your ITR online

People with salary income who are eligible to use ITR 1 or ITR 4 form can file their tax return completely online via the income tax e-filing website without having to download any form/software. Follow these steps:

1. Create your e-filing account on the Income Tax website https://incometaxindiaefiling.gov.in and register yourself. Registration will be completed by clicking activation link sent via email and providing one-time password (OTP) received on the mobile. Click on the 'Registered user' if you have already registered yourself on the website.

Download the Form 26AS and Form 16. Form 26AS is a consolidated tax statement which summarises the amount paid against each PAN number.

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CBI detects over 300 shell companies used to divert money worth Rs 2,900 cr

A complex web of 393 shell companies used for allegedly diverting funds unscrupulously to the tune of Rs 2,900 crore has been unearthed by the CBI during its probe into such cases over the last three years.

CBI sources said the shell companies were allegedly being used by the accused to divert loan funds meant for specified purposes, creating fake invoices, and "round-tripping" of funds to evade taxes and generate black money.

Round-tripping is sending money abroad to tax havens in the guise of payments for fake imports through shell companies and bringing back that money showing it as foreign investment.

The findings of the CBI are just a tip of the iceberg as these are only those cases where the agency has been able to find legally-tenable evidence of money trail, cheating and diversion of funds to cheat the banks, said the sources not willing to the named.

The murky activities have been exposed during the CBI probe into various loan fraud cases involving 28 public sector banks and one private bank, the sources said.

Besides this, the agency is probing about 200 cases involving funds of at least Rs 30,000 crore, the sources said.

The CBI is prosecuting these companies for corruption and scheduled offences associated with it.

In addition, it will also refer these cases to other investigating agencies for action under other laws like Companies Act, Prevention of Money Laundering Act, Benami Transactions (Prohibition) Act and the Income Tax Act etc, the sources added.

The agency has not only "exposed" these shell companies but also gathered enough material which would "plug" the possibility of them being used for any further operation, the sources claimed.
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Operation clean money: 1 cr accounts scanned; 18 lakh clarifications sought

Latest News - In a bid to clamp down on unaccounted money funnelled into bank accounts post demonetisation, the tax department has scrutinised and matched as many as one crore accounts and asked 18 lakh people to explain the source of their funds.

The tax department has run big data analytics through more than one crore accounts in its data bank and done matching with the taxpayer profile of the holder, a top source said.

As per I-T records, there are 3.65 crore individuals who filed income tax returns. Besides, there are over seven lakh companies, 9.40 lakh Hindu Undivided Families and 9.18 lakh firms who filed ITRs during Assessment Year 2014-15.

Also, over 25 crore zero-balance Jan Dhan accounts were opened as part of the (Read More)

Staffing industry seeks resolution of tax woes in Budget

Latest News - Wants TDS to be cut from 10% to 2%, and applied on commission earned, not on gross invoice value

The staffing industry, representing companies such as Team Lease and Quess, wants finance minister Arun Jaitley to resolve the tax anomalies it faces, in the upcoming Budget.

The Indian Staffing Federation says that its demand assumes significance since post-demonetisation it is the formal sector which will grow and the staffing industry will play a crucial role in that.

The industry represents contract hiring in organised industry done through tri-partite agreements -- between the company that is hiring, the person hired and the (Read More)

Your assets not hidden from our gaze: I-T dept tells black money holders

Latest News - Warning black money holders that their undisclosed assets are "not hidden" from its gaze, the Income Tax department Sunday advised them to avail the ongoing one-time disclosure window--PMGKY-- to come clean on their stashed funds.

In advertisements released in leading national dailies, the department also published the salient features of the Pradhan Mantri Garib Kalyan Yojna (PMGKY), 2016 which was announced by the government post demonetisation in November last year.

"Your undisclosed accounts or cash deposits are not hidden from us.

"Helping the less fortunate can help you. Invest your undisclosed income in the (Read More)

Sector-wise key expectations from Budget 2017

Latest News - With over a week left for Finance Minister Arun Jaitley to unveil the Budget 2017 on January 01, industry experts are being vocal about the expectations that they seek from the NDA-led government’s fourth Budget under the current term. 

“We believe that the government is likely to take corrective measures which would offer remedy to the demonetisation wounds. In our opinion, increase in individual income tax slab limits and reduction in corporate tax rate is expected to be the highlight of the budget in order to revive the consumption cycle,” said brokerage Angel Broking in a pre-Budget research note. 

Below are sector-wise expectations from (Read More)