-BoomLive.in In a press release dated August 7, 2017, The Central Board of Direct Taxes claimed that there has been a ‘substantial’ increase in the number of tax returns filed this year ( April 1 – Aug 5, 2017 ) on account of demonetisation. These first sentences from the CBDT press release are important and we will put them under a microscopic scrutiny in the next few paragraphs. As a result of...
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Citizen complaints spur review of deadline to link Aadhaar, PAN -Sidhartha & Surojit Gupta
-The Times of India NEW DELHI: The government is looking at the possibility of providing some relief to taxpayers who have been put in a difficult spot due to the mandatory linking of one's Aadhaar and Permanent Account Number (PAN). Sources in the government told TOI that the tax department had received several complaints and letters from taxpayers who have expressed their inability to link the two identification numbers, with many representations...
More »Under Operation Clean Money II, 6.6 lakh more persons on I-T radar -Surabhi
-The Hindu Business Line Uses SFT to identify people who made high cash deposits during demonetisation period New Delhi: In hot pursuit of black-money hoarders who may have made high-value cash deposits during the demonetisation window, the Income Tax Department has identified an additional 6.6 lakh people in the second phase of Operation Clean Money. The Central Board of Direct Taxes (CBDT) has harvested information from the Statement of Financial Transactions (SFT) to...
More »Aadhaar must for I-T returns, PAN applications from July 1
-The Times of India NEW DELHI: The government said on Saturday that filing income tax returns and applications for permanent account number or PAN cards will, from July 1, mandatorily require Aadhaar cards, or at least the applicant's enrolment number for the unique identity (UID). The order came a day after the Supreme Court upheld the law, Section 139AA of the Income Tax Act, that mandates the possession of Aadhaar cards...
More »Deposit gush: CA Institute bats for special audit -KR Srivats
-The Hindu Business Line Need to assess impact of demonetisation on banks, says ICAI chief Vikamsey New Delhi: The CA Institute has urged the Finance Ministry and the Reserve Bank of India (RBI) to allow its members to undertake focused “special audit” of deposit flows into the banking system during the demonetisation period, which started on November 8 and ended on December 31 last year. There is a need to assess the demonetisation...
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