(Income Tax Department Identifies 67.54 Lakh Potential Non-Filers for F.Y. 2014-15 - As per Press Release issued by Central Board of Direct Taxes (CBDT) on December 22, 2016) The Non-filers Monitoring System (NMS) Non-filers Monitoring System (NMS) was rolled out for identification of non-filers with potential tax liabilities. Data analytics carried out by the Systems … [Read more...] about IT Dept Identifies 67.54 Lakh Potential Non-Filers for FY 2014-15
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Direct Tax Burden-Experts’ Advice on How Budget 2017
(Direct Tax Burden-Experts' Advice on How Budget 2017 - As Published in ET Wealth on November 19, 2016) Direct Tax Burden - As North Block has begun work on the Finance Bill 2017, ET Wealth reached out to experts from the financial services industry to know what they want to see in the coming Budget. Here are suggestions from some experts for Finance Minister Arun Jaitley and … [Read more...] about Direct Tax Burden-Experts’ Advice on How Budget 2017
Too Late to Declare Unaccounted Money
You May Be Left With Just Rs 7 For Every Rs 100 Declared (As Published in Business Today on November 10, 2016) The tax department will match the amount deposited with the income shown in the return filed over the previous years. If there is a mismatch, suitable action will follow. After banning the higher denomination currency, the government has issued a warning that records … [Read more...] about Too Late to Declare Unaccounted Money
Tax Professionals Welcome Move to Ban Rs 500-1,000 Bank Notes
(As Published in the Economic Times on November 8, 2016) Rs 500 and Rs 1000 Notes Ban With Immediate Effect Tax professionals have welcomed the move by the Modi government to ban the Rs 500 and Rs 1000 notes with immediate effect. “It is a drastic but positive step that will help stamp out the menace of black money,” says tax and investment expert Balwant Jain. Jain says if you … [Read more...] about Tax Professionals Welcome Move to Ban Rs 500-1,000 Bank Notes
