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Clarifications regarding use of Form No. 16 for pensioners where pensioners are drawing their pensions through banks 1. The attention of the Board has been drawn to certain difficulties being faced by pensioners drawing their pensions through banks where the tax deduction at source certificate in the prescribed Form No. 16 is some-time denied to them on the ground that no employee-employer relationship exists between the banks and the pensioner. At times, objections have also been raised by the banks on the premise that Form No. 16 relates to deductions from salaries and not from pensions. In other cases, the certificates have been denied on the ground that the bank was not aware of any other income which the pensioner may have had.

EMPLOYEE NEWS & 7th CPC: Clarifications regarding use of Form No. 16 for pe...: 1184. Clarifications regarding use of Form No. 16 for pensioners where pensioners are drawing their pensions through banks 1....

Amendment in Eligibility Qualification, Age, Fee and Remuneration for Tax Return Preparer (TRP)


MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)


NOTIFICATION


New Delhi, the 19th January, 2018


G.S.R. 44(E).—In exercise of the powers conferred by sub-section (1) of Section 139B of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following further amendments in the Tax Return Preparer Scheme, 2006, namely:—

Short title, commencement and application.
1. (1) This Scheme may be called the Tax Return Preparer (Amendment) Scheme, 2018.

Bitcoin crackdown: Income Tax Department to send notices to 4-5 lakh HNIs for suspected tax evasion

Bitcoin's blistering bull run, and all the worries that come with it becoming the biggest asset bubble ever, has finally galvanised the Income Tax Department into taking action. After surveying nine major cryptocurrency exchanges in the country last week to investigate instances of tax evasion, the taxman is now all set to issue notices to lakhs of high networth individuals (HNI) involved in Bitcoin trading in India.

According to official sources, the survey had revealed that out of the estimated 20 lakh entities registered on these exchanges, about 4 to 5 lakh were "operational" and indulging in transactions and investments. "Those individuals and entities are now being probed under tax evasion charges.

Sharp increase in prosecutions of tax evaders by Income Tax Department

The Income Tax Department has accorded the highest priority to tackle the menace of black money. With this objective in mind, the Department has initiated criminal prosecution proceedings in a large number of cases of tax offenders and evaders.
Prosecutions have been initiated for various offences including wilful attempt to evade tax or payment of any tax; wilful failure in filing returns of income; false statement in verificationand failure to deposit the tax deducted/collected at source or inordinate delay in doing so, among other defaults.

Full list of revised GST rates 0n 6.10.2017 for 27 goods and 12 services

The Goods and Services tax (GST) council on Friday cut rates on 27 items and 12 services.

The Finance Minister Arun Jaitley-headed panel pushed for big changes in its 22nd meeting to iron out rough edges of the new tax system that has been hit by multiple pain points since it was rolled out on July 1.

Here's the full list of revised rates on 27 goods and 12 services.


1) Mango sliced dried -                   Old rate: 12%              New rate: 5%

2) Khakra and plain chapati -  Old rate: 12%                    New rate: 5%

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