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Tag Archives: Income Tax

CBDT discovers discrepancies in income of certain politicians

The Central Board of Direct Taxes (CBDT) told the Supreme Court on September 11 that a prima facie verification of election affidavits by the Directors General of Income Tax has indicated discrepancies in the income disclosures made by seven Lok Sabha members and 98 MLAs. It did not disclose their…

CBDT turns proactive?

The Central Board of Direct Taxes (CBDT) is said to have turned proactive and asked its IT officers to regularly engage with top 100 tax payers in each range and understand their difficulties in paying the taxes. This follows a recent conference of CBDT members and IT Commissioners where solutions…

CBI files case against IRS officer

The CBI has registered a case against former additional commissioner of Income Tax R Manjunathaswamy, for allegedly accepting a Rs 4-lakh bribe from a private company to favor it during scrutiny assessments. The Bureau booked the IRS officer and the vice-president of Bangalore-based RNS Infrastructure Ltd Sunil Sahasrabuddhe for criminal…

SC refuses to entertain allegations against PM

The Supreme Court on Wednesday cautioned NGO Common Cause against making unsubstantiated allegations against constitutional functionaries, including Prime Minister Narendra Modi, and observed that it would not order an inquiry on the basis of Income Tax papers relating to raids at Aditya Birla Group and Sahara companies unless there was…

Govt. gives another chance to black money hoarders: A glance

The Centre on Monday opened another window to enable holders of undisclosed cash to deposit the money in their bank accounts after paying an effective tax of 50 percent and locking up a part of the sum for four years. Speculations have been rife about the scheme for a week….

Court and humor

A petition on demonetisation in the Rajasthan High Court saw a hilarious situation. When the petitioner’s lawyer persisted with his probing line, the bench jokingly observed that maybe an Income Tax inquiry was required against many, including the petitioner. Hearing this, the lawyer immediately told the court that he was…

Tax collections rise to Rs 5.25 lakh crore between April-Aug 2016

  The Centre’s tax receipts rose to Rs 5.25 lakh crore by end-August 2016. The data released by the Finance Ministry on Monday revealed that direct tax collections grew 15.03 percent up to August 2016 to amount to Rs 1.89 lakh crore of the net collection. While gross corporate tax…

IT department goes for technology to fulfill its mandate

The Income Tax Department on Tuesday signed a contract with L & T Infotech Ltd for implementation of Project Insight.  The Project will be rolled out in three phases and the first phase is expected to go live in May 2017. A new Compliance Management Centralized Processing Centre (CMCPC) will…

Taxing problems of revenue collection

Prime Minister Narendra Modi on Thursday asked taxmen to double the taxpayer base (for income-tax) to 10 crores and build a “bridge of trust” (Vishwas ke sethu) with the people so that tax collection targets could be achieved without coercion. Although he didn’t specify, the central factor in the country’s…

Released tax data throw up known facts

Just one per cent of individuals, who declared their income in assessment year 2012-13, accounted for almost 20 per cent of the taxable income, according to government data on income tax released for the first time on Friday. Among corporates, however, this imbalance is starker, with a little more than…

Will CBDT loose newly created 26 Prl CCIT (Apex scale) posts?

It is heard in power corridors that a move is afoot to abolish newly-created 26 posts of Principal Chief Commissioner of Income Tax. These posts were created by a cadre restructuring of CBDT. Since these posts fall in Apex Scale (Rs 80,000 Grade) and enable the IRS IT cadre to…

R C Mishra may soon be appointed as Member, CBDT

‘Indianmandarins’ reliably learns that Ramesh Chandra Mishra (IRS IT:1979) may soon be appointed as Member, CBDT. Reportedly, his name appears on the panel comprising three officers for the position of Member, CBDT. These three names have reportedly been approved against the anticipated vacancies (FY 2015-106) which included S M Nigam…

R Kaushal tipped for Principal CCIT (Apex scale)

Raminder Kaushal (IRS IT:1980) is all set to be promoted to Principal Chief Commissioner of Income Tax. Presently he is serving as Chief Commissioner of Income Tax (Delhi-XII). Reportedly, his name has been cleared in the DPC which held on June 10. The orders of appointment of 26 Principal CCITs…

Ms Anita Gupta tipped for Prl CCIT (Apex Scale)

Ms Anita Gupta (IRS IT:1981) is all set to be promoted to Principal Chief Commissioner of Income Tax. Presently she is serving as Chief Commissioner of Income Tax (CCIT- V) in Chennai. Reportedly, her name has been cleared in the DPC which held on June 10. The orders of appointment…

Former Finance Secy, Gujaral is independent Dir on RIL Board

As ‘Indianmandarins’ had anticipated in its report dated May 19 former Secretary Finance R S Gujral (Rtd IAS:HY:1976) has been appointed as an Independent Director of Reliance India Limited for a period of five years i.e. till June 2020. R S Gujaral served as country’s Finance Secretary till his retirement…

Ratnakar Singh tipped for Principal CCIT (Apex Scale)

Lal Ratnakar Singh (IRS IT:1981) is all set to be promoted to Principal Chief Commissioner of Income Tax. Presently he is serving as Chief Commissioner of Income Tax (CCIT- II), Pune. Reportedly, his name has been cleared in the DPC which held on June 10. The orders of appointment of…

Former Finance Secretary Gujaral to join RIL Board?

The power corridors are abuzz that Raminder Singh Gujaral (Rtd IAS:HY:1976), former Finance Secretary (GoI), Raminder Singh Gujaral  is expected to join hands with Mukesh Ambani. In case RIL’s AGM (Annual general Meeting), which is scheduled for June second week, passes the resolution to appoint Gujaral then he would mark…

Selection of DG, NIFT may face PMO’s intervention?

‘Indianmandarins’ has reliably learnt that the ongoing selection & appointment process of new DG, NIFT (National Institute of Fashion Technology) may face the ire of PMO. Reportedly, Recruitment Rules (RR) was changed by the Ministry of Textiles before the post was advertised. Earlier Jt Secretary Empanelment and Grade-pay were essential…

Promotion of 267 IRS officers to Prl CCITs shortly, logjam is over

CBDT

The logjam in promotions of IRS (IT) officers is finally over. As many as 267 IRS (IT) officers (1982-1987) in the rank of Chief Commissioner are expected to be promoted to Principal Chief Commissioner shortly. The cadre restructuring of CBDT had made provisions for 300 posts of Principal CCITs but…

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