Page 2 - Tax Department
GST officers to seek details of all invoices in case of ITC mismatch
The CBIC issued circular clarifying guidelines on recovery proceedings for the period 2017-18 and 2018-19
 "GST officers to seek details of all invoices in case of ITC mismatch")
Liquidity slips into deficit; RBI cash injections at over one-month high
Tax outflows drive tightness; banks face pressure to raise deposit rates
 "Liquidity slips into deficit; RBI cash injections at over one-month high")
DESH Bill: Commerce dept may scrap concessional corporate tax provision
In July, the commerce department sought inter-ministerial comments on the DESH Bill that aims at replacing the existing special economic zone (SEZ) law
 "DESH Bill: Commerce dept may scrap concessional corporate tax provision")
Supreme Court to set up separate special Bench to hear tax matters
Abhishek Rastogi said the Bench would be useful to expedite the matters and would also ensure that a lot of matters on the same issue were clubbed and placed in one single Bench
 "Supreme Court to set up separate special Bench to hear tax matters")
Apply for re-computation of income under Rule 132 to avoid tax penalty
Those with income from business or profession, who have availed deduction on cess/surcharge, must do so by March 31
 "Apply for re-computation of income under Rule 132 to avoid tax penalty")
Check ITR for discrepancies before responding to notice from tax dept
Respond on time, with expert help if required, to prevent further punitive measures
 "Check ITR for discrepancies before responding to notice from tax dept")
Have Form 16 from two employers? Be careful not to claim tax benefits twice
A mistake in calculating tax liability could lead to a notice from the tax department
 "Have Form 16 from two employers? Be careful not to claim tax benefits twice")
Tax department raids multiple premises of media group Dainik Bhaskar
The Income Tax Department on Thursday conducted raids against the media group Dainik Bhaskar in multiple cities over alleged tax evasion, official sources said
 "Tax department raids multiple premises of media group Dainik Bhaskar")
Rs 5,575-cr indirect tax refunds processed since March 30, says CBIC
Earlier, the tax body had initiated a measure to help GST return filers by facilitating early refund of input tax credit
 "Rs 5,575-cr indirect tax refunds processed since March 30, says CBIC")
Vivad se Vishwas scheme: Settlement, a fact-intensive decision
From taxpayers' point of view, this scheme provides a good window of opportunity to reduce litigation and it must be evaluated positively.
I-T department approaches 5,627 entities to avail Vivad se Vishwas scheme
Of this, a total 1,730 assessees, involving a tax demand of Rs 1, 578 crore, have agreed to come under the scheme
 "I-T department approaches 5,627 entities to avail Vivad se Vishwas scheme")
All communications from tax dept to assessees to carry DIN from Oct 1: CBDT
Earlier, Prime Minister Narendra Modi had assured honest and law-biding taxpayers that they will not be harassed by the tax department
 "All communications from tax dept to assessees to carry DIN from Oct 1: CBDT")
'High-risk remittance' data under Income Tax department's scanner
The Income Tax Act empowers the CBDT to capture information in respect of payments to non-residents, whether taxable or not
Can we eliminate tax terrorism?
The tax department itself has marked 94 per cent of all direct tax arrears as "demand difficult to recover"
 "Can we eliminate tax terrorism?")
Tax department extends date for filing SFT by banks, MFs till June 30
CBDT had last week asked the entities required to furnish SFT under 114E of Income Tax Rules
 "Tax department extends date for filing SFT by banks, MFs till June 30")
Demonetisation: I-T dept seize Rs 130 cr in cash and jewellery since Nov 8
As per latest RBI data, Rs 8.45 lakh crore worth of such currencies were deposited in banks till November 27
 "Demonetisation: I-T dept seize Rs 130 cr in cash and jewellery since Nov 8")
