Agrawal & Dhoot

03/02/2017

Income Tax Department department are issuing notice based on data analytics done by comparing demonetisation data with information in IT databases to identify taxpayers wherein the cash transaction does not appear to be in line with the taxpayer's profile.


Taxpayers who are not yet registered on the e-filing portal (at https://incometaxindiaefiling.gov.in) should register by clicking on the 'Register Yourself link. Registered taxpayers should verify and update their email address and mobile number on the efiling portal to receive electronic communication.

How to View if you have also received notices issued by Income Tax Department..
The information relating to cash deposits will be displayed to the PAN holder in the e-filing portal (after log in). The taxpayer can view the information as under
• Step 1: Login to e-filing portal at https://incometaxindiaefiling.gov.in
• Step 2: Click on "Cash Transactions 2016" link under "Compliance" section.
• Step 3: The details of transactions related to cash deposits during 9th Nov to 30th Dec 2016 will be displayed.

Submission of your response.
The user is provided with two options i.e. "The account relates to this PAN" and 'The account does not relate to this PAN". If the user selects the response option 'The Account does not relate to this PAN" then message 'Your feedback will be sent to the information source for confirmation." will be displayed.
If the user selects the response option "The account relates to this PAN" the screen for capturing details will be displayed to the user. At this stage, the user will be able to modify the value of cash deposit (if it is different than the displayed value). The user will also be able to provide the explanation of transaction (source of cash deposit). The various categories for providing the explanation of cash deposit are;
• Cash out of earlier income or savings
• Cash out of receipts exempt from tax.
• Cash withdrawn out of bank account.
• Cash received from identifiable persons (with PAN).
• Cash received from identifiable persons (without PAN).
• Cash received from un-identifiable persons.
• Cash Disclosed/To be disclosed under PMGKY
If cash is from more than one category (or out of cash in hand), the source of cash may be assigned under various categories keeping in view the aspects and sequence mentioned in the User Guide. In case the taxpayer claims that cash was received from other persons, the person wise details is required to be submitted electronically. The user is also required to submit details of other bank accounts (other than the one displayed) in which specified bank notes (SBN) has been deposited. Verification of case Data analytics will be used to select cases for verification based on approved risk criteria. If the case is selected for verification, request for additional information and its response will also be communicated electronically. The information on the online portal is dynamic and will be updated on receipt of new information, response and data analytics.

PS: Always Take help of experts to ease out the things…

Income Tax Department (ITD) has launched Operation Clean Money. Initial phase of the operation involves e-verification of large cash deposits made during 9th November to 30th December 2016. The PAN holders can view the relevant information post login to e-Filing portal under "Compliance" --> "Cash T...

13/10/2016

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20/01/2016

Prime Minister Narendra Modi unveiled a set of incentives to boost start-up businesses as key to employment generation and wealth creation, offering them a TAX and Other Benefits, some of them are highlighted below:
> Inspector free regime for three years;
> profits earned by start-ups will be exempt from payment of income tax during the first three years of business;
> A 20 per cent tax on capital gains made on investments by entrepreneurs after selling own assets as well as government-recognised venture capitalists will also be exempt.
> In order to provide funding support to start-ups, the government will set up a fund with an initial corpus of Rs 2,500 crore and a total corpus of Rs 10,000 crore over four years;
> This self-certification will apply to laws like payment of gratuity, contract labour, employees’ provident fund, water and air pollution acts and there will be no inspection during the first three years of launch of the venture.
> Patent fee will be slashed by 80%.
> Mobile app and portal will be rolled out for interacting with the government and regulatory institutions;

Start-ups aren't about doing billion dollars’ worth of business. If an enterprise provides livelihood to even five people, it is contributing to the nation's progress
START-UPS CAN CHANGE THE MINDSET FROM JOB SEEKER TO JOB CREATOR

14/01/2016

Til Pakwano ki mithas zindagi me bhariya
ptango ki tarah akash me bulandi paiya
aur apni mehanat ki dor se us bulandi ko sambhal k rakhiya.
Happy Makarsankranti

28/02/2015

BUDGET LIVE:

Tax exmeption for Individual hiked to Rs 4.44 Lakh... :)
FM

28/02/2015

BUDGET LIVE:

NO Comment by FM till now on much Awaited Question of ??

28/02/2015

BUDGET LIVE:

For Senior Citizens: Medical Expenses raised to Rs 30,000 (Tax-free cap), says FM

28/02/2015

BUDGET LIVE:
For Senior Citizens: Medical Expenses raised to Rs 30,000 (Tax-free cap), says FM

28/02/2015

BUDGET LIVE:

Service tax rate hiked to 14%

28/02/2015

BUDGET LIVE:

MAT rules to be Rationalised for FIIs: FM

28/02/2015

BUDGET LIVE:
MAT rules to be Rationalised for FIIs: FM