Tax Gyan - The Makeyourtax Blog

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Rs. 10 lakhs can be the fine for NGOs if returns not filed on time

The non-government organisations (NGOs), which have recently come under the scrutiny of the Modi government, will now have to pay a penalty of up to Rs 10 lakh if they fail to file their annual returns, according to a recently notified rule by the Union home ministry. As per the latest notification, the NGOs will …

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Survey says 72% find CBEC policies tax payer friendly 

  The government’s efforts to improve the indirect tax regime and make it more taxpayer friendly have got the thumbs up from a majority of respondents in a survey conducted by the Central Board of Excise & Customs (CBEC).     While 72% of respondents said they saw a “perceptible” change in policies of CBEC, …

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Tax Blow lessened on Black Money

The government has decided to soften the tax blow on its amnesty scheme to encourage Indians with hidden assets to come clean. They can pay effective tax — including surcharge and penalty — of about 31% against 45% stipulated in the Income Declaration Scheme 2016. The move to lower tax outgo is reflected in a …

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Imprisonment to DSP of CBI in Custom Duty Evasion Case

TWO YEARS RIGOROUS IMPRISONMENT TO TWO PRIVATE PERSONS AND A DSP OF CBI FOR EVASION OF CUSTOMS DUTY The Special Judge for CBI cases, Chennai has convicted Sh. G. Vinod Kumar Gollapudi & Sh. Natha Venkata Vathsa Vardhan, both private persons and Sh. K.A.A. Salaam, DSP, CBI for evasion of customs duty. Sh. K.A.A. Salaam …

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CAG Formulates Big Data Management Policy to Meet Challenges

Press Information Bureau Government of India Ministry of Finance Dated: 24-June-2016  Shashi Kant Sharma Chairs 1st BRICS SAIs Leaders Meeting. CAG Institution in India has taken several initiatives towards use of latest data analytical tools for audit planning & analysis and is also fine tuning its methodology for audit of environmental issues for better impact.  …

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OECD says world must act faster to harness digital economy potential

Governments must act faster to help people and firms to make greater use of the Internet and remove regulatory barriers to digital innovation or else risk missing out on the potentially huge economic and social benefits of the digital economy, the OECD told ministers and high-level officials from almost 40 countries today. Opening the Organisation’s …

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