Income Tax News

IT dept conduct searches in Kashmir Valley

18 March 2019 at 13:12

IT Department has seized Rs. 1.44 crores cash & more during the search operation in Kashmir ValleyIncome Tax Dept has conducted searches at 5 locations in J&K region on 14th March 2019. The actions were a part of Department's continued dr

Posted in Income Tax | 9 comments | 7887 Views

CBDT releases SOP: 87,000 cases non-compliant to the notice issued u/s 142(1) relating to demonetization

08 March 2019 at 16:44

CBDT had issued notice u/s 142(1) to taxpayers for filing returns post-demonetization to verify cash transactions. Out of the 300,000 cases who have issued the notification, 87,000 have not complied with the notice issued u/s 142(1). CBDT has now iss

Posted in Income Tax | 4629 Views

Income tax exemption for gratuity enhanced Up to Rs. 20 lakhs

08 March 2019 at 11:05

Ministry of Finance has enhanced the income tax exemption for gratuity under section 10 (10) (iii) of the Income Tax Act, 1961 to Rs. 20 lakhs. Shri Santosh Kumar Gangwar, Minister of State for Labour and Employment has expressed hope that this woul

Posted in Income Tax | 5 comments | 8178 Views

Guidelines for filling Online Udyog Aadhaar Form

04 March 2019 at 11:26

Note:A. EM-I has been abolished. Need not file through Udyog Aadhaar. B. Udyog Aadhaar (UA) is for running units. No need to apply for upcoming units. C. New Feature Added for Search Facility of NIC Code to Avoid 3 Step Selection of NIC Activities. D

Posted in Income Tax | 1 comments | 6435 Views

Income tax dept Don'ts for Cash Transaction

01 March 2019 at 11:40

Clean Transactions, Cleaner Economy

Posted in Income Tax | 2 comments | 7440 Views

No refund if PAN not linked with Bank account

28 February 2019 at 12:01

Link your PAN with your Bank Account�Get your refund directly, swiftly and securely in your bank accountIncome Tax Department will Issue only e-refunds from 01.03.2019 Refunds will be given only to bank accounts (savings/current/cash/OD) which

Posted in Income Tax | 1 comments | 3678 Views

Income Tax Department hits at terror financing activities in J&K Region

28 February 2019 at 12:01

The head of a prominent organisation allegedly indulging in anti-national activities alongwith his associates were covered in a sensitive search action by the Income Tax Department today. Search action has been conducted at 4 premises in the Valley a

Posted in Income Tax | 1962 Views

Aadhaar linking with PAN is compulsory now

15 February 2019 at 12:00

Aadhaar-PAN linking is mandatory now which has to be completed till 31.3.2019 by the PAN holders requiring filing of Income Tax Return.Constitutional validity of Aadhaar has been upheld by the Hon'ble Supreme Court of India in September 2018. Con

Posted in Income Tax | 11922 Views

CBDT denies recovery of dues on account of Angel tax

14 February 2019 at 15:03

Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes New Delhi, 8th February, 2019Note on Recovery of Tax in the case of Travel KhanaIt has come to the notice of CBDT, through some media reports that Rs. 36 lakh ha

Posted in Income Tax | 3111 Views

More than 16 lakh refund claim pending till January end

13 February 2019 at 15:05

The level of income-tax compliance has continuously increased over the last three Financial Years, which is reflected in the number of Income-Tax Returns filed over this period, as given hereunder: - S.No. Financial Year Total

Posted in Income Tax | 2589 Views