Income Tax News

Cabinet approves abolition of Income-Tax and Indirect Tax Ombudsman

07 February 2019 at 11:02

The Union Cabinet chaired by Prime Minister Narendra Modi has approved the proposal for Abolition of Institution of Income-Tax Ombudsman and Indirect Tax Ombudsman. The approval comes in the wake of alternative complaint redressal mechanisms chosen

Posted in Income Tax | 2 comments | 12543 Views

CBDT directs non filers to file return in 21 days for AY 2018-19

23 January 2019 at 11:13

CBDT identifies non-filers through Non-filers Monitoring System (NMS) by using Data Analytics and request the Non-filers to assess their tax liability for AY 2018-19 and file the Income Tax Returns (ITR) or submit online response within 21 daysThe No

Posted in Income Tax | 7 comments | 11490 Views

CBDT clarifies TDS notices issued only in big cases

23 January 2019 at 11:12

The Central Board of Direct Taxes (CBDT) has stated that certain news items that appeared in a section of media regarding enmasse issue of prosecution notices to small companies for TDS default are completely misleading and full of factual inaccuraci

Posted in Income Tax | 2 comments | 2892 Views

Cabinet approves integrated E-filing and CPC 2.0 Project

17 January 2019 at 11:26

Cabinet approves expenditure sanction for Integrated E-filing and Centralized Processing Centre 2.0 Project The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has given its approval to expenditure sanction of Rs.4,241.97crore for In

Posted in Income Tax | 2883 Views

FICCI recommends increasing top 30% tax slabs to income above 20 lac

16 January 2019 at 11:20

FICCI in its Pre-Budget recommendations for 2019-20 has suggested reduction in the corporate tax rate across the board to 25% (irrespective of turnover) to spur economic growth and increase overall tax collections. The cha

Posted in Income Tax | 1 comments | 8070 Views

Direct tax collection grows to 8.74 lac crore in 2018-19

07 January 2019 at 16:48

In the recent press release issued by the Government, they have stated a whopping increase of 14.1% in the direct tax collection in the FY 2018-19, where the total collection amounted to Rs. 8.74 lakh crores!A net of 1.30 lakh crores of refunds were

Posted in Income Tax | 3315 Views

Circular issued on TDS deduction from salaries in FY 2018-19

03 January 2019 at 11:09

DEDUCTION OF TAX AT SOURCE INCOME-TAX DEDUCTION FROM SALARIESUNDER SECTION 192 OF THE INCOME-TAX ACT, 1961DURING THE FINANCIAL YEAR 2018-19CIRCULAR NO 01 /2019F.No. 275/192/2018-IT(B)Government of IndiaMinistry of FinanceDepartment of RevenueCentral

Posted in Income Tax | 2 comments | 20814 Views

Task force created to review Direct Tax legislation

19 December 2018 at 11:25

The Government had constituted a Task Force to draft a New Direct Tax Law vide Officer Order in F.No. 370149/230/2017 dated 22.11.2017 under the Convenorship of Shri Arbind Modi, the then Member (Legislation), CBDT with original term of six months fo

Posted in Income Tax | 1 comments | 6375 Views

Direct and Indirect tax collected in last 4 years

17 December 2018 at 11:33

The details of total Direct Tax and Indirect Tax collected over the last three years along with the different component-wise are as under:Direct Tax (Rs. in crore) Financial Year Corporation T

Posted in Income Tax | 3156 Views

E-return filing doubled in last 4 years

17 December 2018 at 11:33

There has been a growth in the number of e-Returns filed by the individual taxpayers during the last four years.The number of income-tax returns filed and the annual growth rate during the last four financial years are as under: Financial

Posted in Income Tax | 2376 Views