Income Tax News

Income Tax issues Notices for assessment/reassessment of income of old cases

04 August 2018 at 13:16

Notices for assessment/reassessment of income of old casesUnder the provisions of Income-tax Act, 1961 (‘Act’), notices for assessment/reassessment of income of old cases of more than six years from the end of the relevant assessment year

Posted in Income Tax | 11397 Views

Benefits of Grant can be given without Aadhar

03 August 2018 at 11:06

As per section 7 of the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016, any individual who is desirous of availing any subsidy, benefit or service for which the expenditure is incurred from the Consolida

Posted in Income Tax | 5184 Views

Data on Tax Evasion in Post-GST Regime

01 August 2018 at 11:41

The number of cases of Tax Evasion reported post-GST regime are given in Table below: Period Detection No. of cases Amount in Crore July 2017 to June 2018 1205 3026.55 The nature of cases include misuse of Input T

Posted in Income Tax | 1614 Views

Actions taken by IT Department against Black Money

01 August 2018 at 11:41

The Income-tax Department (ITD) takes appropriate action against black money which is an on-going process. Such action under the Direct Tax laws includes searches, surveys, enquiries, assessment of income, levy of penalties and filing of prosecutio

Posted in Income Tax | 1 comments | 11199 Views

Benami Properties of Rs. 4300 crores uncovered

01 August 2018 at 11:41

Due to intensive efforts undertaken by the Income-tax Department, provisional attachment has been made in more than 1600 cases of properties under the Benami Transactions (Prohibition) Act, 1988. These include plots of land, flats, shops, vehicles, d

Posted in Income Tax | 1755 Views

CBDT Extends ITR due Date for AY 2018-19

26 July 2018 at 18:24

CBDT Extends ITR due Date for AY 2018-19 from 31st July, 2018 to 31st August, 2018

Posted in Income Tax | 57 comments | 135582 Views

ICAI requests to extend due date for filing ITR for AY 2018-19

25 July 2018 at 18:28

Although the ITR forms for AY 2018-19 were notified on 3rdApril, 2018 vide Notification No. 16/2018, the ITR Form utilities in Java and Excel were released much later in the month of May, 2018(except ITR 1 utility which was released on 14.4.18). Almo

Posted in Income Tax | 10 comments | 26340 Views

Aadhar OTP E-verification for ITR is temporarily down

25 July 2018 at 15:05

The Aadhar OTP E-verification option used for Income Tax Return verifications has been made temporarily unavailable for taxpayers. The same will be resumed shortly. The Taxpayers are advised to file their returns and e-verify the same through other o

Posted in Income Tax | 4 comments | 13896 Views

Form 3CD revised by CBDT wef 20th August

24 July 2018 at 11:49

MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 20th July, 2018 G.S.R. 666(E). - In exercise of the powers conferred by section 44AB read with section 295 of the Income-tax Act, 1961 (43 of 1961)

Posted in Income Tax | 1 comments | 12030 Views

Major Steps taken for Reducing Tax Litigations

12 July 2018 at 15:04

In order to reduce the long pending grievances of taxpayers and to minimise litigations pertaining to tax matters and to facilitate the Ease of Doing Business, Government of India has decided to increase the threshold monetary limits for filing Depar

Posted in Income Tax | 4059 Views