Income Tax News

More than 49 lac ITR filed smoothly in one day on 31st August

02 September 2019 at 12:06

Income Tax department made history with a quantum jump in the e-filing of Income- Tax Returns With an All time high record of 49 lakh 29 thousand and 121 ITRs filed in a single day on 31st August 2019.

Posted in Income Tax | 4 comments | 6300 Views

CBDT constitutes Start-up Cell for redressal of grievances related to Start-ups

31 August 2019 at 11:53

In order to redress grievances and address various tax related issues in the cases of Start-ups, a Start-up Cell has been constituted by CBDT on 30.08.2019

Posted in Income Tax | 4167 Views

CBDT clarifies sec 194N on cash withdrawal to come into effect from 1st Sep 2019

31 August 2019 at 10:52

In order to discourage cash transactions and move towards less cash economy, the Finance (No. 2) Act, 2019 has inserted a new section 194N in the Income-tax Act,1961 (the ‘Act’), to provide for levy of tax deduction at source (TDS) @2% on

Posted in Income Tax | 9843 Views

CBDT clarifies on fake news says no ITR due date extension

30 August 2019 at 17:26

It has come to the notice of CBDT that an order is being circulated on social media pertaining to extension of due dt for filing of IT Returns. It is categorically stated that the said order is not genuine. Taxpayers are advised to file Returns withi

Posted in Income Tax | 2 comments | 16323 Views

CBDT clarifies on differential regime between domestic investors and FPIs

29 August 2019 at 10:43

CBDT clarifies differential regime between domestic investors (including AIF category III) and FPIs existed even prior to General Budget 2019 and was not creation of the Finance (No. 2) Act, 2019The Central Board of Direct Taxes (CBDT) said today tha

Posted in Income Tax | 4842 Views

CBDT clarifies issues in filing ITR Forms for AY 2019-20

28 August 2019 at 11:06

Circular No. 21 of 2019F.No. 370142/1/2019-TPL (Pt.-1)Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes(TPL Division)***Dated: 27th August, 2019Clarifications in respect of filling-up of the ITR forms for the As

Posted in Income Tax | 2 comments | 34218 Views

Government withdraws enhanced surcharge on tax payable on transfer of certain assets

26 August 2019 at 11:18

In order to encourage investment in the capital market, it has been decided to withdraw the enhanced surcharge levied by Finance (No. 2) Act, 2019 on tax payable at special rate on income arising from the transfer of equity share/unit referred to in

Posted in Income Tax | 6165 Views

CBDT issues clarification on eligibility of small Start-ups to avail tax holiday

23 August 2019 at 11:17

The Central Board of Direct Taxes (CBDT) has clarified today that small start-ups with turnover upto Rs. 25 crore will continue to get the promised tax holiday as specified in Section 80-IAC of the Income Tax Act, 1961(the ‘Act’), which p

Posted in Income Tax | 6684 Views

CBDT rebuts incorrect reports about Income Tax notices to Durga Puja Committees

16 August 2019 at 15:11

There have been reports in the media about Income Tax notices being issued to Durga Puja Committees in Kolkata recently. The reports also mention that Income Tax notices were sent to the Durga Puja Committee Forum in the last few weeks. It is unequiv

Posted in Income Tax | 1821 Views

Checklist to Avoid Mistakes in Filing ITR 7 and bug fixed in ITR6

16 August 2019 at 15:11

Sl. No Assessee claiming exemption Requirement of compliance 1. Section 11 � Registration or Approval is required u/s 12/12AA and fill the details in �Details of registration under Inc

Posted in Income Tax | 4788 Views