Income Tax News

Technology changes in Income Tax Department

09 July 2019 at 12:03

The Government is continuously taking several initiatives to enhance the technology back bone of the Income Tax Department (ITD). ITD is having a dedicated directorate called �Directorate of System� which handles the technology aspects of

Posted in Income Tax | 1 comments | 9897 Views

CBDT circular on receipt of shares

02 July 2019 at 12:18

Central Board of Direct Taxes had issued Circular 10/2018 dated 31.12.2018 to clarify that provisions of section 56(2)(viia) of the Income-tax Act, 1961 being anti-abuse provisions shall not be applicable in cases of receipt of shares by the specifie

Posted in Income Tax | 8355 Views

IT Dept finds Rs 60 crores evasion during search & seizure in J&K region

28 June 2019 at 11:42

The Income Tax Department conducted search and seizure operations on 27.06.2019 on a prominent business group based in Srinagar, covering 4 premises in the Kashmir Valley and 6 places in the Jammu region. Apart from the premises in J&K, 10 other

Posted in Income Tax | 1998 Views

Important points to note before filing ITR

27 June 2019 at 11:18

Taxpayers are requested to note the followings in connection with pre-filling of ITRs-1. Pre-filling of ITR is only for the taxpayer's convenience. Taxpayers should verify the pre-filled data carefully and add any other taxable income which is no

Posted in Income Tax | 4 comments | 8208 Views

New Task Force to Review Income Tax Act, 1961

27 June 2019 at 11:18

F No 370149/230/2017 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) New Delhi, June 24, 2019 OFFICE ORDER In order to review the existing Income-tax Act, 1961 and to draft a new direct tax

Posted in Income Tax | 5835 Views

702 start ups given Angel Tax Exemption

27 June 2019 at 11:18

Startups receiving investments from Ventures Capital Fund are exempt from taxation as per provision of Section 56, (2) (vii b) of Income Tax Act 1961 (Act). Angel Fund is sub category of Ventures Capital Fund under Category-I Alternative Investment F

Posted in Income Tax | 2142 Views

Effect of changes made in ITR Preparation Software and Schema for AY 2019-20

26 June 2019 at 13:07

Consequent to changes made in Income Tax Return Preparation Software and Schema for AY 2019-20, Please note the below: 1. Already saved draft data will not be available in case of Online ITR 1 & 4 2. In case of Offline utilities, XML has to be re

Posted in Income Tax | 2 comments | 5808 Views

6,49,39,586 Income Tax e-returns filed in 2018-19

25 June 2019 at 11:16

There is a marked increase in the number of income tax filed through e-filing. The number of e-Returns submitted for Assessment Year 2018-19 is 6,49,39,586 as against 5,47,30,304 e-Returns filed for the Assessment Year 2017-18, thereby marking a rema

Posted in Income Tax | 3 comments | 7119 Views

Important issues to keep under consideration by AO while framing assessment

24 June 2019 at 11:57

Circular No. 12/2019 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi, the 19th of June, 2019 Subject: 'Assessment of Firms'- some of the important issues to be kept under cons

Posted in Income Tax | 5244 Views

Guidelines for Compounding of Offences under Direct Tax Laws, 2019

17 June 2019 at 11:38

F.No.28S/08/2014-IT(Inv.V)/ 147Government of IndiaMinistry of FinanceDepartment of Revenue(Central Board of Direct Taxes)C-Block, Dr. S.P. Mukherjee Civic Centre,Minto Road, New Delhi -11 00~2 .Dated: 14th June 2019All Pr.CCsIT/CCsIT/Pr.DGsITIDGsITMa

Posted in Income Tax | 5214 Views