Income Tax News

Framework for computation of book profit for the purposes of levy of MAT

06 August 2016 at 11:36

Framework for computation of book profit for the purposes of levy of MAT under section 115JB of the Income-tax Act, 1961 for Indian Accounting Standards (Ind AS) compliant companies. A Committee had been constituted, with the approval of the Financ

Posted in Income Tax | 4956 Views

Tax exemption to industry and commerce sectors

03 August 2016 at 10:31

Direct TaxVarious tax concessions in the form of exemptions/ deductions etc. have been provided under the Income-tax Act, 1961 which have been availed by different sectors of Commerce and Industry also. Cumulative figures of revenue impact of direct

Posted in Income Tax | 3807 Views

CBDT extends due date for filing return to 5th August 2016

29 July 2016 at 22:43

CBDT extends due date for filing return of income from 31-07-16 to 05-08-16 in case of taxpayers who were liable to file ITR by such date

Posted in Income Tax | 11 comments | 6573 Views

FM takes a serious view of opposition by Income Tax officers

29 July 2016 at 11:00

The Union Finance Minister Shri Arun Jaitley takes a serious view of the resolution by Officers of Indian Revenue Service (Income Tax) against Department of Revenue The Ministry of Finance has learnt through a newspaper item which appeared today tha

Posted in Income Tax | 1 comments | 4569 Views

Paperless PAN and TAN application process introduced

28 July 2016 at 16:01

Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesSub :- Ease of Doing Business – Paperless PAN & TAN application process.For fast tracking the allotment of PAN and TAN to company applicants, Digital Si

Posted in Income Tax | 8 comments | 11805 Views

Undisclosed income of Rs 21354 cr detected in last 2 years

23 July 2016 at 11:25

There is no official estimation of the amount of black money stashed away abroad. Various non-governmental organizations and economists in the past have indicated certain estimations of illicit financial flows out of the country. Such estimations app

Posted in Income Tax | 1 comments | 4563 Views

IT dept to issue 7 lakh letters seeking information in respect of high value non PAN transaction

22 July 2016 at 10:56

Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesNew Delhi, 21st July, 2016. Sub : Income Tax Department to issue 7 lakh letters seeking Information in respect of High Value TransactionsUnder the Annual Informat

Posted in Income Tax | 2 comments | 7428 Views

Detection of black money by Government

20 July 2016 at 10:34

Recognizing various limitations under the existing legislation [Income-tax Act, 1961, etc.], the Government enacted a new law – ‘The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015’ – to spe

Posted in Income Tax | 1 comments | 5589 Views

SIT on black money recommends ban of cash transaction above 3 lakh and cash holding more than 15 lakhs

15 July 2016 at 10:45

Recommendations of SIT on Black Money as Contained in the Fifth SIT Report The Fifth SIT report has been submitted before the Hon’ble Supreme Court by the SIT. An extract of the report has been uploaded on Department of Revenue website www.dor

Posted in Income Tax | 3 comments | 6198 Views

Time Schedule revised for making tax payments under IDS Scheme

15 July 2016 at 10:45

Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesNew Delhi, 14th July, 2016Sub : The Income Declaration Scheme 2016 - Relaxation of time schedule for making payments under the SchemeDuring the course of meetings

Posted in Income Tax | 12048 Views