Income Tax News

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 | 4566 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 | 6201 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

Govt clarifies effective tax rate is 45% and not 31% under income declaration scheme

14 July 2016 at 16:42

Circular No. 27 of 2016 F.No.142/8/2016-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) Dated 14th day of July, 2016 Clarifications on the Income Declaration Scheme, 2016 The Income Dec

Posted in Income Tax | 1 comments | 5397 Views

Direct and indirect tax collection jumps by 25% and 31% respectively

09 July 2016 at 11:24

Direct Tax Collections upto June, 2016 indicate net revenue collections of Rs.1.24 lakh crore; registering an increase of 24.79% over the corresponding period last year.The direct tax collections upto June, 2016 indicate net revenue collection of Rs.

Posted in Income Tax | 3 comments | 4311 Views

Applicability of Income Computation and Disclosure Standards

09 July 2016 at 11:24

Applicability of Income Computation and Disclosure Standards notified under section 145(2) of the Income-tax Act, 1961 from Assessment Year 2017-18 The Central Board of Direct Taxes has vide Press Release dated 6.07.2016 (For copy click here) clarifi

Posted in Income Tax | 5835 Views

ICDS to be applicable from 1st April 2016

07 July 2016 at 11:32

Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesNew Delhi, 6th July, 2016Subject: Applicability of Income Computation and Disclosure Standards (ICDS) notified under section 145 (2) of the Income -tax Act, 1961.

Posted in Income Tax | 3 comments | 7644 Views

CBEC issues a Circular on recovery of confirmed demands during the pendency of stay application of duty

06 July 2016 at 10:50

Central Board of Excise and Customs (CBEC) has issued a circular dated 04.07.2016 on the issue of ‘’Recovery of confirmed demand of tax during the pendency of stay application’’ in relation to indirect taxes. Confirmed demand

Posted in Income Tax | 1 comments | 3732 Views