Income Tax News

Cash withdrawal limit increased to Rs 50000 from 20th feb and removed from 13th March

09 February 2017 at 11:09

Removal of limits on withdrawal of cash from Saving Bank AccountsRBI/2016-17/224DCM (Plg) 3107/10.27.00/2016-17All BanksDear Madam / Sir,Removal of limits on withdrawal of cash from Saving Bank AccountsPlease refer to our circular DCM (Plg) 2905/10.2

Posted in Income Tax | 1 comments | 11751 Views

CBDT issues third round of Certificates of appreciation to tax payers

09 February 2017 at 11:09

Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes New Delhi, 7th February, 2017.CBDT issues third round of Certificates of appreciation to tax payers for their contribution towards Nation building.In continuatio

Posted in Income Tax | 3000 Views

Tax Relaxation under NPS

06 February 2017 at 11:35

The Finance Act, 2016 amended the Income-tax Act, 1961 (the Act) to provide that 40% of the amount payable to the employee subscriber of NPS on his closure of account or his opting out of the scheme, shall be exempt from tax.Further, Finance Bill, 20

Posted in Income Tax | 1 comments | 5316 Views

Total direct tax collections up to 16th January 2017 amount to Rs. 5,76,408 crore

06 February 2017 at 11:35

Total direct tax collections up to 16th January 2017 amount to Rs. 5,76,408 crore; the Budget Estimates fixed for direct taxes are Rs. 9,80,000 crore Total direct tax collections up to 16th January 2017 amount to Rs. 5,76,408 crore. For the financial

Posted in Income Tax | 1 comments | 2295 Views

18 lakh persons identified by IT dept for online verification of cash deposits

31 January 2017 at 17:43

Income Tax Department (ITD) launches Operation Clean Money Income Tax Department (ITD) has initiated Operation Clean Money, today. Initial phase of the operation involves e-verification of large cash deposits made during 9th November to 30th December

Posted in Income Tax | 18069 Views

FAQ on implementation of GAAR provisions

27 January 2017 at 19:53

Circular No. 7 of 2017F.no. 500/43/2016-FT&TR-IVGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesDate 27/01/2017 Clarifications on implementation of GAAR provisions under the Income Tax Act, 1961 The provisi

Posted in Income Tax | 11340 Views

Guiding Principles for determination of Place of Effective Management of a company

25 January 2017 at 10:22

CBDT issues Guiding Principles for determination of Place of Effective Management (POEM) of a Company The concept of Place of Effective Management (POEM) for deciding the Residential Status of a company was introduced by the Finance Act, 2015. It is

Posted in Income Tax | 3696 Views

Amendment in Pradhan Mantri Garib Kalyan Deposit Scheme 2016

23 January 2017 at 10:46

The Government of India, in consultation with the Reserve Bank of India, had notified Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016 vide Notification No. S.O.4061(E) dated December 16, 2016. The deposit under this Scheme shall be made by

Posted in Income Tax | 3225 Views

PAN/TAN will be compulsory for all fresh incorporation applications in SPICe

20 January 2017 at 11:03

As part of the Ministry’s efforts towards providing greater Ease of Doing Business to stakeholders, Form SPICe (INC-32) will be revised w.e.f 21 January 2017 so as to include the functionality of applying for Company PAN and first TAN (allotted

Posted in Income Tax | 1 comments | 3543 Views

Clarifications on the Taxation and Investment Regime for PMGKY 2016

19 January 2017 at 10:53

F.No.142/33/2016-TPL(Part)Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes(TPL Division)***Dated: 18th of January, 2017Clarifications on the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana

Posted in Income Tax | 1 comments | 2526 Views