Income Tax News
Action on those Converting Black Money into White during Demonetization
08 August 2018 at 11:09Appropriate action by the Income-tax Department (ITD) and other Law Enforcement Agencies has been taken against those involved in the misuse of the Scheme of Demonetization.Such actions by the Income-tax Department included among others, conducting s
Income Tax Notices issued for assets holdings by NRIs
08 August 2018 at 11:09Income Tax Notices have been issued by the Income Tax Department and the Enforcement Directorate. In respect of Income Tax Department, assesses including, non-resident assesses are served notices/summons consequent to the initiation of various procee
Income Tax issues Notices for assessment/reassessment of income of old cases
04 August 2018 at 13:16Notices for assessment/reassessment of income of old casesUnder the provisions of Income-tax Act, 1961 (‘Act’), notices for assessment/reassessment of income of old cases of more than six years from the end of the relevant assessment year
Benefits of Grant can be given without Aadhar
03 August 2018 at 11:06As per section 7 of the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016, any individual who is desirous of availing any subsidy, benefit or service for which the expenditure is incurred from the Consolida
Actions taken by IT Department against Black Money
01 August 2018 at 11:41The Income-tax Department (ITD) takes appropriate action against black money which is an on-going process. Such action under the Direct Tax laws includes searches, surveys, enquiries, assessment of income, levy of penalties and filing of prosecutio
Data on Tax Evasion in Post-GST Regime
01 August 2018 at 11:41The number of cases of Tax Evasion reported post-GST regime are given in Table below: Period Detection No. of cases Amount in Crore July 2017 to June 2018 1205 3026.55 The nature of cases include misuse of Input T
Benami Properties of Rs. 4300 crores uncovered
01 August 2018 at 11:41Due to intensive efforts undertaken by the Income-tax Department, provisional attachment has been made in more than 1600 cases of properties under the Benami Transactions (Prohibition) Act, 1988. These include plots of land, flats, shops, vehicles, d
CBDT Extends ITR due Date for AY 2018-19
26 July 2018 at 18:24CBDT Extends ITR due Date for AY 2018-19 from 31st July, 2018 to 31st August, 2018
ICAI requests to extend due date for filing ITR for AY 2018-19
25 July 2018 at 18:28Although the ITR forms for AY 2018-19 were notified on 3rdApril, 2018 vide Notification No. 16/2018, the ITR Form utilities in Java and Excel were released much later in the month of May, 2018(except ITR 1 utility which was released on 14.4.18). Almo
Aadhar OTP E-verification for ITR is temporarily down
25 July 2018 at 15:05The Aadhar OTP E-verification option used for Income Tax Return verifications has been made temporarily unavailable for taxpayers. The same will be resumed shortly. The Taxpayers are advised to file their returns and e-verify the same through other o
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