Income Tax News

Impact of Demonetisation on Black Money, Tax Base and Direct Tax Collections

01 September 2017 at 11:08

The Government of India launched a concerted drive against black money with Demonetisation being an important step in that direction. Among the main objectives of Demonetisation was the flushing out of black money and also the conversion of the non-f

Posted in Income Tax | 1 comments | 4077 Views

Audit due date extended to 31st October 2017

31 August 2017 at 21:30

F.No. 225/270/2017/ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North-Block, ITA.II Division New Delhi dated the 31st of August, 2017 Order under Section 119 of the Income-tax Act, 1961 (`Act'

Posted in Income Tax | 20 comments | 24099 Views

Demonetization was immensely beneficial to Indian Economy says Govt

31 August 2017 at 10:52

Finance Ministry: Demonetization immensely beneficial to Indian Economy and People The Government of India decided to cancel the Legal Tender Status of Rs.1000 and Rs.500 denomination currency notes on 8th November 2016 with several objectives: (i) f

Posted in Income Tax | 4152 Views

GST on selling of space for advertisement in Print Media

24 August 2017 at 11:03

Query has been raised regarding GST applicable on selling of space for advertisement in print media.

Posted in Income Tax | 2 comments | 4452 Views

Clarification regarding number of Taxpayers added after Demonetization

21 August 2017 at 11:56

Various news reports/articles have appeared in the media regarding inconsistency in the estimates of the number of taxpayers added after demonetization. It has been commented that the following different figures have been given at different forums by

Posted in Income Tax | 1 comments | 3339 Views

Direct Tax Collections grows 19.1 percent upto July 2017

10 August 2017 at 11:10

The Direct Tax collections up to July, 2017 in the Current Financial Year 2017-18 continue to register steady growth. Direct Tax collection during the said period, net of refunds, stands at Rs. 1.90 lakh crore which is 19.1% higher than the net colle

Posted in Income Tax | 3540 Views

25 percent growth in number of Income Tax Returns filed

08 August 2017 at 11:37

25% growth in number of Income Tax Returns filed in current fiscal Advance Tax (Personal Income Tax) collections up by 41% As a result of demonetization and Operation Clean Money, there is a substantial increase in the number of Income Tax Returns(IT

Posted in Income Tax | 3678 Views

Income tax offices to remain open till midnight today

05 August 2017 at 11:08

In view of the difficulties faced by taxpayers, the due date for filing of Income Tax Returns for F.Y. 2016-2017 i.e. Assessment Year A.Y. 2017-2018 was extended to 5th August, 2017(for certain categories of taxpayers).In order to facilitate manual f

Posted in Income Tax | 4776 Views

Mandating Aadhaar linkage to PAN cards

02 August 2017 at 11:13

Permanent Account Number (PAN) is the key identifier of taxable entity and aggregator of all financial transactions undertaken by one person. One PAN for one person is the guiding principle for allotment of PAN. However, for achieving the objective o

Posted in Income Tax | 5 comments | 6015 Views