Income Tax News
NRI to submit foreign bank details only in refund cases
25 July 2017 at 11:19Optional reporting of details of one foreign bank account by the non-residents in refund cases Refund generated on processing of return of income is currently, credited directly to the bank accounts of the tax-payers. Availability of the detail of b
IT dept celebrates Aaykar Diwas 2017
25 July 2017 at 11:19Income Tax Department celebrates Aaykar Diwas 2017; FM calls for expansion of the tax base in a non-intrusive manner and prompt redressal of the grievances of the tax payers. The Union Finance Minister Shri Arun Jaitley highlights the initiatives un
Undisclosed income of Rs 5400 crore detected during Demonitization
22 July 2017 at 12:19Demonitization: From 9th November 2016 to 10th January 2017, more than 1100 searches and surveys were conducted by the ITD; more than more than 5100 verification notices issued; The undisclosed income detected in these actions was more than Rs. 5400
GST not to be added for TDS computation : CBDT
20 July 2017 at 11:28F. No. 275/59/2012-IT (B)Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesNorth Block, New DelhiCircular No. 23/2017Dated: 19th July, 2017 Subject: Modification of Circular No.1 of 2014 in view of substitution o
IT Dept pushes additional cases of High Cash Deposits
17 July 2017 at 10:53Income Tax Department pushes additional cases of High Cash Deposits in Second Phase of Operation Clean Money. The Income Tax Department (ITD) has used information received under the Statement of Financial Transactions (SFT) to identify 5.56 lakh new
New taxpayer service Aaykar Setu launched
11 July 2017 at 11:08FM launches a new tax payer service module �Aaykar Setu� that compiles various tax tools, live chat facility, dynamic updates, and important links to various processes within the Income Tax Department in a single module; Says that this e
Direct tax collection grows by 14.8 percent
07 July 2017 at 10:44Direct Tax Collections up to June, 2017 for F.Y. 2017-2018 stood at Rs.1,42 Lakh crore registering a Growth of 14.8% higher than the net collections for the corresponding period of last year; Net direct tax collections represent 14.5% of the total Bu
Procedure of intimating AADHAAR number to Income Tax Department
03 July 2017 at 11:03Procedure of intimating AADHAAR number to Income Tax Department
CBDT Notifies Rule 10CB for Secondary Adjustments under Section 92CE of IT Act
20 June 2017 at 11:11CBDT Notifies Rule 10CB for Secondary Adjustments under Section 92CE of IT Act, 1961. Rule 10CB for operationalising the provisions of secondary adjustment has been notified by the Central Board of Direct Taxes on 15th June, 2017. It prescribes the t
CBDT notifies new Safe Harbour Regime
09 June 2017 at 11:22In order to reduce transfer pricing disputes, to provide certainty to taxpayers, to align safe harbour margins with industry standards and to enlarge the scope of safe harbour transactions, the Central Board of Direct Taxes (CBDT) has notified a new
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