Income Tax News

Chargeability to STT for claiming exemption

CBDT notifies transactions for which the condition of chargeability to STT for claiming exemption under Section 10(38) of the Income Tax Act, 1961 shall not apply. Section 10(38) of the Income-tax Act, 1961 (‘the Act’), prior to its amen

CBDT extends due date of SFT filing to 30th June

Order under Section 119 of the Income Tax Act, 1961

CBDT issues clarification on furnishing SFT and SFT Preliminary Response

Central Board of Direct Taxes (CBDT) Issues Clarification on furnishing Statement of Financial Transaction (SFT) & SFT Preliminary Response Section 285BA of the Income-tax Act, 1961 requires furnishing of a Statement of Financial Transaction (SFT

Persons liable to file Statement of Financial Transaction (SFT)

IT dept steps up actions against Benami Property holders

Income Tax Department Steps-up actions under Benami Transactions (Prohibition) Amendment Act, 2016 The Income-tax Department (ITD) has initiated actions under the new Benami Transactions (Prohibition) Amendment Act, 2016 (the Act) w.e.f. 1st November

Operation Clean money portal launched : 18 lac person identified

The Union Minister of Finance, Shri Arun Jaitley, launches Operation Clean Portal; Will enable citizen engagement for creating a tax compliant society and transparent tax administration Operation Clean Money Phase I: 18 lakh persons identified; More

Quoting of Aadhar not compulsory in IT return for resident of Assam,J&K and Meghalaya

Central Government notifies Exemption from Quoting Aadhaar / Enrolment ID to certain individual The Central Government vide notification dated 11th May, 2017 has notified that the requirement of quoting of Aadhaar / Enrolment ID shall not apply to th

CBDT invites comments on draft ICDS on Real estate transactions

Central Board of Direct Taxes (CBDT) invites comments from stakeholders on Draft Income Computation and Disclosure Standards on Real Estate Transactions by 26th May, 2017 The Committee constituted by the Finance Minister to suggest the areas in respe

Linking of PAN with Aadhaar made easy

The Income Tax Department has made it easy for taxpayers to link their PAN with Aadhaar. Just click on the link on the left pane-> Link Aadhaar. Provide PAN, Aadhaar no. and ENTER NAME EXACTLY AS GIVEN IN AADHAAR CARD (avoid spelling mistakes) and

CBDT invites suggestion on draft rules on valuation of unquoted shares

CBDT seeks the stakeholders’ comments/suggestions on the Draft Rules relating to valuation of unquoted equity share for the purposes of Section 56 and Section 50CA of the Income-tax Act, 1961. The Finance Act, 2017 inserted clause (x) in sub-se