Income Tax News
Year end review of 2016 by CBDT
09 January 2017 at 10:38Major Achievements of CBDT in Current Financial Year 2016-17 so far include among others Enactment of The Benami Transactions (Prohibition) Amendment Act, 2016, Implementation of The Direct Tax Dispute Resolution Scheme, 2016 and of GAAR from Assessm
Next Level of TDS Compliance in Year 2017
02 January 2017 at 10:42Dear Deductor,Centralized Processing Cell (TDS) wishes you Seasons' Greetings and a Very Happy New Year 2017!The past year witnessed a fantastic journey for CPC (TDS) in many ways, with your valued partnership as our key stakeholders. While we ob
Direct Tax Dispute Resolution Scheme- 2016 Extended up to 31st Jan, 2017
30 December 2016 at 20:57Government of India Ministry of FinanceDepartment of Revenue Central Board of Direct Taxes New Delhi, 30th December, 2016. Direct Tax Dispute Resolution Scheme- 2016 Extended up to 31st Jan, 2017 In order to reduce the pending litigation, the Direc
Clarifications on Direct Tax Dispute Resolution Scheme 2016
24 December 2016 at 11:55F.No.142/11/2016-TPLGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes(TPL Division)Clarifications on the Direct Tax Dispute Resolution Scheme, 2016The Direct Tax Dispute Resolution Scheme, 2016 (hereinafter refe
Reporting Cash Transactions under Rule 114E of IT Rules, 1962
23 December 2016 at 17:30Rule 114E of Income-Tax Rules, 1962, for furnishing Statement of Financial Transactions (SFT) came into force with effect from 1st April, 2016. Any person who is liable for audit under section 44AB of the Income-Tax Act, 1961 is required to furnish
Payments towards PMGKY 2016 scheme can be made in old currency
23 December 2016 at 10:23Payments towards Tax, Penalty, Surcharge and Deposit under PMGKY 2016 in Old Demonetised Currency allowed till 30 th SDecember, 2016. The Central Government has decided that up to 30.12.2016, the payment towards tax, surcharge, penalty and deposit u
IT Dept identifies 67.54 lakh potential non-filers for FY 2014-15
23 December 2016 at 10:23The Non-filers Monitoring System (NMS) was rolled out for identification of non-filers with potential tax liabilities. Data analytics carried out by the Systems Directorate of Central Board of Direct Taxes (CBDT) identifies non-filers about whom spec
Pay 46% less tax by migrating to digital transaction
21 December 2016 at 10:48Measures for Promoting Digital Payments & Creation of Less-Cash Economy: Benefit of lower rate of Income Tax on digital turnover for small businesses. The benefit of lower rate of Income-tax on digital turnover for small businesses up to a turnov
CBT recommends 8.65% interest on EPF for the year 2016-17
20 December 2016 at 10:41Shri Bandaru Dattatreya chaired the 215th meeting of the Central Board of Trustees (EPF) CBT recommends 8.65% interest on EPF to its subscribers for the year 2016-17 The Minister of State for Labour and Employment (Independent Charge) Shri Bandaru Da
Deemed profit u/s 44 AD reduced from 8% to 6% for digital transaction
19 December 2016 at 17:57Government decides to reduce the existing rate of deemed profit under section 44AD of the Income Tax Act in respect of amounts/receipts through banking channel/digital means Under the existing provisions of section 44AD of the Income-tax Act, 1961 (t
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