Income Tax News

Payment above Rs 5000 by govt to be made digitally

06 December 2016 at 10:38

Any Payment above Rs.5,000 to Suppliers, contractors, grantee/loanee institutions etc by Government Departments to be now made through e-Payment to attain the goal of complete digitization of Government payments. In order to attain the goal of comple

Posted in Income Tax | 4 comments | 13359 Views

IT dept rejects Rs 2 lakh crore IDS declaration by a family from Mumbai

05 December 2016 at 11:33

Verification of High Value Suspicious Declarations made under the IDS 2016 An Income Declaration Scheme (IDS) was announced in the Union Budget 2016-17 under which declaration of undisclosed income or assetcould be made by agreeing to pay forty five

Posted in Income Tax | 1 comments | 18387 Views

Tax Investigations unearth misuse of Jan Dhan Accounts

05 December 2016 at 10:47

Tax Investigations unearth mis-use of Jan-Dhan Accounts; Account holders once again urged by CBDT not to consent to any kind of mis-use of their accounts which would expose them to the dangers of being held responsible for the tax evasion by unscrupu

Posted in Income Tax | 2 comments | 3039 Views

No seizure of gold jewellery upto 500 grams per married lady and 250 gm for unmarried

02 December 2016 at 11:30

Government clarifies that the apprehension sought to be created that the jewellery with the household which is acquired-out of disclosed sources or exempted income shall become taxable under the proposed Taxation Laws (Second Amendment) Bill, 2016, i

Posted in Income Tax | 13605 Views

IBA directs banks to accept payment of instalments under IDS 2016

28 November 2016 at 10:34

No.RB/CIR/OTC-IDS/1404A November 25, 2016 The Chief Executives of All Member BanksDear Sir/Madam,Income Declaration Scheme 2016 – Grievance regarding non-acceptance by banks of payments under IDS, 2016 through ITNS-286 We have received a commun

Posted in Income Tax | 3540 Views

FM pushes banks for major cash less transaction

25 November 2016 at 10:59

The Union Finance Minister Shri Arun Jaitley holds Video Conferencing with Banks for major push to cash less transactions; Banks to now focus on stepping-up Transactions in mission mode through alternate banking channels such as NEFT, mobile wallets,

Posted in Income Tax | 1 comments | 4317 Views

No over the counter exchange of old notes from today

25 November 2016 at 10:59

After due consideration of all relevant aspects, the Central Government takes various decisions relating to certain operational aspects of the Scheme relating to cancellation of legal tender character of old Rs. 500 and Rs. 1000 notes; No over the co

Posted in Income Tax | 2 comments | 10083 Views

India signs declaration with Switzerland to retrieve information regarding Swiss bank holders

23 November 2016 at 11:10

India and Switzerland Sign ‘Joint Declaration’ for the implementation of Automatic Exchange of Information (AEOI) between the two countries Fighting the menace of Black Money stashed in offshore accounts has been a key priority area for t

Posted in Income Tax | 4 comments | 4701 Views

PM invites views from the people on demonetisation on his app

22 November 2016 at 16:53

The Prime Minister, Shri Narendra Modi, has invited views from the people, on the recent decision taken by the Union Government regarding currency notes of Rs. 500 and Rs. 1000. People can submit their views through a survey consisting of 10 question

Posted in Income Tax | 15 comments | 3243 Views

Demonetization: Queues Getting Shorter

22 November 2016 at 16:53

Prime Minister Narendra Modi�s bold move to demonetize high value currency notes to curb black money and corruption signals his resolve to take on high and mighty ignoring political minefield. When the Prime Minister suddenly announced demoneti

Posted in Income Tax | 1 comments | 3273 Views