Income Tax News

Indirect tax collection increases by 37% in May 2015

11 June 2015 at 10:48

Indirect Tax Revenue (Provisional) Collections Increase From Rs. 36,408 Crore in May 2014 to Rs. 49,993 Crore During May 2015 An Increase of 37.3 % Registered During the Month of May 2015 over the Corresponding Period in the Previous Year; Central E

Posted in Income Tax | 2 comments | 13821 Views

CBDT Clarifies Regarding Prosecution of Tax Evaders

09 June 2015 at 10:50

CBDT Clarifies Regarding Prosecution of Tax Evaders; Effective and Stringent Action only in known and big cases of Tax Evasion to Demonstrate to the Large Number of Compliant Tax Payers that the Tax Laws are just and Fair and to Encourage Voluntary T

Posted in Income Tax | 2 comments | 12015 Views

ITR 1,2 and 4S simplified for convenience of taxpayers

01 June 2015 at 08:36

Income Tax Return Forms ITR 1, 2 and 4S Simplified for Convenience of the Tax Payers; A New Form ITR 2A Proposed which can be Filed by an Individual or HUF who does not have Capital Gains, Income from Business/Profession or Foreign Asset/Foreign Inco

Posted in Income Tax | 7 comments | 23739 Views

FM exhorts senior tax officers to be prompt in redressing grievance of taxpayers

26 May 2015 at 10:42

Finance Minister Shri Arun Jaitley Exhorts the Senior Officers of Income Tax Department to be Prompt in Redressing the Grievances of the Tax Payers, Expand the Tax Base in a Non-Intrusive Manner while Striving to Achieve the Revenue Generation Target

Posted in Income Tax | 2 comments | 8814 Views

Grievances relating to verification and correction of demand outstanding against taxpayers

21 May 2015 at 10:30

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes 19th May, 2015 Press Release Subject: Grievances relating to verification and correction of demand outstanding against taxpayers. The Income Tax Department ha

Posted in Income Tax | 3 comments | 12843 Views

Committee formed to examine MAT on FIIs

21 May 2015 at 10:30

High Level Committee (HLC) Headed by Justice A.P. Shah on Direct Tax Matters Constituted; Committee to Examine the Matter Relating to Levy of MAT on FIIS for the Period Prior to 01.04.2015 among others; Committee Requested to give its recommendations

Posted in Income Tax | 8046 Views

Gross tax collection stands at 12.45 lac crore

18 May 2015 at 10:27

Government betters its own Financial Targets During 2014-15; Fiscal Deficit for the Financial Year 2014-15 stands at 4.0 % as against the Target of 4.1 % while Revenue Deficit for FY 2014-15 stands at 2.8% as Against Target of 2.9% ;Gross Tax Collect

Posted in Income Tax | 1 comments | 9006 Views

Direct taxes worth Rs 6.95 lac crore collected during 2014-15

13 May 2015 at 10:32

Direct Taxes worth Rs. 6,95,988 Collected Druing 2014-15; Direct Taxes Contribute more than 56% to total Central Taxes During 2013-14 and 2014-15 The Revised Estimates and actual collections of Direct Taxes for the last three years are as under:

Posted in Income Tax | 2 comments | 10380 Views

Income tax related public grievances

13 May 2015 at 10:32

The Citizen’s Charter 2014 of Income Tax Department includes ‘Redressal of grievances’ within the specified timeline of 60 days, as one of the key taxpayer services provided by the Department. Redressal of grievances has been includ

Posted in Income Tax | 3 comments | 9144 Views

Officers advised not to take coercive action against FII for recovery of MAT

12 May 2015 at 10:25

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE 11th May, 2015 Sub: Imposition of Minimum Alternate Tax (MAT) on foreign companies particularly FIIs. Finance Minister has, while responding to

Posted in Income Tax | 1 comments | 7704 Views