Income Tax News
Over 226.98 Lakh e-returns filed as on 5th August 2016 in FY 2016-17
09 August 2016 at 11:01Surging growth in Electronic filing of Income Tax Returns for Financial Year 2016-2017; Over 226.98 Lakh e-returns filed as on 5th August 2016 in F.Y. 2016-17 as compared to 70.97 Lakh for the same period in FY 2015-16 The facility of e-verification
Framework for computation of book profit for the purposes of levy of MAT
06 August 2016 at 11:36Framework for computation of book profit for the purposes of levy of MAT under section 115JB of the Income-tax Act, 1961 for Indian Accounting Standards (Ind AS) compliant companies. A Committee had been constituted, with the approval of the Financ
Tax exemption to industry and commerce sectors
03 August 2016 at 10:31Direct TaxVarious tax concessions in the form of exemptions/ deductions etc. have been provided under the Income-tax Act, 1961 which have been availed by different sectors of Commerce and Industry also. Cumulative figures of revenue impact of direct
CBDT extends due date for filing return to 5th August 2016
29 July 2016 at 22:43CBDT extends due date for filing return of income from 31-07-16 to 05-08-16 in case of taxpayers who were liable to file ITR by such date
FM takes a serious view of opposition by Income Tax officers
29 July 2016 at 11:00The Union Finance Minister Shri Arun Jaitley takes a serious view of the resolution by Officers of Indian Revenue Service (Income Tax) against Department of Revenue The Ministry of Finance has learnt through a newspaper item which appeared today tha
Paperless PAN and TAN application process introduced
28 July 2016 at 16:01Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesSub :- Ease of Doing Business – Paperless PAN & TAN application process.For fast tracking the allotment of PAN and TAN to company applicants, Digital Si
Undisclosed income of Rs 21354 cr detected in last 2 years
23 July 2016 at 11:25There is no official estimation of the amount of black money stashed away abroad. Various non-governmental organizations and economists in the past have indicated certain estimations of illicit financial flows out of the country. Such estimations app
IT dept to issue 7 lakh letters seeking information in respect of high value non PAN transaction
22 July 2016 at 10:56Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesNew Delhi, 21st July, 2016. Sub : Income Tax Department to issue 7 lakh letters seeking Information in respect of High Value TransactionsUnder the Annual Informat
Detection of black money by Government
20 July 2016 at 10:34Recognizing various limitations under the existing legislation [Income-tax Act, 1961, etc.], the Government enacted a new law – ‘The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015’ – to spe
SIT on black money recommends ban of cash transaction above 3 lakh and cash holding more than 15 lakhs
15 July 2016 at 10:45Recommendations of SIT on Black Money as Contained in the Fifth SIT Report The Fifth SIT report has been submitted before the Hon’ble Supreme Court by the SIT. An extract of the report has been uploaded on Department of Revenue website www.dor
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