Income Tax News
No proposal to extend IT return date : Govt
10 July 2019 at 11:21Government has recently changed Form 16 and Form 24 Q to bring more disclosures. In order to enable pre-filling of return of income of salaried taxpayers, the Government has amended Form No. 16 (certificate for tax deduction) and Form No. 24Q (quart
Technology changes in Income Tax Department
09 July 2019 at 12:03The Government is continuously taking several initiatives to enhance the technology back bone of the Income Tax Department (ITD). ITD is having a dedicated directorate called �Directorate of System� which handles the technology aspects of
CBDT circular on receipt of shares
02 July 2019 at 12:18Central Board of Direct Taxes had issued Circular 10/2018 dated 31.12.2018 to clarify that provisions of section 56(2)(viia) of the Income-tax Act, 1961 being anti-abuse provisions shall not be applicable in cases of receipt of shares by the specifie
IT Dept finds Rs 60 crores evasion during search & seizure in J&K region
28 June 2019 at 11:42The Income Tax Department conducted search and seizure operations on 27.06.2019 on a prominent business group based in Srinagar, covering 4 premises in the Kashmir Valley and 6 places in the Jammu region. Apart from the premises in J&K, 10 other
Important points to note before filing ITR
27 June 2019 at 11:18Taxpayers are requested to note the followings in connection with pre-filling of ITRs-1. Pre-filling of ITR is only for the taxpayer's convenience. Taxpayers should verify the pre-filled data carefully and add any other taxable income which is no
New Task Force to Review Income Tax Act, 1961
27 June 2019 at 11:18F No 370149/230/2017 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) New Delhi, June 24, 2019 OFFICE ORDER In order to review the existing Income-tax Act, 1961 and to draft a new direct tax
702 start ups given Angel Tax Exemption
27 June 2019 at 11:18Startups receiving investments from Ventures Capital Fund are exempt from taxation as per provision of Section 56, (2) (vii b) of Income Tax Act 1961 (Act). Angel Fund is sub category of Ventures Capital Fund under Category-I Alternative Investment F
Effect of changes made in ITR Preparation Software and Schema for AY 2019-20
26 June 2019 at 13:07Consequent to changes made in Income Tax Return Preparation Software and Schema for AY 2019-20, Please note the below: 1. Already saved draft data will not be available in case of Online ITR 1 & 4 2. In case of Offline utilities, XML has to be re
6,49,39,586 Income Tax e-returns filed in 2018-19
25 June 2019 at 11:16There is a marked increase in the number of income tax filed through e-filing. The number of e-Returns submitted for Assessment Year 2018-19 is 6,49,39,586 as against 5,47,30,304 e-Returns filed for the Assessment Year 2017-18, thereby marking a rema
Important issues to keep under consideration by AO while framing assessment
24 June 2019 at 11:57Circular No. 12/2019 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi, the 19th of June, 2019 Subject: 'Assessment of Firms'- some of the important issues to be kept under cons
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