Income Tax News
Function of NAA from CCI and CBEC
07 April 2018 at 12:55Functions of National Anti-profiteering Authority (NAA) from Competition Commission of India (CCI) and the Central Board of Excise and Customs (CBEC)The National Anti-profiteering Authority (NAA) has been constituted under section 171 of the Central
Passport to be collected on loan above 50 crore
07 April 2018 at 12:55Statutory Central Audit and Statutory Branch Audit of Public Sector BanksThe Reserve Bank of India (RBI) is the regulator and supervisor of the banking system, as per power conferred by relevant provisions of the Banking Regulation Act, 1949, the Res
Standard deduction available on pension received from former employer
06 April 2018 at 11:22Clarification regarding applicability of standard deduction to pension received from the former employerThe Central Board of Direct Taxes (CBDT) has clarified that the pension received by a taxpayer from his former employer is taxable under the head
New ITR forms for AY 2018-19 released by CBDT
05 April 2018 at 21:41The Central Board of Direct Taxes (CBDT) has notified Income Tax Return Forms (ITR Forms) for the Assessment Year 2018-19. The notified ITR Forms are available on incometaxindia.gov.in.
99.94 lac new tax filers in 2017-18
03 April 2018 at 11:54Provisional Direct Tax Collections and Number of Income Tax Returns filed for F.Y. 2017-2018The provisional figures of Direct Tax collections for FY 2017-18 show that net collections are at Rs.9.95 lakh crore which is 17.1% higher than the net collec
Income tax office to remain open on 29th,30th and 31st March
28 March 2018 at 10:41The last date for filing belated returns for Assessment Years 2016-17 and 2017-18 and revised returns for Assessment Year 2016-17 is 31st March, 2018. The Financial Year 2017-18 closes on 31st March, 2018 which is a Saturday. 29th & 30th March, 2
CBDT extends date for linking Aadhar with PAN till 30th June 2018
28 March 2018 at 10:41The Central Board of Direct Taxes (CBDT) had allowed time till 31st March, 2018 to link PAN with Aadhaar while filing the Income Tax Returns. Upon consideration of the matter, the CBDT further extends the time for linking PAN with Aadhaar till 30th J
Requirement to furnish country by country report under sec 286(4) of Income Tax Act
27 March 2018 at 12:34The Government of India issues clarification regarding requirement for furnishing of Country-by Country Report under Section 286(4) of Income Tax Act, 1961.In keeping with India’s commitment to implement the Recommendations of the 2015 Final Re
Questionnaire released for new Direct Tax law
22 March 2018 at 11:12Stakeholder engagement by the Task Force drafting the new Direct Tax LawA Task Force has been constituted to review the Income-tax Act, 1961 and to draft a new Direct Tax Law in consonance with the economic needs of the country.In this endeavour of d
Action taken by ICAI on PNB matter
10 March 2018 at 12:42Immediately after the report of major fraud in Punjab National Bank coming out in the various Newspapers, the ICAI has taken suo moto cognizance of media reports and as a proactive step has sought assistance by writing to various investigating arms o
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