Income Tax News
25 percent growth in number of Income Tax Returns filed
08 August 2017 at 11:3725% growth in number of Income Tax Returns filed in current fiscal Advance Tax (Personal Income Tax) collections up by 41% As a result of demonetization and Operation Clean Money, there is a substantial increase in the number of Income Tax Returns(IT
Income tax offices to remain open till midnight today
05 August 2017 at 11:08In view of the difficulties faced by taxpayers, the due date for filing of Income Tax Returns for F.Y. 2016-2017 i.e. Assessment Year A.Y. 2017-2018 was extended to 5th August, 2017(for certain categories of taxpayers).In order to facilitate manual f
Mandating Aadhaar linkage to PAN cards
02 August 2017 at 11:13Permanent Account Number (PAN) is the key identifier of taxable entity and aggregator of all financial transactions undertaken by one person. One PAN for one person is the guiding principle for allotment of PAN. However, for achieving the objective o
Date for ITR filing extended to 5th August 2017
31 July 2017 at 16:05In view of the difficulties faced by taxpayers, date for filing of Income Tax Returns for FY 2016-17 has been extended to 5th August, 2017
Benami Transactions Across the Country
27 July 2017 at 11:06The Government of India has taken several steps to address the problem of benami transactions across the country. (i) The Benami Transactions (Prohibition) Act, 1988 (the Act) was comprehensively amended through the Benami Transactions (Prohibition)
NRI to submit foreign bank details only in refund cases
25 July 2017 at 11:19Optional reporting of details of one foreign bank account by the non-residents in refund cases Refund generated on processing of return of income is currently, credited directly to the bank accounts of the tax-payers. Availability of the detail of b
IT dept celebrates Aaykar Diwas 2017
25 July 2017 at 11:19Income Tax Department celebrates Aaykar Diwas 2017; FM calls for expansion of the tax base in a non-intrusive manner and prompt redressal of the grievances of the tax payers. The Union Finance Minister Shri Arun Jaitley highlights the initiatives un
Undisclosed income of Rs 5400 crore detected during Demonitization
22 July 2017 at 12:19Demonitization: From 9th November 2016 to 10th January 2017, more than 1100 searches and surveys were conducted by the ITD; more than more than 5100 verification notices issued; The undisclosed income detected in these actions was more than Rs. 5400
GST not to be added for TDS computation : CBDT
20 July 2017 at 11:28F. No. 275/59/2012-IT (B)Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesNorth Block, New DelhiCircular No. 23/2017Dated: 19th July, 2017 Subject: Modification of Circular No.1 of 2014 in view of substitution o
IT Dept pushes additional cases of High Cash Deposits
17 July 2017 at 10:53Income Tax Department pushes additional cases of High Cash Deposits in Second Phase of Operation Clean Money. The Income Tax Department (ITD) has used information received under the Statement of Financial Transactions (SFT) to identify 5.56 lakh new
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