Income Tax News

CBDT clarifies on fake news says no ITR due date extension

30 August 2019 at 17:26

It has come to the notice of CBDT that an order is being circulated on social media pertaining to extension of due dt for filing of IT Returns. It is categorically stated that the said order is not genuine. Taxpayers are advised to file Returns withi

Posted in Income Tax | 2 comments | 16320 Views

CBDT clarifies on differential regime between domestic investors and FPIs

29 August 2019 at 10:43

CBDT clarifies differential regime between domestic investors (including AIF category III) and FPIs existed even prior to General Budget 2019 and was not creation of the Finance (No. 2) Act, 2019The Central Board of Direct Taxes (CBDT) said today tha

Posted in Income Tax | 4833 Views

CBDT clarifies issues in filing ITR Forms for AY 2019-20

28 August 2019 at 11:06

Circular No. 21 of 2019F.No. 370142/1/2019-TPL (Pt.-1)Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes(TPL Division)***Dated: 27th August, 2019Clarifications in respect of filling-up of the ITR forms for the As

Posted in Income Tax | 2 comments | 34203 Views

Government withdraws enhanced surcharge on tax payable on transfer of certain assets

26 August 2019 at 11:18

In order to encourage investment in the capital market, it has been decided to withdraw the enhanced surcharge levied by Finance (No. 2) Act, 2019 on tax payable at special rate on income arising from the transfer of equity share/unit referred to in

Posted in Income Tax | 6165 Views

CBDT issues clarification on eligibility of small Start-ups to avail tax holiday

23 August 2019 at 11:17

The Central Board of Direct Taxes (CBDT) has clarified today that small start-ups with turnover upto Rs. 25 crore will continue to get the promised tax holiday as specified in Section 80-IAC of the Income Tax Act, 1961(the ‘Act’), which p

Posted in Income Tax | 6678 Views

CBDT rebuts incorrect reports about Income Tax notices to Durga Puja Committees

16 August 2019 at 15:11

There have been reports in the media about Income Tax notices being issued to Durga Puja Committees in Kolkata recently. The reports also mention that Income Tax notices were sent to the Durga Puja Committee Forum in the last few weeks. It is unequiv

Posted in Income Tax | 1815 Views

Checklist to Avoid Mistakes in Filing ITR 7 and bug fixed in ITR6

16 August 2019 at 15:11

Sl. No Assessee claiming exemption Requirement of compliance 1. Section 11 � Registration or Approval is required u/s 12/12AA and fill the details in �Details of registration under Inc

Posted in Income Tax | 4770 Views

CBDT takes further steps to ensure transparency in Tax Administration by bringing in concept of DIN

16 August 2019 at 15:11

With a view to bringing greater transparency in the functioning of the tax-administration and improvement in service delivery, almost all notices and orders of Income Tax Department are being generated electronically on the Income Tax Business Applic

Posted in Income Tax | 1776 Views

Income Tax Searches in Tamil Nadu net more than Rs 700 crore

12 August 2019 at 11:04

The Income Tax Department conducted a search and seizure operation on 06.08.2019 in the case of one of the major producers of beer and IMFL in Tamil Nadu. The search action was launched in the early hours of Tuesday at 55 premises in various places i

Posted in Income Tax | 5766 Views

Income Tax Department detects Benami business of running of petrol outlets in Meghalaya

12 August 2019 at 11:04

In a swift and coordinated action on Friday, 2nd August 2019, the Investigation Wing of Income Tax Department, NER carried out searches on certain businessmen in Meghalaya found to be involved in running a web of petrol pumps managed and controlled a

Posted in Income Tax | 5685 Views