Income Tax News
Unique pin code allotted to CPC Bangalore for submission of ITR V
17 April 2017 at 11:45A unique PINCODE 560500 has been allotted to Centralized Processing Centre (CPC), Income Tax Department located in Bengaluru by the Department of Post. Taxpayers can henceforth address their mails to “Centralized Processing Center, Income Tax D
Over 60000 persons identified for investigation into excessive cash sales
17 April 2017 at 11:45Over 60,000 persons, including 1300 high risk persons, identified for investigation into claims of excessive cash sales under Central Board of Direct Tax (CBDT)’s Operation Clean Money (OCM) Extensive enforcement action by the Income Tax Depart
Tax Exemption to Startups
13 April 2017 at 10:59Various tax exemptions have been given to Startups in the recent past -Following direct tax incentives were provided in Income-tax Act,1961 (‘the Act’) to promote Start-ups through Finance Act,2016:Introduction of new section 54EE in Inco
CBDT issues PAN and TAN within 1 day to improve Ease of Doing Business
11 April 2017 at 16:01In order to improve the Ease of Doing Business for newly incorporated corporates, CBDT has tied up with Ministry of Corporate Affairs (MCA) to issue Permanent Account Number (PAN) and Tax Deduction Account Number (TAN) in 1 day.Applicant companies su
Draft of Notification to be issued under third proviso to the clause (38) of section 10 of the IT Act
11 April 2017 at 10:46Draft of Notification to be issued under third proviso to the clause (38) of section 10 of the Income-tax Act, 1961In exercise of the powers conferred by third proviso to the clause (38) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Cen
Rs 1.37 Lakh Crore of tax evasion detected by search and survey in last 3 years
08 April 2017 at 12:27Department of Revenue, Ministry of Finance achieves phenomenal success towards eliminating Domestic Black Money in last three years; 23064 searches/surveys have been conducted (Income Tax 17525; Customs 2509; Central Excise 1913; Service Tax 1120); M
Mandatory Quoting of Aadhaar for Return filing not applicable to Non resident
06 April 2017 at 12:42Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesSection 139AA of the Income-tax Act, 1961 as introduced by the Finance Act, 2017 provides for mandatory quoting of Aadhaar / Enrolment ID of Aadhaar application f
No restriction on withdrawal of cash from bank u/s 269ST
05 April 2017 at 23:29Budget 2017 takes Steps to discourage Cash transactions & curb Black Money Various legislative steps have been taken by the Finance Act, 2017 to curb black money by discouraging cash transaction and by promoting digital economy. These prominentl
Revenue department exceeds revised Tax collection target of 2016-17
05 April 2017 at 11:20Revenue Department exceeds Revised Tax Collections target for 2016-17 around 18% taken together in case of Direct and Indirect Taxes; Provisional figure of Total Tax Collections in 2016-17 is Rs. 17.10 Lakh Crore as against the Revised Target of Rs.
CBDT invites comments on notification issued to stop misuse of long term capital gain
04 April 2017 at 11:16Central Board of Direct Taxes requests for stakeholder�s comments on draft of Notification to be issued Under Section 10(38) of the Income-tax Act, 1961 Section 10(38) of the Income-tax Act, 1961 (�the Act�), prior to its amendment
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