Income Tax News

Passport to be collected on loan above 50 crore

07 April 2018 at 12:55

Statutory 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

Posted in Income Tax | 3423 Views

Standard deduction available on pension received from former employer

06 April 2018 at 11:22

Clarification 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

Posted in Income Tax | 1 comments | 2682 Views

New ITR forms for AY 2018-19 released by CBDT

05 April 2018 at 21:41

The 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.

Posted in Income Tax | 8 comments | 75573 Views

99.94 lac new tax filers in 2017-18

03 April 2018 at 11:54

Provisional 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

Posted in Income Tax | 2 comments | 7449 Views

Income tax office to remain open on 29th,30th and 31st March

28 March 2018 at 10:41

The 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

Posted in Income Tax | 6 comments | 6315 Views

CBDT extends date for linking Aadhar with PAN till 30th June 2018

28 March 2018 at 10:41

The 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

Posted in Income Tax | 1 comments | 2079 Views

Requirement to furnish country by country report under sec 286(4) of Income Tax Act

27 March 2018 at 12:34

The 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

Posted in Income Tax | 1 comments | 7071 Views

Questionnaire released for new Direct Tax law

22 March 2018 at 11:12

Stakeholder 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

Posted in Income Tax | 10431 Views

Action taken by ICAI on PNB matter

10 March 2018 at 12:42

Immediately 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

Posted in Income Tax | 3 comments | 5403 Views

87.79 crore banks accounts have been linked with Aadhaar

10 March 2018 at 12:38

As per the latest available information as on 05.03.2018, number of Aadhaar cards linked with PAN is 16,65,82,421 . Further, as on 02.03.2018, 8779.65 Lakhs Current Accounts and Savings Accounts have been linked with Aadhaar.There are number of secur

Posted in Income Tax | 2 comments | 2844 Views