Income Tax News

Direct tax collection grows to 6.75 lac crore upto Nov 18

10 December 2018 at 17:34

Direct Tax Collections for F.Y. 2018-19 up to November, 2018Gross collections at Rs. 6.75 lakh crore which is 15.7% higher than the gross collections for the corresponding period of last yearThe Provisional Figures of Direct Tax Collections up to Nov

Posted in Income Tax | 5160 Views

Task Force for drafting a New Direct Tax Legislation

26 November 2018 at 18:09

In order to review the Income-tax Act, 1961 and to draft a new direct tax law in consonance with the economic needs of the country, a Task Force was constituted by the Government of India in November, 2017.In partial modification of the earlier order

Posted in Income Tax | 2343 Views

Protocol amending India-China DTAA

26 November 2018 at 18:09

The Government of the Republic of India and the Government of the People’s Republic of China have amended the Double Taxation Avoidance Agreement (DTAA) for the avoidance of double taxation and for the prevention of fiscal evasion with respect

Posted in Income Tax | 1995 Views

Father's name non-mandatory in PAN application form now

21 November 2018 at 11:27

MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES)NOTIFICATIONNew Delhi, the 19th November, 2018G.S.R. 1128(E). In exercise of the powers conferred by section 139A read with section 295 of the Income-tax Act, 1961 (43 of 1961),

Posted in Income Tax | 2 comments | 7887 Views

FM Jaitely defends Demonetisation says key step in formalising the economy

09 November 2018 at 11:29

Following is the Text of the Article written by the Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley on completion of two years of Demonetisation entitled � Impact of Demonetisation�:�Today we complete two years af

Posted in Income Tax | 2 comments | 4713 Views

Draft Notification proposing Amendment of Rules 2C, 2CA,10G and others

29 October 2018 at 17:56

Draft Notification proposing Amendment of Rules 2C, 2CA and 11AA and for Nos. 10G, 56 and 56G of the Income-tax Rules, 1962 placed in public domain for inputs from stakeholders and general publicCurrently, for grant of approval under sub-clauses (iv)

Posted in Income Tax | 3 comments | 7059 Views

No further extension of ITR and Tax audit dates says CBDT

26 October 2018 at 11:34

CBDT confirmed that there will be no further extension of ITR and TAR due dates. Rejected Tax bar association Guwahati request. Issues below notification.

Posted in Income Tax | 2 comments | 14025 Views

Cabinet approves appointment of Appellate Tribunal for Benami Property Transaction

25 October 2018 at 11:02

Cabinet approves appointment of Adjudicating Authority and establishment of Appellate Tribunal under Prohibition of Benami Property Transactions Act, 1988The Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved the appointment of A

Posted in Income Tax | 6450 Views

CBDT further extends due date for audit to 31st October

08 October 2018 at 18:27

CBDT further extends due dt for filing of IT Returns & audit reports from 15th Oct,2018 to 31st Oct, 2018 for all assessees liable to file ITRs for AY 2018-19 by 30.09.2018,after considering representations from stakeholders. Liability to pay int

Posted in Income Tax | 23 comments | 85179 Views

Direct tax collection at 5.47 lakh crore growing at 16.7%

05 October 2018 at 10:55

Direct Tax Collections for F.Y. 2018-19 up to September, 2018 (Half-yearly figures) show that gross collections are at Rs. 5.47 lakh crore which is 16.7% higher than the gross collections for the corresponding period of last yearThe provisional figur

Posted in Income Tax | 2 comments | 7305 Views