Income Tax News

Govt assures complete confidentiality under income declaration scheme

04 July 2016 at 10:44

The Government has assured complete confidentiality to those declaring their income under the Income Declaration Scheme 2016.

Posted in Income Tax | 3207 Views

Government Notifies Rules regarding Fair market value

01 July 2016 at 11:17

Government Notifies Rules regarding Fair market value and reporting requirement for Indian concern - Indirect transfer provisions - section 9(1) of the Income-tax Act, 1961 Under section 9 of the Income-tax Act, 1961 (the Act), any income arising fr

Posted in Income Tax | 4494 Views

CBEC survey says 45 percent saw improvement in taxpayer services

30 June 2016 at 10:39

Tax payers Survey got conducted by Central Board of Excise & Customs (CBEC) for garnering a feedback on impact that reforms undertaken during the last two years; Responses showed that 45% of the respondents saw an attitudinal change in senior fun

Posted in Income Tax | 3 comments | 2754 Views

New TDS/TCS RPU and FVU versions released

29 June 2016 at 11:41

Due date for filing Quarterly TDS/TCS statement for Q1(April to June) of FY 2016-17 is July 31, 2016 for all the categories of Deductors/Collectors. Do submit quarterly TDS/TCS statement on or before due date to avoid late filing fee under section 23

Posted in Income Tax | 7 comments | 7482 Views

Further clarification issued on Income Declaration Scheme

28 June 2016 at 11:10

Page 1 of 4Circular No. 24 of 2016F.No.142/8/2016-TPLGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes(TPL Division)***Dated 27th of June, 2016Clarifications on the Income Declaration Scheme, 2016The Income Decl

Posted in Income Tax | 1 comments | 4974 Views

PM says last chance to declare undisclosed income

27 June 2016 at 10:26

Prime Minister speaks on Income Declaration Scheme in Mann ki Baat The Honourable Prime Minister, Shri Narendra Modi, in his radio programme, Mann ki Baat aired on Sunday, 26th June, 2016, advised his countrymen about the benefits of declaring hithe

Posted in Income Tax | 4050 Views

TCS at 1 percent only applicable on cash portion of sale

25 June 2016 at 12:09

Circular No. 23/2016F.No.370142/17/2016-TPLGovernment of IndiaMinistry of FinanceDepartment of revenueCentral Board of Direct Taxes(TPL Division)Subject: Amendment in Section 206C of the Income-tax Act vide Finance Act 2016 In order to curb the cash

Posted in Income Tax | 15 comments | 10905 Views

Amendment in Rule 114H of Income-tax Rules, 1962

23 June 2016 at 10:45

The Rule 114H of the Income-tax Rules, 1962 (the Rules) has been amended vide Notification No.48/2016 [S.O.2151(E)] dated 20th June 2016. In order to provide sufficient time to the reporting Financial Institutions for completing the due diligence pro

Posted in Income Tax | 5292 Views

Clarification regarding threshold Limit of tax audit under section 44AB and 44AD

22 June 2016 at 10:47

Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesNew Delhi, the 20th June, 2016Sub: Threshold Limit of tax audit under section 44AB and section 44AD – clarification regardingSection 44AB of the Income-tax

Posted in Income Tax | 5 comments | 12351 Views

Clarification regarding News Report of Arrest of Tax Defaulters

22 June 2016 at 10:47

Certain sections of the press have been carrying news reports today that Income Tax Department is going to arrest wilful defaulters of tax. In this regard, it is clarified that no such statement has been authorised by the Income-tax Department. Thoug

Posted in Income Tax | 3063 Views