Income Tax News

CBDT issues PAN and TAN within 1 day to improve Ease of Doing Business

11 April 2017 at 16:01

In 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

Posted in Income Tax | 1 comments | 22410 Views

Draft of Notification to be issued under third proviso to the clause (38) of section 10 of the IT Act

11 April 2017 at 10:46

Draft 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

Posted in Income Tax | 3312 Views

Rs 1.37 Lakh Crore of tax evasion detected by search and survey in last 3 years

08 April 2017 at 12:27

Department 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

Posted in Income Tax | 2598 Views

Mandatory Quoting of Aadhaar for Return filing not applicable to Non resident

06 April 2017 at 12:42

Government 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

Posted in Income Tax | 3093 Views

No restriction on withdrawal of cash from bank u/s 269ST

05 April 2017 at 23:29

Budget 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

Posted in Income Tax | 7 comments | 25986 Views

Revenue department exceeds revised Tax collection target of 2016-17

05 April 2017 at 11:20

Revenue 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.

Posted in Income Tax | 1 comments | 2799 Views

CBDT invites comments on notification issued to stop misuse of long term capital gain

04 April 2017 at 11:16

Central 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

Posted in Income Tax | 1 comments | 4017 Views

Income tax Department considers issues reported by ICAI positively

01 April 2017 at 14:57

1. Reactivation of the link ‘Know your PAN/TAN/A.O.’ at the website of Income-tax department Some recent changes were reported by the members at the E filing website of the Income-tax department due to which the link ‘Know your PAN

Posted in Income Tax | 4 comments | 6021 Views

Download the Finance Bill 2017

01 April 2017 at 13:57

THE FINANCE ACT, 2017NO. 7 OF 2017[31st March, 2017.]An Act to give effect to the financial proposals of the Central Government for the financial year 2017-2018.BE it enacted by Parliament in the Sixty-eighth Year of the Republic of India as follows:

Posted in Income Tax | 1 comments | 4563 Views

CBDT notifies new Income Tax Return Forms for AY 2017-18

31 March 2017 at 16:36

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 31st March, 2017. CBDT notifies new Income Tax Return Forms for AY 2017-18 The Central Board of Direct Taxes has notified Income-tax Return Forms

Posted in Income Tax | 1 comments | 28464 Views