Income Tax News

Aadhaar linking with PAN is compulsory now

15 February 2019 at 12:00

Aadhaar-PAN linking is mandatory now which has to be completed till 31.3.2019 by the PAN holders requiring filing of Income Tax Return.Constitutional validity of Aadhaar has been upheld by the Hon'ble Supreme Court of India in September 2018. Con

Posted in Income Tax | 11925 Views

CBDT denies recovery of dues on account of Angel tax

14 February 2019 at 15:03

Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes New Delhi, 8th February, 2019Note on Recovery of Tax in the case of Travel KhanaIt has come to the notice of CBDT, through some media reports that Rs. 36 lakh ha

Posted in Income Tax | 3114 Views

More than 16 lakh refund claim pending till January end

13 February 2019 at 15:05

The level of income-tax compliance has continuously increased over the last three Financial Years, which is reflected in the number of Income-Tax Returns filed over this period, as given hereunder: - S.No. Financial Year Total

Posted in Income Tax | 2595 Views

Effect of Angel Tax on Indian Startup Ecosystem

08 February 2019 at 13:23

The Government of India has continuously engaged with all stakeholders to address relevant issues related to the Indian Startup eco-system.The Department for Promotion of Industry and Internal Trade (DPIIT) issued notification in April 2018 for easin

Posted in Income Tax | 1 comments | 5928 Views

Cabinet approves abolition of Income-Tax and Indirect Tax Ombudsman

07 February 2019 at 11:02

The Union Cabinet chaired by Prime Minister Narendra Modi has approved the proposal for Abolition of Institution of Income-Tax Ombudsman and Indirect Tax Ombudsman. The approval comes in the wake of alternative complaint redressal mechanisms chosen

Posted in Income Tax | 2 comments | 12549 Views

CBDT directs non filers to file return in 21 days for AY 2018-19

23 January 2019 at 11:13

CBDT identifies non-filers through Non-filers Monitoring System (NMS) by using Data Analytics and request the Non-filers to assess their tax liability for AY 2018-19 and file the Income Tax Returns (ITR) or submit online response within 21 daysThe No

Posted in Income Tax | 7 comments | 11490 Views

CBDT clarifies TDS notices issued only in big cases

23 January 2019 at 11:12

The Central Board of Direct Taxes (CBDT) has stated that certain news items that appeared in a section of media regarding enmasse issue of prosecution notices to small companies for TDS default are completely misleading and full of factual inaccuraci

Posted in Income Tax | 2 comments | 2898 Views

Cabinet approves integrated E-filing and CPC 2.0 Project

17 January 2019 at 11:26

Cabinet approves expenditure sanction for Integrated E-filing and Centralized Processing Centre 2.0 Project The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has given its approval to expenditure sanction of Rs.4,241.97crore for In

Posted in Income Tax | 2886 Views

FICCI recommends increasing top 30% tax slabs to income above 20 lac

16 January 2019 at 11:20

FICCI in its Pre-Budget recommendations for 2019-20 has suggested reduction in the corporate tax rate across the board to 25% (irrespective of turnover) to spur economic growth and increase overall tax collections. The cha

Posted in Income Tax | 1 comments | 8073 Views

Direct tax collection grows to 8.74 lac crore in 2018-19

07 January 2019 at 16:48

In the recent press release issued by the Government, they have stated a whopping increase of 14.1% in the direct tax collection in the FY 2018-19, where the total collection amounted to Rs. 8.74 lakh crores!A net of 1.30 lakh crores of refunds were

Posted in Income Tax | 3318 Views