Income Tax News

Tax collection figures for the period April to December 2016 show a positive trend

09 January 2017 at 18:05

Tax collection figures for the period April -December 2016 show a positive trend as Direct Taxes grow by 12.01% and Indirect Taxes grow by 25% over the corresponding period last year i.e. April-December 2015Direct Tax and Indirect tax collection figu

Posted in Income Tax | 3 comments | 2163 Views

Bank to obtain PAN or Form 60 for all Bank accounts

09 January 2017 at 10:38

Income-tax Rules amended to provide that bank shall obtain and link PAN or Form No. 60 (where PAN is not available) in all existing bank accounts (other than BSBDA) by 28.02.2017. Income-tax Rules have been amended to provide that bank shall obtain a

Posted in Income Tax | 19383 Views

Year end review of 2016 by CBDT

09 January 2017 at 10:38

Major Achievements of CBDT in Current Financial Year 2016-17 so far include among others Enactment of The Benami Transactions (Prohibition) Amendment Act, 2016, Implementation of The Direct Tax Dispute Resolution Scheme, 2016 and of GAAR from Assessm

Posted in Income Tax | 1 comments | 3348 Views

Next Level of TDS Compliance in Year 2017

02 January 2017 at 10:42

Dear Deductor,Centralized Processing Cell (TDS) wishes you Seasons' Greetings and a Very Happy New Year 2017!The past year witnessed a fantastic journey for CPC (TDS) in many ways, with your valued partnership as our key stakeholders. While we ob

Posted in Income Tax | 7614 Views

Direct Tax Dispute Resolution Scheme- 2016 Extended up to 31st Jan, 2017

30 December 2016 at 20:57

Government of India Ministry of FinanceDepartment of Revenue Central Board of Direct Taxes New Delhi, 30th December, 2016. Direct Tax Dispute Resolution Scheme- 2016 Extended up to 31st Jan, 2017 In order to reduce the pending litigation, the Direc

Posted in Income Tax | 2625 Views

Clarifications on Direct Tax Dispute Resolution Scheme 2016

24 December 2016 at 11:55

F.No.142/11/2016-TPLGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes(TPL Division)Clarifications on the Direct Tax Dispute Resolution Scheme, 2016The Direct Tax Dispute Resolution Scheme, 2016 (hereinafter refe

Posted in Income Tax | 1 comments | 4419 Views

Reporting Cash Transactions under Rule 114E of IT Rules, 1962

23 December 2016 at 17:30

Rule 114E of Income-Tax Rules, 1962, for furnishing Statement of Financial Transactions (SFT) came into force with effect from 1st April, 2016. Any person who is liable for audit under section 44AB of the Income-Tax Act, 1961 is required to furnish

Posted in Income Tax | 3 comments | 18969 Views

Payments towards PMGKY 2016 scheme can be made in old currency

23 December 2016 at 10:23

Payments towards Tax, Penalty, Surcharge and Deposit under PMGKY 2016 in Old Demonetised Currency allowed till 30 th SDecember, 2016. The Central Government has decided that up to 30.12.2016, the payment towards tax, surcharge, penalty and deposit u

Posted in Income Tax | 3153 Views

IT Dept identifies 67.54 lakh potential non-filers for FY 2014-15

23 December 2016 at 10:23

The Non-filers Monitoring System (NMS) was rolled out for identification of non-filers with potential tax liabilities. Data analytics carried out by the Systems Directorate of Central Board of Direct Taxes (CBDT) identifies non-filers about whom spec

Posted in Income Tax | 1 comments | 84576 Views

Pay 46% less tax by migrating to digital transaction

21 December 2016 at 10:48

Measures for Promoting Digital Payments & Creation of Less-Cash Economy: Benefit of lower rate of Income Tax on digital turnover for small businesses. The benefit of lower rate of Income-tax on digital turnover for small businesses up to a turnov

Posted in Income Tax | 3 comments | 16449 Views