Income Tax News

Income arising from unlisted shares taxable under capital gains

06 May 2016 at 10:49

Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesNew Delhi, 5th May, 2016Subject: Taxability of Income/Loss arising from Transfer of Unlisted Shares-reg.CBDT, vide order dated 2nd May, 2016 has given direction t

Posted in Income Tax | 4338 Views

Reward of Rs 15 lac for informer of tax evasion

30 April 2016 at 15:44

Guidelines for Grant of Rewards to Informers of Tax Evasion The details with regard to guidelines in respect of rewards to informers of tax evasion are: Direct Taxes:- Any person who provides specific information with respect to evasion of direct ta

Posted in Income Tax | 6 comments | 18978 Views

CBDT releases detailed direct taxes data

29 April 2016 at 11:40

CBDT releases Direct Taxes DataPFA the enclosed attachment to view the detailed data on the following aspects as mentioned below:- Income Tax Department Time Series Data Financial Year 2000-01 to 2014-15 Income Tax Department PAN Allotment Statistics

Posted in Income Tax | 10974 Views

Govt invites suggestion on MAT framework for computation of book profit

29 April 2016 at 11:40

Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes New Delhi, 28th April, 2016Subject: Framework for computation of book profit for the purposes of levy of MAT under section 115JB of the Income-tax Act, 1961 for

Posted in Income Tax | 6483 Views

CBDT will pay interest on refund for excess TDS deposited

28 April 2016 at 11:14

Payment of interest on refund under section 244A of excess TDS deposited under section 195 of the Income-tax Act, 1961

Posted in Income Tax | 1 comments | 12504 Views

Draft rules for foreign tax credit

19 April 2016 at 15:14

Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesSubject: Draft rules for grant of Foreign Tax Credit – reg.The Income-tax Act, 1961 (the Act) provides that the Central Board of Direct Taxes may prescribe

Posted in Income Tax | 10029 Views

Advisory for TDS on purchase of immovable property

07 April 2016 at 11:01

CPC(TDS) Advisory for Deposit of Tax deducted and Demand for TDS Defaults with respect to Purchase of Immovable Property (26QB Statement-cum-challan)

Posted in Income Tax | 1 comments | 16269 Views

Tax revenue increases to 14.6 lac crore in 2015-16

07 April 2016 at 11:01

Government achieves the Tax Revenue Targets for FY 2015-16; Actual collections of Direct & Indirect Tax Revenues in FY 2015-16 is Rs. 14.60 Lakh Crore as against Revised Target (RE) of Rs. 14.55 Lakh crore The aggregate Budget Estimates (BE) for

Posted in Income Tax | 5 comments | 7869 Views

Record setting year for taxpayer services - 4.14 crore return processed by CPC

05 April 2016 at 11:33

CBDT achieves record setting Year in Delivery of Taxpayer Services; CPC Bengaluru processed more than 4.14 crore Income Tax returns, an increase of over 35% over the previous year; CPC also issued over 1.61 crore refunds above Rs 100 to taxpayers, an

Posted in Income Tax | 3 comments | 7899 Views

New functionality for taxpayers to secure their E-filing account

05 April 2016 at 11:33

The Income Tax Department has from time to time issued advisories regarding the need to avoid phishing emails and to carefully protect the passwords, OTPs and not share them with others. In order to ensure that taxpayers are able to secure their E-fi

Posted in Income Tax | 3 comments | 9120 Views