Income Tax News
CBDT clarifies issues in filing ITR Forms for AY 2019-20
28 August 2019 at 11:06Circular No. 21 of 2019F.No. 370142/1/2019-TPL (Pt.-1)Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes(TPL Division)***Dated: 27th August, 2019Clarifications in respect of filling-up of the ITR forms for the As
Government withdraws enhanced surcharge on tax payable on transfer of certain assets
26 August 2019 at 11:18In order to encourage investment in the capital market, it has been decided to withdraw the enhanced surcharge levied by Finance (No. 2) Act, 2019 on tax payable at special rate on income arising from the transfer of equity share/unit referred to in
CBDT issues clarification on eligibility of small Start-ups to avail tax holiday
23 August 2019 at 11:17The Central Board of Direct Taxes (CBDT) has clarified today that small start-ups with turnover upto Rs. 25 crore will continue to get the promised tax holiday as specified in Section 80-IAC of the Income Tax Act, 1961(the ‘Act’), which p
Checklist to Avoid Mistakes in Filing ITR 7 and bug fixed in ITR6
16 August 2019 at 15:11Sl. No Assessee claiming exemption Requirement of compliance 1. Section 11 � Registration or Approval is required u/s 12/12AA and fill the details in �Details of registration under Inc
CBDT takes further steps to ensure transparency in Tax Administration by bringing in concept of DIN
16 August 2019 at 15:11With a view to bringing greater transparency in the functioning of the tax-administration and improvement in service delivery, almost all notices and orders of Income Tax Department are being generated electronically on the Income Tax Business Applic
CBDT rebuts incorrect reports about Income Tax notices to Durga Puja Committees
16 August 2019 at 15:11There have been reports in the media about Income Tax notices being issued to Durga Puja Committees in Kolkata recently. The reports also mention that Income Tax notices were sent to the Durga Puja Committee Forum in the last few weeks. It is unequiv
Income Tax Department detects Benami business of running of petrol outlets in Meghalaya
12 August 2019 at 11:04In a swift and coordinated action on Friday, 2nd August 2019, the Investigation Wing of Income Tax Department, NER carried out searches on certain businessmen in Meghalaya found to be involved in running a web of petrol pumps managed and controlled a
Income Tax Searches in Tamil Nadu net more than Rs 700 crore
12 August 2019 at 11:04The Income Tax Department conducted a search and seizure operation on 06.08.2019 in the case of one of the major producers of beer and IMFL in Tamil Nadu. The search action was launched in the early hours of Tuesday at 55 premises in various places i
Enhancement of Monetary limits for filing of appeals by the IT Department
09 August 2019 at 12:14There is a substantial pendency of appeals of the Income Tax Department before various appellate fora. The CBDT is aware of the importance of litigation management and has been continuously working towards achieving the same.To effectively reduce tax
ICSI representation for inclusion of CS in definition of Accountant under IT Act
06 August 2019 at 11:30ICSI Representation for inclusion of CS in the definition of Accountant under the Income Tax Act, 1961To read in details, find the enclosed file
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