Income Tax News

644 Declarations involving Rs. 4,164 crore made under the Black Money scheme

07 January 2016 at 10:29

644 Declarations involving Rs. 4,164 crore made under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 A total of 644 declarations have been made under the compliance window provided in the Black Money (Undiscl

Posted in Income Tax | 11670 Views

FM calls upon IRS officers to maintain absolute standard of ethics

04 January 2016 at 10:21

The Finance Minister Shri Arun Jaitley calls upon the young officers of Indian Revenue Service (Customs & Central Excise) to maintain absolute standards of ethics and 100% integrity; asks them to emulate the Gandhian principle that even in moment

Posted in Income Tax | 8667 Views

Scope of scrutiny in cases selected through Computer Aided Scrutiny Selection

31 December 2015 at 10:46

Instruction No. 20/2015Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesNorth Block, New DelhiDated-29th of December, 2015Subject: Scrutiny Assessments-some important issues and scope of scrutiny in cases select

Posted in Income Tax | 1 comments | 13563 Views

Specific requirement to be mentioned in scrutiny notice

31 December 2015 at 10:46

Instruction No.19/2015Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesNorth Block, New Delhi, dated the 29th of December, 2015ToAll Pr. Chief-Commissioners of Income-tax/Chief-Commissioners of Income-tax All Pr

Posted in Income Tax | 4 comments | 11013 Views

Efiling of first appeal before CIT

30 December 2015 at 23:16

Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesPRESS RELEASENew Delhi, 30th December, 2015Subject: Electronic filing of first appeal before CIT(Appeals) – reg. It is the endeavour of the Income tax Depa

Posted in Income Tax | 1 comments | 9657 Views

TDS under section 194A of the Act on interest on fixed deposit made on directions of Courts

30 December 2015 at 11:14

Subject: TDS under section 19A of the Act on interest on fixed deposit made on directions of Court- reg Section 194A of Income Tax Act, 1961(�The Act�) stipulates deduction of tax at source (TDS) on interest other than interest on securit

Posted in Income Tax | 3 comments | 14457 Views

Now quote PAN if cash payment is made above 2 lac

16 December 2015 at 10:49

The Government is committed to curbing the circulation of black money and widening of tax base. To collect information of certain types of transactions from third parties in a non-intrusive manner, the Income-tax Rules require quoting of Permanent Ac

Posted in Income Tax | 4 comments | 37470 Views

Last date for advance tax payment postponed in flood effected stated

16 December 2015 at 10:49

Last Date for December 2015 installment of Advance Tax for taxpayers in Tamil Nadu and Puducherry extended till 31st December, 2015 The last date of payment of December 2015 installment of Advance Tax for both Corporate and Non-Corporate Taxpayers i

Posted in Income Tax | 2 comments | 14790 Views

Significant decisions taken in last few months by CBDT for improving taxpayer services

16 December 2015 at 10:49

CBDT takes various significant decisions in last three months for providing better taxpayer services, improving ease of doing business and reducing the burden of compliance on the tax payer The Central Board of Direct Taxes (CBDT) has taken a number

Posted in Income Tax | 13002 Views

Monetory limit for filing appeals before ITAT and HC increased to 10 lac and 20 lac

16 December 2015 at 10:48

CBDT takes Initiatives for reducing Tax Litigation as a part of its initiatives to reduce grievances of the taxpayers The Central Board of Direct Taxes (CBDT) has issued a Circular revising the monetary limits for filing of appeals by the Department

Posted in Income Tax | 10701 Views