Income Tax News
Scrip wise details of entering LTCG is optional in ITR says CBDT
22 July 2019 at 11:50Schedule 112A and 115AD(1)(iii) of long term capital gain are provided in the Income Tax Return software as per the Instructions to the Notified ITR form and based on taxpayer feedback.Taxpayers have an option to either enter the Scrip wise details o
CBDT clarifies no major changes have been introduced in the ITR-2 and ITR-3
17 July 2019 at 12:31CBDT issues clarification on incorrect reports in social media pertaining to difficulty in filing of Income Tax ReturnsCentral Board of Direct Taxes (CBDT) has said today that no changes have been made in any of the Income-tax Return (ITR) forms incl
Download Pre-filled XML available for ITR 1, 2, 3 and 4
13 July 2019 at 11:32Taxpayers are requested to note the followings in connection with pre-filling of ITRs-1. Pre-filling of ITR is only for the taxpayer's convenience. Taxpayers should verify the pre-filled data carefully and add any other taxable income which is no
No proposal to extend IT return date : Govt
10 July 2019 at 11:21Government has recently changed Form 16 and Form 24 Q to bring more disclosures. In order to enable pre-filling of return of income of salaried taxpayers, the Government has amended Form No. 16 (certificate for tax deduction) and Form No. 24Q (quart
Technology changes in Income Tax Department
09 July 2019 at 12:03The Government is continuously taking several initiatives to enhance the technology back bone of the Income Tax Department (ITD). ITD is having a dedicated directorate called �Directorate of System� which handles the technology aspects of
CBDT circular on receipt of shares
02 July 2019 at 12:18Central Board of Direct Taxes had issued Circular 10/2018 dated 31.12.2018 to clarify that provisions of section 56(2)(viia) of the Income-tax Act, 1961 being anti-abuse provisions shall not be applicable in cases of receipt of shares by the specifie
IT Dept finds Rs 60 crores evasion during search & seizure in J&K region
28 June 2019 at 11:42The Income Tax Department conducted search and seizure operations on 27.06.2019 on a prominent business group based in Srinagar, covering 4 premises in the Kashmir Valley and 6 places in the Jammu region. Apart from the premises in J&K, 10 other
Important points to note before filing ITR
27 June 2019 at 11:18Taxpayers are requested to note the followings in connection with pre-filling of ITRs-1. Pre-filling of ITR is only for the taxpayer's convenience. Taxpayers should verify the pre-filled data carefully and add any other taxable income which is no
New Task Force to Review Income Tax Act, 1961
27 June 2019 at 11:18F No 370149/230/2017 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) New Delhi, June 24, 2019 OFFICE ORDER In order to review the existing Income-tax Act, 1961 and to draft a new direct tax
702 start ups given Angel Tax Exemption
27 June 2019 at 11:18Startups receiving investments from Ventures Capital Fund are exempt from taxation as per provision of Section 56, (2) (vii b) of Income Tax Act 1961 (Act). Angel Fund is sub category of Ventures Capital Fund under Category-I Alternative Investment F
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