Income Tax News
Effect of changes made in ITR Preparation Software and Schema for AY 2019-20
26 June 2019 at 13:07Consequent to changes made in Income Tax Return Preparation Software and Schema for AY 2019-20, Please note the below: 1. Already saved draft data will not be available in case of Online ITR 1 & 4 2. In case of Offline utilities, XML has to be re
6,49,39,586 Income Tax e-returns filed in 2018-19
25 June 2019 at 11:16There is a marked increase in the number of income tax filed through e-filing. The number of e-Returns submitted for Assessment Year 2018-19 is 6,49,39,586 as against 5,47,30,304 e-Returns filed for the Assessment Year 2017-18, thereby marking a rema
Important issues to keep under consideration by AO while framing assessment
24 June 2019 at 11:57Circular No. 12/2019 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi, the 19th of June, 2019 Subject: 'Assessment of Firms'- some of the important issues to be kept under cons
Separate computation of capital gains for each scrip or units of mutual fund to be shown in ITR
17 June 2019 at 11:38In case of long term capital gains (LTCG) arising on sale of equity shares or unit of equity oriented fund or unit of business trust on which STT is paid, separate computation of capital gains should be made for each scrip or units of mutual fund sol
Guidelines for Compounding of Offences under Direct Tax Laws, 2019
17 June 2019 at 11:38F.No.28S/08/2014-IT(Inv.V)/ 147Government of IndiaMinistry of FinanceDepartment of Revenue(Central Board of Direct Taxes)C-Block, Dr. S.P. Mukherjee Civic Centre,Minto Road, New Delhi -11 00~2 .Dated: 14th June 2019All Pr.CCsIT/CCsIT/Pr.DGsITIDGsITMa
Aadhaar cannot be a mandatory proof of address unless law specifies
13 June 2019 at 12:54Making Aadhaar people friendlyNo individual to be compelled to provide proof of Aadhaar number unless provided by lawAadhaar number on voluntary basis to be accepted as KYC documentCabinet approves The Aadhaar and Other Laws (Amendment) Bill, 2019In
Rs 10,000 fine for possession of more than one PAN
06 June 2019 at 11:25As per provisions of Section 272B of the Income Tax Act., 1961, a penalty of Rs. 10,000 can be levied on possession of more than one PAN.
Date extended for linking PAN with Aadhaar to 30th Sep 2019
06 June 2019 at 11:25TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes NOTIFICATION No. 31/2019 New Delhi, the 31st of March, 2019 In exe
Due date extended for filing TDS statement Form 24Q to 30th June
04 June 2019 at 12:13CBDT extends the due date of filing of TDS Statement in Form 24Q for the financial year 2018-19 from 31st of May, 2019 to 30th of June, 2019.F.No.275/38/2017-IT(B)Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxe
ITR 1, 2, 3, 4 & 5 for AY 2019-20 is now available for e-Filing
29 May 2019 at 12:19ITR 1, 2, 3, 4 & 5 for AY 2019-20 is now available for e-Filing. Other ITRs will be available shortlyInstructions:1. Select the Assessment Year2. Download and extract the zip file containing the utilities to the folder and open the utility3. Syst
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