Income Tax News

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

Release of new 15CA and 15CB forms

05 April 2016 at 11:33

In pursuance of the Notification of the Income Tax Returns (ITR) for AY 2016-17 on March 31st, 2016, Central Board of Direct Taxes (CBDT)announces the release of electronic filing of ITRs 1 and 4S on its website https://incometaxindiaefiling.gov.in.

Posted in Income Tax | 1 comments | 13461 Views

CBDT requests Taxpayers to use Online rectification facility

02 April 2016 at 10:40

Income-tax Act provides the taxpayer with an option to seek rectification of mistakes apparent from record under section 154 of the Act. The e-filing portal of the Income Tax Department provides the utility for online filing and tracking of rectifica

Posted in Income Tax | 1 comments | 8811 Views

CBDT notifies new ITR forms for AY 2016-17

01 April 2016 at 08:38

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB- SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE [CENTRAL BOARD OF DIRECT TAXES] NOTIFICATION New Delhi, the 30th day of March, 2016 Income-t

Posted in Income Tax | 5 comments | 14865 Views

Inclusion of interest income in the return

24 March 2016 at 13:49

Information regarding interest earned by individuals and business entities on term deposit is filed with the Income Tax Department by banks including co-operative banks and other financial institutions and State treasuries etc. Form 26AS reflects on

Posted in Income Tax | 4 comments | 15135 Views

Report of the Committee on Taxation of E-Commerce

21 March 2016 at 10:37

Executive SummaryThe Committee on taxation of E-Commerce examined the tax issues arising from the new business models employed in the digital economy, in particular issues relating to tax nexus rules under existing law and tax treaties, characterizat

Posted in Income Tax | 9024 Views

Remedial action on revenue audit objections raised by CAG

18 March 2016 at 10:52

Government of India Ministry of Finance Department of RevenueCentral Board of Direct Taxes Sub: Modification of Instruction No. 9/2006 dealing with remedial action on Revenue Audit Objections not accepted by the Department– reg. The guidelines

Posted in Income Tax | 2 comments | 9540 Views

Rules for Fund Manager Regime under section 9A of IT Act

17 March 2016 at 10:54

Rules in respect of fund manager regime under section 9A of the Income-tax Act, 1961-reg.Section 9A of the Income-tax Act, 1961 (the Act) provides for special taxation regime with effect from 01.04.2016 to facilitate location of fund managers of off

Posted in Income Tax | 7182 Views