Income Tax News

Extension of date of filing return in J&K to 30.09.2016

27 August 2016 at 10:51

F. No. 225/195/2016/ITA.IIGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesNorth-Block, ITA.II DivisionNew Delhi, the 26th of August, 2016 Order under Section 119 of the Income-tax Act, 1961 On consideration of

Posted in Income Tax | 3 comments | 3387 Views

Update PAN at ICAI to avoid blocking of efiling account by IT dept

26 August 2016 at 10:58

It has been noticed that the Income Tax Department has blocked/ disabled the e-Filing account of the members whose correct PAN details are not available with the Department. Upon following with the Income Tax Department, it has been informed that the

Posted in Income Tax | 3 comments | 10983 Views

Capital gains to be attracted for investment via Cyprus

25 August 2016 at 10:55

Cabinet approves Agreement and the Protocol between India and Cyprus for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion India, today took another major step in the fight against tax evasion, "round tripping" and &quo

Posted in Income Tax | 1 comments | 3333 Views

Further clarification issued on the Income and Declaration Scheme

19 August 2016 at 11:43

Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesSubject : The Income Declaration Scheme 2016- Rule amendment and issuance of FAQ The Income Declaration Scheme, 2016 (the Scheme) provides an opportunity to perso

Posted in Income Tax | 3255 Views

Income Declaration Scheme (Second Amendment) Rules, 2016

16 August 2016 at 10:34

MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES)NOTIFICATIONNew Delhi, the 12th August, 2016S.O. 2705(E).— In exercise of the powers conferred by sub-section (1) and sub-section (2) of section 199 of the Finance Act, 20

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Measures taken by govt to recover Black money

13 August 2016 at 11:25

The Government has taken various measures to effectively deal with the issue of black money, particularly black money stashed away abroad. Such measures include policy-level initiatives, more effective enforcement action on the ground, putting in pla

Posted in Income Tax | 1 comments | 5085 Views

Direct and indirect taxes grows by over 24 and 29% respectively

10 August 2016 at 10:58

Indirect Tax Collections up to July, 2016 indicate net revenue collections of Rs.2,71,719 crore as compared to Rs.209217 crore in the corresponding period last year and thereby registering an increase of 29.9% over the corresponding period; 34.9%

Posted in Income Tax | 1 comments | 3210 Views

Over 226.98 Lakh e-returns filed as on 5th August 2016 in FY 2016-17

09 August 2016 at 11:01

Surging growth in Electronic filing of Income Tax Returns for Financial Year 2016-2017; Over 226.98 Lakh e-returns filed as on 5th August 2016 in F.Y. 2016-17 as compared to 70.97 Lakh for the same period in FY 2015-16 The facility of e-verification

Posted in Income Tax | 4 comments | 3810 Views

Framework for computation of book profit for the purposes of levy of MAT

06 August 2016 at 11:36

Framework for computation of book profit for the purposes of levy of MAT under section 115JB of the Income-tax Act, 1961 for Indian Accounting Standards (Ind AS) compliant companies. A Committee had been constituted, with the approval of the Financ

Posted in Income Tax | 4956 Views

Tax exemption to industry and commerce sectors

03 August 2016 at 10:31

Direct TaxVarious tax concessions in the form of exemptions/ deductions etc. have been provided under the Income-tax Act, 1961 which have been availed by different sectors of Commerce and Industry also. Cumulative figures of revenue impact of direct

Posted in Income Tax | 3807 Views