Income Tax News

CBDT notifies Income Computation and Disclosure Standards

03 April 2015 at 10:40

In exercise of the powers conferred by sub-section (2) of section 145 of the Income-tax Act, 1961, the CBDT has notified the income computation and disclosure standards. This notification shall come into force with effect from 1st day of Apr

Posted in Income Tax | 1 comments | 23274 Views

Introduction of Black Money bill

23 March 2015 at 10:34

Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesNorth Block, New DelhiDated: 20th March, 2015PRESS RELEASEINTRODUCTION OF THE UNDISCLOSED FOREIGN INCOME AND ASSETS(IMPOSITION OF TAX) BILL, 2015The Finance Minis

Posted in Income Tax | 1 comments | 17376 Views

Highlights of Foreign Black money bill

23 March 2015 at 10:34

Highlights of the Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015 Introduced in Lok Sabha Today The Finance Minister, in his budget speech, while acknowledging the limitations under the existing law, had conveyed the considered

Posted in Income Tax | 1 comments | 13722 Views

Increase in collection of Direct taxes

07 March 2015 at 18:23

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes *** New Delhi, 05rd March, 2015 PRESS RELEASE Gross direct tax collection during April-February of the Financial Year 2014- 15 is up by 10.67 percent at Rs. 6

Posted in Income Tax | 4 comments | 15567 Views

Creation of two additional benches of the Authority for Advance Rulings (Income Tax)

26 February 2015 at 10:34

The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi, today gave its approval to the following:- i. Creation of two additional benches of the Authority for Advance Rulings (Income Tax), one in New Delhi and one new bench in Mumbai; ii.

Posted in Income Tax | 7377 Views

Commodities Transaction Tax (First Amendment) Rules, 2014

20 February 2015 at 10:42

[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) New Delhi, the 10 February, 2015 Notification S.O. 424 (E).- In exercise of the powers con

Posted in Income Tax | 13068 Views

Direct tax collection increases by 11.38 percent

14 February 2015 at 13:24

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 13th February, 2015 Gross direct tax collection during April-January of the Financial Year 2014-15 is up by 11.38 percent at Rs. 5,78,715 crore as

Posted in Income Tax | 1 comments | 15807 Views

Indirect Tax Revenue increase to Rs. 4,27,822 Crore in 2015

13 February 2015 at 12:12

Indirect Tax Revenue (Provisional) Collections Increase from Rs. 3,98,238 Crore in April-January 2014 to Rs. 4,27,822 Crore During April-January 2015;Registering an Increase of 7.4% During April-January 2015 Over the Corresponding Period in the Previ

Posted in Income Tax | 3 comments | 11874 Views

Shift in the Focus of the Income Tax Department (ITD) from Civil Consequences to Criminal Consequences in Serious Cases of Tax Evasion

13 February 2015 at 12:11

During 2014-15 (upto Dec, 2014) the ITD Has Conducted Searches in 414 Groups, Seized Undisclosed Assets of Rs. 582 Crore; Undisclosed Income of Rs. 6769 Crore has been Admitted by the Tax Payers During 2014-15 (upto Dec, 2014) the Income Tax Departm

Posted in Income Tax | 1 comments | 12483 Views

IT dept investigates companies converting illegal cash into legitimate money

11 February 2015 at 16:18

Income Tax Department Initiates Investigation into Issuance of Cheques by Companies Which are Acting as Entry Operators to Convert Illegal Cash into Legitimate Money Income Tax Department, Ministry of Finance, Government of India had initiated inves

Posted in Income Tax | 5 comments | 20988 Views