Income Tax News
Change request application with Gender as Transgender allowed for PAN
10 May 2018 at 11:35New PAN allotment and Change request applications with 'gender' as 'transgender' is allowed without any hassle. Also, there is no requirement of depositing any supporting document for change of 'gender' to 'transgender'
Draft notification pertaining to new Rule 11UAB of IT Rules, 1962
04 May 2018 at 10:43Finance Act, 2018 has inserted clause (via) to section 28 of the Income-tax Act, 1961 (‘the Act’) so as to provide that any profit and gains from conversion of inventory into capital asset or its treatment as capital asset shall be charge
Govt invites comments on draft notification on LTCG from shares
25 April 2018 at 11:35The Finance Act, 2018 has withdrawn the exemption under clause (38) of Section 10 of the Income-tax Act, 1961 (the Act) and has introduced a new section 112A in the Act, to provide that long term capital gains arising from transfer of a long-term cap
Requirement for obtaining PAN card u/s 139A eased for Corporate Assesses
16 April 2018 at 10:51Requirement for obtaining PAN card u/s 139A of IT Act, 1961 eased for corporate assessees In case of a company, an application for incorporation, allotment of Permanent Account Number (PAN) and allotment of Tax Deduction and Collection Account Number
CBDT invites comments on draft notification on BEPS
16 April 2018 at 10:51CBDT invites comments on draft notification proposing amendment to Rule 44E, Form 34C, 34D and 34DA as per BEPS Action 5, for improving transparency in tax rulings Under Base Erosion and Profit Shifting (BEPS) Action 5, exchange of rulings on Permane
Function of NAA from CCI and CBEC
07 April 2018 at 12:55Functions of National Anti-profiteering Authority (NAA) from Competition Commission of India (CCI) and the Central Board of Excise and Customs (CBEC)The National Anti-profiteering Authority (NAA) has been constituted under section 171 of the Central
Passport to be collected on loan above 50 crore
07 April 2018 at 12:55Statutory Central Audit and Statutory Branch Audit of Public Sector BanksThe Reserve Bank of India (RBI) is the regulator and supervisor of the banking system, as per power conferred by relevant provisions of the Banking Regulation Act, 1949, the Res
Standard deduction available on pension received from former employer
06 April 2018 at 11:22Clarification regarding applicability of standard deduction to pension received from the former employerThe Central Board of Direct Taxes (CBDT) has clarified that the pension received by a taxpayer from his former employer is taxable under the head
New ITR forms for AY 2018-19 released by CBDT
05 April 2018 at 21:41The Central Board of Direct Taxes (CBDT) has notified Income Tax Return Forms (ITR Forms) for the Assessment Year 2018-19. The notified ITR Forms are available on incometaxindia.gov.in.
99.94 lac new tax filers in 2017-18
03 April 2018 at 11:54Provisional Direct Tax Collections and Number of Income Tax Returns filed for F.Y. 2017-2018The provisional figures of Direct Tax collections for FY 2017-18 show that net collections are at Rs.9.95 lakh crore which is 17.1% higher than the net collec
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