Income Tax News
No Deduction in certain cases - Specified payment u/s 197a(1f)
03 January 2013 at 11:33NOTIFICATION NO. 56/2012 [F. NO. 275/53/2012-IT(B)] DATED 31-12-2012 In exercise of the powers conferred by sub-section (1F) of section 197A of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies that no deduction of
Search & Seizure - Assessment of Preceding years in Search cases during Election period
03 January 2013 at 11:30CIRCULAR NO. 10/2012 [F. NO. 282/22/2012-IT (INV. V)] DATED 31-12-2012 As per provisions contained in section 153A and 153C of the Income Tax Act, 1961, the Assessing Officer is required to issue notice for assessing or reassessing the total
Advance Tax Collections Registers Growth of more than 10% During the First Twenty Days of December 2012
24 December 2012 at 16:16Advance Tax Collections for the month of December 2012 up to 20th December, 2012 registered a growth of 10.44% over the corresponding period last year. Advance tax Collections are worth Rs. 78,226 crores during this period as against Rs.70,826 cro
Tax Raids under the Income Tax Act, 1961
15 December 2012 at 11:44Tax Raids The numbers of search warrants executed under the Income Tax Act, 1961 during the years 2010-11, 2011-12 and the current year are as under: Period Number of warrants executed
Updating Tax Officials' Knowledge of Law
15 December 2012 at 11:44The assessing officers undergo in-depth training on direct tax at the induction stage at National Academy of Direct Taxes, Nagpur (NADT) and the seven subordinate Direct Taxes Regional Training Institutes (DTRTIs) located across the country and on
Income Tax Refund
15 December 2012 at 11:44Processing of returns of income, including those with refund claim, is a continuous process. Statutory time limit to process returns of income is with reference to the financial year of their receipt. As per the Income Tax Act, 1961 returns receiv
Bank details of indian account holders in France
14 December 2012 at 16:29On the request of the Central Government and persistent follow up in June, 2011, France has provided details of Indians having bank accounts in one of the banks of Switzerland under the provisions of Double Taxation Avoidance Convention (DTAC) bet
Direct tax collection grows by a meagre 7.14 percent
12 December 2012 at 11:24Gross Direct Tax Collection Figures for April-November 2012-13 Up by 7.14 Percent at Rs. 3,25,696 Crore as Against Rs. 3,04,002 Crore in the Same Period Last Year Gross direct tax collections during April-November of the Financial Year 2012-13 was
Only 14.62 lac assessees disclose income more than 10 lac
11 December 2012 at 13:06Statement made by Revenue Secretary to Media On August 6, 2012, the Finance Minister Shri P. Chidambaram made a statement on the policy of the Government regarding taxation and tax administration. He emphasized that clarity in tax laws, a stable
Information Regarding Tax Evasion
08 December 2012 at 11:36The Government is focusing on increasing use of Information Technology for detection of evasion of tax. The Government also receives information on tax evasion from public at large through letters, e-mails, reports in media etc. the Government gran
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