Income Tax News
Direct Tax Dispute Resolution Scheme- 2016 Extended up to 31st Jan, 2017
30 December 2016 at 20:57Government of India Ministry of FinanceDepartment of Revenue Central Board of Direct Taxes New Delhi, 30th December, 2016. Direct Tax Dispute Resolution Scheme- 2016 Extended up to 31st Jan, 2017 In order to reduce the pending litigation, the Direc
Clarifications on Direct Tax Dispute Resolution Scheme 2016
24 December 2016 at 11:55F.No.142/11/2016-TPLGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes(TPL Division)Clarifications on the Direct Tax Dispute Resolution Scheme, 2016The Direct Tax Dispute Resolution Scheme, 2016 (hereinafter refe
Reporting Cash Transactions under Rule 114E of IT Rules, 1962
23 December 2016 at 17:30Rule 114E of Income-Tax Rules, 1962, for furnishing Statement of Financial Transactions (SFT) came into force with effect from 1st April, 2016. Any person who is liable for audit under section 44AB of the Income-Tax Act, 1961 is required to furnish
IT Dept identifies 67.54 lakh potential non-filers for FY 2014-15
23 December 2016 at 10:23The Non-filers Monitoring System (NMS) was rolled out for identification of non-filers with potential tax liabilities. Data analytics carried out by the Systems Directorate of Central Board of Direct Taxes (CBDT) identifies non-filers about whom spec
Payments towards PMGKY 2016 scheme can be made in old currency
23 December 2016 at 10:23Payments towards Tax, Penalty, Surcharge and Deposit under PMGKY 2016 in Old Demonetised Currency allowed till 30 th SDecember, 2016. The Central Government has decided that up to 30.12.2016, the payment towards tax, surcharge, penalty and deposit u
Pay 46% less tax by migrating to digital transaction
21 December 2016 at 10:48Measures for Promoting Digital Payments & Creation of Less-Cash Economy: Benefit of lower rate of Income Tax on digital turnover for small businesses. The benefit of lower rate of Income-tax on digital turnover for small businesses up to a turnov
CBT recommends 8.65% interest on EPF for the year 2016-17
20 December 2016 at 10:41Shri Bandaru Dattatreya chaired the 215th meeting of the Central Board of Trustees (EPF) CBT recommends 8.65% interest on EPF to its subscribers for the year 2016-17 The Minister of State for Labour and Employment (Independent Charge) Shri Bandaru Da
Deemed profit u/s 44 AD reduced from 8% to 6% for digital transaction
19 December 2016 at 17:57Government decides to reduce the existing rate of deemed profit under section 44AD of the Income Tax Act in respect of amounts/receipts through banking channel/digital means Under the existing provisions of section 44AD of the Income-tax Act, 1961 (t
Deposit exceeding Rs 5000 can be made only once per account till 30th Dec 2016
19 December 2016 at 12:52MINISTRY OF FINANCE(Department of Economic Affairs) NOTIFICATIONS.O. 4086(E).�In exercise of the powers conferred by sub-section (2) of section 26 of the Reserve Bank of India Act, 1934 (2 of 1934), the Central Government hereby makes the follo
Govt clarifies status of political party under Income Tax Act
19 December 2016 at 11:36Clarification of Status of Political Parties under Income Tax Act, 1961 There have been some newspaper reports which seem to wrongly suggest that there cannot be any scrutiny of Income-tax returns of political parties registered with the Election Co
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