Income Tax News
Steps to give relief to small taxpayers and to the small business and professionals
09 May 2016 at 10:29Revenue Department takes various measures to boost-up growth and employment generation; Steps to give relief to the small tax payers and to the small business and professionals The Revenue Department of the Ministry of Finance takes several steps fo
Offshore Tax Evasion
07 May 2016 at 12:30While there are impediments in obtaining information relating to undisclosed assets stashed away abroad, pursuant to various initiatives taken by the Government, the flow of information has improved leading to better enforcement action. The Governmen
4.14 crore return processed without human intervention this year
07 May 2016 at 12:30Optimum Use of Technology for Expeditious Disposal of Assessment and Refunds;In FY 2015-16, 94% of income tax returns were filed online and 4.14 crore returns processed without any human intervention; More than 2.10 crore refunds amounting to Rs.1,22
Lok Sabha passes the Finance Bill,2016
06 May 2016 at 12:04Lok Sabha passes the Finance Bill,2016 Please refer to the attached file for details
Income arising from unlisted shares taxable under capital gains
06 May 2016 at 10:49Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesNew Delhi, 5th May, 2016Subject: Taxability of Income/Loss arising from Transfer of Unlisted Shares-reg.CBDT, vide order dated 2nd May, 2016 has given direction t
Reward of Rs 15 lac for informer of tax evasion
30 April 2016 at 15:44Guidelines for Grant of Rewards to Informers of Tax Evasion The details with regard to guidelines in respect of rewards to informers of tax evasion are: Direct Taxes:- Any person who provides specific information with respect to evasion of direct ta
CBDT releases detailed direct taxes data
29 April 2016 at 11:40CBDT releases Direct Taxes DataPFA the enclosed attachment to view the detailed data on the following aspects as mentioned below:- Income Tax Department Time Series Data Financial Year 2000-01 to 2014-15 Income Tax Department PAN Allotment Statistics
Govt invites suggestion on MAT framework for computation of book profit
29 April 2016 at 11:40Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes New Delhi, 28th April, 2016Subject: Framework for computation of book profit for the purposes of levy of MAT under section 115JB of the Income-tax Act, 1961 for
CBDT will pay interest on refund for excess TDS deposited
28 April 2016 at 11:14Payment of interest on refund under section 244A of excess TDS deposited under section 195 of the Income-tax Act, 1961
Draft rules for foreign tax credit
19 April 2016 at 15:14Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesSubject: Draft rules for grant of Foreign Tax Credit – reg.The Income-tax Act, 1961 (the Act) provides that the Central Board of Direct Taxes may prescribe
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