Income Tax News

IT Department has seized Rs. 1.44 crores cash & more during the search operation in Kashmir Valley Income Tax Dept has conducted searches at 5 locations in J&K region on 14th March 2019. The actions were a part of Department's continued drive against the use of black money to prevent ..

Ministry of Finance has enhanced the income tax exemption for gratuity under section 10 (10) (iii) of the Income Tax Act, 1961 to Rs. 20 lakhs.  Shri Santosh Kumar Gangwar, Minister of State for Labour and Employment has expressed hope that this would benefit those employees of PSUs and other e..

CBDT had issued notice u/s 142(1) to taxpayers for filing returns post-demonetization to verify cash transactions. Out of the 300,000 cases who have issued the notification, 87,000 have not complied with the notice issued u/s 142(1).  CBDT has now issued an SOP to handle the cases of the non..

Note: A. EM-I has been abolished. Need not file through Udyog Aadhaar.  B. Udyog Aadhaar (UA) is for running units. No need to apply for upcoming units.  C. New Feature Added for Search Facility of NIC Code to Avoid 3 Step Selection of NIC Activities.  D. OTP on Mobile (linked w..

Clean Transactions, Cleaner Economy DON'T Accept cash of Rs 2,00,000 or more in aggregate from a single person in a day or for one or more transactions relating to one event or occasion Receive or repay Rs 20,000 or more in cash for transfer of Immovable Property Pay more than Rs..

Link your PAN with your Bank Account… Get your refund directly, swiftly and securely in your bank account Income Tax Department will Issue only e-refunds from 01.03.2019 Refunds will be given only to bank accounts (savings/current/cash/OD) which are linked with PAN. To check if your ..

The head of a prominent organisation allegedly indulging in anti-national activities alongwith his associates were covered in a sensitive search action by the Income Tax Department today. Search action has been conducted at 4 premises in the Valley and 3 in the national capital. The search action ha..

Aadhaar-PAN linking is mandatory now which has to be completed till 31.3.2019 by the PAN holders requiring filing of Income Tax Return. Constitutional validity of Aadhaar has been upheld by the Hon'ble Supreme Court of India in September 2018. Consequently, in terms of Section 139AA ..

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes  New Delhi, 8th February, 2019 Note on Recovery of Tax in the case of Travel Khana It has come to the notice of CBDT, through some media reports that Rs. 36 lakh have been recovered from a star..

The level of income-tax compliance has continuously increased over the last three Financial Years, which is reflected in the number of Income-Tax Returns filed over this period, as given hereunder: - S.No. Financial Year Total Number of Income Ta..