Income Tax News

Modification of the term "Accountant" as appearing in the Explanation below sub-section (2) of section 288 of the Income Tax Act, 1961 to include the "Cost Accountant" therein The Institute of Cost Accountants of India (ICAI) is a statutory body set up under an Act of Par..

Schedule 112A and 115AD(1)(iii) of long term capital gain are provided in the Income Tax Return software as per the Instructions to the Notified ITR form and based on taxpayer feedback.Taxpayers have an option to either enter the Scrip wise details of long term capital gains in Schedule 112A and 115..

CBDT issues clarification on incorrect reports in social media pertaining to difficulty in filing of Income Tax Returns Central Board of Direct Taxes (CBDT) has said today that no changes have been made in any of the Income-tax Return (ITR) forms including ITR-2 and ITR-3 since the notification m..

Download Pre-filled XML is available for ITR 1, 2, 3 and 4 for AY 2019-20. For other ITR's it will be available shortly Taxpayers are requested to note the followings in connection with pre-filling of ITRs- 1. Pre-filling of ITR is only for the taxpayer's convenience. Taxpayers should ..

Extension of last date for filing IT returns Government has recently changed Form 16 and Form 24 Q to bring more disclosures.  In order to enable pre-filling of return of income of salaried taxpayers, the Government has amended Form No. 16 (certificate for tax deduction) and Form No. 24Q (qu..

The Government is continuously taking several initiatives to enhance the technology back bone of the Income Tax Department (ITD). ITD is having a dedicated directorate called ‘Directorate of System’ which handles the technology aspects of the various functions of the Department. A brief ..

Central Board of Direct Taxes had issued Circular 10/2018 dated 31.12.2018 to clarify that provisions of section 56(2)(viia) of the Income-tax Act, 1961 being anti-abuse provisions shall not be applicable in cases of receipt of shares by the specified company or firm as result of fresh issuance of s..

The Income Tax Department conducted search and seizure operations on 27.06.2019 on a prominent business group based in Srinagar, covering 4 premises in the Kashmir Valley and 6 places in the Jammu region. Apart from the premises in J&K, 10 other business premises situated in Ludhiana, NCR and Ja..

Taxpayers are requested to note the followings in connection with pre-filling of ITRs- 1. Pre-filling of ITR is only for the taxpayer's convenience. Taxpayers should verify the pre-filled data carefully and add any other taxable income which is not pre-filled.  2. Last date for filing..

F No 370149/230/2017  Government of India  Ministry of Finance  Department of Revenue  Central Board of Direct Taxes  (TPL Division)  New Delhi, June 24, 2019  OFFICE ORDER   In order to review the existing Income-tax Act, 1961 and to draft a new..