Income Tax News



In case of long term capital gains (LTCG) arising on sale of equity shares or unit of equity oriented fund or unit of business trust on which STT is paid, separate computation of capital gains should be made for each scrip or units of mutual fund sold during the year and aggregated amount should be ..

Posted in Income Tax  3 comments |   1625 Views




F.No.28S/08/2014-IT(Inv.V)/ 147 Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) C-Block, Dr. S.P. Mukherjee Civic Centre, Minto Road, New Delhi -11 00~2 . Dated: 14th June 2019 All Pr.CCsIT/CCsIT/Pr.DGsITIDGsIT Madam/Sir, Subject: Guide..

Posted in Income Tax |   840 Views




Making Aadhaar people friendly No individual to be compelled to provide proof of Aadhaar number unless provided by law Aadhaar number on voluntary basis to be accepted as KYC document Cabinet approves The Aadhaar and Other Laws (Amendment) Bill, 2019 In a major move aimed at making Aadhaar mak..

Posted in Income Tax  2 comments |   1633 Views




As per provisions of Section 272B of the Income Tax Act., 1961, a penalty of Rs. 10,000 can be levied on possession of more than one PAN.   ..

Posted in Income Tax  4 comments |   2328 Views




TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)  Government of India  Ministry of Finance  Department of Revenue  Central Board of Direct Taxes  NOTIFICATION No. 31/2019  New Delhi, the 31st of March, 2019  ..

Posted in Income Tax |   221 Views




CBDT extends the due date of filing of TDS Statement in Form 24Q for the financial year 2018-19 from 31st of May, 2019 to 30th of June, 2019. F.No.275/38/2017-IT(B) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi 3rd June,..

Posted in Income Tax  2 comments |   1859 Views




ITR 1, 2, 3, 4 & 5 for AY 2019-20 is now available for e-Filing. Other ITRs will be available shortly Instructions: 1. Select the Assessment Year 2. Download and extract the zip file containing the utilities to the folder and open the utility 3. System Requirements Excel Utilit..

Posted in Income Tax |   1790 Views




With a view to redress genuine hardship faced by the deductors due to the severe disruption of normal life and breakdown of communication systems caused by cyclone "Fani" hitting the State of Odisha on 3rd of May, 2019, CBDT has provided the following relief in TDS compliance to the deduct..

Posted in Income Tax |   1766 Views




MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 22nd May, 2019 INCOME-TAX G.S.R. 375(E),-  In exercise of the powers conferred by sub-section (1C) of section 197A read with section 295 of the Income-tax Act, 1961 (43 of 1961),..

Posted in Income Tax |   1552 Views




Section 12A of the Income-tax Act, 1961 (the Act) provides for conditions for applicability of Sections 11 and 12 of the Act. One such condition under  clause (b) of sub-section (1) thereof is that where the total income of the trust or institution computed without giving effect to Section 11&n..

Posted in Income Tax  2 comments |   2223 Views






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