Income Tax News

Next Level of TDS Compliance in Year 2017

02 January 2017 at 10:42

Dear Deductor,Centralized Processing Cell (TDS) wishes you Seasons' Greetings and a Very Happy New Year 2017!The past year witnessed a fantastic journey for CPC (TDS) in many ways, with your valued partnership as our key stakeholders. While we ob

Posted in Income Tax | 7596 Views

Direct Tax Dispute Resolution Scheme- 2016 Extended up to 31st Jan, 2017

30 December 2016 at 20:57

Government 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

Posted in Income Tax | 2592 Views

Clarifications on Direct Tax Dispute Resolution Scheme 2016

24 December 2016 at 11:55

F.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

Posted in Income Tax | 1 comments | 4398 Views

Reporting Cash Transactions under Rule 114E of IT Rules, 1962

23 December 2016 at 17:30

Rule 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

Posted in Income Tax | 3 comments | 18900 Views

Payments towards PMGKY 2016 scheme can be made in old currency

23 December 2016 at 10:23

Payments 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

Posted in Income Tax | 3135 Views

IT Dept identifies 67.54 lakh potential non-filers for FY 2014-15

23 December 2016 at 10:23

The 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

Posted in Income Tax | 1 comments | 84540 Views

Pay 46% less tax by migrating to digital transaction

21 December 2016 at 10:48

Measures 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

Posted in Income Tax | 3 comments | 16410 Views

CBT recommends 8.65% interest on EPF for the year 2016-17

20 December 2016 at 10:41

Shri 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

Posted in Income Tax | 3795 Views

Deemed profit u/s 44 AD reduced from 8% to 6% for digital transaction

19 December 2016 at 17:57

Government 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

Posted in Income Tax | 7 comments | 24888 Views

Deposit exceeding Rs 5000 can be made only once per account till 30th Dec 2016

19 December 2016 at 12:52

MINISTRY 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

Posted in Income Tax | 2 comments | 24915 Views