Income Tax News
Gurugram DGGI arrests two businessmen for fraudulent Rs. 79.21 crore ITC invoices
21 September 2018 at 15:35Gurugram Zonal Unit of the Directorate General of GST Intelligence (DGGI) arrests two businessmenin a case of fraudulent issuance of Input Tax Credit (ITC) invoices without actual supply of goods, involving evasion of approximately Rs. 79.21 crore on
ICAI sends representation to Govt to extend Tax audit reports due date
19 September 2018 at 12:03THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA(Set up by an Act of Parliament)ICAI/DTC/2018-19/Rep�3617th September, 2018Shri Sushil Chandra Ji,Chairman,Central Board of Direct Taxes,Ministry of Finance,Government of India,North Block,New Delh
Furnishing of father's name not compulsory for PAN application
01 September 2018 at 12:27Draft notification proposing amendments in rule 114 of the Income-tax Rules, 1962 and permanent account number application Forms (Form 49A and Form 49AA) - Inviting comments of stakeholdersRule 114 of the Income-tax Rules, 1962 (I.T.Rules) inter alia
Govt. invites comments on draft amended Form 13 for Lower Deduction of TDS u/s 197
21 August 2018 at 10:52Income-tax Rules, 1962 (I.T.Rules) prescribe Form No.13 for filing an application for seeking a certificate under Section 197 and/or under Section 206C (9) of the Income-tax Act, 1961 (the Act), for no deduction of tax or deduction/collection of tax
SEBI issues guidelines to Control Black Money in Share Market
11 August 2018 at 17:48Securities and Exchange Board of India (SEBI), vide circular dated April 27, 2007, has mandated that PAN would be the sole identification number for all participants transacting in the securities market, irrespective of the amount of transaction.Sche
Action on those Converting Black Money into White during Demonetization
08 August 2018 at 11:09Appropriate action by the Income-tax Department (ITD) and other Law Enforcement Agencies has been taken against those involved in the misuse of the Scheme of Demonetization.Such actions by the Income-tax Department included among others, conducting s
Income Tax Notices issued for assets holdings by NRIs
08 August 2018 at 11:09Income Tax Notices have been issued by the Income Tax Department and the Enforcement Directorate. In respect of Income Tax Department, assesses including, non-resident assesses are served notices/summons consequent to the initiation of various procee
Income Tax issues Notices for assessment/reassessment of income of old cases
04 August 2018 at 13:16Notices for assessment/reassessment of income of old casesUnder the provisions of Income-tax Act, 1961 (‘Act’), notices for assessment/reassessment of income of old cases of more than six years from the end of the relevant assessment year
Benefits of Grant can be given without Aadhar
03 August 2018 at 11:06As per section 7 of the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016, any individual who is desirous of availing any subsidy, benefit or service for which the expenditure is incurred from the Consolida
Data on Tax Evasion in Post-GST Regime
01 August 2018 at 11:41The number of cases of Tax Evasion reported post-GST regime are given in Table below: Period Detection No. of cases Amount in Crore July 2017 to June 2018 1205 3026.55 The nature of cases include misuse of Input T
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