Income Tax News

Effect of changes made in ITR Preparation Software and Schema for AY 2019-20

26 June 2019 at 13:07

Consequent to changes made in Income Tax Return Preparation Software and Schema for AY 2019-20, Please note the below: 1. Already saved draft data will not be available in case of Online ITR 1 & 4 2. In case of Offline utilities, XML has to be re

Posted in Income Tax | 2 comments | 5805 Views

6,49,39,586 Income Tax e-returns filed in 2018-19

25 June 2019 at 11:16

There is a marked increase in the number of income tax filed through e-filing. The number of e-Returns submitted for Assessment Year 2018-19 is 6,49,39,586 as against 5,47,30,304 e-Returns filed for the Assessment Year 2017-18, thereby marking a rema

Posted in Income Tax | 3 comments | 7116 Views

Important issues to keep under consideration by AO while framing assessment

24 June 2019 at 11:57

Circular No. 12/2019 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi, the 19th of June, 2019 Subject: 'Assessment of Firms'- some of the important issues to be kept under cons

Posted in Income Tax | 5241 Views

Guidelines for Compounding of Offences under Direct Tax Laws, 2019

17 June 2019 at 11:38

F.No.28S/08/2014-IT(Inv.V)/ 147Government of IndiaMinistry of FinanceDepartment 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 2019All Pr.CCsIT/CCsIT/Pr.DGsITIDGsITMa

Posted in Income Tax | 5208 Views

Separate computation of capital gains for each scrip or units of mutual fund to be shown in ITR

17 June 2019 at 11:38

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 sol

Posted in Income Tax | 3 comments | 7527 Views

Aadhaar cannot be a mandatory proof of address unless law specifies

13 June 2019 at 12:54

Making Aadhaar people friendlyNo individual to be compelled to provide proof of Aadhaar number unless provided by lawAadhaar number on voluntary basis to be accepted as KYC documentCabinet approves The Aadhaar and Other Laws (Amendment) Bill, 2019In

Posted in Income Tax | 2 comments | 6876 Views

Rs 10,000 fine for possession of more than one PAN

06 June 2019 at 11:25

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 | 8937 Views

Date extended for linking PAN with Aadhaar to 30th Sep 2019

06 June 2019 at 11:25

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 In exe

Posted in Income Tax | 1989 Views

Due date extended for filing TDS statement Form 24Q to 30th June

04 June 2019 at 12:13

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 IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxe

Posted in Income Tax | 2 comments | 7749 Views

ITR 1, 2, 3, 4 & 5 for AY 2019-20 is now available for e-Filing

29 May 2019 at 12:19

ITR 1, 2, 3, 4 & 5 for AY 2019-20 is now available for e-Filing. Other ITRs will be available shortlyInstructions:1. Select the Assessment Year2. Download and extract the zip file containing the utilities to the folder and open the utility3. Syst

Posted in Income Tax | 7341 Views