Income Tax News

Furnishing of father's name not compulsory for PAN application

01 September 2018 at 12:27

Draft 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

Posted in Income Tax | 8 comments | 8529 Views

Govt. invites comments on draft amended Form 13 for Lower Deduction of TDS u/s 197

21 August 2018 at 10:52

Income-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

Posted in Income Tax | 8136 Views

SEBI issues guidelines to Control Black Money in Share Market

11 August 2018 at 17:48

Securities 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

Posted in Income Tax | 4089 Views

Action on those Converting Black Money into White during Demonetization

08 August 2018 at 11:09

Appropriate 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

Posted in Income Tax | 1 comments | 9315 Views

Income Tax Notices issued for assets holdings by NRIs

08 August 2018 at 11:09

Income 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

Posted in Income Tax | 3633 Views

Income Tax issues Notices for assessment/reassessment of income of old cases

04 August 2018 at 13:16

Notices 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

Posted in Income Tax | 11397 Views

Benefits of Grant can be given without Aadhar

03 August 2018 at 11:06

As 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

Posted in Income Tax | 5184 Views

Data on Tax Evasion in Post-GST Regime

01 August 2018 at 11:41

The 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

Posted in Income Tax | 1614 Views

Actions taken by IT Department against Black Money

01 August 2018 at 11:41

The Income-tax Department (ITD) takes appropriate action against black money which is an on-going process. Such action under the Direct Tax laws includes searches, surveys, enquiries, assessment of income, levy of penalties and filing of prosecutio

Posted in Income Tax | 1 comments | 11199 Views

Benami Properties of Rs. 4300 crores uncovered

01 August 2018 at 11:41

Due to intensive efforts undertaken by the Income-tax Department, provisional attachment has been made in more than 1600 cases of properties under the Benami Transactions (Prohibition) Act, 1988. These include plots of land, flats, shops, vehicles, d

Posted in Income Tax | 1755 Views