Income Tax News

NRI to submit foreign bank details only in refund cases

25 July 2017 at 11:19

Optional reporting of details of one foreign bank account by the non-residents in refund cases Refund generated on processing of return of income is currently, credited directly to the bank accounts of the tax-payers. Availability of the detail of b

Posted in Income Tax | 2760 Views

IT dept celebrates Aaykar Diwas 2017

25 July 2017 at 11:19

Income Tax Department celebrates Aaykar Diwas 2017; FM calls for expansion of the tax base in a non-intrusive manner and prompt redressal of the grievances of the tax payers. The Union Finance Minister Shri Arun Jaitley highlights the initiatives un

Posted in Income Tax | 2535 Views

Undisclosed income of Rs 5400 crore detected during Demonitization

22 July 2017 at 12:19

Demonitization: From 9th November 2016 to 10th January 2017, more than 1100 searches and surveys were conducted by the ITD; more than more than 5100 verification notices issued; The undisclosed income detected in these actions was more than Rs. 5400

Posted in Income Tax | 3657 Views

GST not to be added for TDS computation : CBDT

20 July 2017 at 11:28

F. No. 275/59/2012-IT (B)Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesNorth Block, New DelhiCircular No. 23/2017Dated: 19th July, 2017 Subject: Modification of Circular No.1 of 2014 in view of substitution o

Posted in Income Tax | 8658 Views

IT Dept pushes additional cases of High Cash Deposits

17 July 2017 at 10:53

Income Tax Department pushes additional cases of High Cash Deposits in Second Phase of Operation Clean Money. The Income Tax Department (ITD) has used information received under the Statement of Financial Transactions (SFT) to identify 5.56 lakh new

Posted in Income Tax | 4653 Views

New taxpayer service Aaykar Setu launched

11 July 2017 at 11:08

FM launches a new tax payer service module �Aaykar Setu� that compiles various tax tools, live chat facility, dynamic updates, and important links to various processes within the Income Tax Department in a single module; Says that this e

Posted in Income Tax | 2 comments | 4545 Views

Direct tax collection grows by 14.8 percent

07 July 2017 at 10:44

Direct Tax Collections up to June, 2017 for F.Y. 2017-2018 stood at Rs.1,42 Lakh crore registering a Growth of 14.8% higher than the net collections for the corresponding period of last year; Net direct tax collections represent 14.5% of the total Bu

Posted in Income Tax | 2634 Views

Procedure of intimating AADHAAR number to Income Tax Department

03 July 2017 at 11:03

Procedure of intimating AADHAAR number to Income Tax Department

Posted in Income Tax | 4587 Views

CBDT Notifies Rule 10CB for Secondary Adjustments under Section 92CE of IT Act

20 June 2017 at 11:11

CBDT Notifies Rule 10CB for Secondary Adjustments under Section 92CE of IT Act, 1961. Rule 10CB for operationalising the provisions of secondary adjustment has been notified by the Central Board of Direct Taxes on 15th June, 2017. It prescribes the t

Posted in Income Tax | 5610 Views

CBDT notifies new Safe Harbour Regime

09 June 2017 at 11:22

In order to reduce transfer pricing disputes, to provide certainty to taxpayers, to align safe harbour margins with industry standards and to enlarge the scope of safe harbour transactions, the Central Board of Direct Taxes (CBDT) has notified a new

Posted in Income Tax | 5376 Views