Income Tax News

Declaration of Assets & Liabilities in the new ITR forms

11 May 2016 at 11:19

Central Board of Direct Taxes (CBDT) have released new income-tax return formswith mandatory provisions of declaring Assets & Liabilities (A&L) such as cars, jewellery yacht, aircrafts, shares, properties, etc. Prior to Assessment Year (A.Y.)

Posted in Income Tax | 1 comments | 7398 Views

Steps to give relief to small taxpayers and to the small business and professionals

09 May 2016 at 10:29

Revenue Department takes various measures to boost-up growth and employment generation; Steps to give relief to the small tax payers and to the small business and professionals The Revenue Department of the Ministry of Finance takes several steps fo

Posted in Income Tax | 1 comments | 5772 Views

Offshore Tax Evasion

07 May 2016 at 12:30

While there are impediments in obtaining information relating to undisclosed assets stashed away abroad, pursuant to various initiatives taken by the Government, the flow of information has improved leading to better enforcement action. The Governmen

Posted in Income Tax | 3891 Views

4.14 crore return processed without human intervention this year

07 May 2016 at 12:30

Optimum Use of Technology for Expeditious Disposal of Assessment and Refunds;In FY 2015-16, 94% of income tax returns were filed online and 4.14 crore returns processed without any human intervention; More than 2.10 crore refunds amounting to Rs.1,22

Posted in Income Tax | 4281 Views

Lok Sabha passes the Finance Bill,2016

06 May 2016 at 12:04

Lok Sabha passes the Finance Bill,2016 Please refer to the attached file for details

Posted in Income Tax | 5214 Views

Income arising from unlisted shares taxable under capital gains

06 May 2016 at 10:49

Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesNew Delhi, 5th May, 2016Subject: Taxability of Income/Loss arising from Transfer of Unlisted Shares-reg.CBDT, vide order dated 2nd May, 2016 has given direction t

Posted in Income Tax | 4329 Views

Reward of Rs 15 lac for informer of tax evasion

30 April 2016 at 15:44

Guidelines for Grant of Rewards to Informers of Tax Evasion The details with regard to guidelines in respect of rewards to informers of tax evasion are: Direct Taxes:- Any person who provides specific information with respect to evasion of direct ta

Posted in Income Tax | 6 comments | 18975 Views

CBDT releases detailed direct taxes data

29 April 2016 at 11:40

CBDT releases Direct Taxes DataPFA the enclosed attachment to view the detailed data on the following aspects as mentioned below:- Income Tax Department Time Series Data Financial Year 2000-01 to 2014-15 Income Tax Department PAN Allotment Statistics

Posted in Income Tax | 10968 Views

Govt invites suggestion on MAT framework for computation of book profit

29 April 2016 at 11:40

Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes New Delhi, 28th April, 2016Subject: Framework for computation of book profit for the purposes of levy of MAT under section 115JB of the Income-tax Act, 1961 for

Posted in Income Tax | 6471 Views

CBDT will pay interest on refund for excess TDS deposited

28 April 2016 at 11:14

Payment of interest on refund under section 244A of excess TDS deposited under section 195 of the Income-tax Act, 1961

Posted in Income Tax | 1 comments | 12501 Views