Income Tax News

Demonetization was immensely beneficial to Indian Economy says Govt

31 August 2017 at 10:52

Finance Ministry: Demonetization immensely beneficial to Indian Economy and People The Government of India decided to cancel the Legal Tender Status of Rs.1000 and Rs.500 denomination currency notes on 8th November 2016 with several objectives: (i) f

Posted in Income Tax | 4143 Views

GST on selling of space for advertisement in Print Media

24 August 2017 at 11:03

Query has been raised regarding GST applicable on selling of space for advertisement in print media.

Posted in Income Tax | 2 comments | 4443 Views

Clarification regarding number of Taxpayers added after Demonetization

21 August 2017 at 11:56

Various news reports/articles have appeared in the media regarding inconsistency in the estimates of the number of taxpayers added after demonetization. It has been commented that the following different figures have been given at different forums by

Posted in Income Tax | 1 comments | 3330 Views

Direct Tax Collections grows 19.1 percent upto July 2017

10 August 2017 at 11:10

The Direct Tax collections up to July, 2017 in the Current Financial Year 2017-18 continue to register steady growth. Direct Tax collection during the said period, net of refunds, stands at Rs. 1.90 lakh crore which is 19.1% higher than the net colle

Posted in Income Tax | 3528 Views

25 percent growth in number of Income Tax Returns filed

08 August 2017 at 11:37

25% growth in number of Income Tax Returns filed in current fiscal Advance Tax (Personal Income Tax) collections up by 41% As a result of demonetization and Operation Clean Money, there is a substantial increase in the number of Income Tax Returns(IT

Posted in Income Tax | 3666 Views

Income tax offices to remain open till midnight today

05 August 2017 at 11:08

In view of the difficulties faced by taxpayers, the due date for filing of Income Tax Returns for F.Y. 2016-2017 i.e. Assessment Year A.Y. 2017-2018 was extended to 5th August, 2017(for certain categories of taxpayers).In order to facilitate manual f

Posted in Income Tax | 4752 Views

Mandating Aadhaar linkage to PAN cards

02 August 2017 at 11:13

Permanent Account Number (PAN) is the key identifier of taxable entity and aggregator of all financial transactions undertaken by one person. One PAN for one person is the guiding principle for allotment of PAN. However, for achieving the objective o

Posted in Income Tax | 5 comments | 6009 Views

Date for ITR filing extended to 5th August 2017

31 July 2017 at 16:05

In view of the difficulties faced by taxpayers, date for filing of Income Tax Returns for FY 2016-17 has been extended to 5th August, 2017

Posted in Income Tax | 16 comments | 50817 Views

Benami Transactions Across the Country

27 July 2017 at 11:06

The Government of India has taken several steps to address the problem of benami transactions across the country. (i) The Benami Transactions (Prohibition) Act, 1988 (the Act) was comprehensively amended through the Benami Transactions (Prohibition)

Posted in Income Tax | 5838 Views

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 | 2763 Views