Income Tax News

CBDT issues Draft Notification for Amendment of Form No 10B of the Income-tax

22 May 2019 at 11:58

Section 12A of the Income-tax Act, 1961 (the Act) provides for conditions for applicability of Sections 11 and 12 of the Act. One such condition under clause (b) of sub-section (1) thereof is that where the total income of the trust or institution c

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ITR 1,2,3,4 are now available for e-filing for AY 2019-20

11 May 2019 at 13:09

ITR 1, 2, 3 & 4 for AY 2019-20 is now available for e-Filing. Other ITRs will be available shortly Form Description Microsoft Excel Java Instructions ITR 1 For Individuals being a Resident (other than Not Ordinarily Resi

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Procedure for issuance of TDS certificate in Part B of Form 16

08 May 2019 at 12:46

Notification No. 09/2019 F. No. Pr. DGIT(S)/CPC(TDS)/Notification/Part-B Form16/2019-20 Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income-tax (Systems) New Delhi New Delhi, 06'th, May, 2019 Subject: Proce

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Department clarifies E-filing of IT returns has increased 19 percent

07 May 2019 at 11:42

There have been some incorrect reports in media pertaining to reduction in numbers of Income Tax Returns(ITR) e-filed during Financial Year(F.Y.) 2018-19 as compared to F.Y. 2017-18. This is factually untrue, because the figures for F.Y. 2017-18 and

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CBDT Rectifies earlier notification amending Income Tax Form 16

06 May 2019 at 11:13

MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES)Notification No. 38/2019New Delhi, the 3rd May, 2019G.S.R. 347(E). - In the notification of the Government of India, Ministry of Finance, Department of Revenue (Central Board of

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6 lacs less Income tax return filers in FY 2019 vis-a-vis FY 2018

04 May 2019 at 13:35

After clocking steep growth rates over the last few years (an average of 25% in the three years to FY18), the number of taxpayers filing income-tax e-returns saw a marginal contraction in FY19. In FY19, only 6.68 crore returns were filed online, 1% l

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ITR 2 for AY 2019-20 is now available for e-filing along with ITR-1 & 4

03 May 2019 at 11:18

ITR 1, 2 & 4 for AY 2019-20 is now available for e-Filing. Other ITRs will be available shortly. The Forms can be downloaded as mentioned below: Form Description Software Form 1 (Equalisation levy) Statement of Specified Servic

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Income Tax Department continues search action in J&K Region

26 April 2019 at 12:16

Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes New Delhi, 25th April, 2019Income Tax Department continues search action in J&K RegionIncome Tax Department conducted search and seizure operations at 5 loca

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Amendment of Form 16 and Form 24Q

16 April 2019 at 18:08

MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES)NOTIFICATIONNew Delhi, the 12th April, 2019G.S.R. 304(E).—In exercise of powers conferred by sections 200 and 203 read with section 295 of the Incometax Act, 1961 (43 of 1

Posted in Income Tax | 13218 Views

Taxman to go after 65,000 non-filers for 2016-17

10 April 2019 at 11:58

The Income Tax Department will initiate recovery of tax along with penalty from approximately 65,000 assessees who deposited Rs.10 lakh or more in their bank account during demonetisation, but did not file return for the assessment year 2017-18 (fina

Posted in Income Tax | 2 comments | 7512 Views