Income Tax News
Draft rules for foreign tax credit
19 April 2016 at 15:14Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesSubject: Draft rules for grant of Foreign Tax Credit – reg.The Income-tax Act, 1961 (the Act) provides that the Central Board of Direct Taxes may prescribe
Advisory for TDS on purchase of immovable property
07 April 2016 at 11:01CPC(TDS) Advisory for Deposit of Tax deducted and Demand for TDS Defaults with respect to Purchase of Immovable Property (26QB Statement-cum-challan)
Tax revenue increases to 14.6 lac crore in 2015-16
07 April 2016 at 11:01Government achieves the Tax Revenue Targets for FY 2015-16; Actual collections of Direct & Indirect Tax Revenues in FY 2015-16 is Rs. 14.60 Lakh Crore as against Revised Target (RE) of Rs. 14.55 Lakh crore The aggregate Budget Estimates (BE) for
Record setting year for taxpayer services - 4.14 crore return processed by CPC
05 April 2016 at 11:33CBDT achieves record setting Year in Delivery of Taxpayer Services; CPC Bengaluru processed more than 4.14 crore Income Tax returns, an increase of over 35% over the previous year; CPC also issued over 1.61 crore refunds above Rs 100 to taxpayers, an
New functionality for taxpayers to secure their E-filing account
05 April 2016 at 11:33The Income Tax Department has from time to time issued advisories regarding the need to avoid phishing emails and to carefully protect the passwords, OTPs and not share them with others. In order to ensure that taxpayers are able to secure their E-fi
Release of new 15CA and 15CB forms
05 April 2016 at 11:33In pursuance of the Notification of the Income Tax Returns (ITR) for AY 2016-17 on March 31st, 2016, Central Board of Direct Taxes (CBDT)announces the release of electronic filing of ITRs 1 and 4S on its website https://incometaxindiaefiling.gov.in.
CBDT requests Taxpayers to use Online rectification facility
02 April 2016 at 10:40Income-tax Act provides the taxpayer with an option to seek rectification of mistakes apparent from record under section 154 of the Act. The e-filing portal of the Income Tax Department provides the utility for online filing and tracking of rectifica
CBDT notifies new ITR forms for AY 2016-17
01 April 2016 at 08:38[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB- SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE [CENTRAL BOARD OF DIRECT TAXES] NOTIFICATION New Delhi, the 30th day of March, 2016 Income-t
Inclusion of interest income in the return
24 March 2016 at 13:49Information regarding interest earned by individuals and business entities on term deposit is filed with the Income Tax Department by banks including co-operative banks and other financial institutions and State treasuries etc. Form 26AS reflects on
Report of the Committee on Taxation of E-Commerce
21 March 2016 at 10:37Executive SummaryThe Committee on taxation of E-Commerce examined the tax issues arising from the new business models employed in the digital economy, in particular issues relating to tax nexus rules under existing law and tax treaties, characterizat
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