Income Tax News

Sufficient cash is available with banks

14 November 2016 at 10:37

Availability of cash with Bank branches and Post Offices Ministry of Finance has reviewed and taken stock of the cash availability and issuance to members of public today. Reserve Bank of India (RBI), Indian Banks Association (IBA) and a few major ba

Posted in Income Tax | 1 comments | 3141 Views

3 lac crore has been deposited in banking system

14 November 2016 at 10:37

Finance Ministry reviews the position regarding availability and distribution of all denomination of bank notes in different parts and regions of the country; Issuance of the new series of Rs. 500/- notes commenced; Instructions issued to the Banks a

Posted in Income Tax | 4668 Views

Govt extends existing exemption with regard to demonetisation

12 November 2016 at 11:26

Government extends existing exemptions with rergard to cancellation of the legal tender character of the existing series of high denomination bank notes of Rs.500 and Rs.1,000 denominations until the expiry of 14th November, 2016, with certain modifi

Posted in Income Tax | 7 comments | 4665 Views

SIT chairman says govt has taken a bold step in demonetising notes

12 November 2016 at 11:26

The Chairman and Vice-Chairman, SIT on Black Money & Former Judges of the Supreme Court of India, Justice MB Shah and Justice Arijit Pasayat in a jointly written letter to the Union Finance Minister, Shri Arun Jaitley: The Government has taken a

Posted in Income Tax | 2 comments | 3210 Views

Process of tax reform will continue says FM

11 November 2016 at 10:49

FM: Process of Tax Reforms will continue and pending GST issues will be resolved soon. FM: No Harassment of Small Depositors of Demonetised High Value Notes; Finance Minister Shri Arun Jaitley inaugurates the Two Day Economic Editors Conference in Ne

Posted in Income Tax | 2979 Views

Old notes to be accepted for utility bill payments till 11th Nov

10 November 2016 at 18:08

Old demonitised 500 & 1000 rupee notes will be accepted for making payments towards fees, charges, taxes and penalties payable to the Central and State Governments including Municipal and local bodies;This facility available only till midnight of

Posted in Income Tax | 1 comments | 5175 Views

Clarification on action to be taken by IT dept on cash deposits

10 November 2016 at 12:54

Replies given by Revenue Secretary Dr. Hasmukh Adhia on the questions relating to action by Income Tax Department in respect of old currency deposited in banks. Q.1 A lot of small businessmen, housewives, artisans, workers may have some cash lying a

Posted in Income Tax | 5 comments | 48210 Views

Government suspends payment of fees on all toll plazas on National Highways

10 November 2016 at 12:05

Government suspends payment of fees on all toll plazas on National Highways till midnight of 11.11.2016 The government has decided to suspend payment of fees at toll plazas on all National Highways till the midnight of 11.11.2016. Instructions in thi

Posted in Income Tax | 3519 Views

Direct and indirect tax collection show a jump of 10.6 and 26.7 percent

10 November 2016 at 10:41

Direct Tax Collections up to October, 2016 show an increase of 10.6%; Net Direct Collections stood at Rs.3.77 lakh crore;44.5% of the Budget Estimates of direct taxes for FY 2016-17 has been achieved. The figures for Direct Tax Collections up to Octo

Posted in Income Tax | 1 comments | 2505 Views

Sushil Chandra takes overs as new chairman of CBDT

02 November 2016 at 10:36

Shri Sushil Chandra, IRS (1980 Batch), today took over as the Chairman, Central Board of Direct Taxes (CBDT).He succeeds Ms Rani A Nair who superannuated yesterday. Shri Chandra has been Member (Investigation) in CBDT since December, 2015. During his

Posted in Income Tax | 3279 Views