Income Tax News
POEM guidelines not applicable for company with less than 50 cr turnover
24 February 2017 at 12:23F. No. 142/11/2015-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes Circular No 08 of 2017 Dated 231d February, 2017 Subject: Clarification for determination of Place of Effective Management (POEM) of a
New TDS RPU and FUV utility released
23 February 2017 at 11:32New versions of e-TDS/TCS Return Preparation Utility (RPU) and File Validation Utilities (FVUs) are applicable from February 23, 2017 onwards and available at https://www.tin-nsdl.com/etds-etcs/eTDS-download-regular.php.1. RPU Version 1.9 (Java based
5.27 lakh taxpayers submit their online response to cash deposit notice
14 February 2017 at 10:45Operation Clean Money by IT Dept gets overwhelming response. More than 5.27 lakh taxpayers submitted their response till 12th February, 2017. Last date for the submission of online response extended up to 15th February, 2017. The Income Tax Departmen
Expeditious issue of refunds is high priority says CBDT
14 February 2017 at 10:45Expeditious issue of Refunds is a High Priority for the Central Board of Direct Taxes (CBDT); Over 4.19 crore Income Tax Returns (ITRs) processed and over 1.62 crore refunds issued during the Current Financial Year up to 10th February, 2017. The Cent
Tax collection shows healthy growth upto Jan 2017
11 February 2017 at 11:20Tax Collection Figures up to January 2017 show consistent trend of healthy growth; During January 2017, the Net Indirect Tax grew at the rate of 16.9% compared to corresponding month last year with growth rate in net collections for Customs, Central
Four Advance Pricing Agreements signed by CBDT
09 February 2017 at 11:09Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesNew Delhi, 7thFebruary, 2017.Another Four Advance Pricing Agreements signed by CBDTThe Central Board of Direct Taxes (CBDT) has entered into four more unilateral
Cash withdrawal limit increased to Rs 50000 from 20th feb and removed from 13th March
09 February 2017 at 11:09Removal of limits on withdrawal of cash from Saving Bank AccountsRBI/2016-17/224DCM (Plg) 3107/10.27.00/2016-17All BanksDear Madam / Sir,Removal of limits on withdrawal of cash from Saving Bank AccountsPlease refer to our circular DCM (Plg) 2905/10.2
CBDT issues third round of Certificates of appreciation to tax payers
09 February 2017 at 11:09Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes New Delhi, 7th February, 2017.CBDT issues third round of Certificates of appreciation to tax payers for their contribution towards Nation building.In continuatio
Tax Relaxation under NPS
06 February 2017 at 11:35The Finance Act, 2016 amended the Income-tax Act, 1961 (the Act) to provide that 40% of the amount payable to the employee subscriber of NPS on his closure of account or his opting out of the scheme, shall be exempt from tax.Further, Finance Bill, 20
Total direct tax collections up to 16th January 2017 amount to Rs. 5,76,408 crore
06 February 2017 at 11:35Total direct tax collections up to 16th January 2017 amount to Rs. 5,76,408 crore; the Budget Estimates fixed for direct taxes are Rs. 9,80,000 crore Total direct tax collections up to 16th January 2017 amount to Rs. 5,76,408 crore. For the financial
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