Income Tax News
ITD searches resulted in admission of undisclosed income of Rs 45622 crore
25 March 2017 at 12:55ITD conducted searches in about 2534 groups of persons led to admission of undisclosed income of about Rs. 45,622 crore apart from seizure of undisclosed assets (cash, jewellery etc) worth about Rs. 3,625 crore As part of enforcement measures and bas
4.21 crore income tax returns Efiled this year
20 March 2017 at 10:07Number of e-filed Income Tax Returns in Financial Year 2016-17 (till 28.02.2017) was 4.21 Cr: The total amount of refund issued in the current fiscal (including refund arising out of rectification, appeal effect etc.) is Rs. 1,48,459 crore (till 28.0
Direct and indirect tax Collections shows a growth of 10.07% and 22.2% respectively upto Feb 2017
11 March 2017 at 12:05Net Indirect Tax collection upto February 2017 stood at Rs 7.72 lakh crore, 22.2% more than the corresponding period last year Net Direct Tax collectionsupto February 2017 stood at Rs. 6.17 lakh crore, 10.7% more than the corresponding period last y
17.92 Lakh persons tax profiles does not match with cash deposits
11 March 2017 at 12:05Operation Clean Money; Income Tax Department identifies 17.92 Lakh persons whose tax profiles were not in line with the cash deposits made by them during the demonetization period Income Tax Department (ITD) has initiated “Operation Clean Money
CBDT signs 10 more Advance Pricing Agreements
01 March 2017 at 11:31Central Board of Direct Taxes (CBDT) signs ten (10) more Advance Pricing Agreements (APAs) pertaining to various sectors of the economy like Telecom, Pharmaceutical, Banking & Finance, Steel, Retail and Information Technology etc.; With this, the
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
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