Income Tax News

CBDT invites suggestion on draft rules on valuation of unquoted shares

06 May 2017 at 15:48

CBDT seeks the stakeholders’ comments/suggestions on the Draft Rules relating to valuation of unquoted equity share for the purposes of Section 56 and Section 50CA of the Income-tax Act, 1961. The Finance Act, 2017 inserted clause (x) in sub-se

Posted in Income Tax | 1 comments | 2682 Views

All ITRs including ITR 6 for AY 2017-18 are available for e-Filing

05 May 2017 at 11:47

All ITRs including ITR 6 for AY 2017-18 are available for e-Filing. https://incometaxindiaefiling.gov.in/

Posted in Income Tax | 3549 Views

CBDT signs two Unilateral Advance Pricing Agreements with Taxpayers

29 April 2017 at 12:03

Central Board of Direct Taxes (CBDT) signs two Unilateral Advance Pricing Agreements (APAs) with Indian taxpayers, strengthening the Government�s commitment to foster a non-adversarial tax regime The total number of APAs entered into by the CBD

Posted in Income Tax | 2709 Views

NITI Aayog denies recommending taxing farm income

27 April 2017 at 10:41

Clarification on news reports regarding NITI Aayog’s Draft Three Year Action Agenda, published on 26th April, 2017 Several newspaper reports published on April 26th, 2017, state that NITI Aayog or its Draft Three year Action Agenda has recommen

Posted in Income Tax | 3210 Views

Date for filing of declaration under PMGKY extended up

22 April 2017 at 12:29

The Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana,2016 (PMGKY) had commenced on 17th December, 2016 and was open for declarations up to 31st March, 2017. Representations from stakeholders have been received stating that in som

Posted in Income Tax | 3912 Views

PAN details of CAs to avoid blocking of e-filing account by the IT Dept

20 April 2017 at 11:02

I. Members who have not shared their PAN with ICAIIt has been informed by the Income Tax Department that the e-Filing account of the members, who have not provided their PAN details to the Institute but are using e-filing account with Income Tax Depa

Posted in Income Tax | 5 comments | 7848 Views

Unique pin code allotted to CPC Bangalore for submission of ITR V

17 April 2017 at 11:45

A unique PINCODE 560500 has been allotted to Centralized Processing Centre (CPC), Income Tax Department located in Bengaluru by the Department of Post. Taxpayers can henceforth address their mails to “Centralized Processing Center, Income Tax D

Posted in Income Tax | 5286 Views

Over 60000 persons identified for investigation into excessive cash sales

17 April 2017 at 11:45

Over 60,000 persons, including 1300 high risk persons, identified for investigation into claims of excessive cash sales under Central Board of Direct Tax (CBDT)’s Operation Clean Money (OCM) Extensive enforcement action by the Income Tax Depart

Posted in Income Tax | 4329 Views

Tax Exemption to Startups

13 April 2017 at 10:59

Various tax exemptions have been given to Startups in the recent past -Following direct tax incentives were provided in Income-tax Act,1961 (‘the Act’) to promote Start-ups through Finance Act,2016:Introduction of new section 54EE in Inco

Posted in Income Tax | 5139 Views

CBDT issues PAN and TAN within 1 day to improve Ease of Doing Business

11 April 2017 at 16:01

In order to improve the Ease of Doing Business for newly incorporated corporates, CBDT has tied up with Ministry of Corporate Affairs (MCA) to issue Permanent Account Number (PAN) and Tax Deduction Account Number (TAN) in 1 day.Applicant companies su

Posted in Income Tax | 1 comments | 22425 Views