Income Tax News

IT Dept identifies 67.54 lakh potential non-filers for FY 2014-15

23 December 2016 at 10:23

The Non-filers Monitoring System (NMS) was rolled out for identification of non-filers with potential tax liabilities. Data analytics carried out by the Systems Directorate of Central Board of Direct Taxes (CBDT) identifies non-filers about whom spec

Posted in Income Tax | 1 comments | 84585 Views

Pay 46% less tax by migrating to digital transaction

21 December 2016 at 10:48

Measures for Promoting Digital Payments & Creation of Less-Cash Economy: Benefit of lower rate of Income Tax on digital turnover for small businesses. The benefit of lower rate of Income-tax on digital turnover for small businesses up to a turnov

Posted in Income Tax | 3 comments | 16449 Views

CBT recommends 8.65% interest on EPF for the year 2016-17

20 December 2016 at 10:41

Shri Bandaru Dattatreya chaired the 215th meeting of the Central Board of Trustees (EPF) CBT recommends 8.65% interest on EPF to its subscribers for the year 2016-17 The Minister of State for Labour and Employment (Independent Charge) Shri Bandaru Da

Posted in Income Tax | 3813 Views

Deemed profit u/s 44 AD reduced from 8% to 6% for digital transaction

19 December 2016 at 17:57

Government decides to reduce the existing rate of deemed profit under section 44AD of the Income Tax Act in respect of amounts/receipts through banking channel/digital means Under the existing provisions of section 44AD of the Income-tax Act, 1961 (t

Posted in Income Tax | 7 comments | 24906 Views

Deposit exceeding Rs 5000 can be made only once per account till 30th Dec 2016

19 December 2016 at 12:52

MINISTRY OF FINANCE(Department of Economic Affairs) NOTIFICATIONS.O. 4086(E).�In exercise of the powers conferred by sub-section (2) of section 26 of the Reserve Bank of India Act, 1934 (2 of 1934), the Central Government hereby makes the follo

Posted in Income Tax | 2 comments | 24939 Views

Govt clarifies status of political party under Income Tax Act

19 December 2016 at 11:36

Clarification of Status of Political Parties under Income Tax Act, 1961 There have been some newspaper reports which seem to wrongly suggest that there cannot be any scrutiny of Income-tax returns of political parties registered with the Election Co

Posted in Income Tax | 3981 Views

Measures to absorb the excess liquidity in the banks post demonetisation

19 December 2016 at 11:36

Reserve Bank of India (RBI) has taken several measures to absorb the excess liquidity in the banks post demonetisation. It has introduced incremental CRR of 100% on deposits collected between September 16 and November 11,2016 effective from the fortn

Posted in Income Tax | 1986 Views

Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016

19 December 2016 at 11:36

The Taxation Laws (Second Amendment) Bill, 2016, passed by Lok Sabha on 29.11.2016, interalia seeks to introduce the, ‘Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 (the Scheme)’. A declarant under the Scheme

Posted in Income Tax | 3309 Views

Undisclosed income of Rs 2600 crore admitted since 8th Nov

19 December 2016 at 11:36

Income Tax Searches lead to Admission of Undisclosed Incomes of Rs. 2600 Crore since 8th November, 2016. The Income Tax Department has continuously been carrying out investigations since the de-monetisation of Old High Denomination (OHD) currency ann

Posted in Income Tax | 2799 Views

Revised DTAA between India and Cyprus to come into effect from 1st April 2017

19 December 2016 at 10:14

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 16th December, 2016. PRESS RELEASE Sub : Notification of Completion of Internal Procedures for Revised Double Taxation Avoidance Agreement between

Posted in Income Tax | 2250 Views