Income Tax News

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 | 5133 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 | 22422 Views

Draft of Notification to be issued under third proviso to the clause (38) of section 10 of the IT Act

11 April 2017 at 10:46

Draft of Notification to be issued under third proviso to the clause (38) of section 10 of the Income-tax Act, 1961In exercise of the powers conferred by third proviso to the clause (38) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Cen

Posted in Income Tax | 3330 Views

Rs 1.37 Lakh Crore of tax evasion detected by search and survey in last 3 years

08 April 2017 at 12:27

Department of Revenue, Ministry of Finance achieves phenomenal success towards eliminating Domestic Black Money in last three years; 23064 searches/surveys have been conducted (Income Tax 17525; Customs 2509; Central Excise 1913; Service Tax 1120); M

Posted in Income Tax | 2610 Views

Mandatory Quoting of Aadhaar for Return filing not applicable to Non resident

06 April 2017 at 12:42

Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesSection 139AA of the Income-tax Act, 1961 as introduced by the Finance Act, 2017 provides for mandatory quoting of Aadhaar / Enrolment ID of Aadhaar application f

Posted in Income Tax | 3108 Views

No restriction on withdrawal of cash from bank u/s 269ST

05 April 2017 at 23:29

Budget 2017 takes Steps to discourage Cash transactions & curb Black Money Various legislative steps have been taken by the Finance Act, 2017 to curb black money by discouraging cash transaction and by promoting digital economy. These prominentl

Posted in Income Tax | 7 comments | 25998 Views

Revenue department exceeds revised Tax collection target of 2016-17

05 April 2017 at 11:20

Revenue Department exceeds Revised Tax Collections target for 2016-17 around 18% taken together in case of Direct and Indirect Taxes; Provisional figure of Total Tax Collections in 2016-17 is Rs. 17.10 Lakh Crore as against the Revised Target of Rs.

Posted in Income Tax | 1 comments | 2817 Views