Income Tax News
Rs 1.37 Lakh Crore of tax evasion detected by search and survey in last 3 years
08 April 2017 at 12:27Department 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
Mandatory Quoting of Aadhaar for Return filing not applicable to Non resident
06 April 2017 at 12:42Government 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
No restriction on withdrawal of cash from bank u/s 269ST
05 April 2017 at 23:29Budget 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
Revenue department exceeds revised Tax collection target of 2016-17
05 April 2017 at 11:20Revenue 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.
CBDT invites comments on notification issued to stop misuse of long term capital gain
04 April 2017 at 11:16Central Board of Direct Taxes requests for stakeholder�s comments on draft of Notification to be issued Under Section 10(38) of the Income-tax Act, 1961 Section 10(38) of the Income-tax Act, 1961 (�the Act�), prior to its amendment
Income tax Department considers issues reported by ICAI positively
01 April 2017 at 14:571. Reactivation of the link ‘Know your PAN/TAN/A.O.’ at the website of Income-tax department Some recent changes were reported by the members at the E filing website of the Income-tax department due to which the link ‘Know your PAN
Download the Finance Bill 2017
01 April 2017 at 13:57THE FINANCE ACT, 2017NO. 7 OF 2017[31st March, 2017.]An Act to give effect to the financial proposals of the Central Government for the financial year 2017-2018.BE it enacted by Parliament in the Sixty-eighth Year of the Republic of India as follows:
CBDT notifies new Income Tax Return Forms for AY 2017-18
31 March 2017 at 16:36Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 31st March, 2017. CBDT notifies new Income Tax Return Forms for AY 2017-18 The Central Board of Direct Taxes has notified Income-tax Return Forms
Extension of banking hours on 31st March
29 March 2017 at 11:40Circular No 205/3/2017-Service Tax F. No. L37/155/2.012- Service Tax (Part II) Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs Service Tax Wing * New Delhi, dated the 27th March,2017 To All Principal
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
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