Income Tax News

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 | 24915 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 | 24945 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 | 3990 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 | 1998 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 | 3324 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 | 2805 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 | 2256 Views

PMGKY 2016 scheme launched to remain open till 31st March

16 December 2016 at 22:10

Taxation Laws (Second Amendment) Act, 2016 came into force yesterday i.e. 15th December, 2016 and rules notified today and placed in public domain; The Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 introduced under the s

Posted in Income Tax | 13023 Views

IT dept warns against making drastic changes via revised return post demonetisation

15 December 2016 at 11:39

Filing of Revised Income Tax Returns by the Tax Payers Post De-Monetisation of Currency Under the existing provisions of Section 139(5) of the Income-tax Act, 1961 (‘Act’), Revised Return can only be filed if any person, who has filed a r

Posted in Income Tax | 12234 Views

Finance ministry directs all banks to maintain record of old and new currency deposit

12 December 2016 at 11:28

The Ministry of Finance through a letter to all the MDs &CEOs/CMDs of PSBs and Chairman, IBA directs that all the bank branches in the country be alerted to reflect correctly the cash deposit in old and new currency and inform the customers about

Posted in Income Tax | 3492 Views