Income Tax News

IT Dept pushes additional cases of High Cash Deposits

Income Tax Department pushes additional cases of High Cash Deposits in Second Phase of Operation Clean Money. The Income Tax Department (ITD) has used information received under the Statement of Financial Transactions (SFT) to identify 5.56 lakh new

New taxpayer service Aaykar Setu launched

FM launches a new tax payer service module �Aaykar Setu� that compiles various tax tools, live chat facility, dynamic updates, and important links to various processes within the Income Tax Department in a single module; Says that this e

Direct tax collection grows by 14.8 percent

Direct Tax Collections up to June, 2017 for F.Y. 2017-2018 stood at Rs.1,42 Lakh crore registering a Growth of 14.8% higher than the net collections for the corresponding period of last year; Net direct tax collections represent 14.5% of the total Bu

Procedure of intimating AADHAAR number to Income Tax Department

Procedure of intimating AADHAAR number to Income Tax Department

CBDT Notifies Rule 10CB for Secondary Adjustments under Section 92CE of IT Act

CBDT Notifies Rule 10CB for Secondary Adjustments under Section 92CE of IT Act, 1961. Rule 10CB for operationalising the provisions of secondary adjustment has been notified by the Central Board of Direct Taxes on 15th June, 2017. It prescribes the t

CBDT notifies new Safe Harbour Regime

In order to reduce transfer pricing disputes, to provide certainty to taxpayers, to align safe harbour margins with industry standards and to enlarge the scope of safe harbour transactions, the Central Board of Direct Taxes (CBDT) has notified a new

Chargeability to STT for claiming exemption

CBDT notifies transactions for which the condition of chargeability to STT for claiming exemption under Section 10(38) of the Income Tax Act, 1961 shall not apply. Section 10(38) of the Income-tax Act, 1961 (‘the Act’), prior to its amen

CBDT extends due date of SFT filing to 30th June

Order under Section 119 of the Income Tax Act, 1961

CBDT issues clarification on furnishing SFT and SFT Preliminary Response

Central Board of Direct Taxes (CBDT) Issues Clarification on furnishing Statement of Financial Transaction (SFT) & SFT Preliminary Response Section 285BA of the Income-tax Act, 1961 requires furnishing of a Statement of Financial Transaction (SFT

Persons liable to file Statement of Financial Transaction (SFT)