Income Tax News
PMGKY 2016 scheme launched to remain open till 31st March
16 December 2016 at 22:10Taxation 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
IT dept warns against making drastic changes via revised return post demonetisation
15 December 2016 at 11:39Filing 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
Finance ministry directs all banks to maintain record of old and new currency deposit
12 December 2016 at 11:28The 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
Direct tax collection grows to 4.12 lakh crore till Nov
10 December 2016 at 15:42Direct Tax Collections up to November, 2016 show net collections at Rs. 4.12 lakh crore which is 15.12% more than the net collections for the corresponding period last year
Seizure of Rs 106 crore Cash and 127 kg Gold in Chennai
10 December 2016 at 15:42Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesSeizure of Rs. 106.52 crore Cash and 127 kg Gold in the case ofSand mining Contractors at Chennai by the Income Tax DepartmentThe Investigation Directorate of Inc
11 incentives given by Govt for promotion of digital and cashless economy
09 December 2016 at 11:07In the aftermath of the cancellation of the legal tender character of old Rs.500 and Rs.1,000 notes, there has been a surge in the digital transactions through use of credit/debit cards and mobile phone applications/e-wallets etc. To further accelera
Innovative Methods of Laundering and Transportation of Cash found by Income tax department
09 December 2016 at 10:51Income Tax Sleuths Unearth Innovative Methods of Laundering and Transportation of Cash at Mumbai, Nagpur and Ahmedabad Income tax investigations atMumbailed to the revelation of a syndicate of ground level operators active in converting banned curren
Inflow of funds into Jan Dhan accounts not alarming says Govt
08 December 2016 at 11:03Inflow of Funds into Jan Dhan Accounts not alarming; Income Tax Department identifies the local clusters and Bank Branches where the inflow of Jan Dhan deposits have been more than normal Since the time the Government has alerted people not to allow
Rs 2000 crore of undisclosed inc admitted by taxpayers since demonetisation
07 December 2016 at 10:37Income Tax (IT) Department carries-out swift investigations in more than 400 cases since the de-monetization of old High Denomination (OHD) currency on 8th November, 2016; More than Rs. 130 crore in cash and jewellery seized and approximately Rs. 2,0
Payment above Rs 5000 by govt to be made digitally
06 December 2016 at 10:38Any Payment above Rs.5,000 to Suppliers, contractors, grantee/loanee institutions etc by Government Departments to be now made through e-Payment to attain the goal of complete digitization of Government payments. In order to attain the goal of comple
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