Income Tax News
Record setting year for taxpayer services - 4.14 crore return processed by CPC
05 April 2016 at 11:33CBDT achieves record setting Year in Delivery of Taxpayer Services; CPC Bengaluru processed more than 4.14 crore Income Tax returns, an increase of over 35% over the previous year; CPC also issued over 1.61 crore refunds above Rs 100 to taxpayers, an
CBDT requests Taxpayers to use Online rectification facility
02 April 2016 at 10:40Income-tax Act provides the taxpayer with an option to seek rectification of mistakes apparent from record under section 154 of the Act. The e-filing portal of the Income Tax Department provides the utility for online filing and tracking of rectifica
CBDT notifies new ITR forms for AY 2016-17
01 April 2016 at 08:38[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB- SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE [CENTRAL BOARD OF DIRECT TAXES] NOTIFICATION New Delhi, the 30th day of March, 2016 Income-t
Inclusion of interest income in the return
24 March 2016 at 13:49Information regarding interest earned by individuals and business entities on term deposit is filed with the Income Tax Department by banks including co-operative banks and other financial institutions and State treasuries etc. Form 26AS reflects on
Report of the Committee on Taxation of E-Commerce
21 March 2016 at 10:37Executive SummaryThe Committee on taxation of E-Commerce examined the tax issues arising from the new business models employed in the digital economy, in particular issues relating to tax nexus rules under existing law and tax treaties, characterizat
Remedial action on revenue audit objections raised by CAG
18 March 2016 at 10:52Government of India Ministry of Finance Department of RevenueCentral Board of Direct Taxes Sub: Modification of Instruction No. 9/2006 dealing with remedial action on Revenue Audit Objections not accepted by the Department– reg. The guidelines
Rules for Fund Manager Regime under section 9A of IT Act
17 March 2016 at 10:54Rules in respect of fund manager regime under section 9A of the Income-tax Act, 1961-reg.Section 9A of the Income-tax Act, 1961 (the Act) provides for special taxation regime with effect from 01.04.2016 to facilitate location of fund managers of off
TDS on payments by Television channels
09 March 2016 at 10:40Issue of clarification on contentious TDS issues on payments made by Television channels, Broadcasters and Newspapers With a view to bring about clarity in the interpretation of certain contentious issues relating to Tax Deduction at Source (TDS) on
Clarification regarding taxability of consortium members
09 March 2016 at 10:40Taxation of consortium of contractors formed to implement Engineering, Procurement and Construction (EPC) contracts/turn key projects has been a subject matter of dispute between Income-tax Department and the consortium. This has been particularly so
Tax Administration Reforms Commission
09 March 2016 at 10:40The Government has received the Report of Tax Administration Reforms Commission (TARC) headed by Dr. Parthsarathi Shome. The Report has four volumes containing a number of tax administration reforms. The broad recommendations inter-alia include chang
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