Income Tax News

Income Tax Refund

15 December 2012 at 11:44

Processing of returns of income, including those with refund claim, is a continuous process. Statutory time limit to process returns of income is with reference to the financial year of their receipt. As per the Income Tax Act, 1961 returns receiv

Posted in Income Tax | 4 comments | 28518 Views

Bank details of indian account holders in France

14 December 2012 at 16:29

On the request of the Central Government and persistent follow up in June, 2011, France has provided details of Indians having bank accounts in one of the banks of Switzerland under the provisions of Double Taxation Avoidance Convention (DTAC) bet

Posted in Income Tax | 12327 Views

Direct tax collection grows by a meagre 7.14 percent

12 December 2012 at 11:24

Gross Direct Tax Collection Figures for April-November 2012-13 Up by 7.14 Percent at Rs. 3,25,696 Crore as Against Rs. 3,04,002 Crore in the Same Period Last Year Gross direct tax collections during April-November of the Financial Year 2012-13 was

Posted in Income Tax | 4713 Views

Only 14.62 lac assessees disclose income more than 10 lac

11 December 2012 at 13:06

Statement made by Revenue Secretary to Media On August 6, 2012, the Finance Minister Shri P. Chidambaram made a statement on the policy of the Government regarding taxation and tax administration. He emphasized that clarity in tax laws, a stable

Posted in Income Tax | 16527 Views

Information Regarding Tax Evasion

08 December 2012 at 11:36

The Government is focusing on increasing use of Information Technology for detection of evasion of tax. The Government also receives information on tax evasion from public at large through letters, e-mails, reports in media etc. the Government gran

Posted in Income Tax | 6 comments | 17499 Views

Committee on Direct Cash Transfers

07 December 2012 at 11:43

Government has constituted National Committee on Direct Cash Transfers chaired by the Prime Minister as a mechanism to coordinate action for introduction of direct cash transfers to individuals under various Government schemes and programmes. The

Posted in Income Tax | 10317 Views

Bilateral Convention on Avoidance of Double Taxation between India and UK

07 December 2012 at 11:43

A protocol amending the existing convention between India and the United Kingdom (UK) for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to taxes on income and capital gains was signed in London on 30.10.2012, the

Posted in Income Tax | 7590 Views

Notification on Rule 56 of I.T. Rules, 1962

03 December 2012 at 11:55

[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 29th November, 2012. (

Posted in Income Tax | 14973 Views

General Anti-Avoidance Rules

29 November 2012 at 17:01

The GAAR (General Anti-Avoidance Rule) provisions have not been put on hold. The Finance Act, 2012 had provided that these provisions shall be effective from the 1st day of April, 2014 and apply to Assessment year 2014-15 onwards. One of the rec

Posted in Income Tax | 1 comments | 6120 Views

Rajiv Gandhi Equity Savings Scheme, 2012 u/s 80CCG of the Income-tax Act, 1961

28 November 2012 at 11:58

[TO BE PUBLISHED IN PART II, SECTION 3, SUB-SECTION (ii) OF THE GAZETTE OF INDIA, EXTRAORDINARY, DATED THE 23rd Government of India November, 2012] Ministry of Finance Department of Revenue Notification New Delhi, the 23rd (Income-tax) November

Posted in Income Tax | 2 comments | 25965 Views