Income Tax News

FAQ on the Income Declaration Scheme, 2016

23 May 2016 at 11:18

Circular No.17 of 2016F.No.142/8/2016-TPLGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes(TPL Division)***Dated 20th of May, 2016Clarifications on the Income Declaration Scheme, 2016The Income Declaration Schem

Posted in Income Tax | 5175 Views

Indirect tax collection grows by 41.8 percent in April 2016

12 May 2016 at 10:26

Indirect Tax Collections During the month of April 2016 is Rs. 64,394 Crore which is an increase of 41.8% as compared to the collections made in the corresponding Period Last Year (April 2015): Excise Collections Register A Growth of 70.7% while Serv

Posted in Income Tax | 2865 Views

Non filing of ITRV for earlier years

11 May 2016 at 11:19

Circular No. 13/2016 : Verification of tax-returns for Assessment Years 2009-2010, 2010-2011, 2011-2012, 2012-2013, 2013-2014 and 2014-2015 through EVC which are pending due to non-filing of ITR-V Form and processing of such retruns To download th

Posted in Income Tax | 2 comments | 9321 Views

India revises treaty with Mauritius to tax capital gains

11 May 2016 at 11:19

India and Mauritius sign the Protocol for amendment of the Convention for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income and Capital Gains The Protocol for amendment of the Convention for the av

Posted in Income Tax | 3348 Views

Declaration of Assets & Liabilities in the new ITR forms

11 May 2016 at 11:19

Central Board of Direct Taxes (CBDT) have released new income-tax return formswith mandatory provisions of declaring Assets & Liabilities (A&L) such as cars, jewellery yacht, aircrafts, shares, properties, etc. Prior to Assessment Year (A.Y.)

Posted in Income Tax | 1 comments | 7461 Views

Steps to give relief to small taxpayers and to the small business and professionals

09 May 2016 at 10:29

Revenue Department takes various measures to boost-up growth and employment generation; Steps to give relief to the small tax payers and to the small business and professionals The Revenue Department of the Ministry of Finance takes several steps fo

Posted in Income Tax | 1 comments | 5823 Views

Offshore Tax Evasion

07 May 2016 at 12:30

While there are impediments in obtaining information relating to undisclosed assets stashed away abroad, pursuant to various initiatives taken by the Government, the flow of information has improved leading to better enforcement action. The Governmen

Posted in Income Tax | 3978 Views

4.14 crore return processed without human intervention this year

07 May 2016 at 12:30

Optimum Use of Technology for Expeditious Disposal of Assessment and Refunds;In FY 2015-16, 94% of income tax returns were filed online and 4.14 crore returns processed without any human intervention; More than 2.10 crore refunds amounting to Rs.1,22

Posted in Income Tax | 4374 Views

Lok Sabha passes the Finance Bill,2016

06 May 2016 at 12:04

Lok Sabha passes the Finance Bill,2016 Please refer to the attached file for details

Posted in Income Tax | 5259 Views

Income arising from unlisted shares taxable under capital gains

06 May 2016 at 10:49

Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesNew Delhi, 5th May, 2016Subject: Taxability of Income/Loss arising from Transfer of Unlisted Shares-reg.CBDT, vide order dated 2nd May, 2016 has given direction t

Posted in Income Tax | 4446 Views