Income Tax News

Increase in collection of Direct taxes

07 March 2015 at 18:23

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes *** New Delhi, 05rd March, 2015 PRESS RELEASE Gross direct tax collection during April-February of the Financial Year 2014- 15 is up by 10.67 percent at Rs. 6

Posted in Income Tax | 4 comments | 15585 Views

Creation of two additional benches of the Authority for Advance Rulings (Income Tax)

26 February 2015 at 10:34

The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi, today gave its approval to the following:- i. Creation of two additional benches of the Authority for Advance Rulings (Income Tax), one in New Delhi and one new bench in Mumbai; ii.

Posted in Income Tax | 7386 Views

Commodities Transaction Tax (First Amendment) Rules, 2014

20 February 2015 at 10:42

[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) New Delhi, the 10 February, 2015 Notification S.O. 424 (E).- In exercise of the powers con

Posted in Income Tax | 13080 Views

Direct tax collection increases by 11.38 percent

14 February 2015 at 13:24

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 13th February, 2015 Gross direct tax collection during April-January of the Financial Year 2014-15 is up by 11.38 percent at Rs. 5,78,715 crore as

Posted in Income Tax | 1 comments | 15813 Views

Indirect Tax Revenue increase to Rs. 4,27,822 Crore in 2015

13 February 2015 at 12:12

Indirect Tax Revenue (Provisional) Collections Increase from Rs. 3,98,238 Crore in April-January 2014 to Rs. 4,27,822 Crore During April-January 2015;Registering an Increase of 7.4% During April-January 2015 Over the Corresponding Period in the Previ

Posted in Income Tax | 3 comments | 11883 Views

Shift in the Focus of the Income Tax Department (ITD) from Civil Consequences to Criminal Consequences in Serious Cases of Tax Evasion

13 February 2015 at 12:11

During 2014-15 (upto Dec, 2014) the ITD Has Conducted Searches in 414 Groups, Seized Undisclosed Assets of Rs. 582 Crore; Undisclosed Income of Rs. 6769 Crore has been Admitted by the Tax Payers During 2014-15 (upto Dec, 2014) the Income Tax Departm

Posted in Income Tax | 1 comments | 12495 Views

IT dept investigates companies converting illegal cash into legitimate money

11 February 2015 at 16:18

Income Tax Department Initiates Investigation into Issuance of Cheques by Companies Which are Acting as Entry Operators to Convert Illegal Cash into Legitimate Money Income Tax Department, Ministry of Finance, Government of India had initiated inves

Posted in Income Tax | 5 comments | 21000 Views

Penalty proceedings u/s 271(1)(C) initiated for black money stashed abroad

09 February 2015 at 16:17

Concealment Penalty Proceedings U/S 271(1)(C) of Income Tax Act 1961 Initiated in 128 Cases in which Assessments were Completed While in the Remaining Cases, Assessment Proceedings are at Advance Stage Information About Hsbc Foreign Bank Accounts was

Posted in Income Tax | 2 comments | 14505 Views

Income-tax (2nd Amendment), Rules,2015

06 February 2015 at 10:42

[TO BE PUBLSIHED 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 4thFebruary, 2015 INCOME TA

Posted in Income Tax | 2 comments | 28311 Views

Furnishing of statement of income by a business trust to the prescribed authority and the unitholders

03 February 2015 at 10:56

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART-II,SECTION. 3, SUB-SECTION (ii)]GOVERNMENT OF INDIAMINISTRY OF FINANCEDEPARTMENT OF REVENUE(CENTRAL BOARD OF DIRECT TAXES)NOTIFICATIONINCOME-TAX New Delhi, the 19thJanuary, 2015 S.O. 180 (

Posted in Income Tax | 1 comments | 14595 Views