Income Tax News

Govt invites suggestion on MAT framework for computation of book profit

29 April 2016 at 11:40

Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes New Delhi, 28th April, 2016Subject: Framework for computation of book profit for the purposes of levy of MAT under section 115JB of the Income-tax Act, 1961 for

Posted in Income Tax | 6528 Views

CBDT will pay interest on refund for excess TDS deposited

28 April 2016 at 11:14

Payment of interest on refund under section 244A of excess TDS deposited under section 195 of the Income-tax Act, 1961

Posted in Income Tax | 1 comments | 12585 Views

Draft rules for foreign tax credit

19 April 2016 at 15:14

Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesSubject: Draft rules for grant of Foreign Tax Credit – reg.The Income-tax Act, 1961 (the Act) provides that the Central Board of Direct Taxes may prescribe

Posted in Income Tax | 10086 Views

Advisory for TDS on purchase of immovable property

07 April 2016 at 11:01

CPC(TDS) Advisory for Deposit of Tax deducted and Demand for TDS Defaults with respect to Purchase of Immovable Property (26QB Statement-cum-challan)

Posted in Income Tax | 1 comments | 16365 Views

Tax revenue increases to 14.6 lac crore in 2015-16

07 April 2016 at 11:01

Government achieves the Tax Revenue Targets for FY 2015-16; Actual collections of Direct & Indirect Tax Revenues in FY 2015-16 is Rs. 14.60 Lakh Crore as against Revised Target (RE) of Rs. 14.55 Lakh crore The aggregate Budget Estimates (BE) for

Posted in Income Tax | 5 comments | 7950 Views

Release of new 15CA and 15CB forms

05 April 2016 at 11:33

In pursuance of the Notification of the Income Tax Returns (ITR) for AY 2016-17 on March 31st, 2016, Central Board of Direct Taxes (CBDT)announces the release of electronic filing of ITRs 1 and 4S on its website https://incometaxindiaefiling.gov.in.

Posted in Income Tax | 1 comments | 13494 Views

New functionality for taxpayers to secure their E-filing account

05 April 2016 at 11:33

The Income Tax Department has from time to time issued advisories regarding the need to avoid phishing emails and to carefully protect the passwords, OTPs and not share them with others. In order to ensure that taxpayers are able to secure their E-fi

Posted in Income Tax | 3 comments | 9189 Views

Record setting year for taxpayer services - 4.14 crore return processed by CPC

05 April 2016 at 11:33

CBDT 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

Posted in Income Tax | 3 comments | 7947 Views

CBDT requests Taxpayers to use Online rectification facility

02 April 2016 at 10:40

Income-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

Posted in Income Tax | 1 comments | 8883 Views

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

Posted in Income Tax | 5 comments | 14946 Views