Income Tax News

Phasing out plans of deductions under the income tax act

Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesNew Delhi, 26th November, 2015Subject: Finance Minister�s Budget announcement- phasing out plan of deductions under the Income-tax Act- Extension of time li

Govt plan to reduce corporate tax to 25%

Government Calls for Comments on Proposed Plan of Phasing-Out Exemptions and Deductions under the Income-Tax Act in Order to Bring Down Rate of Corporate Tax from 30% to 25% The Union Finance Minister Shri Arun Jaitley in his Budget Speech 2015 had i

Draft interpretation on uncertainty over income tax treatments

Draft Interpretation published by the IFRS Interpretations Committee for comment only. Comments on the Draft Interpretation need to be received by December 21, 2015. The International Accounting Standards Board�s IFRS Interpretations Committee

Taxation of income from off-shore Rupee Denominated Bonds

Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesPRESS RELEASENew Delhi, 29th October, 2015Subject: Taxation of income from off-shore Rupee DenominatedBonds-reg.The Reserve Bank of India has recently permitted I

Two CAs in committee to simplify income tax act setup by govt

The Government of India has constituted a Committee with a view to simplify the provisions of the Income Tax Act, 1961, with the following composition:(i) Justice R.V.Easwar, (Retd.), former Judge, Delhi High Court and former President, ITAT- Chairma

E sahyog portal for settling IT return claims online launched

The Union Finance Minister Shri Arun Jaitley Launches The “E-Sahyog” Pilot Project of The Income-Tax Department to Facilitate Taxpayers The Income-tax Department is committed to the ‘Digital India’ initiative of the Governmen

Changes made in indirect tax rates

Government of India makes changes in indirect tax rates, effective from today Government has made the following changes in indirect tax rates, effective from today, that is 19th October, 2015: 1) In view of the continued fall in international prices

Finally tax audit return due date extended for whole country to 31st October

Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesPRESS RELEASENew Delhi, 1st October, 2015 Subject: Extension of date for filing of Income tax returns and tax audit reports to 31st October 2015 - regarding The i

Amount declared under the compliance window under the Black Money Act

Government of IndiaMinistry of FinanceDepartment of RevenueCentralBoard of Direct TaxesNew Delhi, 1st October 2015Subject: Declarations received and amount declared under the compliance window under the Black Money Act- regardingThe Black Money (Undi

CBDT Revenue Secretary Dr. Hasmukh Adhia tweets that due date has been extended for whole of country to 31st Oct