Income Tax News
Introduction of Black Money bill
23 March 2015 at 10:34Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesNorth Block, New DelhiDated: 20th March, 2015PRESS RELEASEINTRODUCTION OF THE UNDISCLOSED FOREIGN INCOME AND ASSETS(IMPOSITION OF TAX) BILL, 2015The Finance Minis
Highlights of Foreign Black money bill
23 March 2015 at 10:34Highlights of the Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015 Introduced in Lok Sabha Today The Finance Minister, in his budget speech, while acknowledging the limitations under the existing law, had conveyed the considered
Increase in collection of Direct taxes
07 March 2015 at 18:23Government 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
Creation of two additional benches of the Authority for Advance Rulings (Income Tax)
26 February 2015 at 10:34The 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.
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
Direct tax collection increases by 11.38 percent
14 February 2015 at 13:24Government 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
Indirect Tax Revenue increase to Rs. 4,27,822 Crore in 2015
13 February 2015 at 12:12Indirect 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
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 12:11During 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
IT dept investigates companies converting illegal cash into legitimate money
11 February 2015 at 16:18Income 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
Penalty proceedings u/s 271(1)(C) initiated for black money stashed abroad
09 February 2015 at 16:17Concealment 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
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