Income Tax News

Extension of time limit for filing ITR-V forms for A.Y. 2010-11, A.Y. 2011-12 and A.Y. 2012-13

10 January 2013 at 10:34

NOTIFICATION NO. 1/2013 [F. NO. DIT(S)-III/ITR-V EXTENSION/ 2012-13] DATED 7-1-2013 In exercise of its powers under clause (ii) of Para 14 read with clause (7) of Para 4 of the 'Centralized Processing of Returns Scheme, 2011', issued vi

Posted in Income Tax | 2 comments | 31599 Views

Net Direct Tax Collections Figures for April-December 2012-13 Up by 13.70 Percent at Rs. 3,68,322 Crore as Against Rs. 3,23,956 Crore in the Same Period Last Year

05 January 2013 at 10:55

Gross Direct Tax collections during April-December of the Financial Year 2012-13 was up by 8.01 percent and stood at Rs. 4,28,278 crore as against Rs. 3,96,530 crore in the same period last year. While gross collections of Corporate Taxes showed a

Posted in Income Tax | 6036 Views

CBDT Grants Exemption from TDS on the Payments of Certain Categories

05 January 2013 at 10:22

CBDT Grants Exemption from TDS on the Payments of Certain Categories to Mitigate Compliance Burden on Businesses Held by Individuals, Firms or Corporate Etc Who are Using the Financial Services Offered by Banks To mitigate compliance burden on bus

Posted in Income Tax | 6 comments | 29520 Views

No Deduction in certain cases - Specified payment u/s 197a(1f)

03 January 2013 at 11:33

NOTIFICATION NO. 56/2012 [F. NO. 275/53/2012-IT(B)] DATED 31-12-2012 In exercise of the powers conferred by sub-section (1F) of section 197A of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies that no deduction of

Posted in Income Tax | 43497 Views

Search & Seizure - Assessment of Preceding years in Search cases during Election period

03 January 2013 at 11:30

CIRCULAR NO. 10/2012 [F. NO. 282/22/2012-IT (INV. V)] DATED 31-12-2012 As per provisions contained in section 153A and 153C of the Income Tax Act, 1961, the Assessing Officer is required to issue notice for assessing or reassessing the total

Posted in Income Tax | 1 comments | 13704 Views

Advance Tax Collections Registers Growth of more than 10% During the First Twenty Days of December 2012

24 December 2012 at 16:16

Advance Tax Collections for the month of December 2012 up to 20th December, 2012 registered a growth of 10.44% over the corresponding period last year. Advance tax Collections are worth Rs. 78,226 crores during this period as against Rs.70,826 cro

Posted in Income Tax | 7170 Views

Tax Raids under the Income Tax Act, 1961

15 December 2012 at 11:44

Tax Raids The numbers of search warrants executed under the Income Tax Act, 1961 during the years 2010-11, 2011-12 and the current year are as under: Period Number of warrants executed

Posted in Income Tax | 4 comments | 36633 Views

Updating Tax Officials' Knowledge of Law

15 December 2012 at 11:44

The assessing officers undergo in-depth training on direct tax at the induction stage at National Academy of Direct Taxes, Nagpur (NADT) and the seven subordinate Direct Taxes Regional Training Institutes (DTRTIs) located across the country and on

Posted in Income Tax | 1 comments | 10881 Views

Income Tax Refund

15 December 2012 at 11:44

Processing of returns of income, including those with refund claim, is a continuous process. Statutory time limit to process returns of income is with reference to the financial year of their receipt. As per the Income Tax Act, 1961 returns receiv

Posted in Income Tax | 4 comments | 28518 Views

Bank details of indian account holders in France

14 December 2012 at 16:29

On the request of the Central Government and persistent follow up in June, 2011, France has provided details of Indians having bank accounts in one of the banks of Switzerland under the provisions of Double Taxation Avoidance Convention (DTAC) bet

Posted in Income Tax | 12330 Views