Income Tax News

ICAI Requests Members to Share Hardship Being Faced with Regard to TDS Returns

20 February 2012 at 10:48

The Direct Taxes Committee of ICAI makes suitable representations to the Central Board of Direct Taxes or other appropriate bodies on various issues arising out of direct tax laws from time to time which are brought to the notice of the Committee

Posted in Income Tax | 2 comments | 7863 Views

Income -Tax (Second Amendment) Rules, 2012 - Insertion of Rule 114DA and Form No.49C

18 February 2012 at 12:29

NOTIFICATION NO.5/2012[F.NO.142/25/2011-SO(TPL)] DATED 6-2-2012 S.O…………(E).- In exercise of the powers conferred by section 285 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Di

Posted in Income Tax | 14346 Views

Tax Collection During April-January of the Current Fiscal up by 14.57 Percent

08 February 2012 at 18:14

Gross direct tax collection during April-January of the current fiscal was up by 14.57 percent at Rs.4,25,274 crore as against Rs.3,71,188 crore in the same period last fiscal. While gross collection of corporate taxes was up 11.87 percent (Rs.2,8

Posted in Income Tax | 3561 Views

Dispute Resolution Panel (drp) - Reference to - Constitution of drp at specified places -Section 144c of the Income-Tax Act, 1961

04 February 2012 at 13:01

ORDER NO. 1/FT&TR/2012 [F.NO. 500/15/2011-FT&TR-I] DATED 31-1-2012 In exercise of powers conferred under section 144C of the Income-tax Act, 1961, and in supersession of earlier orders, the Board hereby constitutes the Dispute Resoluti

Posted in Income Tax | 6660 Views

Processing of Returns of Assessment Year 2011-12 - Steps to Clear Backlog - Section 143 of the Income Tax Act, 1961

04 February 2012 at 13:01

INSTRUCTION NO. 01/2012 [F.NO.225/34/2011-ITA.II] DATED 2-2-2012 The issue of processing of returns for the Asst. Year 2011-12 and giving credit for TDS has been considered by the Board. In order to clear backlog of returns, the following deci

Posted in Income Tax | 8775 Views

CBDT Extends last date for submission of ITR-V for A.Y. 2011-12

01 February 2012 at 14:55

The due date for submission of ITR-V for A.Y. 2011-12 has been extended upto 31.03.2012 or 120 days from the date of upload whichever is later.

Posted in Income Tax | 10869 Views

e-Filing in F.Y 2011-12: Quick Statistics (as on 31st December 2011)

27 January 2012 at 10:51

QUICK HIGHLIGHTS OF E-FILING IN F.Y. 2011-12 (UPTO 31/12/2011) COMPARATIVE GROWTH OF E-FILING IN CURRENT YEAR

Posted in Income Tax | 10542 Views

Income Tax Department Directed to Launch Special Drive for Verifying High Value Transactions

18 January 2012 at 17:08

The Central Board of Direct Taxes has directed the Income Tax department to launch a special drive, from 20th January to 20th March 2012, for verifying high value transactions (investments / deposits / expenditure) from persons who are not assesse

Posted in Income Tax | 1 comments | 15783 Views

Specified Provisions of section 139 of IT Act, 1961 -Apply to Centralised Processing of Return Scheme, 2011

09 January 2012 at 11:30

NOTIFICATION NO. 3/2012 [F. NO. 142/27/2011-SO (TPL)] DATED 4-1-2012 In exercise of powers conferred by sub-section (1B) of section 143 of Income Tax Act, 1961 (43 of 1961), for the purpose of giving effect to the Centralised Processing of Ret

Posted in Income Tax | 1 comments | 19800 Views

Tax department clarifies increase in indiscriminate raids

24 December 2011 at 12:57

It has been reported in a section of the press that several captains of industry have complained to the government that taxmen are harassing industry by resorting to indiscriminate and increased raids. It is informed that unde

Posted in Income Tax | 2 comments | 10659 Views