Income Tax News
GAAR implementation deferred by two years to April 1, 2016
15 January 2013 at 11:31The Central Government has carefully considered the report of the Expert Committee on General Anti Avoidance Rules (GAAR) and accepted the major recommendations of the Expert Committee with some modifications. Thi
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 10:34NOTIFICATION 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
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 10:55Gross 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
CBDT Grants Exemption from TDS on the Payments of Certain Categories
05 January 2013 at 10:22CBDT 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
No Deduction in certain cases - Specified payment u/s 197a(1f)
03 January 2013 at 11:33NOTIFICATION 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
Search & Seizure - Assessment of Preceding years in Search cases during Election period
03 January 2013 at 11:30CIRCULAR 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
Advance Tax Collections Registers Growth of more than 10% During the First Twenty Days of December 2012
24 December 2012 at 16:16Advance 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
Tax Raids under the Income Tax Act, 1961
15 December 2012 at 11:44Tax 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
Updating Tax Officials' Knowledge of Law
15 December 2012 at 11:44The 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
Income Tax Refund
15 December 2012 at 11:44Processing 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
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