Income Tax News

ICAI invites suggestions on the revised formats of Form Nos. 3CA, 3CB and 3CD

01 August 2014 at 11:43

The Central Board of Direct Taxes has through, Income-tax (7th Amendment) Rules, 2014, notified new Forms of tax audit reports namely Form No. 3CA, 3CB and 3CD. The said notification can be downloaded from the attachment as provided. With regard to t

Posted in Income Tax | 3 comments | 21768 Views

Clarification regarding taxation of Alternate Investment Funds

29 July 2014 at 10:58

Clarification regarding taxation of 'Alternate Investment Funds' having status of non-charitable trust under the Income Tax Act, 1961 Detailed information has been attached herewith

Posted in Income Tax | 12876 Views

Indirect tax collection increases by a modest 4.5 percent

25 July 2014 at 11:16

Indirect Tax Revenue (Provisional) Collections During April-June 2014 Increase from Rs 1,08,639 Crore to Rs.1,13,570 Crore Registering an Increase of 4.5 % over the Corresponding Period in last Financial Year The overall growth in Indirect Tax Reve

Posted in Income Tax | 1 comments | 16119 Views

ITR 6 efiling utility released for AY 14-15

25 July 2014 at 11:16

ITR 6 can be used by a company, other than a company claiming exemption under section 11. To know further in details, find the enclosed attachment

Posted in Income Tax | 1 comments | 18675 Views

Income Tax department to remain open on 26th July and 27th July 2014

24 July 2014 at 18:10

F.No.225/121/2014/ITA.IIGovernment of IndiaMinistry of FinanceCentral Board of Direct Taxes New Delhi, the 24th July, 2014Order under Section 119(1) of the Income tax Act,1961. The due date for filing of return of income within the meaning of Explana

Posted in Income Tax | 4 comments | 20262 Views

FM asks Income tax officers to use non intrusive methods of investigation

24 July 2014 at 11:42

Finance Minister Asks Officers of Income Tax Department to Maximise the Use of Non Intrusive and Innovative Methods of Investigation; Calls for Training for Upgradation of Skills and Need for Capacity Building The Union Finance Minister, Shri Arun J

Posted in Income Tax | 8 comments | 17463 Views

FM confident of exceeding Direct Tax Revenue Target

22 July 2014 at 14:16

Revenue Targets Fixed for Direct Taxes for the Current Financial Year 2014-15 would not only be Achieved but would be Surpassed: FM The Union Finance Minister Shri Arun Jaitley hoped that the revenue targets fixed for Direct Taxes for the current Fi

Posted in Income Tax | 10374 Views

Irregularities in Providing Tax Concession

19 July 2014 at 18:39

Exemptions and tax concessions under the Income-tax Act, 1961 (‘Act’) are provided in accordance with the provisions of the Act. However, any exemption or tax concession wrongly claimed in the returns of income filed by the tax payers are

Posted in Income Tax | 11562 Views

Instructions for filing wealth tax returns

19 July 2014 at 18:39

INSTRUCTIONS FOR FILLING UP RETURN OF NET WEALTH (FORM BB)(To be detached before filing the return in a paper form) This form is to be filled up by all wealth-tax assessees [individual, Hindu Undivided Family (HUF) or company]. This form is applicabl

Posted in Income Tax | 2 comments | 31323 Views

Revision of monetary limits for filing of appeals by the Department before the ITAT

16 July 2014 at 10:27

Instruction No. 5/2014 - Revision of monetary limits for filing of appeals by the Department before Income Tax Appellate Tribunal, High Courts and Supreme Court - measures for reducing litigation. To read further in details, find the attachment enclo

Posted in Income Tax | 1 comments | 16317 Views