Income Tax, Wealth Tax and Direct tax Code Related News

  • Oct
  • 31
  • 2014

List of Income tax benefits available to Salaried Persons

Added In Income Tax
Employees Benefits allowable Salaried persons constitute a large chunk of total taxpayers in India and their contribution to total tax collection is substantial. The document includes brief introduction and tax treatment of various allowances and perquisites available to an employee, inter-alia, house rent allowance, gratuity, provident fund and so forth. List of benefits available to […]

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  • Oct
  • 31
  • 2014

List of Income Tax benefits available to Small Businessmen

Added In Income Tax
Small Businessmen Benefits allowable Small and medium enterprises contribute a major portion to the GDP and to the growth of the economy. As a matter of convenience for them, Income-tax Act extends certain benefits to them and provides relaxation from compliance with certain provisions, inter-alia, an option to compute income on presumptive basis, exemption from […]

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  • Oct
  • 31
  • 2014

FM ask IT Officials to not to lose sight of domestic black money

Added In Income Tax
Finance Minister Asks the Senior Officers of the Income Tax Department not to Lose Sight of Domestic Black Money Keeping in view its Much Higher Magnitude and Chase Those Sectors Where its Most Prevalent; Reviews with Senior Officers of the Department the Achievement of Budgeted Targets of Direct Taxes for 2014-15 and Action There of 

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  • Oct
  • 30
  • 2014

E Payment of Income Tax – Fine tuning is required

Added In Income Tax
 CA. M. Lakshmanan While paying direct taxes such as advance tax, self assessment tax, TDS and tax on regular assessment in the NSDL site after PAN and all other relevant columns such as assessment year, name, address, type of payment etc., are filled in and before we are directed to the Bank portal, the name […]

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  • Oct
  • 30
  • 2014

CBDT to sent notices to non-filers to file return for AY 2014-15

Added In Income Tax
CBDT has noticed that 5,09,898/-  taxpayers who have submitted an return for AY 2011-12 or 2012-13 or AY 2013-14 (Upto 20th October 2014) with returned Income of More than 10 Lakh or paid self assessment tax of more than / equal to one lakh (as per ITR)  have not filed ITR for AY 2014-15. 

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  • Oct
  • 30
  • 2014

Transfer Posting of Pr. CCIT / Pr. DGIT / DGIT / CIT

Added In Income Tax
F.No. A-22011/2/2014-Ad.VI Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) New Delhi. dated the 29th October, 2014. ORDER NO. 191 OF 2014 The following officers in the grade of Pr. Chief Commissioner / Pr. Director General of Income Tax and Chief Commissioner / Director General of Income Tax are, […]

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  • Oct
  • 29
  • 2014

Scrutiny assessments in cases of fish farmers – CBDT Instructions

Added In Income Tax
Representations have been received by the Board from various quarters regarding difficulties being faced on account of surveys and income-tax scrutiny assessments by fish farmers, being involved in business and profession of running inland fresh water fish tanks specifically in cases where the books-of-accounts are not being maintained by the assessees concerned.

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  • Oct
  • 29
  • 2014

CBDT directs various CIT (Exemptions) and their subordinates to exercise powers in respect of notified cases or classes

Added In Income Tax
NOTIFICATION NO. 52/2014, Dated : October 22, 2014 In exercise of the powers conferred by sub-section (1) and (2) of section 120 of the Income-Tax Act, 1961 (43 of 1961) and in supersession of the notification of the Government of India, Central Board of Direct Taxes number S.O.880(E), dated the 14th September, 2001, published in […]

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  • Oct
  • 29
  • 2014

CBDT directs CCIT (Exemptions), Delhi to excercise power over 14 specified Jurisdiction

Added In Income Tax
NOTIFICATION NO. 53/2014, Dated: October 22, 2014 In exercise of the powers conferred by sub-section (1) and (2) of section 120 of the Income Tax Act, 1961 (43 of 1961) and in supersession of notification of the Government of India, Central Board of Direct Taxes, number S.O 888(E), dated the 17th September, 2001, published in […]

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  • Oct
  • 29
  • 2014

CBDT notifies Jurisdiction of various Principal CIT / CCIT (International Taxation)

Added In Income Tax
NOTIFICATION NO . 54/2014, Dated : October 22, 2014 In exercise of the powers conferred by sub-section (1) and (2) of section 120 of the Income Tax Act, 1961 (43 of 1961) and in supersession of notification of the Government of India, Central Board of Direct Taxes, number S.O. 888(E), dated the 17th September, 2001, […]

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