Income Tax, Wealth Tax and Direct tax Code Related News

  • Jan
  • 25
  • 2015

Tax planning under section 80C – Investment avenues

Added In Income Tax
As per Section 80C of Income tax act, an individual can make use of this provision to the extent of INR 150,000 in a particular year. In other words, an individual can claim exemption from income to the extent of Rs. 150,000 or actual investment made, whichever is less.

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  • Jan
  • 24
  • 2015

Supreme Court discontinues Printing of Judgements

Added In Income Tax
The Competent Authority has been pleased to discontinue the practice of printing and rolling out hard copies of Judgments by the Editorial branch of the Registry for contingent / miscellaneous requirements w.e.f. 1st February, 2015. Previously eighty copies of Judgments used to be rolled out and printed.

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  • Jan
  • 24
  • 2015

Guideline for Press Release/Media publicity by CCIT/CIT

Added In Income Tax
As per the current Media Policy of the Department, CIT( M&TP), CBDT acts as the Official Spokesperson and Media Coordinator of the CBDT. The CIT (M&TP) is responsible for effective communication with print/electronic media and for compiling the information prior to putting it in public domain with due consideration of its utility and confidentiality.

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  • Jan
  • 24
  • 2015

Adjustment of Refund against Demand– Is it justified?

Added In Income Tax
There is no justification by the department that why the refunds were pending with the department, when there was no demand. Why these refunds have not been issued when these have been finalized and crystalized and eligible for adjustment against the legitimate demands raised by the Department. Logically, there should not be any pending refund with the department which has finalized.

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  • Jan
  • 24
  • 2015

5 Reasons to file income tax return

Added In Income Tax
When you file your return every year with the income tax department, it is kept as a record with them. This shows that you have a source of income and you are financially stable. Mind you it’s not just a record. You can also take it as a supporting document when you wish to avail a loan.

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  • Jan
  • 24
  • 2015

Direct Tax collection for April-Dec 14 up by 12.93%

Added In Income Tax
Gross direct tax collection during April-December of the Financial Year 20 14- 15 is up by 12.93 percent at Rs. 5,46,661 crore as against Rs. 4,84,063 crore collected during the same period last year. Gross collection of Corporate tax has shown an increase of 12.79 percent and stood at Rs. 3,50,494 crore as against Rs. 3,10,754 crore collected during the same period last year.

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  • Jan
  • 22
  • 2015

Explanatory Notes to the Provisions of the Finance (No.2) Act, 2014

Added In Income Tax
The Finance (No.2) Act, 2014 (hereafter referred to as ‘the Act’) as passed by the Parliament, received the assent of the President on the 6th day of August, 2014 and has been enacted as Act No. 25 of 2014. This circular explains the substance of the provisions of the Act relating to direct taxes.

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  • Jan
  • 22
  • 2015

Notice for Empanelment of Standing Counsels with Income Tax Department

Added In Income Tax
Applications are invited from the tax lawyers of substantial standing and repute and with good academic credentials for the empanelment of Senior and Junior Standing Counsels for representing tax matters of the Income Tax Department in the High Court of Delhi and other fora.

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  • Jan
  • 21
  • 2015

Union Budget on Feb 28 & Railway Budget on Feb 26

Added In Income Tax
The General Budget will be presented on February 28 2015, a Saturday, in the Budget session of Parliament beginning February 23. Finance Minister Arun Jaitley to present the Budget which will be preceded by the Economic Survey on February 27 and Railway Budget on February 26.

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  • Jan
  • 20
  • 2015

Business Trusts to file details of income distributed to unit holders

Added In Income Tax
Notification No. 03/2015 INCOME-TAX Dated- 19th January , 2015 S.O. 180 (E). – In exercise of the powers conferred by section 295 read with sub­section (4) of section 115UA of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, […]

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