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Income Tax news

ICAI Technical Guide on ICDS

Technical Guide on Income Computation and Disclosure Standards The Ministry of Finance vide Notification No. 87/2016 dated 29.09.2016 notified ten Income Computation and Disclosure Standards (ICDSs), operationalizing a new framework for computation of taxable income by all assessees (other than individual or a HUF who is not required to g...

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Posted Under: Income Tax |

Non-residents allowed to claim Income Tax Refund in Foreign Bank A/c

Income-tax Return Forms for the Assessment Year 2017-18 were notified on 30th March, 2017. A number of representations were received from the non-residents that they are facing difficulties in getting refund as they do not have bank account in India and there is no column in the notified form of return of income for reporting details of f...

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Posted Under: Income Tax |

ITD celebrates 157th Income Tax Day on 24th July 2017

Income tax was first introduced on 24th July, 1860 by the British to compensate for the losses suffered by them during our first war of independence in 1857, post-independence...

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Posted Under: Income Tax |

Demonitization: 1100 searches, 5100 verification notices and detection of Rs. 5400 crore undisclosed Income

Demonitization: From 9th November 2016 to 10th January 2017, more than 1100 searches and surveys were conducted by the ITD; more than more than 5100 verification notices issued; The undisclosed income detected in these actions was more than Rs. 5400 crore.  Disclosure of information regarding law flouters/specific taxpayers is prohibited...

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Cabinet approves MOC in respect of tax matters with BRICS countries

Cabinet approves MOC in respect of tax matters between India and BRICS countries – Brazil, Russia, China and South Africa The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given the approval for the signing of Memorandum of Cooperation (MOC) in respect of tax matters between India and the Revenue administrations...

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GST Rate on hotel accommodation depends on Tariff not Star Rating

Government clarifies that accommodation in any hotel, including 5-star hotels, having a declared tariff of a unit of accommodation of less than INR 7500 per unit per day, will attract GST @ 18% ; Star rating of hotels is, therefore, irrelevant for determining the applicable rate of GST....

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JITSIC Tackling Global Tax Risks

India participated in the fourth Joint International Taskforce on Shared Intelligence and Collaboration (JITSIC) meeting reconvened in Paris to pursue the work on the Panama Papers in the last week of June 2017. ...

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Posted Under: Income Tax |

RBI Can ask any bank to initiate insolvency resolution process in respect of a default

Ordinance {Banking Regulation (Amendment) Ordinance, 2017} has been promulgated on 4th May 2017 authorizing RBI to issue directions to any banking company to initiate insolvency resolution process in respect of a default, under the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC) An Ordinance {Banking Regulation (Amendment) Or...

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Posted Under: Income Tax |

5.56 lakh new persons in 2nd phase of Operation Clean Money identified

Income Tax Department has used information received under Statement of Financial Transactions to identify 5.56 lakh new persons in second phase of Operation Clean Money....

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Posted Under: Income Tax |

Scheme of FM Award on the occasion of Income Tax Day

The Government hereby sanctions the following scheme of awards to be conferred upon the Officers and Staff of the Income Tax Department in consideration of their rendering exceptional or meritorious service, or displaying outstanding devotion to duty....

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Posted Under: Income Tax |
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