Income Tax news

CBDT clarifies on SFT & SFT Preliminary Response Filing

Section 285BA of the Income-tax Act, 1961 requires furnishing of a statement of financial transaction (SFT) for transactions prescribed under Rule 114E of the Income-tax Rules, 1962. The due date for filing such SFT in Form 61A is 31st May 2017....

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Income Tax Department Steps-up against Benami property holders

Income-tax Directorates of Investigation have identified more than 400 benami transactions up to 23 May, 2017. These include deposits in bank accounts, plots of land, flat and jewellery. Provisional attachment of properties under the Act has been done in more than 240 cases....

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Posted Under: Income Tax |

Standard Operating Procedure for cases of Missing Children

This Standard Operating Procedure (SOP) envisages to assist Police, Child Welfare Committee and Juvenile Justice Board in dealing with the cases of missing and found or recovered children....

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Posted Under: Income Tax |

ITAT Directive on Fixing of Stay Applications for Hearing

The Registry is directed to fix all the Stay Applications, whatever are received up to Wednesday in each week on the succeeding Friday before the respective Bench. This order be strictly followed....

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Posted Under: Income Tax |

Email on Statement of Financial transactions (SFT) filing by IT Dept.

Statement of Financial transactions (SFT) should be filed by all reporting persons covered under Rule 114E of Income-tax Rules, 1962. Due date for filing the same in Form 61A is 31 May 2017....

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Cabinet approves Measures to Prevent Base Erosion & Profit Shifting by India

Cabinet approves signing of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting by India...

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FM Launches Operation Clean Money Portal; 5.68 lakh new cases identified

The Union Minister of Finance, Shri Arun Jaitley, launches Operation Clean Portal; Will enable citizen engagement for creating a tax compliant society and transparent tax administration...

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ITAT releases Draft Income Tax Appellate Tribunal Rules, 2017

Over a period of time, it was widely felt that the Income-tax (Appellate Tribunal) Rules, 1963, have outlived their utility to some extent in view of changing circumstances and the use of technology in the Tribunal’s functioning. In the times to come, the use of technology in the Tribunal’s day to day functioning will increase manifol...

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Request for comments on Draft ICDS on Real Estate Transactions

The draft ICDS on Real Estate Transactions along with the significant changes suggested in ICDS vis-à-vis the Guidance Note issued by ICAI are uploaded on the Income-tax website at http://www.incometaxindia.gov.in....

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Posted Under: Income Tax |

Draft ICDS on Real Estate Transactions

This Income Computation and Disclosure Standard shall be applicable for determination of income from all forms of transactions in real estate, which refers to land as well as buildings and rights in relation thereto...

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