Income Tax news

Income Tax Department conducts search on a prominent business group in Pune

Income Tax Department conducted searches on a prominent business group in Pune on 06/11/2019 under the Income Tax Act, 1961. The searches were conducted at various places covering the cities of Pune, Mumbai, Nagpur, Delhi, Bengaluru and Noida....

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Income Tax Department makes high cash seizure in Pune

Income Tax Department conducted a search in the case of a businessman in Pune on 04/11/2019 and made a high cash seizure. The search was conducted at the residence of the businessman....

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Revised Audit Manual 2019 for use of Income Tax Department

Audit is a significant mechanism to protect the interest of revenue. For effective audit, the CBDT issues Instructions and guidelines from time to time, Audit Instructions were also revised by the Instruction No. 6 and Instruction No. 7 of 2017 and the work related to assessment is now being done on ITBA module, and the Audit work has als...

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Compilation of Income Tax Case Laws for Departmental Officers

‘Decision Kit for Departmental Officers’ is brought out for the use of the Officers of the Department. This is compiled by Shri Y.V.S.T.Sai, I.R.S., Commissioner of Income Tax, Hyderabad. This compilation book would serve as a ready reference and handy tool to the Officers of the Department in their core functions. As it is often [&he...

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Cabinet approves amendment of DTAA between India and Brazil

Cabinet approves protocol amending the Convention between India and Brazil for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income he Union Cabinet Chaired by the Prime Minister Shri Narendra Modi approved the signing of the Protocol amending the Convention between the Government of the Republ...

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Extend due date of filing Income Tax Return & Tax Audit Report

Sales Tax Bar Association Request for extension of due date of filing Income Tax Returns and Tax Audit Reports for the Assessment Year 2019-20 to 15th November 2019. Text of the representation is as follows:- SALES TAX BAR ASSOCIATION (REGD.) Office: IInd Floor, Department of Trade & Taxes, Vyapar Bhawan, Indraprastha Estate, New Delh...

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Ind AS Technical Facilitation Group Clarification Bulletin 23: How to give effect to Taxation Laws (Amendment) Ordinance, 2019

Whether a domestic company can give effect to lower tax rate as per the Ordinance while determining current tax and deferred tax assets or liabilities for the purpose of presenting interim results/ interim financial statements as of 30 September 2019?...

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Income Tax Department conducts search on a prominent business group in Delhi 

Income Tax Department conducted search operation on a group based in Delhi in connection with tax evasion and money laundering. The group is engaged in various e-governance projects and financial services. It has presence across several cities in India and also in Dubai....

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Income Tax Department conducts Search on wellness group

On 16.10.2019, the Income Tax Department conducted search action under the Income-tax Act, 1961 in the case of a conglomerate of trusts and companies that run year-round wellness courses and training programmes in philosophy, spirituality, etc at various sprawling residential campuses in Varadaiahpalem in AP, and also in Chennai and Banga...

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Extend due date to take Input Tax Credit for Financial Year 2018-2019

As per the above provision the last date for taking input tax credit for the Financial Year 2018 — 2019 is 20th October 2019 We humbly submit the following practical issues before your good self: Last date for Income Tax Audit under section 44AB is extended till 31st October 2019. It is respectfully submitted over and above the tax pay...

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