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Cabinet approves Banning of Unregulated Deposit Schemes Ordinance, 2019

Cabinet approves Promulgation of the Banning of Unregulated Deposit Schemes Ordinance, 2019 The Union Cabinet chaired by Prime Minister Narendra Modi has approved the Promulgation of Unregulated Deposit Schemes Ordinance, 2019. Benefits: The proposed Ordinance will immediately tackle the menace of illicit deposit taking activities in the ...

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Posted Under: Income Tax |

Message from outgoing Chairman, CBDT Sushil Chandra

It has been an honour being the head of this Department which works with such professionalism and efficiency. As head of the Income Tax family, it has always been my endeavour to take the Department to greater heights. ...

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Posted Under: Income Tax |

I-T officer gets 7-year imprisonment; mother, 90, jailed in DA case

SEVEN YEARS RIGOROUS IMPRISONMENT WITH FINE OF RS.3.5 CRORE TO THEN ADDITIONAL COMMISSIONER OF INCOME TAX IN DISPROPORTIONATE ASSETS CASE; THREE OTHER ACCUSED ALSO SENTENCED The Special Judge, CBI Cases, Dehradun (Uttarakhand) has sentenced Shri Swetabh Suman(an IRS Officer of 1988 Batch), the then Additional Commissioner of Income Tax, J...

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Posted Under: Income Tax |

Mandatory to link Aadhaar-PAN by 31.03.2019 to to file Income Tax Return

Aadhaar-PAN linking is mandatory now which has to be completed till 31.3.2019 by the PAN holders requiring filing of Income Tax Return. Constitutional validity of Aadhaar has been upheld by the Hon’ble Supreme Court of India in September 2018. Consequently, in terms of Section 139AA of Income Tax Act., 1961 and order dated 30.6.2018...

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Posted Under: Income Tax |

Taxation of Digital Businesses

The Government has not held any consultation regarding taxation of digital businesses as such. However, to address the challenges posed by the enterprises who conduct their business through digital means and carry-out activities in the country remotely, the following measures have been taken:...

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Posted Under: Income Tax |

Income Tax Refund and Return filed during last 3 Financial Years

The level of income-tax compliance has continuously increased over the last three Financial Years, which is reflected in the number of Income-Tax Returns filed over this period, as given hereunder: – S.No. Financial Year Total Number of Income Tax Returns filed Percentage increase over previous Financial Year (a) (b) (c) (d) 1 2015-...

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Posted Under: Income Tax |

CBDT denies charges of angel Tax Recovery from Travel Khana

It has come to the notice of CBDT, through some media reports that Rs. 36 lakh have been recovered from a startup, namely, Travel Khana as part of recovery of outstanding demand on account of Angel Tax. It has been alleged that this was in violation of the CBDT instructions dated 24th December, 2018 pertaining to recovery of dues in Angel...

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Posted Under: Income Tax |

Five Years jail to then ADIT for Accepting Bribe of Rs. One Lakh

Five Years Rigorous Imprisonment To Then Assistant Director Of Income Tax And A Private Person For Accepting Bribe Of Rs. One Lakh The Special Judge, CBI Cases, Dhanbad (Jharkhand) has sentenced Sh. Swarn Singh, then Assistant Director, Income Tax (Investigation), Dhanbad to undergo five years Rigorous Imprisonment with a fine of Rs. one ...

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Posted Under: Income Tax |

CA IPC / Intermediate November 2018 Exams Pass Percentage & Toppers

The results of Chartered Accountants Intermediate (IPC) & Intermediate (New) Examination were declared today by the Institute of Chartered Accountants of India (ICAI). Chartered Accountants Intermediate (IPC) Examination held in November, 2018 I. Details of top three rank holders on All India Basis for Chartered Accountants Intermedia...

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Posted Under: Income Tax | ,

Cabinet Approves Abolition of Institution of Income-Tax & Indirect Tax Ombudsman

Union Cabinet chaired by PM Narendra Modi has approved the proposal for Abolition of Institution of Income-Tax Ombudsman and Indirect Tax Ombudsman....

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Posted Under: Income Tax |