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Taxpayer to provide scrip/Unit wise details of Shares/MF sold in ITR

In case of long term capital gains (LTCG) arising on sale of equity shares or unit of equity oriented fund or unit of business trust on which STT is paid, separate computation of capital gains should be made for each scrip or units of mutual fund sold during the year and aggregated amount should be […]...

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Posted Under: Income Tax |

Ratification of Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved theratification of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI)...

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Posted Under: Income Tax |

Income Tax Department strikes again in J&K Region

The Income Tax Department conducted search and seizure operations today on a prominent business group based in Srinagar, covering 8 premises in Srinagar and 1 each at Bangalore and Delhi. The assessee group is engaged in the business of transportation, manufacturing of silk yarn, hospitality, retail trading of Kashmir Arts & Crafts etc....

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Posted Under: Income Tax |

Union Minister of Commerce & Industry Chairs Meeting on Export Credit 

To take Indian economy to 1 trillion dollar exports in goods, and 1 trillion dollar exports in services in the next five years, the Commerce Minister reiterated the importance of availability of credit at low rate of interest. He emphasised that it is the joint responsibility of banks and Government to ensure that export credit at competi...

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Posted Under: Income Tax |

4 Years Imprisonment to then Inspector of Income Tax in Bribery Case

The Special Judge, CBI Cases, Jodhpur (Rajasthan) has sentenced Sh. Mukesh Kumar Meena, then Inspector of Income Tax, Jodhpur to undergo four years Rigorous Imprisonment with fine of Rs. 20,000/- in a bribery case....

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Posted Under: Income Tax |

6 Suggestions for Amendments in Income Tax Act by BCAS

Bombay Chartered Accountants' Society has made a Representation on 'Suggestions for Amendments in the Income Tax Act', on 24th May, 2019, to the Joint Secretary TPL, Central Board of Direct Taxes, Ministry of Finance, Government of India....

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Posted Under: Income Tax |

ITR 1, 2, 3, 4, 5 & 7 for AY 2019-20 are available for e-Filing

Excel / Java Utility for ITR 1, ITR 2, ITR 3, ITR 4, ITR 5 & ITR 7 for AY 2019-20 is available for e-Filing. Other ITR Utilities will be available shortly. Update on 09/04/2019 ITR 1 is For Individuals being a Resident (other than Not Ordinarily Resident) having Total Income upto Rs.50 lakhs, having […]...

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Posted Under: Income Tax |

e-TDS/TCS Return Preparation / File Validation Utility wef 12.05.2019

As per the Income Tax Department notification 36/2019 dated April 12 2019, the new format to furnish the Form 24Q Quarter 4 statement is applicable with effect from May 12, 2019 onwards. Please download the new version of RPU and FVU to prepare and validate the e-TDS statements. A. e-TDS/TCS Return Preparation Utility Version 2.7 [&hellip...

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Posted Under: Income Tax |

Income Tax Department continues search action in J&K Region

Income Tax Department conducted search and seizure operations at 5 locations in the Kashmir Valley on 25.04.2019. The searches were carried out against a group which is a monopolistic wholesale distributor of pharmaceuticals in the Kashmir Valley....

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Posted Under: Income Tax |

Details of I-T search conducted in NCR on a group in Power sector

The Delhi unit of the Directorate General of Income-tax (Investigation) initiated search and seizure action on a group in NCR, Bhopal, Indore and Goa based upon credible information of large scale collection, possession and movement of unaccounted assets, a few weeks back....

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Posted Under: Income Tax |