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Advisory on Tax Evasion by Salaried Taxpayers

Cautionary Advisory on Reports of tax evasion by under-reporting income or inflating deductions/Exemptions by salaried taxpayers. The Income Tax Department has from time to time issued advertisements requesting taxpayers to report their correct income in their Income Tax Returns....

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Posted Under: Income Tax |

Requirement for obtaining PAN card eased for corporate assessees

Requirement for obtaining PAN card u/s 139A of IT Act, 1961 eased for corporate assessees In case of a company, an application for incorporation, allotment of Permanent Account Number (PAN) and allotment of Tax Deduction and Collection Account Number (TAN) may be made through a Common Application Form submitted to the Ministry of Corporat...

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Posted Under: Income Tax |

India and Kazakhstan sign Protocol to amend DTAC

The Protocol provides internationally accepted standards for effective exchange of information on tax matters. Further, the information received from Kazakhstan for tax purposes can be shared with other law enforcement agencies with the authorisation of the competent authority of Kazakhstan and vice versa....

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Posted Under: Income Tax |

ITR 1 for AY 2018-19 is now available for e-Filing

ITR 1 for AY 2018-19 is now available for e-Filing. Other ITRs will be available shortly. ITR1 is applicable for For individuals being a resident other than not ordinarily resident having Income from Salaries, one house property, other sources (Interest etc.) and having total income upto Rs. 50 lakh Download Excel Utility of ITR 1 [&helli...

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Posted Under: Income Tax |

Download Sahaj (ITR 1), 2, 3, Sugam (ITR-4), 5, 6, 7 for A.Y. 2018-19

CBDT has vide notification No.16/2018 dated: 03rd April 2018 released ITR-1 SAHAJ, ITR-2, ITR-3, ITR-4-Sugam, ITR-5, ITR-6, ITR-7 and Acknowledgement- ITR-V for Assessment Year 2018-19 / Financial Year 2017-18 and Same can downloaded in PDF Format (Return Filing Utilities are also expected to be released soon) from the links given below:-...

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Posted Under: Income Tax |

Standard deduction available on pension from former employer: CBDT

The Central Board of Direct Taxes (CBDT) has clarified that the pension received by a taxpayer from his former employer is taxable under the head Salaries. The Finance Act, 2018 has amended Section 16 of the Income–tax Act, 1961...

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Posted Under: Income Tax |

CBDT signs 16 APAs in march 2018

Indian Advance Pricing Agreement regime moves forward with the signing of 16 APAs by CBDT in March, 2018 The Central Board of Direct Taxes (CBDT) entered into 14 Unilateral Advance Pricing Agreements (UAPA) and 2 Bilateral Advance Pricing Agreements (BAPA) during the month of March, 2018. The 2 bilateral APAs have been entered into with [...

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Posted Under: Income Tax |

6.84 crore Income Tax Returns (ITRs) filed during FY 2017-18

uring FY 2017-18, 6.84 crore Income Tax Returns (ITRs) were filed with the Income Tax Department as compared to 5.43 crore ITRs filed during FY 2016-17, showing a growth of 26%. There has been a sustained increase in the number of ITRs filed in the last four financial years. As compared to 3.79 crore ITRs filed in F.Y. 2013-14, the number...

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Posted Under: Income Tax |

Pay Your Advance Tax for F.Y. 2017-18 if not already paid by 31st March, 2018

Pay Your Advance Tax for F.Y. 2017-18 if not already paid by 31st March, 2018 with interest and avoid payment of excess interest on Self Assessment later on ...

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Posted Under: Income Tax |

Govt clarifies on requirement of furnishing Country-by Country Report

The Government of India issues clarification regarding requirement for furnishing of Country-by Country Report under Section 286(4) of Income Tax Act, 1961. ...

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Posted Under: Income Tax |
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