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Addition for Issue of Share by Start-ups at Premium- No coercive measures to recover Tax

F.No.173/14/2018-ITA-I Government of India Ministry of Finance Department of Revenue (CBDT) North Block, New Delhi, Dated 24-December, 2018 To, All Principal Chief Commissioners of Income-tax Madam/Sir Subject: – Determination of fair market value of unquoted equity shares of ‘Start Up’ companies under section 56(2)(vii...

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Posted Under: Income Tax |

CBI Arrests Three Officials of Income Tax for demanding bribe

CBI ARRESTS THREE OFFICIALS OF INCOME TAX AND AN OFFICER OF IOCL IN SEPARATE CASES OF BRIBERY The Central Bureau of Investigation has arrested an Inspector, Income Tax, Ward No. 42 (3), New Delhi for demanding and accepting a bribe of Rs. 60,000/- from the complainant. A case was registered on a complaint. It has […]...

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Posted Under: Income Tax |

DIPP Clarification on IT Notice to Angel Investors/Start-ups

The Department of Industrial Policy & Promotion(DIPP) has taken notice of the news reports regarding issue of notices by Income Tax authorities to Angel Investors/Start-ups. DIPP in consultation with the Department of Revenue (DoR) has put in place a mechanism since April 2018 to grant exemption from the provisions of Section 56(2)(vi...

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Posted Under: Income Tax |

Time to say no to Cash, Go Cashless, Go Clean

IT’S TIME TO SAY NO TO CASH !  Go, Cashless. Go, Clean DON’T… Accept cash of Rs. 2,00,000/- or more in aggregate from a single person in a day or for one or more transactions relating to one event or occasion Receive or repay Rs. 20,000/- or more in cash for transfer of Immovable Property Pay more than […]...

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Posted Under: Income Tax |

E-Returns Filed by Individual Tax Payers during last four financial years

E-Returns Filed by the Individual Tax Payers There has been a growth in the number of e-Returns filed by the individual tax payers during the last four years. The number of income-tax returns filed and the annual growth rate during the last four financial years are as under: Financial Number of Income Tax Returns Growth […]...

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Posted Under: Income Tax |

Direct Tax Collections for F.Y. 2018-19 up to November, 2018

Gross collections at Rs. 6.75 lakh crore which is 15.7% higher than the gross collections for the corresponding period of last year The Provisional Figures of Direct Tax Collections up to November, 2018 show that gross collections are at Rs. 6.75 lakh crore which is 15.7% higher than the gross collections for the corresponding period...

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Posted Under: Income Tax |

National Pension System (NPS)- Govt approves Tax Relief Proposals

The Union Cabinet in its Meeting on 6th December, 2018 has approved the following proposal for streamlining the National Pension System (NPS). Enhancement of the mandatory contribution by the Central Government for its employees covered under NPS Tier-I from the existing 10% to 14%....

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Posted Under: Income Tax |

RfP for Concurrent Audit of Operations of Branch Office, SIDBI

Small Industries Development Bank of India Request for Proposal (RfP) For Concurrent Audit of Operations of Branch Office, SIDBI. CA will have to submit the following reports to the Management...

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Posted Under: Income Tax |

CBI Files a Chargesheet against an ITO & 2 others in Bribery Case

A case was registered on 08.01.2018 against the private person (retired Income Tax Inspector) on a complaint alleging that the accused had demanded a bribe of Rs. 70,000/- on behalf of Income Tax Officer for not imposing penalty regarding settlement of complainant's Income Tax matter....

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Posted Under: Income Tax |

Dr. Ajay Bhushan Pandey takes over as Revenue Secretary

Ministry of Finance Dr. Ajay Bhushan Pandey takes over as Revenue Secretary Posted On: 30 NOV 2018 Dr. Ajay Bhushan Pandey (IAS: MH 1984) took over as the Union Revenue Secretary upon superannuation of Dr Hasmukh Adhia here today. Outgoing Finance Secretary & Revenue Secretary, Dr Hasmukh Adhia welcomed Dr Pandey in his office. A [&he...

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Posted Under: Income Tax |