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Prompt investigation in fresh series of cases pertaining to ‘Panama Papers’

The fresh release made in the media today under ‘Panama Paper Leaks’ is being promptly looked into by the law enforcement agencies under the aegis of the Multi Agency Group (MAG) already constituted for facilitating coordinated and speedy investigation. ...

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Posted Under: Income Tax |

Know When to Say No To Cash Transaction

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 MAO in cash relating to expenditure of business/profession...

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Posted Under: Income Tax |

Caution – Online PAN applicants

The general public is hereby informed that the Income Tax Department (ITD), Government of India has appointed only two entities namely NSDL e-Governance Infrastructure Limited (NSDL e- Gov) and UTI Infrastructure Technologies Services Limited for purpose of receiving and processing of PAN applications. ...

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Posted Under: Income Tax |

Technical Guide on Understanding Income Tax Return Forms For AY 2018-19

The CBDT has recently notified the new ITR Forms applicable for AY 2018- 19 vide notification no. 16/2018, dated 03.04.2018. These ITR Forms contain significant changes which need due analysis. As you all are aware the ICAI has always been proactive in disseminating the knowledge and sharpening the skills of its members. In furtherance of...

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Posted Under: Income Tax |

Revised PAN & TAN application fees wef 16.06.2018

Refer to Circular No.: NSDL/TIN/2018/012 dated Jun 13, 2018, related to Revised PAN application fees . Income Tax Department (ITD) has decided to revise the PAN application fee to be collected from applicants. The PAN applicants shall now have the option to get a physical PAN card or an e-PAN card while submission of PAN applica...

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Posted Under: Income Tax |

CBDT proposes amendments to Form No. 36, 36A and Rule 47

Income-tax Rules, 1962 (I.T.Rules) prescribe Form No.36 for filing an appeal to the Income Tax Appellate Tribunal (ITAT). Further, a memorandum of cross objections to the ITAT can be filed in Form No.36A. ...

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Posted Under: Income Tax |

CBDT dedicates fortnight for pending appeal effect – rectification matters

Redressal of public grievances and taxpayer service is an area of top priority for the CBDT and the Income Tax Department. In this connection, a fortnight from 1st June to 15th June, 2018 has been dedicated for expeditious disposal of pending appeal effect and rectification matters....

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Posted Under: Income Tax |

Shifting of DGIT (Vigilance) to new premise

It is to inform that the Directorate General of Income Tax (Vigilance) is shifting to new premise at 2' Floor, JLN Stadium, New Delhi. All telephone lines etc. have also been disconnected. ...

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Posted Under: Income Tax |

No loss of files of Nirav Modi/ Mehul Choksi in Scindia House fire

News reports have been appearing in some sections of the media alleging that records & documents relating to investigation into the Nirav Modi/Mehul Choksi case have been destroyed in the Scindia House fire in Income Tax Office in Mumbai. It is hereby clarified that the said reports are completely false & misdirected....

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Posted Under: Income Tax |

Income Tax Informants Reward Scheme, 2018 with higher reward

Under the Income Tax Informants Reward Scheme, 2018 a person can get reward up to Rs. 50 lakh for giving specific information in prescribed manner to the designated officers of Investigation Directorates in Income Tax Department about substantial evasion of tax on income or assets in India which are actionable under the Income-tax Act, 19...

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Posted Under: Income Tax |
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