Income Tax : Budget 2024 introduces significant amendments in trust-related provisions under the Income Tax Act, including registration timelin...
Income Tax : Learn about the amendment to Clause 22 of Form 3CD under Section 43B(h) and its impact on reporting requirements for payments to M...
Income Tax : Discover the intricacies of Income Tax Returns (ITR) in India, from types of forms to required documents and compliance measures, ...
Income Tax : Explore Section 119(2)(b) of the Income Tax Act, allowing CBDT to condone delays in ITR filing due to genuine hardships. Learn pro...
Income Tax : Understand the process of condonation under Section 119(2)(b) for filing returns with genuine hardship. Learn about the time limit...
Income Tax : Learn about the tax implications on haircuts taken by banks and creditors for companies resolved under the Insolvency and Bankrupt...
Income Tax : Explore the Lok Sabha query on technical glitches in the IT portal and TRACES. Learn about processing delays, PAN-Aadhaar issues, ...
Income Tax : The CBDT awards the Taxnet 2.0 project to Bharti-Airtel Ltd, enhancing the IT Department’s digital infrastructure with secure, r...
Income Tax : Read the inaugural address from Ravi Agrawal, the new Chairman of CBDT, outlining his vision for enhancing tax administration in I...
Income Tax : Read CAASs recommendations for fair tax audit allocation, ensuring auditor independence and quality. They suggested automated allo...
Income Tax : ITAT Kolkata held that CIT has not applied his mind analytically while assuming jurisdiction for taking cognizance under section 2...
Income Tax : ITAT Ahmedabad held the Discounted Cash Flow Method [DCF method] adopted by the assessee for valuing the CCPS is legitimate and in...
Income Tax : Delhi High Court held that once the Tribunal had called upon the AO to examine the issue afresh, the said direction could not have...
Income Tax : Rajasthan High Court held that section 119(2)(b) of Income Tax Act read with CBDT Circular No.09/2015 dated 09.06.2015 clearly ref...
Income Tax : Read the full judgment of Umang Mahendra Shah Vs Union of India by Bombay High Court, ruling that an order under Section 148A(d) w...
Income Tax : CBDT notifies Karnataka State Natural Disaster Monitoring Centre for tax exemptions on specific incomes. Effective for AY 2021-22 ...
Income Tax : Income Tax Circular 08/2024 exempts higher TDS/TCS rates if deductee/collectee dies before PAN-Aadhaar linkage, addressing taxpay...
Income Tax : Read about the latest income tax notification specifying AIMCo India Infrastructure Pension Fund for tax exemption under section 1...
Income Tax : Ministry of Finance amends tax exemption notification, extending the eligible investment deadline to 31st March 2025 under section...
Income Tax : CBDT Notification 91/2024 extends the deadline for Section 10(23FE) tax exemptions to March 31, 2025. Discover the key changes and...
This document deals with those FAQ’s which are not covered in the e-filing portal. The members may visit the www.incometaxindiaefiling.gov.in for other FAQ’s.
Accordingly, the government has set-up a Tax Administration Reform Commission (TARC). The term of the Commission will be 18 months. The Chairman of the Commission is Dr. Parthasarathy Shome and will be in the rank of Minister of State.
The due date for filing of Income Tax Return for Individuals, HUFs and non-auditable cases for A.Y. 2013-14 was extended by the Central Board of Direct Taxes (CBDT) from 31st July to 5th August, 2013 as there was an overwhelming response to e-filing from every corner of the country. 123.03 lakh returns have been e-filed till 5th August, 2013 which is 68.3% higher than 73.11 lakh returns e-filed in the corresponding period during last year.
Gross direct tax collections during April-July of the Financial Year 2013-14 is up by 13.27 percent at Rs. 1,57,169 crore as against Rs. 1,38,751 crore in the same period last year. While gross collection of Corporate taxes has shown an increase of 9.75 percent and stands at Rs. 92,115 crore during April-July in F.Y. 2013-14 as against Rs. 83,932 crore in the same period last year.
Tax Deductors Who Default In Depositing TDS by Due Date Shall be Liable for Prosecution: CBDT It has come to the notice of Income Tax Department that many times the tax deductors, after deducting TDS from specified payments, are deliberately not depositing the taxes so deducted in Government account and continue to deploy the funds […]
As part of its ongoing initiative, the Income Tax Department has, on 22nd July, 2013 sent letters to another batch of 35,000 non filers. These persons were part of the around 12 lakh non-filers identified as a result of data matching exercise. With this latest batch, the Department has now issued letters in 2,10,000 high priority cases.
The CBDT has, vide notification dated 1-05-2013, made E-filing of Return compulsory for Assessment Year 2013-14 for persons having total assessable income exceeding Five lakh rupees. The CBDT vide its earlier notifications had exempted salaried employees having total income upto Rs. 5 lakhs including income from other sources upto Rs. 10,000/- from the requirement […]
Ministry of Finance Constitutes a Forum Chaired by Dr. Parthasarathi Shome, Adviser to the Finance Minister for Exchange of Views between Industry Groups and Government on Tax Related Issues or Tax Related Disputes; Forum to Meet Every Wednesday; First Meeting of the Forum on August 7, 2013
The Income Tax Department is ready to take a jibe on your cash transactions. These dealings were in the IT radar in the past as well but after the drive to make the system more transparent a cash limit has been set. The IT department will now check the details of any cash transaction of more […]
Sub:- Estt. Group ‘A’ – Transfer and posting of Deputy/Asstt. Commissioners of Income-tax – Reg. The following transfers and postings in the grade of Deputy/Assistont. Commissioners of Income-tax ore hereby ordered with immediate effect and until further orders:-
