This year’s Budget is quite progressive and will spur investment-led sustainable and inclusive growth. This Budget has made commitment for the next generation of tax reforms, stability of tax regime and fiscal consolidation. The announcement regarding retrospective amendments would facilitate a healthy investment climate in India.
It has come to notice of the Central Government that foreign nationals are buying immovable property illegally in some parts of the country. Many organizations and social groups have also made representations to the Central Government expressing their serious concerns in this regard. It has also been observed that foreign nationals coming to India and […]
The Taxpayer who has not received the email PIN are requested by Income Tax Department to check for email from Department for PIN in your Inbox as well as the Spam or Junk folder (mail id – DONOTREPLY@incometaxindiaefiling.gov.in). Income Tax Department has also requested taxpayers to add their official email id DONOTREPLY@incometaxindiaefiling.gov.in) in their email […]
The existing Form No. 3CA, Form No. 3CB and Form No. 3CD have been substituted vide notification no. 33/2014 dated 25.07.2014 with immediate effect. Taxpayers and CAs are advised to await the release of the new schema and utility to submit in the newly notified aforementioned Forms. Taxpayers and CAs are advised that any upload […]
FIVE YEARS RIGOROUS IMPRISONMENT WITH FINE OF RS. 90,000/- EACH TO THEN SUPERINTENDENT AND THREE INSPECTORS, ALL OF CENTRAL EXCISE IN A BRIBERY CASE The Special Judge(West), Anti-Corruption, Lucknow(U.P) has convicted Shri R.K.Srivastava, then Superintendent and three Inspectors, S/Shri A.K.Gaba, Dushyant Kumar & Alok Gupta, all of Central Excise U/s 120-B r/w 7 and 13 […]
After a Wait of almost 4 Months CBDT has finally released ITR 6 Java Utility required for online filing of Income Tax Returns of Companies other than a company claiming exemption under section 11 for Assessment year 2014-15 i.e. Financial Year 2013-14. CBDT has Yesterday released only Java Utility, which means we have to wait […]
Indirect Tax Revenue (Provisional) Collections During April-June 2014 Increase from Rs 1,08,639 Crore to Rs.1,13,570 Crore Registering an Increase of 4.5 % over the Corresponding Period in last Financial Year. The overall growth in Indirect Tax Revenue (Provisional) Collections during the first quarter of current fiscal year i.e. April-June 2014 have increased from Rs. 1,08,639 […]
Finance Minister Asks Officers of Income Tax Department to Maximise the Use of Non Intrusive and Innovative Methods of Investigation; Calls for Training for Upgradation of Skills and Need for Capacity Building The Union Finance Minister, Shri Arun Jaitley exhorted the officers of the Income Tax Department to maximize the use of innovative and non-intrusive […]
Executive Summary Partnership Firms (Firms) along with Association of Persons (A0Ps) and Body of Individuals (B0Is) constitute one of the major businesses apart from the corporate sector in India. Firms are governed by India Partnership Act, 1932. The Income Tax Act, 1961 (Act) provides various exemptions and deductions to the Firms. Income Tax Department (ITD) […]
HighlIghts of CAG Report on Direct Taxes This Report discusses trends, composition and systemic issues in direct taxes using data from Finance Accounts, departmental accounts, departmental MIS and findings of compliance audit. Gross tax receipts (GTR) of Union Government in FY 2012-13 was RS. 10,36,460 crore which represented 10.25 per cent of the GDP. Share […]
