Category Archives: Income Tax

e-TDS/TCS RPU version 2.2 for TDS returns

By | January 12, 2018

e-TDS/TCS RPU version 2.2 for TDS returns released by NSDL The New e-TDS/TCS Return Preparation Utility Ver. 2.2 released by NSDL today for Regular & Correction quarterly e-TDS/TCS statements is applicable from FY 2007-08 Guidelines for usage of these RPUs are provided in the respective utilities. The users are advised to read these guidelines carefully before the… Read More »

Benami Properties of more than Rs. 3,500 crore attached by income Tax Department

By | January 11, 2018

Ministry of Finance Income Tax Department steps-up actions under Prohibition of Benami Property Transactions Act : Benami properties of more than Rs. 3,500 crore in more than 900 cases attached Posted On: 11 JAN 2018 12:54PM by PIB Delhi Due to intensive efforts undertaken by the Income Tax Department, provisional attachment has been made in… Read More »

Circular No 01/2018 : Processing of income-tax returns under section 143(1) :Mismatch 26AS /16A

By | January 11, 2018

Circular No 01/2018 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi, the 10th of January, 2018 Order under section 119 of the Income-tax Act, 1961 Subject: Processing of income-tax returns under section 143(1) of the Income-tax Act which were filed in Forms ITR-1 to 6 &… Read More »

Direct Tax Collections for F.Y. 2017-2018 : Growth of 18.2% up to December 2017

By | January 10, 2018

Ministry of Finance Direct Tax Collections for F.Y. 2017-2018 show Growth of 18.2% up to December, 2017 Posted On: 09 JAN 2018 11:31AM by PIB Delhi The provisional figures of Direct Tax collections up to December, 2017 show that net collections are at Rs. 6.56 lakh crore which is 18.2% higher than the net collections for the corresponding period… Read More »

Amendment to 7.75% Savings (Taxable) Bonds 2018 Scheme

By | January 10, 2018

Government of India Ministry of Finance Department of Economic Affairs New Delhi, dated January 08, 2018 Notification Amendment to 7.75% Savings (Taxable) Bonds 2018 Scheme S.O………. The Government of India, hereby notifies, with effect from the date of this Notification, the following amendments in the conditions specified in 7.75% Savings (Taxable) Bonds 2018 notified vide Notification… Read More »

Jewellery disclosed in regular return : No addition to income : Judgment

By | January 8, 2018

Issue CIT(A) confirmed addition of Rs. 22,57,632 on account of jewellery u/s. 69A of the Income Tax Act, 1961.  Held CBDT Instruction 1916 dated 11-05-1994 “Instances of seizure of jewellery of small quantity in the course of operation under section 132 have come to the notice of the Board. The question of a common approach… Read More »

Union Budget 2018 of India to be presented on February 1, 2018

By | January 8, 2018

Parliamentary Affairs Minister, Ananth Kumar said that the Budget Session of the Parliament will begin on January 29, 2018 and the Union Budget 2018 will be presented by the Finance Minister on February 1 2018. Both the houses of the Parliament, i.e., Rajya Sabha and Lok Sabha will have a joint sitting on 29th January,… Read More »

Budget 2018 :Tax benefit on Medical reimbursements for retired employees : ICAI suggestion

By | January 8, 2018

Provide Tax benefit on Medical reimbursements for retired employees: ICAI Issue/Justification Under section 17 of the Income tax Act, medical reimbursements to employees are exempted from tax up to Rs. 15,000 per annum. Further, the expenditure incurred by the employer for the medical treatment of the employees and his family in approved hospitals is also… Read More »

Budget 2018: Reintroduce standard deduction for salaried assessees

By | January 8, 2018

Reintroduction of standard deduction for salaried assessees under Section 16 of Income Tax Act Issue/Justification Salaried employees are not allowed deduction of any expenses incurred during the course of the employment other than profession tax on employment. There are various expenses that the employees incur during the course of employment which they cannot claim as… Read More »

MAT on Companies : Relaxation in case of corporate insolvency resolution process

By | January 8, 2018

Ministry of Finance Relaxation in the provisions relating to levy of Minimum Alternate Tax (MAT) in case of companies against whom an application for corporate insolvency resolution process has been admitted under the Insolvency and Bankruptcy Code, 2016 Posted On: 06 JAN 2018 8:51PM by PIB Delhi The existing provisions of section 115JB of the… Read More »

TDS on Salaries for FY 2017-18 : CBDT Circular No 29 /2017

By | January 7, 2018

CIRCULAR NO 29 /2017 Deduction of Tax at Source from Salaries u/s 192 of the Income Tax Act, 1961 for FY 2017-18-CBDT Circular Under section 192 of the Income Tax Act, 1961, every person responsible for paying any income chargeable under the head “Salaries” is liable to deduct income-tax on the estimated income of the… Read More »

7.75% Savings (Taxable) Bonds Launched by Govt of India : Should you Buy ?

By | January 5, 2018

7.75% Savings (Taxable) Bonds Ministry of Finance GOI announces launch of 7.75% Savings (Taxable) Bonds, 2018 commencing from 10th January 2018 Posted On: 04 JAN 2018 10:08AM by PIB Delhi Government of India has announced to launch of 7.75% Savings (Taxable) Bonds, 2018 commencing from 10th January 2018 to enable resident citizens/HUF to invest in a taxable… Read More »

Electoral Bonds Scheme Notified by Govt of India for political funding

By | January 3, 2018

The Government of India notifies the Scheme of Electoral Bonds to cleanse the system of political funding in the country; Electoral Bond would be a bearer instrument in the nature of a Promissory Note and an interest free banking instrument; Bond(s) would be issued/purchased for any value, in multiples of Rs.1,000, Rs.10,000, Rs.1,00,000, Rs.10,00,000 and… Read More »

Income Tax India Help Desk Number / Income Tax India e-Filing Helpline Numbers

By | December 31, 2017

Income Tax e-Filing Helpline Numbers Revised e-Filing Helpdesk number for General Queries related to Income Tax, Rectification, Refund, Intimation and other Income Tax Processing Related Queries, e-Filing of Income Tax Return or Forms and other value added services provided through e-Filing Portal, Form 16, Tax Credit (Form 26AS) and other queries related to TDS statement,… Read More »

Operation Clean Money : Data analytics is used to match income tax return

By | December 30, 2017

Ministry of Finance Operation Clean Money Posted On: 29 DEC 2017 5:08PM by PIB Delhi As a part of post-demonetisation exercise, Income Tax Department had to analyse cash deposit data and seek information to identify possible cases of tax evasion. Operation Clean Money (OCM) was launched on 31st January 2017, with the mission to “Create… Read More »

Revised Income Tax Return & Rectification : Answer to Common Questions

By | December 28, 2017

Revised Income Tax Return & Rectification 1. Can I make rectification or other correspondence with CPC in paper form? Answer: No. 2. What CPC reference number should I enter while filing Rectification request? Answer: You need to enter the Communication Reference Number as per the latest order/intimation received from CPC u/s 143(1) OR 154. 3. I am… Read More »

How to change personal details in Income Tax Return after upload

By | December 28, 2017

How to change wrong personal details filled in income tax return. For wrong personal details (i.e. Bank Account, Address, Mobile number and e-mail id) filled inadvertently in the ITR, there is no need to revised the return. Income Tax E-filing website has added a new feature to correct such wrong details. However, such Any update/change can be made… Read More »

Can I send the ITR V (income Tax Acknowledgment) to CPC by Registered Post

By | December 27, 2017

Can I send the ITR-V to CPC by Registered Post Answer: The tax payer has to send the duly signed copy of ITR-V to “Centralized Processing Centre, Income Tax Department, Bengaluru 560500 within 120 days of uploading the retur  by Ordinary post or Speed post ONLY. Related Post Income Tax Books Income Tax Press Release Income Tax Act… Read More »

Transferring Income Tax Case of Assessee to different officer : Hearing opportunity to Assessee not required

By | December 26, 2017

Held This Court has found that there has been an agreement between the two Heads of Department and the petitioner cannot plead for an opportunity to be granted before an order of transfer, as there is no such statutory requirement under the Act, rather, the said procedure has been specifically excluded. [ 2017 ] 05122017… Read More »

Subsidy scheme incentive for Multiplex Theatre held as Capital receipts : Supreme Court

By | December 26, 2017

Held The subsidy scheme in the West Bengal case is similar to the scheme in the Maharashtra case being to encourage development of Multiplex Theatre Complexes which are capital intensive in nature, and since the subsidy scheme in that case is also similar to the Maharashtra cases, in that the amount of entertainment tax collected… Read More »

Linking of Aadhaar with mobile no. & opening of Bank Account : Supreme Court Extended timelines

By | December 26, 2017

SC extends deadline for linking of Aadhaar with mobile no. & opening of Bank Accout till 31.03.2018 REPORTABLE IN THE SUPREME COURT OF INDIA CIVIL ORIGINAL JURISDICTION WRIT PETITION (CIVIL) NO 494 OF 2012 JUSTICE K S PUTTASWAMY (RETD ) AND ANR ….. PETITIONERS Versus UNION OF INDIA AND ORS ….. RESPONDENTS WITH T C… Read More »

Notification No 98/2017 : Income Tax Notice can be served on address available on the records of govt, , bank, post office, insurance companies etc.

By | December 23, 2017

Income Tax Notice Summary of Notification No 98/2017 : Income Tax notice can be served as per rule 127 (2) of Income Tax Act Rules. Now the Govt has added 2nd proviso to this rule by Notification No 98/2017  and added more places where income tax notice can be served Rule 127 (2) of Income Tax Rules :-… Read More »

Increase in number of tax payers post demonetization in India

By | December 23, 2017

Ministry of Finance Increase in number of tax payers post demonetization Posted On: 22 DEC 2017 4:19PM by PIB Delhi During the period from November 2016 to March 2017, the Income-tax Department (ITD) conducted searches on around 900 groups, wherein undisclosed income of over Rs. 7,900 crores was admitted. During the same period, more than… Read More »

Income Tax Return Statistics for AY 2015 16 released by CBDT

By | December 21, 2017

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 20th December, 2017 PRESS RELEASE Release of Income Tax Return Statistics for AY 2015-16. Central Board of Direct Taxes (CBDT) has been proactively releasing Time-series Data relating to Direct Tax collections, number of taxpayers, cost of collection etc., as… Read More »

Govt Measures to Control and Curb Parallel Economy and Unaccounted Transactions 

By | December 20, 2017

Ministry of Finance Measures taken by Government to Control and Curb Parallel Economy and Unaccounted Transactions Posted On: 19 DEC 2017 5:17PM by PIB Delhi The Government has taken several measures to effectively control and curb the prevalence of parallel economy and unaccounted transactions. Major steps in this regard constitute:-   1.   Enactment of the… Read More »

FM hold 7th Pre-Budget Consultation Meeting with Banks and Financial Institutions

By | December 16, 2017

The Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley holds his 7th Pre-Budget Consultation Meeting with the representatives of the Banks and Financial Institutions (FIs) in national capital today; FM: In order to strengthen the banks, which are the key pillars of the economy, the Central Government has decided to take a massive… Read More »

Aadhaar linking with PAN : date extended till 31.03.2018

By | December 13, 2017

Extension of deadline till 31.3.18 for submission of Aadhaar number, and Permanent Account Number or Form 60 by client to the reporting entity  After considering various representations received and inputs received from Banks, it has been decided to notify 31st March, 2018 or six months from the date of commencement of account based relationship by the… Read More »

Pre Budget Memoranda 2018 submitted by ICAI

By | December 13, 2017

ICAI submits Pre-Budget Memoranda-2018 – (11-12-2017) PRE-BUDGET MEMORANDUM – 2018 DIRECT TAXES AND INTERNATIONAL TAX 1.1 The Council of the Institute of Chartered Accountants of India considers it a privilege to submit this Pre-Budget Memorandum – 2018 on Direct Taxes and International tax to the Government. The memorandum contains suggestions for the consideration of the… Read More »

6th Pre-Budget Consultation Meeting of FM with IT (Hardware &Software) Group

By | December 12, 2017

The Union Finance Minister Shri Arun Jaitley holds his 6th Pre-Budget Consultation Meeting with Stakeholders from IT (Hardware &Software) Group;Highlights the steps taken by the present Government to make India a global hub for electronics manufacturing;  IT Sector Heads seek help from Government against Protectionist Policies; also seek Tax incentives for growth of the sector… Read More »

50 Crores of Demonetized Currency recovered ! fine Could be Rs 245 crores.

By | December 10, 2017

Dri Strikes Against Black Money – Recovers about Rs.50 Crores of Demonetized Currency Sleuths of the Directorate of Revenue Intelligence (DRI), a pioneer Intelligence Agency of the Government of India, zeroed in on an office premises at Bharuch in Gujarat State and recovered about Rs. 48.91 crores of demonetised currency in Rs. 500 and Rs.1,000… Read More »

CBDT extends date till 31.3.18 for linking of Aadhaar with PAN 

By | December 8, 2017

CBDT extends date till 31.3.18 for linking of Aadhaar with PAN Under the provisions of recently introduced section 139AA of the Income-tax Act, 1961 (the Act), with effect from 01.07.2017, all taxpayers having Aadhaar Number or Enrolment Number are required to link the same with Permanent Account Number (PAN). In view of the difficulties faced… Read More »

Income Tax Department suspends an officer for harassing the taxpayer

By | December 8, 2017

Income Tax Department suspends an officer for harassing the taxpayer A complaint was received making serious allegations against Shri D. K. Meena, Deputy Commissioner of Income Tax, posted at Surendranagar in Gujarat Region for harassing a taxpayer in a scrutiny case with malafide intention. The officer was alleged to have demanded illegal gratification through the… Read More »

Sampath Iyengar’s Law of INCOME TAX – 12th Edition 2017 Book : Bharat Publication

By | December 8, 2017

Sampath Iyengar’s Law of INCOME TAX (In 10 vols.) [Volumes 1 & 2 released] Price Rs 2324  Click to buy online Publisher: Bharat Law House Pvt. Ltd. Edition: 12th edn., 2017 Year: 2017 ISBN: 978-93-5139-555-3 Pages: 1728   About Sampath Iyengar’s Law of INCOME TAX [Volume 9 released] CHAPTER XVII Collection and Recovery of Tax (Contd.)… Read More »

​Is leave encashment taxable as salary?​​

By | December 4, 2017

​Is leave encashment taxable as salary?​​ It is taxable if received while in service. As per Section 17(1) of Income Tax Act  : (1) “salary” includes— —- (va) any payment received by an employee in respect of any period of leave not availed of by him; Leave encashment received at the time of retirement is exempt in the… Read More »

Proof to be given to employer for adjustment of House Property Loss from Salary Income

By | December 4, 2017

What are the proof to be submitted  to employer for adjustment of House Property Loss from Salary Income The employee has to furnish before the employer a i) certificate from the person to whom any interest is payable on the borrowed capital specifying the amount of interest payable. In case a new loan is taken… Read More »

Income Tax on Arrear of Salary

By | December 4, 2017

Income Tax on Arrear of Salary Are arrears of salary taxable?​​​​ Yes. However, the benefit of spread over of income to the years to which it relates to can be availed for lower incidence of tax. This is called as relief under Section 89​ of the Income-tax Act.​​  The relief under section 89(1) is arithmetical.… Read More »

Income Tax on Gratuity

By | December 4, 2017

What is the taxability of Gratuity under Income Tax Act 1961 of India? ​​In the hands of a Government employee , Gratuity receipts are exempt from tax [ Section 10(10)(i) of Income Tax Act ] In the hands of non-Government employee,  Gratuity is exempt subject to the limits prescribed in this regard [Section 10(10)(ii)  and… Read More »

When Pension Income is not Taxable under Income Tax Act ?

By | December 4, 2017

When Pension Income is not Taxable under Income Tax Act ? In following cases Pension income is exempt : i) Pension received by an individual who has been in the service of the Central Government or State Government and has been awarded “Param Vir Chakra” or “Maha Vir Chakra” or “Vir Chakra” or such other… Read More »