Category Archives: Income Tax Press Release

Income Tax refunds of Rs.70,000 crore issued with special drive : CBDT

By | July 4, 2018

Ministry of Finance Special drive for expeditious clearance of pending appeal effect and rectification matters and issue of refunds Posted On: 04 JUL 2018 3:36PM by PIB Delhi The Income Tax Department observed a dedicated fortnight from 1st to 15th June, 2018 to expeditiously clear pending matters of appeal effect and rectification. More than 20,000 such matters… Read More »

CBDT invites suggestions on new Rule 11UAB of IT Rules 1962

By | May 4, 2018

Ministry of Finance CBDT invites suggestions on draft notification pertaining to new Rule 11UAB of IT Rules, 1962 Posted On: 03 MAY 2018 8:39PM by PIB Delhi Finance Act, 2018 has inserted clause (via) to section 28 of the Income-tax Act, 1961 (‘the Act’) so as to provide that any profit and gains from conversion… Read More »

Claiming Exemption u/s 10 & 11 in ITR-7 is Pre-requisites for accurate processing of ITR

By | April 29, 2018

Guidelines issued by CPC for claiming Exemption u/s 10 & 11 As per the provisions of Income Tax Act, the exemption of income under sections 10 and 11 is governed by certain statutory conditions and procedures. In order to assist you in complying with these conditions and procedures, your attention is drawn to the following… Read More »

Income Tax Informants Reward Scheme 2018 

By | April 25, 2018

Income Tax Informants Reward Scheme 2018  Under Income Tax Informants Reward Scheme 2018 A person can get reward up to Rs. Five crore by giving specific information about evasion of Income tax on income and assets in India and abroad. Identity of the informant shall be kept confidential. Full details of Under Income Tax Informants Reward… Read More »

Tax on long term gain on Transfer of equity share : Govt invites Comment

By | April 24, 2018

Government invites comments on draft Notification under section 112A as inserted by Finance Act, 2018 by 30th April, 2018 Posted On: 24 APR 2018 5:17PM by PIB Delhi The Finance Act, 2018 has withdrawn the exemption under clause (38) of Section 10 of the Income-tax Act, 1961 (the Act) and has introduced a new section… Read More »

Income Tax Department advisory for salaried taxpayers

By | April 19, 2018

Centralized Processing Center, Bengaluru Income Tax Department Advisory Bengaluru, 16th April, 2018 Sub: Cautionary Advisory on Reports of tax evasion by under-reporting income or inflating deductions/Exemptions by salaried taxpayers. The Income Tax Department has from time to time issued advertisements requesting taxpayers to report their correct income in their Income Tax Returns. In this connection, the… Read More »

CBDT Proposed amendment to Rule 44E, Form 34C, 34D & 34DA as per BEPS

By | April 14, 2018

Ministry of Finance CBDT invites comments on draft notification proposing amendment to Rule 44E, Form 34C, 34D and 34DA as per BEPS Action 5, for improving transparency in tax rulings Posted On: 14 APR 2018 10:45AM by PIB Delhi Under Base Erosion and Profit Shifting (BEPS) Action 5, exchange of rulings on Permanent Establishment (PE)… Read More »

Sovereign Gold Bond 2018-19 : Series-I.

By | April 14, 2018

Ministry of Finance ​The ​Government of India, in consultation with the Reserve Bank of India, decide​s​ to issue Sovereign Gold Bond, 2018-19-Series-I​;​ Applications for the ​B​ond​(s)​ will be accepted from 16th to 20th April, 2018​;​ The Certificate of Bond (s)​ to be issued on May 04, 2018​; ​The Bonds ​to be sold through banks, Stock… Read More »

Processing of Income Tax Return u/s 143(1) pushed to AO by CPC

By | April 7, 2018

SECTION 143 OF THE INCOME-TAX ACT, 1961 – ASSESSMENT – GENERAL – PROCESSING OF RETURNS UNDER SECTION 143(1) WHICH ARE PUSHED TO ASSESSING OFFICERS BY CPC LETTER NO.F.NO.225/53/2018/ITA.II], DATED 28-3-2018 Section 143(1D) of the Income-tax Act, 1961 (Act) was brought in the statute from 1-7-2012 which provided that processing of the returns shall not be necessary… Read More »

Govt clarify standard deduction to pension received from former employer

By | April 6, 2018

Ministry of Finance Clarification regarding applicability of standard deduction to pension received from the former employer Posted On: 05 APR 2018 1:55PM by PIB Delhi The Central Board of Direct Taxes (CBDT) has clarified that the pension received by a taxpayer from his former employer is taxable under the head “Salaries”. The Finance Act, 2018… Read More »

CBDT notifies Income Tax Return Forms for AY 2018-19

By | April 6, 2018

Ministry of Finance CBDT notifies Income Tax Return Forms for Assessment Year 2018-19 Posted On: 05 APR 2018 7:47PM by PIB Delhi The Central Board of Direct Taxes(CBDT) has notified Income Tax Return Forms (ITR Forms) for the Assessment Year 2018-19. For Assessment Year 2017-18, a one page simplified ITR Form-1(Sahaj) was notified. This initiative… Read More »

Provisional Direct Tax Collections & Number of Income Tax Returns filed for F.Y. 2017-2018

By | April 2, 2018

Ministry of Finance Provisional Direct Tax Collections and Number of Income Tax Returns filed for F.Y. 2017-2018 Posted On: 02 APR 2018 6:11PM by PIB Delhi The provisional figures of Direct Tax collections for FY 2017-18 show that net collections are at Rs.9.95 lakh crore which is 17.1% higher than the net collections for FY… Read More »

Due date for linking Aadhaar with PAN Extended till June 30, 2018 by CBDT

By | March 27, 2018

The Central Board of Direct Taxes (CBDT) has extended the last date for linking of Aadhaar with PAN from March 31, 2018 to June 30, 2018. This is the 3rd time, CBDT has extended the due date for linking Aadhaar number with PAN. F. No.225/270/2017 /ITA.II Government of India Ministry of Finance Department of Revenue… Read More »

Income-tax offices to remain open on 29th to 31 March 2018

By | March 27, 2018

 Income-tax offices to remain open on 29th, 30th and 31st March, 2018 to facilitate filing of belated ITR F. No. 225/270/2017-ITA-II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, the 26th March, 2018 Order under Section 119(1) of the Income Tax Act, 1961 The last date for… Read More »

Country-by-Country (CbC) reporting u/s 286(4) of Income tax Act

By | March 25, 2018

Twitter from Income Tax Department on 23.03.2018 :- CBDT issues clarification reg requirement for furnishing of Country-by-Country (CbC) reporting u/s 286(4) of the IT Act,1961. It is clarified that due dt of 31st March,2018 applies for furnishing of CbC report for constituent entities of international groups u/s 286(2) only & not u/s 286(4) of IT… Read More »

Task Force on Income Tax releases questionnaire for Public Comments

By | March 21, 2018

A Task Force consisted of 6 members have been constituted by Govt., dated 22-11-2017, in order to review the existing Income-tax Act, 1961. The deliberations of the Task Force are in progress and has decided to interact with various stakeholders. Task Force has released list of questionnaire inviting suggestions and feedbacks from stakeholders and general… Read More »

Income Tax Notice u/s 142 in New Format

By | March 21, 2018

आयकर निदेशालय (पद्धनि) DIRECTORATE OF INCOME TAX (SYSTEM) ए आर ए सेंटर, भू-िल, ई-2 झंडेवालाि एक्स ARA Center, Ground Floor, E-2, Jhandewalan Extension, New Delhi – 110055 F.No. System/ITBA/Assessment/Notice 142(1)/2017-18 Dated: 19-03-2018 To, All Principal Chief Commissioners of Income-tax/ PrDGsIT/ CCsIT/ DGsIT , All Principal Commissioner of Income-tax/ PrDsIT/ DsIT/ CsIT/CsIT (Admin&TPS), All Assessing Officers… Read More »

TDS on Rent of Property : Section 194IB: FAQs : Form 26QC & Form 16C

By | March 15, 2018

TDS on Rent Section 194IB of Income Tax Act What is TDS on Rent? The Finance Act, 2017 has introduced section 194-IB providing that Tenant of a property making monthly rent payment exceeding Rs 50, 000 is required to deduct tax at the rate of 5% from the rent payable to a resident landlord. Who… Read More »

New Form 10A available online for registration of charitable or religious trust or institution

By | March 14, 2018

New Form 10A available online for registration of charitable or religious trust The substituted Form 10A – Application for registration of charitable or religious trust or institution etc. is now available for e-Filing on www.https://incometaxindiaefiling.gov.in/home . [For details Click here]

Value of unquoted equity shares of ‘Start Up’ companies rejected : No action : CBDT

By | February 7, 2018

F.No. 173/14/2018-ITA.1 Government of India Ministry of Finance Department of Revenue (CBDT) North Block, New Delhi, dated the 6′” of February, 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)(viib) of the Income-tax Act read with Rule llUA(2) of… Read More »

CBDT : 24 FAQs on Long Term Capital Gain on Shares as proposed in Finance Bill 2018

By | February 5, 2018

F. No. 370149/20/2018-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, Dated 4th February, 2018 Subject: Frequently Asked Questions (FAQs) regarding taxation of long-term capital gains proposed in Finance Bill, 2018-reg Under the existing regime, long term capital gains arising from transfer of long term capital assets,… Read More »

Defaulter of Income Tax TDS arrested and sent to jail by ​the ​Tis Hazari Court 

By | January 21, 2018

Ministry of Finance Defaulter of Income Tax TDS arrested and sent to jail by ​the ​Tis Hazari Court Posted On: 20 JAN 2018 4:32PM by PIB Delhi Tis Hazari Court has ordered judicial custody of the Director of a Delhi based Real Estate and IT Solution Company for non-compliance in Income Tax TDS Default case.… 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 »

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 »

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 »

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 »

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 »

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 »

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 »

SoP for issue of notice for inquiry of cash deposit during demonetisation : Income Tax department

By | November 16, 2017

F.No. 225/363/2017-ITA.II Government of India Ministry of Finance Department of Revenue (CBDT) North Block, N.Delhi, dated the 15th November, 2017 To All Principal Chief-Commissioners of Income-tax/All Principal Directors-General of Income-tax Sir/Madam, Subject: SoP for issue of notice u/s 142(1) of Income-tax Act in cases related to substantial cash deposit during the demonetisation period-regd.- On the basis… Read More »

India’s Direct Tax Collections for F.Y. 2017-2018 : 15.2% Growth up to October, 2017 at Rs. 4.39 lakh crore 

By | November 7, 2017

Direct Tax Collections for F.Y. 2017-2018 show Growth of 15.2% up to October, 2017 at Rs. 4.39 lakh crore  The provisional figures of Direct Tax collections up to October, 2017 show that net collections are at Rs. 4.39 lakh crore which is 15.2% higher than the net collections for the corresponding period of last year. Net Direct Tax collections… Read More »

Panama Papers Leaks : CBDT Investigation in full swing 

By | November 6, 2017

Cases pertaining to ‘Panama Papers’: Investigation in full swing Pursuant to revelations made by the International Consortium of Investigative Journalists (ICIJ), a Washington based organization in April 2016 about certain Indians having linkages with entities in offshore no tax/low tax jurisdictions, the Government constituted a Multi-Agency Group (MAG) on 4th April 2016, inter alia, to facilitate co-ordinated… Read More »

Paradise Papers Leaks : CBDT reconstituted Multi Agency Group,

By | November 6, 2017

Investigations in cases of ‘Paradise Papers’ to be monitored through reconstituted Multi Agency Group  Revelations made today in the media under the name ‘Paradise Papers’ [based upon expose done by the International Consortium of Investigative Journalists (ICIJ)] indicate that out of 180 countries represented in the data of offshore entities held by persons of different nationalities, India… Read More »

Country-by-Country reporting : CBDT notifies rules

By | November 1, 2017

CBDT notifies rules in respect of Country-by-Country reporting and furnishing of Master File In keeping with India’s commitment to implement the recommendations of 2015 Final Report on Action 13, titled “Transfer Pricing Documentation and Country-by-Country Reporting”, identified under the OECD Base Erosion and Profit Shifting (BEPS) Project, section 286 of the Income-tax Act, 1961 (‘the Act’) was… Read More »

Circular No 25 of 2017 : POEM Guidelines : CBDT Clarifications

By | October 23, 2017

Circular No 25 of 2017 F No 142/11/2015-TPL (Part-I) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 23rd October, 2017 Subject: Clarification related to guidelines for establishing ‘Place of Effective Management’ (PoEM) in India-reg. The concept of ‘Place of Effective Management’ (PoEM) for deciding residency status of… Read More »

Income tax on Charitable or Religious Trusts : Rules to be Amended : Comments invited

By | October 20, 2017

Comments and Suggestions Invited for Amendment of Income-tax Rules wrt Registration of Charitable or Religious Trusts  Vide Finance Act, 2017, a new clause (ab) was inserted in sub-section (1) of section 12A of the Income-tax Act, 1961 (‘the Act’) w.e.f 01.04.2018 to the effect that where a trust or an institution, which has been granted… Read More »

Sovereign Gold Bond Scheme : Now to be Issued Weekly

By | October 11, 2017

RBI/2017-18/71 IDMD.CDD.No.929/14.04.050/2017-18 October 06, 2017 The Chairman & Managing Director All Scheduled Commercial Banks, (Excluding RRBs) Designated Post Offices Stock Holding Corporation of India Ltd.(SHCIL) National Stock Exchange of India Ltd. & Bombay Stock Exchange Ltd. Dear Sir/Madam, Sovereign Gold Bond Scheme Government of India has vide its Notification F.No. 4(25)-B/(W&M)/2017 dated October 06, 2017 announced… Read More »

Direct Tax Collections for F.Y. 2017-2018 increased by 15.8% upto Sep 2017

By | October 11, 2017

Direct Tax Collections for F.Y. 2017-2018 show Growth of 15.8% up to September, 2017 The provisional figures of Direct Tax collections up to September, 2017 show that net collections are at Rs. 3.86 lakh crore which is 15.8% higher than the net collections for the corresponding period of last year. Net Direct Tax collections represent 39.4% of the total Budget Estimates… Read More »