Income tax rules have been amended to insure that notices, summons or any other communication issued by the department is delivered through post or e-mail.
Central Board of Direct Taxes (CBDT) decided to boost the deadline for e-filing of income tax returns for those taxpayers who file audit reports for Assessment Year (AY) 2017-18. Taxpayers and professionals appealed to authorities through several modes to extend the last date for tax audit reports. Reason being, deficiency of clerical staff at chartered … Continue reading “Date extended for ITR/Tax Audit Reports for ay 17-18 to 7 Nov, 17”
After demonetization, there has been cases where in the businesses or individuals have deposited huge amounts in to their bank account. In such cases they received income tax department’s notice to explain the source of the cash. Although the cash deposited was made out of sale, individuals were asked for explanation. There can be possibility … Continue reading “File an Appeal if your Claim gets Rejected by Accessing Officer”
Several steps are being taken after the ban on black money to tighten the currency. Now the Income Tax Department is engaged in identifying those who make changes in ITR after the ban, after which they will be examined.
If someone has recently spent any expensive thing or service or made a big investment, but according to all its declared income, then the income tax department will not scrutinize its accounts.
The Income Tax Department has introduced a new e-facility for linking PAN number with Aadhaar card. Explain that the government has mandated the Aadhaar card number along with PAN number for filing income tax return.
The DVAT Department has extended Due Date/ Last Date for Filing of online return for Q4 (Mar. 2017) of 2016-17 upto 15 May 2017.
The Income-tax Appellate Tribunal (ITAT) which adjudicates Income-tax (I-T) disputes, has held that an amount deducted by an employer for not serving out a notice period cannot be brought to tax.
GST would be payable if there is a supply of free goods or services to an employee exceeding the stipulated sum, if an employee avails of a company asset for personal use
1,200 applications from accused seeking mercy under compounding of offences rules with several of them approaching authority’s post-demonetisation.
If you received an email or SMS from Income tax department between November 9 and December 30, 2016 and not replied yet, will let you in trouble as Central Board of Direct Taxes (CBDT) has decided to crack the whip on those who fail to verify cash deposits of Rs 5 lakh or more during the … Continue reading “Failed to reply of cash transaction above Rs 5 Lakh during demonetization may lend you in trouble”
As per rule 114E of the income tax rules 1962, for an from 2016-17, all companies have to be furnish SFT in respect of certain transactions. ACFSFTtoIncomeTaxDepartment.pdf
Exiting provision of section 44AD of the Income Tax Act. 1961- In case of certain assesses carrying on any business (other than transportation, agency, brokerage and commission) and having a turnover of less than Rs 10 crore or less, the profit is deemed to be 8% of the total turnover. New Provision- Now it has … Continue reading “Government Initiative of reducing deemed profits u/s 44AD of Income tax act, to promote digital payments”
Income Declaration Scheme was a great scheme started by Modi government to get black money. Income Declaration Scheme 2016 unearths Rs.65250 crore of Undeclared Income and Assets. 64275 declarations were filed under IDS-2016 up to the midnight of 30th September, 2016. The Income Declaration Scheme, 2016 came into effect from 1st June, 2016. It provided … Continue reading “Income Declaration Scheme ends”
CBDT amends Rule 17CA of Income tax Rules 1962 related to “restrictions on Contribution accept by electoral trust“ provide that the electoral trust shall not accept contributions— (a) from an individual who is not a citizen of India or from any foreign entity whether incorporated or not; (b) from any other electoral trust which has been … Continue reading “CBDT amends Rule 17CA of Income tax Rules 1962 related to “restrictions on Contribution accept by electoral trust“”