Updates

GST MAY IMPACT ON DIRECT TAX COLLECTION

September 1, 2017

Finance Minister Arun Jaitley on Wednesday said that the Goods and Services Tax (GST) is bound to impact the direct tax collection as well due to the increased detection technology and greater compliance. “To claim input tax credit under GST, people need to disclose their volume of transactions. There is bound to be a corresponding […]

Read More

INCOME TAX AUDIT & RETURN DUE DATE EXTENDED TO 31 OCTOBER 2017

August 31, 2017

Finance Minister has EXTENDED Due Date of filing of ITRs & Tax Audit Report due for filing on 30 SEP 2017 to 31 OCT 2017. It’s a step taken by the CBDT in view of the whole of September being fully busy in filing GST Returns. Order-under-section-119-Audit-3

Read More

Jurisdiction-free income tax assessment system and e-scrutiny of taxpayers

June 18, 2017

The Central Board of Direct Taxes (CBDT) has constituted a special task force to chart the road map for its ambitious proposal of a jurisdiction-free income tax assessment system and e-scrutiny of taxpayers. The 13-member task force has been asked to submit its report on the new tax assessment process, which is aimed at reducing corruption and […]

Read More

Clarification on furnishing Statement of Financial Transaction (SFT)

May 26, 2017

*Central Board of Direct Taxes (CBDT) Issues Clarification on furnishing Statement of Financial Transaction (SFT) & SFT Preliminary Response* Section 285BA of the Income-tax Act, 1961 requires furnishing of a Statement of Financial Transaction (SFT) for transactions prescribed under Rule 114E of the Income-tax Rules, 1962. The due date for filing such SFT in Form […]

Read More

Department clarified TDS on Salary

January 8, 2017

CBDT issues circular for TDS on salary for FY 2016-17 Vide Circular No 01/2017 dated 02.01.2017; Circular contains rates of deduction of income-tax on income chargeable under the head “Salaries” and

Read More

DRASTIC CHANGE IN REVISED RETURN MAY CAUSE SCRUTINY

December 14, 2016

income-tax-press-releaseGovernment of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 14 December, 2016. PRESS RELEASE Sub: Filing of Revised Income Tax Returns by the Tax Payers Post De-Monetisation of Currency Under the existing provisions of section 139(5) of the Income-tax Act, 1961 (‘Act’), Revised Return can only be filed […]

Read More

INCOME TAX RATES FY 2016-17 & 2015-16

October 27, 2016

Assessment year : 2017 – 18 Previous year     : 2016 – 17 Assessment year : 2016 – 17 Previous year     : 2015 – 16 1. For resident Senior Citizens. (Age above 60 Years) 1. For resident Senior Citizens. (Age above 60 Years) Up to Rs 3,00,000 Nil Rs. 3,00,001 to Rs. 5,00,000 10% Rs. 5,00,001 […]

Read More

Role of CBEC as work for GST begins

September 24, 2016

The journey to rollout the Goods and Services Tax (GST) has commenced with the enactment of the 101st Constitution Amendment Act, 2016 on 8th September, 2016 and the subsequent notifications. The Government is committed and has set in motion a slew of steps to ensure that the GST conies into force from 1st of April, […]

Read More