Income Tax Archives - Page 4 of 9

Govt. decides to Reduction in Existing Rate of Deemed Profit u/s 44AD from 8% to 6%

December 20, 2016 NewsTaxIndia0 comments1184 views

Govt. decides to Reduction in Existing Rate of Deemed Profit u/s 44AD from 8% to 6% in respect of amounts/receipts through banking channel/digital CBDT Press Release dated 19-12-2016: Under the existing provisions of section 44AD of the Income-tax Act, 1961 (the Act), in case of … Continue Reading →

Income Tax

All Revised Returns after Demonetization will be Scrutinised

December 14, 2016 NewsTaxIndia0 comments1114 views

All Revised Returns after Demonetization will be Scrutinised to ascertain the correct income of the year and may also attract penalty/prosecution in appropriate cases as per provision of law. Under the existing provisions of Section 139(5) of the Income-tax Act, 1961 (‘Act’), Revised Return can … Continue Reading →

Income Tax

CA certificate in Form 27BA in electronically shall be enabled w.e.f. 15-01-2017

December 14, 2016 NewsTaxIndia1 comments1075 views

Furnishing of CA certificate in Form 27BA in electronically shall be enabled w.e.f. from 15-01-2017: CBDT Notification 12/2016 , dated 8-12-2016 Procedure for the purposes of furnishing and verification of Form 27BA for removing of default of Short Collection and/or Non collection of Tax at Source – … Continue Reading →

Income Tax

CA certificate in Form 27BA in electronically shall be enabled w.e.f. 15-01-2017

December 14, 2016 NewsTaxIndia1 comments902 views

Income Tax

Past Assessments Cannot Reopen on Ground that Current Year’s Turnover has Increased

December 12, 2016 NewsTaxIndia0 comments835 views

Past Assessments Cannot Reopen on Ground that Current Year’s Turnover has Increased: CBDT Circular No. 40/2016 dated 9th of December, 2016 Subject: – Directions under section 119 of the Income-tax Act, 1961-regd.- Recent initiatives of the Government to curb the black economy in the country … Continue Reading →

Income Tax

Income Tax Department Unearth Exchange Banned Currency Notes into New Notes @35% Commission

December 8, 2016 NewsTaxIndia0 comments1052 views

Income tax investigations at Mumbai led to the revelation of a syndicate of ground level operators active in converting banned currency notes into legal tenders for a commission. As part of the operation to nab the culprits, Income Tax Investigation Directorate sent out a … Continue Reading →

Income Tax

Income Tax Department carries-out swift investigations in more than 400 cases since on 08-11-2016

December 7, 2016 NewsTaxIndia0 comments758 views

Income Tax (IT) Department carries-out swift investigations in more than 400 cases since the de-monetization of old High Denomination (OHD) currency on 8th November, 2016; More than Rs. 130 crore in cash and jewellery seized and approximately Rs. 2,000 crore of Undisclosed Income admitted by … Continue Reading →

Income Tax

Misuse of IDS 2016: Declarants were Persons of Suspicious Nature and Very Small Means

December 6, 2016 NewsTaxIndia0 comments727 views

Misuse of IDS 2016: Declarants were Persons of Suspicious Nature and Very Small Means :-Verification of High Value Suspicious Declarations made under the IDS 2016 An Income Declaration Scheme (IDS) was announced in the Union Budget 2016-17 under which declaration of undisclosed income or asset … Continue Reading →

Income Tax

New Rules for Furnishing of Statement of Income Distributed by Securitization Trust

December 2, 2016 NewsTaxIndia0 comments782 views

New Rules for Furnishing of Statement of Income Distributed by Securitization Trust Income-Tax (Thirty Third Amendment) Rules, 2016 – Insertion of Rule 12CC and form NO.64E and 64F Notification No. SO 3573(E) , dated 28-11-2016 In exercise of the powers conferred by section 295 read with sub-section … Continue Reading →

Income Tax

CBDT: No Limit on Holding of Gold Jewellery is Acquired from Explained Sources

December 1, 2016 NewsTaxIndia0 comments1776 views

No limit on holding of gold jewellery or ornaments by anybody provided it is acquired from explained sources of income including inheritance. In order to remove any doubt about the current position of Income Tax Law with respect to gold jewellery and ornaments, the following … Continue Reading →