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Income Tax department

29 Apr 2017

CBDT signs two unilateral APAs with taxpayers

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Income Tax department

29 Apr 2017

CBDT signs two unilateral APAs with taxpayers

The tax department has entered into two unilateral advance pricing agreements (APAs) with Indian taxpayers as it looks to reduce litigation by providing certainty in transfer pricing.

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19 Oct 2016

CBDT comes out with final rules for taxing share buy back by companies

Seeking to minimise litigations over taxation, CBDT has come out with rules for computing distributed income arising out of issue of shares following buy back, demerger, amalgamation or bonus issue by companies.

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Income Tax department

11 Oct 2016

Thank You, says Income Tax department to taxpayers

Known for harassing taxpayers over the years, sometimes including innocent ones, the I-T Department is taking a new step for an image changeover – thanking taxpayers in the form of a certificate.

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02 Oct 2016

GST regime: ClearTax to foray into return filing, launch app

To help clear confusion over return filing and tax planning under the impending GST regime, online tax filing portal ClearTax will act as an advisor to traders and businesses, assisting them in filing returns.

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15 Sep 2016

CBDT to honour honest taxpayers

In a novel initiative revived after decades, the CBDT will soon honour lakhs of "honest and compliant" taxpayers from across the country who have paid their Income Tax dues diligently over the years.

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23 Aug 2016

Banning cash transactions over Rs 3 lakh under consideration: CBDT

Government is examining SIT's recommendation of banning cash transactions of over Rs 3 lakh in a bid to clamp down on black money in the economy, CBDT Chairperson Rani Singh Nair said Tuesday.

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tax collection at source

22 Aug 2016

1% TCS on cash buy not to apply on embassies, UN bodies, Govt depts

Government department, embassies, consulates and UN bodies will be among those exempted from the levy of 1 percent tax collection at source (TCS) on cash purchases of above Rs 2 lakh, CBDT said Monday.

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Deduction benefit

19 Aug 2016

Deduction benefit under section 35AC only till March 31

Government on Friday said the benefit of deduction under section 35AC of the IT Act will only be available till March 31, in respect to the payments made to association or institution approved by the National Committee for carrying-out any eligible project or scheme.

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18 Aug 2016

Only 14 lakh individuals fell in 30% tax bracket in 2012-13

Only 14 lakh individuals out of the 2.89 crore assessees in the country declared an annual income of over Rs 10 lakh, attracting the highest tax bracket of 30 percent, in assessment year 2012-13.

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08 Aug 2016

Missed the deadline for filing Income Tax Returns? Here's what you can do

If you missed the extended deadline for filing ITR for 2015-16, here is what you can do.

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Income Tax returns

05 Aug 2016

Hurry up! Today is the last day to file your income tax returns

Tax returns for 2015-16 (assessment year 2016-17) were originally to be filed by July 31. But in view of the day-long strike at public sector banks, the deadline has been extended to August 5.

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29 Jul 2016

Govt extends last date for filing tax returns to August 5

The last date for filing income-tax returns has been extended to August 5.

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Central Board of Excise & Customs

27 Jul 2016

These bollywood movie makers, superstars have been issued service tax notices by CBEC –Know

Seeking to strengthen compliance and verification, the CBEC issued notice to top bollywood movie-makers and actors asking them to divulge the details of their income.

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Central Board of Direct Taxes

25 Jul 2016

CBDT issues draft norms for taxing buy back of unlisted shares

Central Board of Direct Taxes (CBDT) Monday came out with draft rules for determining the quantum of distributed income arising out of buy back of shares of unlisted companies for levy of tax.

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21 Jul 2016

I-T dept identifies 90 lakh high-value transactions without PAN; to seek details

The high-value transaction trails were detected following the department's drive to bring to book maximum amount of black money during the one-time compliance window closing on September 30.

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19 Jul 2016

Now get PAN card within a day -Know how

For greater ease of doing business in India, the CBDT on Monday said it has put in place new protocols which will ensure that corporates are allotted PAN and Tax Deduction Account Number (TAN) within a day.

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17 Jul 2016

Reminder: File ITRs before July 31 deadline, says I-T dept

The department has suggested the taxpayers to opt for e-filing of their Income Tax Returns (ITRs) and enjoy a hassle-free processing of the annual returns filing exercise.

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Income Tax department

14 Jul 2016

Issue upto Rs 5,000 refunds fast and quick: CBDT to I-T dept

CBDT has directed the Income Tax department to "expeditiously" issue refunds worth Rs 5,000 for last three assessment years in order to provide immediate relief to taxpayers.

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05 Jul 2016

Relief for taxpayers: No recovery during pendency of stay

In a relief to tax payers, the government has asked taxmen not to proceed with recovery of a 'confirmed' demand in relation to indirect taxes during pendency of stay applications.

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27 Jun 2016

TCS to be levied above Rs 2 lakh only if payment in cash: CBDT

CBDT has issued a new circular clarifying that the Tax Collected at Source (TCS) levy will not be applicable when cash part of the payment for certain goods or services is less than Rs 2 lakh, even when the total payment is more than this amount.

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