Income Tax,e-Filing- Individuals, Firms, Companies

The Central Board of Direct Taxes (CBDT) has recently announced extension of the due date for filing Income Tax Returns (ITR) for audited accounts for Asst Year 2024-25. In a recent announcement, the Central Board of Direct Taxes (CBDT) has … Continued

CBDT has extended the specified date of furnishing of Tax Audit Report under any provision of the Act for the Financial Year 2023-24, which was 30th September, 2024 to 07th October, 2024.   The reason behind the extension is because … Continued

Through an advisory issued on September 3, 2024, the IMS is set to go live for taxpayers starting October 1, 2024, marking a significant milestone in the evolution of GST compliance procedures. Key Features of the GST Invoice Management System … Continued

An advisory has been issued on September 3,2024 by the Government of India for the recent amendment under Notification No. 12/2024 Central Tax, dated 10th July 2024, that lessens the threshold limit for the reporting of inter-state taxable outward supplies … Continued

  The Union Budget for FY 2024-25, presented by Finance Minister Nirmala Sitharaman, brings several significant changes aimed at boosting the economy, simplifying tax structures, and promoting sustainable growth.   Here are the key highlights: =====================   1. Revised Income … Continued

The 53rd meeting of the Goods and Services Tax (GST) Council was held on June 22 in New Delhi. Several recommendations were made at the meet to refine tax rates and service exemptions under the GST regime. The meeting, chaired … Continued

Considering the representations received by CBDT requesting for further extension of the due date for filing such Forms, the CBDT has extended the due date of filing Form 10A/ Form 10AB until 30th June, 2024 Form 10 A – Form … Continued

The amendment introduced in the Finance Act, 2023 has significant implications for eligible Trusts and institutions. Let’s delve into the key points: Eligible Donations Treatment: When an eligible Trust or institution donates to another eligible Trust or institution, the donation is … Continued

Income Tax Return Form of ITR-1, 2 and 4 are enabled to file through Online mode with prefilled data at the Income Tax e-filing portal, for Assessment Year 2024-25. In the above, the new income tax regime has become the … Continued

                                                                  ATTENTION TRUSTS/ INSTITUTIONS                         08-Mar-2024 Income of any fund or institution or trust or any … Continued

Summary of Direct and Indirect Tax Proposals: Budget 2024-25  Summary of the direct and indirect tax proposals made in the Budget 2024-25 (Finance Bill 2024) presented by Smt Nirmala Sitharaman, Union Minister of Finance and Corporate Affairs: Highlights of the … Continued

In the weekly newsletter dated January 8, 2024, Chairman Sanjay Kumar Agrawal of the Central Board of Indirect Taxes and Customs (CBIC) shared noteworthy updates. From the launch of CBIC’s WhatsApp channel to commendable achievements, the newsletter provides insights into … Continued

New ITR forms AY 2024-25: Taxpayers will now be required to provide information regarding cash receipts and all their bank accounts within the country according to the latest Income Tax Return (ITR) Forms for the Assessment Year 2024-25, as notified … Continued

In response to the devastation caused by the MICHAUNG cyclone in early December 2023, the deadline for monthly GST returns has been extended, in respect of the taxpayers whose principal place of business is located in the four cyclone-affected districts … Continued

The income tax department has introduced a new functionality on its website- ‘Discard ITR’. This new feature will allow taxpayers to discard their previously filed but unverified Income Tax Returns (ITR).  Starting from Assessment Year 2023-24, this new ‘Discard ITR’ … Continued

Filing an Updated Income Tax Return (ITR-U) under section 139(8A) ITR-U refers to the Updated Return form used for filing an amended or revised income tax return in India. It is a provision provided by the Income Tax Department to … Continued

The Income Tax Department on September 23, 2023, called upon taxpayers to promptly respond to intimation of outstanding tax demands, adding that it will help in faster processing of income tax returns (ITR) and quicker issuance of refunds. For the … Continued

Income Tax Department has extended the deadline for ITR filing for certain categories of taxpayers. This has brought great relief to the taxpayers/institutions falling in these categories and they have also been saved from paying heavy penalties due to delay. … Continued

The Income Tax Department has announced the roll-out of a new statement namely Annual Information Statement (AIS) which would provide you with almost all details about your financial transactions during the year. So far, the Income Tax Department has been … Continued

ITR filing for AY 2023-24 starts. CBDT enables Excel Utilities for ITR-1, ITR-4 For the assessment year 2023-24, the Income Tax Department has released an offline Excel-based utility for filing ITR-1 Sahaj and ITR-4 Sugam. The utility is available for download … Continued

It has become a mandatory process to link your PAN with Aadhaar. This is an important process because this will allow your income tax returns to be processed. Linking of your PAN with Aadhaar is also required if you are … Continued

It is mandatory to link Permanent Account Numbers (PAN) to Aadhaar by March 31, 2023. The last date to link Permanent Account Number (PAN) to Aadhaar is nearing soon. According to the Central Board of Direct Taxes (CBDT), the apex … Continued

“As per the Income Tax Act, 1961, the last date to link PAN with Aadhaar is 31.3.2023 for all PAN card holders, who do not fall in the exempted category. If not linked with Aadhaar, PAN will become inactive,” tweeted … Continued

The Central Board of Direct Taxes (CBDT) said in a notification that the ITR filing due date has been extended as it had last month extended the deadline for filing audit reports. CBDT extends the due date for furnishing Income … Continued

For the Financial Year ended March 31, 2022 (Asst Year 2022-23), even as 5.82 crore people filed their ITRs (Income Tax Returns), only around 4.02 crore of them were verified. Thus, over 1.8 crore people did not verify their ITR … Continued

The Finance Ministry has recently notified the new Income Tax Return (ITR) forms for the assessment year (AY) 2022-23 to file a return of income earned in the financial year (FY) 2021-22. So far, the Central Board of Direct Taxes … Continued

The Central Board of Direct Taxes, via Circular No. 01/2022 issued on 11th January 2021, has extended the timeline for filing of Income Tax Returns and various Reports of Audit for the Assessment Year 2021-22.   This has been done … Continued

The income tax department (I-T dept) on Monday rolled out the new annual information statement (AIS) on the compliance portal. This annual statement provides a comprehensive view of information to a taxpayer and the facility to submit online feedback. The … Continued

The gross GST revenue collected in the month of October 2021 exceeded ₹1.3 lakh crore. The GST revenues for October is the second highest ever since introduction of GST, second only to that in April 2021, which related to year-end … Continued

The government on Thursday extended the deadline to file income tax return (ITR) for FY 2020-21 by 3 months to December 31, 2021 from September 30, 2021. The extension of the deadline is for those individuals whose accounts are not … Continued

The Goods and Service Tax network on 4th August 2021 has decided to resume the blocking of e-way bill generation facility on the EWB portal, for all the taxpayers in terms of Rule 138 E (a) and (b) of the … Continued

The Central Board of Direct Taxes (CBDT) has extended the due dates for electronic filing of various Forms under the Income-tax Act, 1961. Considering the difficulties reported by the taxpayers and other stakeholders in the electronic filing of certain Forms, … Continued

Government grants further extension in timelines of Income tax compliances   The Government has granted further extension of timelines of compliances under Income Tax Act. It has also announced tax exemption for expenditure on COVID-19 treatment and ex-gratia received on … Continued

Till date, TDS was deducted only on the notified nature of payments. From 1st July,2021, businesses are required to deduct TDS on purchase of goods along with the current scope of TDS deduction applicable on notified nature of payment or … Continued

The tax department has launched the much-awaited new portal of filing income tax return (ITR) — www.incometax.gov.in — on Monday night. The new e-filing portal (www.incometax.gov.in) is aimed at providing taxpayer convenience and a modern, seamless experience to taxpayers; New … Continued

In view of the adverse circumstances arising due to the severe Covid-19 pandemic and also in view of the several requests received from taxpayers, tax consultants & other stakeholders from across the country, requesting that various compliance dates may be … Continued

The gross GST revenue collected in the month of April is at a record high of Rs. 1,41,384 crore of which CGST is Rs. 27,837 crore, SGST is Rs. 35,621, IGST is ₹68,481 crore (including Rs. 29,599 crore collected on … Continued

Keeping minimum change and with the view to minimise compliance burden, The Central Board of Direct Taxation (CBDT) has notified new income tax return forms — ITR-1 to ITR-7,  for the Assessment Year 2021-22, the ministry of finance said in a statement on April 1.   In this new … Continued

CBIC had extended, vide Press Note regarding extension of due date for furnishing of Annual Returns GSTR-9 and GSTR-9C for financial year 2019-20 to March 31, 2021. This is the second extension given by the government. The deadline was earlier … Continued

WHAT IS DOUBLE TAXATION OF INCOME? When the same income is taxed more than once,  due to levying of tax by two or more jurisdictions, on the same income asset or financial transaction, this results in double taxation. This may … Continued

The year 2021 has come up with the various changes in Goods and Service Tax (GST) Rules which will have a direct impact on the business registered under the GST regime and the businessmen who are planning to get themselves … Continued

Income tax return filing due date: ITR FOR COMPANIES:- Deadline for filing income tax return for 2019-20 by companies extended by 15 days to Feb 15, 2021and for individuals by 10 days to Jan 10, 2021 In a major development, … Continued

The Government has canceled the Goods and Service Tax (GST) registration of 163,000 business entities who have not filed monthly tax returns (GSTR-3B) for the last six months or more.   Furthermore, the department would persuade 25,000 taxpayers, who have … Continued

The Government has canceled the Goods and Service Tax (GST) registration of 163,000 business entities who have not filed monthly tax returns (GSTR-3B) for the last six months or more. Furthermore, the department would persuade 25,000 taxpayers, who have not … Continued

The government has launched the Quarterly Return Filing and Monthly Payment of Taxes (QRMP) scheme in a bid to ease the return filing experience of the Goods and Services Tax (GST) taxpayers. The scheme will come into effect from January … Continued

The income tax department will validate with the Institute of Chartered Accountants of India (ICAI) the unique document identification number (UDIN) of chartered accountants when they upload tax audit reports, the finance ministry said on Thursday. To curb fake certifications … Continued

The Ministry of Finance has extended the deadline for making a declaration under Vivad Se Vishwas Scheme till 31′ January, 2021 from 31st December, 2020. The Ministry of Finance has extended the deadline for making a declaration under Vivad Se … Continued

The Income Tax department has issued refunds worth over Rs 1.32 lakh crore to over 39 lakh taxpayers so far this fiscal.   This include Personal income tax (PIT) refunds amounting to Rs 35,123 crore and corporate tax refunds amounting … Continued

Prime Minister Narendra Modi launched GST into operation on the 1 st of July, 2017. GST was publicised as ‘one nation, one tax’ by the government, aimed to provide a simplified, single tax regime.  GST is a dual levy where the Central Government … Continued

The income tax return (ITR) filing deadline for FY 2019-20 has been extended to December 31, 2020, for most individual taxpayers, from the earlier deadline of November 30, 2020. This the second time the tax filing deadline for FY20 has … Continued

The government on Saturday said due dates for filing income tax returns and tax audit reports for FY20 for various classes of tax payers have been extended to give more time for tax payers to comply. The government also, on … Continued

The Income Tax department on Friday said it has issued refunds worth Rs 88,652 crore to over 24 lakh taxpayers so far this fiscal. This include personal income tax (PIT) refunds amounting to Rs 28,180 crore issued to over 23.05 … Continued

Prime Minister Narendra Modi announced several tax measures on the eve of India’s Independence Day last week honouring the honest tax-paying citizen. You will now have to file your income-tax (IT) return or pay higher percentage of tax deduction at … Continued

The Central Board of Direct Taxes (CBDT) on Thursday revised the ‘E-assessment Scheme, 2019’ notified on September 12, 2019. The Government notified that now, the e-Assessment scheme shall be called Faceless Assessment. Now, the National e-Assessment Centre shall intimate the … Continued

Very Important update for Charitable Trusts and Exempt Institution registered under section 80G, 12A or section 12AA : New – Fresh Registration Required : Last Date 31.12.2020 All Charitable trusts and exempt institution which are already registered under section 80G, … Continued

The Central Board of Direct Taxes (CBDT) on Wednesday (July 29) extended the deadline for filing income tax returns for 2018-19 fiscal till September 30 due to coronavirus COVID-19 pandemic. “In view of the constraints due to the Covid pandemic … Continued

 The Income Tax department’s data analysis has identified certain taxpayers with high value transactions who have not filed ITR for AY 2019-20 (i.e. FY 2018-19). In addition to the non-filers, another set of return filers have also been identified wherein … Continued

The Central Board of Direct Taxes (CBDT) has issued refunds worth Rs 71,229 crore in more than 21.24 lakh cases upto 11th July, 2020, to help taxpayers with liquidity during COVID-19 pandemic, since the Government’s decision of 8th April, 2020 to issue … Continued

The Central Board of Direct Taxes (CBDT) on Monday notified the one-time relaxation for verification of tax return for the Assessment Year 2015-16, 2016-17, 2017-18, 2018-19 and 2019-20, which are pending due to non-filing of ITR- V form and processing … Continued

A formal Memorandum of Understanding (MoU) was signed today between the Central Board of Direct Taxes (CBDT) and the Securities and Exchange Board of India (SEBI) for data exchange between the two organizations.   The MoU was signed by Smt. … Continued

CBIC had vide Noti 57/2020 has stated that that maximum Late Fee for Form GSTR 3B has been capped at Rs. 500 for tax period July 2017 to July 2020 subject to returns being filed before 30th September 2020. But … Continued

In order to tighten the noose on those who don’t file income tax returns (ITR) despite earning taxable income and discourage cash transactions, the Finance Act 2020 introduced higher TDS (Tax Deducted at Source) rates on cash withdrawals for those … Continued

In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliance requirements across sectors due to the outbreak of Novel Corona Virus (COVID-19), the Government brought the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, … Continued

A provision for generating UDIN in bulk for Certificates has been incorporated in UDIN Portal. Using this facility now the members will be able to generate UDIN in bulk (uptil 300 UDINs) for various types of Certificates in one go. … Continued

The 40th GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman through video conferencing here today- 12th June 2020. The meeting was also attended by Union Minister of State for Finance & Corporate … Continued

In a significant move towards taxpayer facilitation, the Government has today onwards allowed filing of NIL GST monthly return in FORM GSTR-3B through SMS. This would substantially improve ease of GST compliance for over 22 lakh registered taxpayers who had … Continued

CBDT notified Income Tax Return forms of FY 2020-21 G.S.R. 338(E).— In exercise of the powers conferred by section 139 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes has made the … Continued

The Central Board of Direct Taxes (CBDT) on Thursday notified Income Tax (11th Amendment) Rules, 2020. In exercise of the powers conferred by section 285BB read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board … Continued

Income Tax Deptt. has issued refunds of Rs. 26,242 crores since 1st April 2020 to 16.84 lac individual/ corporate assessees. Further, the refund process has been geared up for necessary action to match the Aatma Nirbhar Bharat initiative (COVID-19) announced … Continued

Over five consecutive days of interaction with the country’s financial media, FM Nirmala Sitharaman provided the break-up of PM Modi’s Rs 20 lakh crore COVID-19 stimulus for India. At as much as 10% of GDP, the package did not appear … Continued

Financial creditors moving the National Company Law Tribunal (NCLT) for initiation of insolvency process will have to mandatorily file ‘default record’ from the information utility (IU). No new petition will be entertained without record of default under Section 7 of … Continued

The Central Government has extended the all due dates of all Income Tax Returns for the Financial Year 2019-20 amid COVID-19 outbreak. Due date of all income-tax return for FY 2019-20 will be extended from 31st July, 2020 & 31st … Continued

Key Highlights of the Special economic and comprehensive package of Rs 20 lakh crores Announced by the Govt. of India, for relief and credit support related to businesses, especially MSMEs to support Indian Economy, Atmanirbhar Bharat and to fight against COVID-19. … Continued

In order to provide more funds at the disposal of the taxpayers, the rates of Tax Deduction at Source (TDS) for non-salaried specified payments made to residents and rates of Tax Collection at Source (TCS) for the specified receipts has … Continued

After rejecting “ill-conceived” suggestions by a group of Indian Revenue Services (IRS) officers, the Central Board of Direct Taxes (CBDT) directed officials not to keep any communication with assessees or issue scrutiny notices to them without the board’s approval. According … Continued

In  a relief to religious trusts, educational institutions and other  charitable institutions, the income tax department on Friday deferred by  4 months till October 1 the requirement of registration of these  entities. In  a relief to religious trusts, educational institutions … Continued

The Central Board of Direct Tax (CBDT) recently came out with a circular, offering clarifications for tax-paying employees on how they can migrate to the new concessional tax regime, which was announced in this year’s Union Budget. The lower income … Continued

In the context of the COVID-19 situation and with a view to providing immediate relief to the business entities and individuals, it has been decided to issue all the pending income-tax refunds up to Rs. 5 lakh, immediately. This would … Continued

Finance minister Nirmala Sitharaman announced a slew of measures for extension of statutory and regulatory compliances in view of the corona virus pandemic spreading its wings and impacting the economy. Allaying fears that there is no economic emergency in the … Continued

Infosys Nilekani gave GST Network presentation to Council. Council ask Infosys to improve GST Network by July. Filing to be mandatory for taxpayers over Rs 5cr of annual turnover Decides to extend deadline for filing of GSTR9 & GSTR9C for … Continued

First 15 features (1-15 points) as PART-I:- Supplier can upload the Tax Invoices on real time basis in Anx-1. Recipient can view his purchase Invoices on near real time basis. Recipient can also view whether supplier has filed his return … Continued

In the union budget 2020, the following section 115BAC shall be inserted in the Income Tax Act, with effect from the 1st day of April, 2021, with  new income tax slabs and lower rates. These income tax rates are optional … Continued

The Central Board of Indirect Taxes and Customs (CBIC) late on Friday night extended the due date for furnishing GST Annual Return and Reconciliation Statement (GSTR-9 / 9A and GSTR-9C) for FY 2017-18 in a staggered manner. The last date … Continued

The Finance Ministry has announced the three due dates for filing GSTR-3B for different categories of Taxpayers. The Finance Ministry today said that now GST taxpayers can file their GSTR-3B returns in a staggered manner. Considering the difficulties faced by … Continued

More disclosures are aimed at improving income tax compliances & e-assessments. In AY 2018-19, 58.7 million returns were filed, out of which about 23.7 million people filed returns with no tax liability While it may be commonplace in Uncle Sam’s … Continued

E-invoice : New E-invoicing system is going to be implemented in GST which is mandatory from 1st April 2020 for taxpayers having an annual turnover exceeding Rs. 100 crore and then gradually to all B2B suppliers in the future. A … Continued

Taxpayers get one more chance to clear their tax dues. The CBDT has extended till January 31 the last date for taxpayers to avail a “one-time” facility to apply for compounding of income tax offences, an order issued on Friday … Continued

The Goods and Services Tax (GST) council has decided to waive off late fees for all taxpayers who have filed GSTR 1, if all refunds are filed by 10 January 2020. In the 38th meeting of the GST Council on … Continued

Tax authority given the right to restrict the use of balance in electronic credit ledger In an effort to curb the menace of fake invoices and tax evasion, the Finance Ministry has notified a new norm of limiting the input … Continued

December, 26th 2019 CBIC issues Standard Operation Procedure to deal with non-filers Non-filing of GST (Goods & Services Tax) returns may lead to attachment of bank accounts and even cancellation of registrations. This is part of the Standard Operating Procedure … Continued

Not filing Goods and Services Tax (GST) returns on time could cost businesses their assets as well as their tax registration, according to a set of instructions the government has issued to field officers, aimed at forcing compliance. The standard … Continued

In a relief to taxpayers, the government on Thursday extended the due dates for filing GST annual returns for 2017-18 to December 31 and for the financial year 2018-19, to March 31 next year. The dates for filing the reconciliation … Continued

Direct credit to bank accounts of taxpayers is the only way the income tax department credits tax refunds. Filed your income tax return (ITR) for the assessment year (AY) 2019-20 on time but yet not receive your refund? Don’t worry. … Continued

Are you wondering why you have not received your income tax refund yet despite having filed your income tax return (ITR) within the due date for assessment year (AY) 2019-20? There could be various reasons for the same. However, a … Continued

The income tax department issues notices when it has doubts about income or expenses declared by the taxpayer. Unless you have misreported your income or assets or made wrong claims, you need not worry. Here is a rundown on when … Continued

The E-assessment Scheme 2019 aims to eliminate human interface, reduce corruption and bring in transparency. The idea of faceless E-assessment was mooted in the Budget 2018 by the late Finance Minister, Arun Jaitley, who announced the proposal to introduce the … Continued

The Central Board of Direct Taxes (CBDT) has decided to extend the deadline for filing of ITRs and Tax Audits Reports by a month. Given the relentless demands by Chartered Accountants (CAs) and tax consultants, the CBDT has given a … Continued

Most of us collate all information relating to our annual income, investments and tax deducted at source (TDS) before proceeding to file our income tax returns. However, the income tax filing process is a fairly comprehensive exercise. We might miss … Continued

Individuals having an annual income of up to Rs2.5 lakh are not required to file income tax returns, according to Income Tax department. Missed the August 31 deadline for filing income tax return (ITR) for financial year 2018-19 (assessment year … Continued

The finance ministry has extended the deadline for filing income tax return (ITR) for FY2018-19 by individuals to August 31, 2019 from July 31, 2019. The extension is a much needed relief as there were multiple problems being faced by … Continued

The income-tax (I-T) department is estimating tax recovery of over Rs 100 billion from companies that have been struck off from records of the Registrar of Companies (RoC) last year. The tax department is in the process of filing a petition before the National Company … Continued

The government on Tuesday authorized the income tax department to share details including sales and profits that businesses have reported in their income tax returns with GSTN, the company that processes Goods and Services Tax (GST) returns, to scale up … Continued

The Income Tax Department has informed that the tax return forms i.e, ITR-1 and ITR-4 for the salaried persons, Professionals, and self-employed individuals are available in the official portal for e-filing. It also said that the other forms for Companies … Continued

By 2020 taxpayers will have their income tax filing system run not by “Sarkari” IT teams but by IT major Infosys. The union cabinet on Wednesday cleared a Rs 4240 crore worth proposal that promises to trim down processing of … Continued

An income tax tribunal has barred auditors from issuing valuation certificates to the companies they are auditing. This is set to impact several tax disputes around valuations in companies including angel tax disputes involving start-ups. The Bangalore Income Tax Appellate … Continued

Outcome of 32nd GST Council Meeting -The highlights of the reliefs announced by FM Arun Jaitley are as below: 1. Threshold limit for GST Registration increased to 40 Lakhs Effective April 1, the GST exemption threshold has been raised from … Continued

GST Council in the 31-meeting held on 22 December, 2018 at New Delhi took following decisions relating to changes in GST rates on goods and services. The decisions of the GST Council have been presented in this note for easy … Continued

The 31st GST Council meeting concluded today under the guidance of Union Minister Arun Jaitley has taken some important decisions including the due date extension for GST Annual Returns and some other Returns. As per the recommendation of the Council, … Continued

With a view to promoting cashless transactions, the Central Board of Direct Taxes ( CBDT ) has issued an advisory on its official website regarding cash transactions over and above the prescribed limits specified under the law.   The advisory … Continued

The facility to claim Refund on account of any other reason has now enabled in the Goods and Services Tax Network ( GSTN ). In statement released today, the official twitter account of the GSTN tweeted that “Facility to claim … Continued

The Goods and Services Tax Network (GSTN) has updated a new functionality enabling the taxpayers to claim refund on account of excess payment of tax. “Facility to claim refund on account of excess payment of tax has been enabled on … Continued

The Central Board of Direct Taxes (CBDT) has further extended due date for filing Income Tax Returns and Audit Reports to October 31st. The due date for filing of Income Tax Returns and Audit Reports for Assessment Year 2018-19 is … Continued

Amid SEBI banning as many as 239 entities for alleged money laundering, taxation consultancy PwC has called for a three-year locking-in for the entire pre-listing capital held by promoters to curb tax evasion and other illegal activities through market platforms. … Continued

  The government has extended last date for filing of income tax returns (ITRs) for those taxpayers who are required to file their returns along with audit reports from Sept 30 to Oct 15, 2018.   The text of the … Continued

The Central Board of Indirect Taxes and Customs (CBIC) has initiated a process to weed out approximately 12 lakh Goods and Services Tax (GST) assessees who have fallen off the tax map. “The CBIC has communicated to field officers to … Continued

There has been a marked improvement in the number of Income Tax Returns (ITRs) filed during FY 2018 (upto 31/08/2018, the extended due date of filing) compared to the corresponding period in the preceding year. The total number of ITRs … Continued

The Central Government has notified that the Form GSTR 3B for each month from July 2018 to March 2019 required to be filed by 20th of next month.   A Notification issued by the Central Board of Indirect Taxes and … Continued

The Central Board of Direct Taxes (CBDT) has extended the due date for filing of Income Tax Returns (ITR) to 31st August, 2018.  Earlier, the due date for filing of ITR for Assessment Year 2018-19 was July 31, 2018. As … Continued

CBDT confirms News of Income Tax Return filing due date extension in Social Media is Fake   CIRCULAR No.4/2018   F.No.370889/25/2018 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes   New Delhi, Dated 21st … Continued

  Taxpayer would be required to approach the concerned jurisdictional tax officer to get the password for the GST Identification Number (GSTIN) allotted to the business The Finance Ministry on Thursday said that GST registrants can approach jurisdictional tax officer … Continued

The Central Board of Indirect Taxes and Customs (CBIC) has extended the refund fortnight for fast track clearance of pending dues to exporters by two days till June 16. The central and state tax officials have already cleared refunds worth … Continued

The income tax (I-T) has barred all Chartered Accountants (CAs) from valuing shares of closely-held companies. Earlier, the fair market value of unlisted equity shares was calculated at the option of the company on either the book value on the … Continued

The Goods and Services Tax (GST) Council on Friday finally approved single monthly return with an aim to boost collections and compliance. The new system is scheduled to be implemented in next six months — but could take more time. “The … Continued

The CBDT today extended the deadline for the PAN-Aadhaar linking to June 30. The policy-making body of the tax department issued an order extending the deadline from the current last date of March 31. The order said the deadline for … Continued

In order to check “frivolous and fraudulent” tax credit claims by businesses, the CBEC has decided to verify demands of top 50,000 tax payers claiming maximum GST transitional credit, starting with those where the quantum exceeds Rs 25 lakh. The … Continued

In the Budget 2018, Union Finance Minister Arun Jaitley had introduced long term capital gains (LTCG) on sale of equity and mutual funds, which will be taxed from April 1 onwards. One must remember that any capital gains arising out … Continued

The GST Council in its meeting on Saturday is likely to extend the deadline for filing of simplified sales return GSTR-3B by three months till June. The Council, chaired by Finance Minister Arun Jaitley and comprising his state counterparts, is … Continued

Even as the government grapples with incomplete details and mismatch errors in refund claims by exporters, it has refunded Rs 4,000 crore out of verified claims of Rs 5,000-6,000 crore on account of payment of Integrated GST (IGST) on exports … Continued

The date you actually need to focus on is March 31, because that is the last day to file revised and belated income tax returns (ITR) for assessment years (AY) 2016-17 and 2017-18, with interest, if any, for late filing. … Continued

Seeking to crackdown on shell companies, the government has proposed to remove exemption available to firms with tax liability of up to Rs 3,000 from filing I-T returns beginning next fiscal. The Union Budget 2018-19 has rationalised the I-T Act … Continued

The soon-to-be rolled out pan India e-assessment system for scrutiny cases of taxpayers will not be applicable to instances where a raid has been conducted against an assessee by the Income Tax (IT) department, the CBDT has said. It has … Continued

Revenues from the Goods and Services Tax could cross Rs 1 lakh crore a month towards the end of next fiscal once anti-evasion measures like matching of tax data and e-way bill are put in place, finance ministry officials said … Continued

The Income Tax Department on Friday urged those who deposited “large amounts of cash” post demonetisation and all companies to file their returns by March 31, failing which they may face penalty and prosecution.   It also cautioned eligible trusts, … Continued

The Goods and Services Tax (GST) collections for December 2017 show an increase, but despite this there are concerns that the tepid collections since July could pose a problem on the fiscal deficit front. However, a closer look at the … Continued

Direct tax collections during the first nine-and-a-half months of the current fiscal have risen by 18.7% to Rs 6.89 lakh crore, the tax department said on Wednesday. The collections till January 15, 2018 represent over 70% of the Rs 9.8-lakh-crore … Continued

The income-tax department will in all likelihood go into overdrive in the next three months with the Central Board of Direct Taxes — the apex body — alerting all senior tax officials that their performance is being “monitored at the … Continued

India’s growth rate in 2018 is projected to hit 7.3 per cent and 7.5 per cent in the next two years, according to the World Bank, which said the country has “enormous growth potential” compared to other emerging economies with … Continued

The GST Council may move the sales and purchase invoice matching system to the back end. It will do so to keep tabs on missing transactions and check over-claim of input tax credits in the goods and services tax (GST). … Continued

Crypto currencies appear to be living up to their cryptic reputation. Days after the income-tax department issued about 5 lakh notices to high net-worth individuals (HNIs) who own bitcoins or any other crypto currency, investors are drafting replies that would … Continued

The government has extended by 10 days the last date for filing of final sales return GSTR-1 till January 10 under the Goods and Services Tax, sources said. Businesses with turnover of up to Rs. 1.5 crore will have to … Continued

Here’s why India has decided to crank up its crackdown against Bitcoins The rising craze for bitcoin, a cryptocurrency that has rocketed to shocking highs, has come under the government’s lens. Bitcoin can be an easy way to evade tax … Continued

Avoiding income tax notices by fudging addresses or shifting residence will now become difficult. Income tax rules have been amended that will allow the tax department to deliver notices to assessees at addresses given by them to banks, insurance companies, … Continued

The central board of Direct Taxes has amended the rules relating to service of notice, summons, requisition or order. The step widens the scope of addresses that the I-T department can use for delivering any form of communication with the … Continued

Widening its probe into bitcoin investments and trade, the Income Tax (I-T) department is set to issue notices to 4 to 5 lakh high networth individuals (HNI) across the country who were trading on the exchanges of this unregulated virtual … Continued

Ferrying goods across states may get quicker as the GST Council today decided to make rollout of all India electronic-way bill compulsory from February 1, two months ahead of the earlier plan.   “The rules for implementation of nationwide e-way … Continued

The government it seems is in no mood to lower its guard on the tax collection front as it looks to send notices to GST defaulters.   According to a report in Business Standard, the government is set to issue … Continued

After receiving ground reports of difficulty faced by tax officials in collecting comparative data from unwilling assessees, the Central Board of Excise and Customs (CBEC) has written to all commissioners urging them to intensify their efforts and challenge the objections … Continued

CBDT signs first ever two Indian APAs with Netherlands in Nov-2017. The total number of APAs entered into by the CBDT has gone up to 186       Press Information Bureau Government of India Ministry of Finance 01-December-2017 11:53 … Continued

The Central Board of Direct Taxes (CBDT) has sent a missive to all assessing officers (AOs) to stick to protocol while pursuing cases of “limited scrutiny” and not resort to “fishing and roving inquiries” in such cases. The Central Board … Continued

Around 56% of the registered taxpayers have filed their GSTR-3B returns for October by 20 November, says GSTN Taxpayer compliance under the goods and services tax (GST) system is steadily improving with 4.4 million assessees filing summary of the transactions … Continued

The Central Board of Direct Taxes (CBDT) has signed seven more advance pricing agreements (APAs) with Indian taxpayers as it looks to reduce litigation by providing certainty in transfer pricing. The seven APAs signed over the last month pertain to … Continued

Increasing the fear of an unravelling of the exercise of invoices-matching, which is crucial to realising the presumed merits of the goods and services tax (GST), like reduction of tax evasion and cascades, three-fourths of the 60 lakh eligible taxpayers … Continued

Exporters can soon start claiming refunds for GST paid in August and September as GSTN will this week launch an online application for processing of refund, its Chief Executive Officer Prakash Kumar said today. GST Network (GSTN), the company handling … Continued

More than 90 days after the roll-out of the goods and services tax (GST), lenders are gravitating to sanctioning working capital loans, especially to micro and small units, against documents used in the new tax regime. They are no longer … Continued

The tax department has sought explanations from banks and financial institutions, including multinationals, on transitional credit claimed by them in July under the goods and services tax (GST) regime, two people with direct knowledge of the matter said. Deputy commissioners … Continued

More than three months after the Goods and Services (GST) was introduced, the GST Council made a number of big changes today, to give some relief to small and medium businesses (SMEs) on filing and payment of taxes. The panel … Continued

Interest rates that money lenders charged borrowers hardly budged for decades irrespective of policy decisions. But even that is collapsing faster than what it is in the formal banking system, thanks to the implementation of Goods and Services Tax. Borrowing … Continued

The ministry of corporate affairs (MCA) says work has begun for an “early warning system” regarding shell companies.   The term is used to refer to a company without active business operations or much of assets. This by itself isn’t … Continued

The goods and services tax (GST) might find use in national accounts beyond the routine application of indirect taxes in converting gross value added (GVA) into gross domestic product (GDP). “We have started an exercise to look into this. A … Continued

While the number of businesses registered for the goods and services tax (GST) has crossed 90 lakh, much higher than tax base in the previous regime, filing of even the interim (summarised) returns and tax payments are not keeping pace. … Continued

To check corruption and harassment, the tax department will soon launch a pilot of “jurisdiction-free assessment” where a tax officer will not get to know identity of the assessee as allotment of cases will be done randomly by computers rather … Continued

The tax office is reopening old records of many companies that have wound up and no longer exist in the books of the government — something the revenue department has rarely done in the past. Former directors of such closely-held … Continued

As many as 162 companies that have claimed GST transitional credit of over Rs. 1 crore are under the scanner of tax authorities who would verify whether the claims are eligible. In the transitional credit form TRAN–1 filed by taxpayers … Continued

Tax officials are working out strategies to encourage more businesses to register for the Goods and Services Tax (GST) and further increase the taxpayer base. At present, there are about 90 lakh businesses registered to file returns and pay taxes … Continued

The income tax (I-T) department and the Ministry of Corporate Affairs (MCA) have signed a pact to regularly share data, including PAN and audit reports of firms, to crack down on shell companies, the government said on Thursday. The pact … Continued

A multi-agency clampdown has begun on shell companies to tackle the black money menace wherein the role of auditors has come under the scanner for alleged connivance in facilitating illegal transactions. The auditors’ role is also being looked into for … Continued

The government expects a double-digit improvement in India’s rank in the global index on ease of doing business, likely to be announced by the World Bank next month. A senior official told ET that the World Bank had shared its … Continued

  Press Information Bureau Government of India Ministry of Finance 09-September-2017 20:19 IST   The GST Council, in its 21st meeting held at Hyderabad on 9th September 2017, has recommended the following measures to facilitate taxpayers: a) In view of … Continued

If you thought that filing an income tax return or opening a bank account are the only few things which require Aadhaar cards now, then think again. The fact is Aadhaar has now been made mandatory for so many things, … Continued

Banks have also been asked to step up their vigil against those companies that are non-compliant with various regulations and not carrying out business activities for long, a senior finance ministry official said as authorities continue their crackdown against shell … Continued

Tax payers who were supposed to file their income tax returns by September 30 now have some more time on their hands. The government has extended the deadline to file income tax returns for such tax payers until October 31. … Continued

The Income Tax Department will focus on widening of tax base and maximise e-assessment to cut down on human interface, according to an official statement. Also, efforts will be made by the Central Board of Direct Taxes (CBDT) to exceed … Continued

Businesses will have more time to file the final GST returns as the government on Monday extended the last date for filing of sales and purchase data as well as payment of taxes for the months of July and August. … Continued

The Central Board of Direct Taxes (CBDT) signed four more advance pricing agreements (APAs) in August with Indian taxpayers as it looks to reduce litigation by providing certainty in transfer pricing. The four APAs entered into during August, 2017 pertain … Continued

About 1% of the expected goods and services tax invoices had been uploaded on the GST Network more than a month after the facility opened, suggesting a last-minute scramble near the September 5 deadline and a clamour for an extension. … Continued

The government on Thursday extended by four months the deadline for linking PAN with biometric identifier Aadhaar till December 31.   The deadline for linking PAN with Aadhaar for taxpayers was to end on Thursday.   This comes at a … Continued

Given that the states’ combined GST tax revenue is estimated to be roughly equal to that of the Centre, a monthly GST revenue of Rs 1.55 lakh crore would meet the projections. As the extended deadline for filing the first … Continued

Resolution of indebtedness of a firm will be the top priority of all constituents of the insolvency and bankruptcy mechanism in the interest of the stakeholders, and it will think about liquidation only if it finds that the resolution is … Continued

The government has collected goods and and service tax (GST) amount of Rs 50,000 crore so far with 20 lakh assessees having filed an interim tax returns on the GST Network as of Wednesday evening.   In addition, 28 lakh … Continued

One of the sea changes brought about by the GST era is the way we determine the value of goods and services. As a business, one needs to be aware of the changes in the valuation method and also how … Continued

The income tax department will maintain the number of income tax returns (ITRs) chosen for scrutiny at the current level of less than 1% of all returns, in spite of a surge in individual tax filings to keep the process … Continued

Income tax authorities plan to pursue those who have properties in their name but haven’t ever filed income tax returns on the suspicion that these may be benami holdings on behalf of people looking to conceal their wealth. The exercise … Continued

In what could bring relief to small taxpayers with cash flow issues, the Central Board of Excise & Customs (CBEC) has extended the deadline for taxpayers claiming input tax credit on transition (pre-GST) stocks to file the first interim returns … Continued

A top conglomerate may have to shell out a bit extra in advance tax this quarter due to an unusual glitch in the tax returns form. Another Delhi-based firm, which does not want to bear any extra tax, may simply … Continued

With barely 10 days left for goods and services tax (GST) assessees to file summarised interim returns, the GST Network (GSTN), the IT back end for the indirect tax regime, hasn’t yet started witnessing high-frequency traffic, indicating a possible last-minute … Continued

Millions of companies in India are still not ready to file their first returns under the new goods and services tax (GST) ahead of an 20 August deadline, a top official told Reuters, urging them not to leave things to … Continued

Businesses can start filing their first tax return under the new Goods and Services Tax (GST) regime as the GST Network has started the facility for return filing and paying taxes on the portal. “The window for filing GSTR–3B has … Continued

The government crackdown against 331 “suspected shell companies” has hit several investors, including mutual funds and small investors, who hold shares worth nearly Rs 9,000 crore in these companies.   In a late circular on Monday, market regulator Securities and … Continued

The number of Income Tax Returns (ITRs) filed for 2016-17 year grew by 25 per cent to 2.82 crore, as increased number of individuals filed their tax returns post demonetisation, the tax department said today. The growth in ITRs filed … Continued

The Income Tax Department’s time series data of direct taxes for 2016-17 estimates the government has collected ₹8,49,818 crore as income tax on individuals and businesses, recording a 14.5 per cent growth, the highest rise since 2013-14. Personal income taxes … Continued

Five lakh businesses have opted for the GST composition scheme, which allows them to pay taxes at a concessional rate and makes compliance easy, the government said today. Nearly 71 lakh excise, service tax and VAT assessees have migrated to … Continued

The first tax returns under the new Goods and Services Tax (GST) regime can be filed from Saturday and the facility will remain open till August 20, GST Network CEO Navin Kumar said today. Businesses can start filing their first … Continued

In a last minute decision, the government on Monday extended the deadline for filing Income Tax Returns (ITRs) and linking Aadhaar with the Permanent Account Number (PAN) of taxpayers. While ITRs can now be filed by August 5, the Aadhaar-PAN … Continued

Income taxpayer base moved up substantially to 6.26 crore at the end of the last fiscal, from nearly 4 crore earlier, CBDT Chairman Sushil Chandra said on Monday. Clearing the air on disclosure of bank account details of non-resident Indians … Continued

The proposed anti-profiteering authority under the new GST regime will take up for scrutiny only those cases that have mass impact and those where undue profit of more than Rs 1 crore has been earned, a senior government official said. … Continued

The Government on Friday said as many as 77.5 lakh traders are registered on GSTN and help desks have been set up in every commissionerate to facilitate filing of tax return. “Till July 18, 2017, the total number of GSTIN … Continued

The government today extended the deadline for small businesses to opt for the composition scheme in the GST regime by nearly four weeks to August 16. Small businesses with turnover of up to Rs 75 lakh earlier had time till … Continued

The income-tax (I-T) department has asked large corporate entities, including multinational firms, to furnish details of employees off the payroll to check whether they are filing tax returns after deduction at source, or TDS. According to I-T officials, many lawyers, … Continued

The Centre has created a detailed road map for goods and services tax (GST) audits barely 20 days after the levy’s rollout, listing risks, target industries and even potential auditees for officials examining corporate India’s transition to the new regime. … Continued

Over two weeks into the goods and services tax (GST) regime, Navin Kumar, chairman of GSTN — the IT backbone of the system — speaks to Sumit Jha on how taxpayers have adopted the new system. What are the latest … Continued

Businesses can start uploading their sale and purchase invoices generated post-July 1 on the GSTN portal from July 24, a top company official said today. The Goods and Services Tax has kicked in from July 1 and so far, the … Continued

The government has set up a new wing under the indirect taxes body to provide intelligence inputs and carry out big data analytics for taxmen for better policy formulation and nabbing evaders. The Directorate General of Analytics and Risk Management … Continued

Small businesses with turnover of up to Rs. 75 lakh have time till July 21 to opt for composition scheme under the Goods and Services Tax regime, GST Network said. To opt for composition scheme, the taxpayer needs to log … Continued

The rumour mills have gone on an overdrive mode since the launch of GST. Here’s a reality check for both GST supporters and its detractors.   Now it’s one nation one tax Myth : Since GST will replace all other … Continued

GST or Goods and Services Tax is currently the poster boy for the Indian Economy. While experts, as well as regular citizens, are divided on how GST is going to transform India, the real effects can only be seen after … Continued

India embraced the goods and services tax (GST) on the intervening night of Friday-Saturday, in a move that marked the culmination of the country’s long and chequered journey toward a uniform, all-encompassing, pan-India indirect tax system. The GST would militate … Continued

Individuals having permanent account number (PAN) will have to link it to their existing Aadhaar number from 1 July, a Finance Ministry notification said on Wednesday. Amending income tax rules, the government has made quoting the 12-digit identification number or … Continued

For decades, Sugal & Damani Group focused on lotteries before it entered the online bill payment business with Payworld. Now, it has become a GST service provider (GSP), an entity that will help businesses register, upload electronic invoices and file … Continued

With barely five days left for the roll-out of the goods and services tax (GST), the GST Network (GSTN), a company that provides information technology systems for the GST, reopened registration for assessees on Sunday.   That was for new … Continued

Buying cleaning liquids for ‘Swachh Bharat’ as part of corporate social responsibility or taking a business associate out for lunch, companies will be able to set off all taxes paid on their consumption of goods and services when they clear … Continued

        The income tax return (ITR) has to be filed by everyone whose income exceeds the basic exemption limit as allowed by the government regulations. However, the Indian government has made the ITR filing process quite easy … Continued

The CBDT today made it clear that Aadhaar will be a “must” for filing of Income Tax Returns or for obtaining a new PAN from July 1. The policy—making body of the Income Tax Department issued a statement stating that … Continued

Given the lukewarm response to the safe harbour mechanism for transfer pricing, Central Board of Direct Taxes (CBDT) on Thursday cut the operating profit margin for information technology-enabled services, knowledge process outsourcing services (KPOs) and research and development (R&D) related … Continued

The one-nation, one-tax principle that underlines the goods and services tax (GST), set to be rolled out on July 1, could be adopted in a much more broader sense by the income tax department through a path-breaking initiative on jurisdiction-free … Continued

India is becoming one of the favorite destinations for investments in manufacturing, clean tech, infrastructure and hi-tech for Finnish companies. Nina Vaskunlahti, Ambassador of Finland to India, in an interview with BusinessLine said, “There is increasing interest in economic cooperation, … Continued

Income Tax department today warned people against indulging in cash transaction of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty. It also advised people having knowledge … Continued

The Central Board of Direct Taxes (CBDT), the policymaking body of the income tax department, on Friday said that various law enforcing agencies have unearthed tax evasion of R1.37 lakh crore during the last three years as a result of … Continued

There is an excitement in the country about GST. People want to understand the process of GST. Through this article, we present some points about the process of filing returns. Every trader will have to file returns once a month … Continued

If you splurged on something really expensive or made an enormous investment recently, rest assured your accounts won’t be opened up for scrutiny by the income tax department as long as these can be squared with your declared income. “Scrutiny … Continued

Senior tax officials are reaching out to chartered accountants and CFOs to drive home the point that by May 31 business establishments, various financial institutions and professionals, including doctors, lawyers and architects, will have to report a slew of high-value … Continued

The Income-Tax Department has launched an online facility to link Permanent Account Numbers with Aadhaar. It was reported that taxpayers were finding it difficult as their names did not match in both systems (Eg. Names with initials in one and … Continued

The government will soon make quoting of Aadhaar number compulsory for key managerial personnel and directors in regulatory filings under the Companies Act. The move, primarily aimed at tackling the issue of bogus identities, comes at a time when authorities … Continued

In another move to improve ease of doing business in India, the Income Tax Department has tied up with the Corporate Affairs Ministry (MCA) to issue Permanent Account Numbers (PAN) and Tax Deduction Account Numbers (TAN) within a day, an … Continued

Following a poor response to the Pradhan Mantri Garib Kalyan Yojana (PMGKY), an income declaration scheme, the Income Tax (I-T) department is set to launch another drive to catch hold of tax evaders who could have deposited large sums during … Continued

The Income Tax Department has said that all account holders of financial institutions should provide self-certification of compliance under Foreign Account Tax Compliance Act (FATCA) by April 30, 2017, without which their accounts will be blocked. The Central Board of … Continued

Many functionaries from corporate India and tax experts have voiced concerns over the government’s plan to give unprecedented teeth to the country’s indirect tax administrators by making tax evasion above `5 crore a “cognizable and non-bailable offence” in the upcoming … Continued

The CBDT has notified new income-tax return forms (ITR forms) for the assessment year 2017-18. It has prescribed simplified version of ITR-1 with fewer columns. A new column has been inserted in ITR Forms to report cash deposits in banks … Continued

Aadhaar is a unique identification number issued by the Indian government to every individual resident of India. It is based on demographic and biometric data of the individual and thus no duplicate number can be issued to the same individual. … Continued

The government today notified a simpler, one-page form for filing income tax returns while making it mandatory to quote Aadhaar number and disclose bank deposits of more than Rs 2 lakh post demonetisation. The Income Tax Return Form-1 (Sahaj) will … Continued

After making Aadhaar mandatory for filing income tax returns and applying for a permanent account number (PAN), the government has moved to make Aadhaar-based e-KYC (know your customer) mandatory for mobile phone connections. In a notification late Thursday, the department … Continued

The government on Tuesday proposed making Aadhaar, the unique number issued by the Unique Identification Authority of India, mandatory for filing of income-tax returns as well as for obtaining and retaining the permanent account number (PAN). It also proposed making … Continued

A new provision for secondary adjustment in transfer pricing, announced in the Union Budget for 2017-18, is likely to affect the cash flow of multinational corporations (MNCs) and the dividend distribution tax paid by their Indian subsidiaries. The provision has … Continued

Income Tax officials could soon be at your doorstep if you have deposited a huge amount during the note-swapping exercise last year, and have not yet explained the source of the cash. “We have tried to keep the exercise non-intrusive. … Continued

The income tax department has issued refunds to the tune of Rs 1.42 lakh crore so far this fiscal till February 10, 41.5 per cent higher than last year’s. The Centralised Processing Centre (CPC) of the tax department has already … Continued

The Budget has proposed imposing a fine for not filing income tax returns within the due date. For income below Rs.5 lakh, filing returns after July will attract a fine of R1,000, while for income above Rs. 5 lakh it … Continued

In a bid to clamp down on unaccounted money funnelled into bank accounts post demonetization, the tax department has scrutinised and matched as many as 1-crore accounts and asked 18 lakh people to explain the source of fund. The tax … Continued

India has revised 40 treaties for avoidance of double taxation so that the information exchanged with partner nations on tax matters can also be utilised for other purposes including criminal proceedings, Parliament was informed today. “Treaty partner countries have been … Continued

  With a view to expedite tax assessments, the income tax department proposes to make it mandatory for tax payers to file I-T returns as well as revised returns by March end of the assessment year (AY). The department, in … Continued

Initiating a stringent action against black money holders post notes ban, the Income Tax department on Monday said it has issued 87 notices and attached bank deposits worth crores in 42 cases nationwide under the newly enforced Benami Transactions Act … Continued

Finance Minister Arun Jaitley presented the Union Budget 2017, his fourth annual budget, today. Here are the highlights of this year’s budget: ►Income Tax rate cut to 5 pc for individuals having income between Rs 2.5 lakh to Rs 5 … Continued

Confirming that India’s so-called POEM regulations — which are meant to ascertain the residential status of companies and use it to curb tax avoidance — will take effect from April 1, the Central Board of Direct Taxes (CBDT) on Tuesday … Continued

The Central Board of Direct Taxes (CBDT) on Tuesday issued the much-awaited “guiding principles” for determination of a Place of Effective Management (PoEM) of a company, scotching speculation that the Budget may see its removal from the statute book. Put … Continued

India and Cyprus on Friday signed a new double tax avoidance pact under which capital gains tax will be levied on sale of shares on investments made after April 1, 2017, bringing the island nation at par with Mauritius in … Continued

The government on Monday afternoon clarified that according to the amended Cyprus treaty, investors need to pay only 10% tax with retrospective effect from November 1, 2013, instead of the 30% tax they have already paid. While bringing in clarity … Continued

India improved its ranking by one spot in a global index of business optimism, with policy reforms and Goods and Services tax (GST) expected to become a reality soon, says a survey. According to the latest Grant Thornton International Business … Continued

India improved its ranking by one spot in a global index of business optimism, with policy reforms and Goods and Services tax (GST) expected to become a reality soon, says a survey. According to the latest Grant Thornton International Business … Continued

As the World Bank looks set to release its annual ranking of countries in the ease of doing business later this week, India expects to improve its position from last year’s 130 out of 189 economies. The optimism stems from … Continued

As many as 2.5 crore salaried taxpayers will now receive SMS alerts from the Income Tax department regarding their quarterly TDS deductions. Finance Minister Arun Jaitley on Monday launched the SMS alert service for Tax Deducted at Source (TDS) for … Continued

The BJP-ruled Assam, the first state to ratify the GST Amendment Bill, has started the process for providing registration to taxpayers in the new indirect tax regime that is slated to kick in from April next year. The state tax … Continued

Calling GST as the most important structural reform till date by the Modi government, S&P Global Ratings today said the passage of the indirect tax law gives it additional conviction of India clocking 8 per cent growth in the next … Continued

The Comptroller and Auditor General of India (CAG) may audit the just ended black money disclosure scheme for the process followed and how well it performed, but will not get into the disclosures made. As much as Rs 65,250 crore … Continued

Many people think it an avoidable headache to file income tax returns, when their income falls below the taxable limit, or when tax is deducted at source or when no taxes are due. They also unnecessarily fear some notice will … Continued

The Capital’s tallest building, the 28-storey Civic Centre near the New Delhi Railway Station, is hardly a hub of action on a weekend night. But September 30 was not like any other Friday evening. It was the last day of … Continued

The first session of the GST Council that concluded here on Friday made good progress in ironing out some of the contentious issues between the Centre and states: The exemption threshold for the goods and services tax (GST) has been … Continued

Net indirect tax collections in the April-August period grew 27.5 per cent to Rs 3.36 lakh crore on the back of surge in excise collections. The collection till August 2016 show that 43.2 per cent of the annual budget target … Continued

Retailers, both of physical stores and e-commerce entities, fast moving consumer goods (FMCG) companies and those in consumer durables have started rejigging their warehouse strategy. This is in preparation for the national goods and services tax (GST), with the government … Continued

The Reserve bank of India (RBI) on Thursday directed banks to accept tax dues in cash under the domestic black money declaration scheme which closes on September 30. Under the Income Declaration Scheme, 2016, which came into effect on June … Continued

The Central Board of Direct Taxes (CBDT) has announced extension for the due date for filing of Income tax returns by tax payers whose accounts are required to be audited under the Income Tax Act is the 30th September of … Continued

CBDT has launched the ambitious ‘e-nivaran’ facility for online redressal of taxpayers’ grievances related to refunds, ITRs and PAN among others as part of its initiative to reduce instances of harassment of the public when it comes to complaints related … Continued

The government has said no adverse action will be taken by Financial Intelligence Unit or the income-tax department solely on the basis of the information regarding cash deposit made consequent to the declaration under the black money scheme.   Credit … Continued

The CBDT has issued an order endorsing the legal validity of the e-declarations made under the ongoing domestic black money window, known as the Income Declaration Scheme (IDS). With only a month left for the IDS to close on September … Continued

Keen to bring down the number of tax litigations, the Income Tax Department will soon write to over 2.59 lakh taxpayers asking them to avail the one-time dispute resolution scheme to settle their cases. And to cut down on communication … Continued

India’s income taxpayer base has touched 7.4 crore, CBDT Chairperson Rani Singh Nair said here on Tuesday. This is a significant increase from the 5 crore number bandied about in official circles in the recent past. Prime Minister Narendra Modi … Continued

Plans are afoot to train 20,000 chartered accountants by March 2017 in different aspects of the GST Corporate India is just about getting started to get their businesses ready for the goods and services tax ( GST) regime. This has … Continued

Forget the bulky paperwork, you can now apply, validate and activate new pre-paid and post-paid mobile connections using your Aadhaar card and fingerprint at the point of sale.   The government today issued e-KYC guidelines to make the online process … Continued

The top 1 per cent of earning individuals who filed tax returns earned about 18 per cent of the total income in financial year 2011-12, according to the latest data on income tax released by the income-tax department recently. The … Continued

Over 75 lakh taxpayers availed the e-verification facility of their income tax returns filed till August 5 against around 33 lakh taxpayers last year till September 7, which will ensure faster processing of their returns. In all 226.98 lakh e-returns … Continued

The Central Board of Direct Taxes has signed bilateral advance pricing agreements with Indian arm of a Japanese trading company, a move that will help bring down transfer pricing disputes relating to intra-group transactions. “The Central Board of Direct Taxes … Continued

The last date for filing income-tax returns was extended to August 5, and it ends today. 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, … Continued

  Income tax department has issued order that due date of filing of returns of income for the Assessment Year 2016-17 has been extended from July 31, 2016 to August 5, 2016, for those assessees, whose due date was originally … Continued

In a bid to spruce up its tax-payer-friendly image, the Central Board of Direct Taxes has asked its officers to ensure that refunds less than Rs. 5,000 are issued by the month-end. “It has been decided that refunds up to … Continued

If you have received an income-tax scrutiny notice, there’s no need to be unduly fearful as the government has sought to protect you against possible harassment. That’s in line with Prime Minister Narendra Modi’s recent message to the tax department … Continued

The Central Board of Direct Taxes (CBDT) entered into seven (7) Unilateral Advance Pricing Agreements (APAs) today, i.e., 18th July, 2016, with Indian taxpayers. Some of these agreements also have a Rollback” provision in them.   The APA Scheme was … Continued

The government on Thursday clarified that tax paid under the ongoing amnesty scheme for persons with undisclosed domestic assets can’t be reduced to an effective 31% from 45% prescribed by enjoying immunity not only for such income declared but also … Continued

The Income Tax department has widened the ATM-based validation system for filing e-ITRs by taxpayers with the inclusion of Axis Bank, after SBI, as part of its measure to enhance the paperless regime of filing the annual I-T returns. “Now, … Continued

CBDT today issued a notification making it clear that information about those who declare their black money under the compliance window, ending September 30, will be kept secret. The notification states that “no public servant shall produce before any person … Continued

After successfully completing over 1,000 scrutiny I-T assessments under a maiden taxpayer-friendly paperless inquiry system, CBDT is set to extend the initiative as it is mulling seeking taxpayers’ consent to opt for the scheme at ITR filing stage itself. Central … Continued

The Income Tax department’s ambitious plan to verify ITRs electronically through an internet-based system by using the Aadhaar and banking database has crossed the one crore mark. As per the latest data, over 1.02 crore Income Tax Returns (ITRS) have … Continued

In order to ensure quick redressal of taxpayer grievances, the Income Tax department will soon launch a new form called ‘e-nivaran’ on the lines of the ITR form to take care of issues related to refunds and others by sending … Continued

To provide relief to corporates with income abroad, the tax department has notified ‘Foreign Tax Credit’ rules allowing companies to claim credit for taxes, surcharge and cess paid overseas. The rules, which come into effect from April 1, 2017, allow … Continued

Non-resident investors who do not provide permanent account number will no longer have to face higher tax deduction at source. The income tax department has eased norms for non-resident investors, who will not be subjected to a higher rate of … Continued

The Central Board of Direct Taxes (CBDT) has made it clear that the 1 per cent tax collection at source (TCS) — introduced in this year’s Budget — will apply only to the cash component and not the entire sale … Continued

Income Tax Department has asked its officers to make “all out efforts” to attract potential declarants under the domestic black money window by assuring them of confidential and hassle-free disclosures. In order to give wide publicity, the CBDT has also … Continued

In order to cripple and check the activities of wilful tax defaulters, the Income Tax department has decided to “block” Permanent Account Number (PAN) of such entities, get their LPG subsidy cancelled and take measures to ensure that they are … Continued

Small businesses with a total turnover of up to Rs 2 crore will not be required to get their accounts audited if they opt for presumptive taxation scheme, the finance ministry said on Monday. “The higher threshold (up to Rs … Continued

In a major incentive, startups can now issue shares to investors at higher than fair value without worrying about tax consequences. The Central Board of Direct Taxes (CBDT) has notified the much awaited tax exemption on investments above fair market … Continued

Prime Minister Narendra Modi pitched for nearly doubling of tax base to 10 crore assesses while addressing tax officers in the first ever Rajasva Gyan Sangam that kick-started on Thursday. Modi outlined a five-point charter for tax administrators – RAPID, … Continued

The income-tax returns filing season is fast approaching with the initial deadline being July 31.  The income-tax returns filing season is fast approaching with the initial deadline being July 31. You must be among those preparing to file your returns. … Continued

The Income Tax department has launched an ATM-based validation system for filing e-ITRs by taxpayers as part of its measure to enhance the paperless regime of filing the annual IT returns. “Now, Electronic Verification Code (EVC) can be generated by … Continued

With the income tax department allowing ample time for filing returns, many taxpayers take it easy. For the income earned in the past financial year (FY16), a taxpayer can file returns up to March 2018. However, sticking to the first … Continued

A recent clarification by the government has created a stir among some multinationals which are concerned that their Indian entities might be taxed even in case of a global merger and acquisition with another global company. More so, the worry … Continued

Financial technology startup Defmacro Software , which owns and operates online tax returns filing platform ClearTax , has raised $2 million (Rs 13.3 crore) from FF Angel , the angel investing arm of Peter Thiel-led Founders Fund , and Sequoia … Continued

The Income Tax department has launched a special electronic grievance redressal system called ‘e-nivaran’ in order to fast track taxpayer grievances and ensure early resolution of their complaints. A separate and dedicated window for grievance redressal has been launched recently … Continued

Several taxpayers diligently file their tax returns but forget to e-verify them. They believe their return filing process is complete once return has been duly submitted to the income tax department.   Your income tax (I-T) return submission is not … Continued

E-filing of tax returns witnessed a jump of 68.5% in the first month of the current fiscal year with over 8.32 lakh assessees filing ITRs electronically. The number of e-filed returns recorded in April 2015-16 stood at 4.94 lakh. In … Continued

India will levy capital gains tax on investments routed through Mauritius from April 1 next year, bringing down the curtains on a contentious three decade-old rule that allowed companies to bring in billions of dollars by paying negligible taxes. The … Continued

The Obama administration is issuing a long-delayed rule requiring the financial industry to identify the real owners of companies and proposing a bill that would require companies to report the identities of their owners to the federal government, U.S. officials … Continued

The Income Tax department has issued 2.10 crore refunds totalling over Rs 1.22 lakh crore in 2015-16, which saw 94 per cent the returns being filed online. “During FY 2015-16, more than 2.10 crore refunds amounting to Rs 1,22,425 crore … Continued

People with annual income of over Rs 50 lakh will have to disclose the acquisition cost of all the assets like land, building and jewellery in the Income Tax return forms for assessment year 2016-17. The luxury items to be … Continued

Giving some clarity to companies switching to the new accounting standards, an expert Committee of Finance Ministry has said that there may not be any rise in tax burden for them. The committee, led by retired Indian Revenue Service Officer … Continued

If you bought property worth more than Rs 50 lakh and did not deduct tax at source (TDS) or failed to deposit the amount with the income tax department on time, you may have to pay a penalty of up … Continued

In a significant move towards a more progressive taxation policy the revenue officials have set an aggressive target of resolving about 100 transfer pricing issues by signing advance pricing agreements (APAs) with multinationals this fiscal, people close to the development … Continued

Even NRIs with offshore bank accounts cannot keep the taxman at bay by obtaining quick relief from the court of law. In order to prove their innocence, such persons will have to instruct the overseas banks to share information on … Continued

The Finance Act, 2015 abolished the wealth-tax. Thus, taxpayers are no longer required to file returns of wealth tax from assessment year 2016-17 onwards. However, the Hon’ble Finance Minister in his budget speech had announced that information which was to … Continued

E-filing of income tax returns for the assessment year 2016-17 was launched today for a select category of entities and individuals even as the IT department provided an online calculator for filers to do an easy check and obtain their … Continued

The tax department has processed over 6.53 lakh online rectification applications in 2015-16 fiscal and asked the assesses to make use of the e-filing portal for correcting mistakes in Income tax returns. The Central Board of Direct Taxes (CBDT) in … Continued

CDPQ, which deals primarily in public and para-public pension and insurance plans, also announced the establishment of its Indian office in New Delhi. Canada’s institutional fund manager Caisse de depot et placement du Quebec (CDPQ) on Wednesday said it has … Continued

Kept closely under wraps, a new project being readied by the Income Tax Department ahead of the upcoming Budget could provide fresh ammunition to the NDA government’s fight against domestic black money. Code named ‘Project Insight’, the scheme is focused … Continued

The Reserve Bank appealed to income tax assessees to pay dues in advance of the due date as well use alternate channels of authorized banks to avoid the rush during end of March. “Pay I-T dues in advance at RBI … Continued

The move is aimed at reducing taxpayer grievances and promoting tax-friendly environment The Income Tax department has issued refunds worth Rs 1 lakh crore till January in the current fiscal, the Finance Ministry said today. “Income Tax department has so … Continued

The Income-Tax Department today cautioned taxpayers not to share their PIN or password of mails saying it never ask for such details. In a statement, the department said it is to ensure that taxpayers are aware the department does not … Continued

  The Central Board of Direct Taxes (CBDT) has laid down operational guidelines for e-assessments of select non-corporate taxpayers to be undertaken as a pilot in five metros.   It has now specified the format and standards for ensuring secured … Continued

Indian tax authorities have resolved more than 100 cases of transfer prices with their US counterpart, involving companies from IT and ITeS sectors, in a move expected to give a boost to investment flows into the country. The Central Board … Continued

Income Tax Department has processed 3.27 crore returns and has issued refunds in 1.81 crore cases during April-December period of this fiscal.   Centralized Processing Centre (CPC), Bengaluru has processed 3.27 crore returns as of December 31, registering a growth … Continued

If a startup claims benefit in first year & does not make profit in next two years, it can still enjoy tax exemption on profit in fourth and fifth year The three-year tax holiday proposed for startups in India will … Continued

The Income Tax department’s ambitious OTP-based ITR filing system for taxpayers has crossed the 50 lakh e-verification mark, while more than 39 lakh Aadhaar numbers have been successfully linked with the PAN database after the scheme was launched over six … Continued

The I-T department in the recent times has taken a host of initiatives to reduce human interface between tax official and assessees and make the tax system non-adversarial   The income tax department is planning to carry out all communication … Continued

If you missed your 120 days ITR-V verification deadline, there is good news. The income tax department has extended the verification deadline till 31st January. Although it has not been officially notified yet, taxpayers have been receiving this information via … Continued

A deadline for comments on the draft guidelines to determine the tax residency of a foreign company has been extended to January 9. The government felt the need to determine a company’s place of effective management due to lack of … Continued

In a step towards a single-window clearance mechanism at the central level, the government plans to make the permanent account number ( PAN ) as the Business Identification Number (BIN) for companies and firms. The move is aimed at doing … Continued

Tax department says any general public service that involves trade, commerce or business for a consideration will not be treated as Charity under the Act With a view to weed out commercial activities under the garb of charity, the tax … Continued

The Central Board of Direct Taxes (CBDT) has signed 11 more advance pricing agreements (APAs) with MNCs on Tuesday, taking the total number of such deals that would spare them from rigorous tax audits under certain conditions to 31 so … Continued

Income tax collection from the Mumbai region has gone up by over 20 per cent as of November 21 over the year-ago period. The region, which mops up more than one-third of the total direct tax, has collected Rs. 1.14 … Continued

The government is looking to further simplify income tax return forms to help taxpayers fill them without seeking help from experts and the revenue department has set up a committee in this regard. The committee, according to sources, will be … Continued

The finance ministry is streamlining safe harbour rules and advance agreements, two mechanisms to determine the price of services rendered by a multinational to its subsidiary in India. Safe harbour rules – directives on margins the tax authorities should accept … Continued

Foreign companies with Indian shareholders won’t have to pay taxes here for their worldwide income unless they are managed from India on an everyday basis. If these foreign companies are managed from outside India, whether or not they are promoted … Continued

Government is set to unveil an ambitious PAN activity monitoring and analysis software tool that will enable Income Tax department to check transactions history of a person country-wide and help sleuths in effective tracking of black money trail. The digital … Continued

The income tax department will withdraw from a few hundreds of tax cases with multinational corporations pending in tribunals by the end of this fiscal. This marks a significant softening of approach given its high-pitched income reassessments for MNCs in … Continued

The Bombay High Court on Thursday gave a favourable ruling to Vodafone in the transfer pricing case related to the sale of the company’s call-centre business to Hutchison and assignment of call options to Vodafone International. The tax dispute, which … Continued

The income tax department has signed 16 advance pricing agreements (APAs) with multinational companies (MNCs) so far, exempting their transactions with local units from rigorous tax audits. APAs were introduced to give tax certainty to MNCs that agree on certain … Continued

Income Tax Calculator Here is the quick guide to calculate your income tax calculations. This tool is to be used to enable public to have a quick and easy way to do tax calculations. It is advised that, for filing … Continued

In welcome news for taxpayers, the IT department has decided to launch a new system of issuing email notices to which an assessee can respond electronically, obviating the need for a physical interface with the taxman which often led to … Continued

The Minimum Alternate Tax (MAT) could be phased out after some years, if and when all corporate tax exemptions and deductions are phased out. This could take at least seven or eight years. If it happens, experts agree, it would … Continued

Steps for Income Tax E-Filing:     Select appropriate type of Return Form – ITR and download appropriate Return Form from https://incometaxindiaefiling.gov.in/ Fill your particulars of name, address. PAN Number, date of incorporation (date of birth, in case of individuals), … Continued

Your permanent account number (PAN) is a 10-digit alphanumeric number, which is used as your identity proof. It is used mainly for tax related purposes. The first five characters are letters from the English alphabet, the next four characters are … Continued