The Income Declaration Scheme 2016 to open from 1st June 2016.

The Income Declaration Scheme, 2016 incorporated as Chapter IX of the Finance Act 2016 provides an opportunity to all persons who have not declared income correctly in earlier years to come forward and declare such undisclosed income(s). Under the Scheme, such income as declared by the eligible persons, would be taxed at the rate of…

Validation of Previous years’ tax-returns through Electronic Verification Code

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi, the 6th of October, 2015 Order under section 119(1) of Income-tax Act, 1961 Subject: Validation of tax-returns through Electronic Verification Code-reg.- The Central Board of Direct Taxes (CBDT’) vide Notification No. 41/2015 dated 15.04.2015 in cases of…

Circulation of Fake order for extension of due date for filing of Audit report and return of Income for Assessment Year 2015-16- regarding

It has been brought to the notice of the Government that a fake order dated 26th September 2015 supposedly under section 119 of the Income-tax Act 1961 under the signature of one Upmanyu Reddy, Under Secretary to the Government of India is in circulation. The fake order extends the due date for filing of audit…

Income-tax Department thanks the taxpayers for making e-enabled initiatives a success

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes 10th September, 2015 Press Release Subject:- Income-tax Department thanks the taxpayers for making e-enabled initiatives a success It has been the constant endeavor of the Income-tax Department to make compliance simpler for the taxpayer through the use of technology. E-filing of…

Increase in No. of Returns filed online

In the Financial Year (F.Y.) 2015-16, Department of Income Tax Receives 2.06 Crore Returns on the E-Filing Portal as on 07.09.2015 Registering an Increase of 26.12% over the Corresponding Period of the Preceding F.Y. 2014-15; 32.95 Lakh E-Returns Verified Through Electronic Verification Code; As on 07.09.2015 Central Processing Centre Processed 45.18 Lakh Returns Relating to…

No Extension of Date for Filing of Returns due by 30th September for Assessment Year 2015-16 for Certain Categories of Assessees

Govt. has denied to extend date for Filing of Returns due by 30th September for Assessment Year 2015-16 for Certain Categories of Assessees Including Companies, and Firms and, Individuals Engaged in Proprietary Business/Profession etc whose Accounts are required to be Audited; Taxpayers are Advised to file their Returns Well in Time to Avoid Last Minute…

Due date for Wealth Tax Return for Assessment Year 2015-16 extended till 7th Sep-15

F.No.328/08/20 5-WT Government of India Ministry of Finance Department of. Revenue Central Board of Direct Taxes (CBDT) New Delhi, dated the 3″I September, 2015 To All Pr. Chief Commissioners of Income-tax Subject: Extension of due date of filing return of wealth for A.Y. 2015-16 clarification A clarification was issued vide letter of even number dated…