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…
Information regarding interest earned by individuals and business entities on term deposit is filed with the Income Tax Department by banks including co-operative banks and other financial institutions and State treasuries etc. Form 26AS reflects only those payments on which tax has been deducted and it can be viewed by the individual tax payer by…
Mr. Shaktikanta Das, Revenue Secretary of India and Mr. Richard Verma, U.S. Ambassador to India signed here today , an Inter Governmental Agreement (IGA) to implement the Foreign Account Tax Compliance Act (FATCA) to promote transparency between the two nations on tax matters. The agreement underscores growing international co-operation to end tax evasion everywhere. The…
S.No. Financial Year CII S.No. Financial Year CII S.No. Financial Year CII S.No. Financial Year CII 1 Before 01-04-1981 100 11 1990-91 182 21 2000-01 406 31 2010-11 711 2 1981-82 100 12 1991-92 199 22 2001-02 426 32 2011-12 785 3 1982-83 109 13 1992-93 223 23 2002-03 447 33 2012-13 852 4 1983-84…
Govt. of India vide its Notification No. 33/2015 [F.No.142 /14/2014-TPL] / SO 915(E) dt. 1st Apr-2015 has extended the time limit for Roll Back in respect of APA where the application has been filed on or before 31st Mar-15. Form No. 3CEDA in respect of these applications may be filed by 30th Jun-2015 or date…
Income Tax Dept. on Tuesday released list of defaulter. These defaulters have not paid crores of taxes to Income Tax Dept. All the defaulters is having tax liability of more than 10 crores individually. Total tax liability of these 18 defaulters comes to more than 500 crores. Following are the name of these entities: S.…
SECTION 143 OF THE INCOME TAX ACT, 1961 ASSESSMENT –GENERAL – Compulsory manual selection of cases for scrutiny during the Financial Year 2014-15. Instruction No. 6/2014 Dated- 2nd of September, 2014 1 In supersession of earlier Instructions on the above subject, the Board hereby lays down the following procedure and criteria for manual selection…