Additional & Joint Commissioners of Income Tax authorised as AO under Black Money and Imposition of Tax Act

NOTIFICATION New Delhi, the 24th August, 2015 [Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax]   S.O. 2299(E).—In exercise of the powers conferred by clause (b) of sub-section (4) of section 120 of the Income-tax Act, 1961 (43 of 1961) read with section 6 of the Black Money (Undisclosed Foreign Income and…

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…

Guidelines for Compounding of Offences under Income Tax Act, 1961/Wealth tax Act, 1957 in cases of persons holding undisclosed foreign bank accounts/assets

CBDT has issued following instructions to its officers for compounding of Offences under Income Tax Act, 1961/Wealth tax Act, 1957 in cases of persons holding undisclosed foreign bank accounts/assets: (i) Such cases can be compounded only after filing the Prosecution complaint(s) and shall not be compounded at the stage of show cause notice and/or without…

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…

CBDT instructed its officers not to take any action against FIIs/ FPIs involving MAT cases prior to 1st Apr-2015

Instruction No 9/2015 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes   North Block, IT (A-II) Division New-Delhi, dated the 2nd of September, 2015   Subject: Report on applicability of Minimum Alternate Tax (MAT) on FIIs/FPIs for the period prior to 01.04.2015 and acceptance of the Government thereof- rep.…