Income Tax Archives - Page 2 of 19

Government of India and the Republic of Maldives Sign two Agreements today for the Exchange of Information with respect to taxes and for the Avoidance of Double Taxation of Income Derived from International Air Transport

Income TaxBy Himanshi April 13, 2016

The Government of the Republic of India and the Government of the Republic of Maldives signed two Agreements – for the Exchange of Information with respect to Taxes and for the Avoidance of Double Taxation of Income derived from the International Air Transport here today during the visit of the President of Maldives to the…

Signing of Agreements with respect to Taxes between India and Maldives

Income TaxBy Himanshi April 11, 2016

The Government of the Republic of India and the Government of the Republic of Maldives signed two Agreements – for the Exchange of Information with respect to Taxes and for the avoidance of double taxation of income derived from international air transport on 11th April, 2016 during the visit of Hon’ble President of Maldives to…

Release of E-filing of Income Tax Returns (ITR) and other forms

Income Tax, Income Tax ReturnBy Himanshi April 4, 2016

In pursuance of the Notification of the Income Tax Returns (ITR) for AY 2016-17 on March 31st, 2016, Central Board of Direct Taxes (CBDT)announces the release of electronic filing of ITRs 1 and 4S on its websitehttps://incometaxindiaefiling.gov.in. Other ITRs will be e-enabled shortly. Online filing of Appeal before Commissioner (Appeal) using newly notified Form 35…

Release of new functionality to taxpayers to secure their E-filing account

Income TaxBy Himanshi April 4, 2016

The Income Tax Department has from time to time issued advisories regarding the need to avoid phishing emails and to carefully protect the passwords, OTPs and not share them with others. In order to ensure that taxpayers are able to secure their E-filing account against any fraudulent attempts, the Income Tax Department has introduced a…

CBDT achieves record setting Year in Delivery of Taxpayer Services

Income TaxBy Himanshi April 4, 2016

CPC Bengaluru processed more than 4.14 crore Income Tax returns, an increase of over 35% over the previous year; CPC also issued over 1.61 crore refunds above Rs 100 to taxpayers, an increase of more than 47% over the previous year. The Central Board Direct Taxes (CBDT achieved significant success in delivery of taxpayer services…

Notification of Income Tax Returns for Assessment Year 2016-17

Income Tax, Income Tax ReturnBy Himanshi April 2, 2016

The Central Board of Direct Taxes has notified the forms for filing of Income-tax returns for Assessment Year 2016-17. These return forms, namely ITR-1 (Sahaj), ITR- 2, ITR-2A, ITR-3, ITR-4, ITR-4S (Sugam), ITR-5, ITR-6, ITR-7 are available on the official website of the Department, http://www.incometaxindia.gov.in With the passage of Finance Bill, 2015, wealth-tax is…

Government signs 11 unilateral Advance Pricing Agreements (APAs)

Income TaxBy Himanshi March 29, 2016

The Central Board of Direct Taxes signed 11 unilateral APAs on 28th March, 2016. With this signing, India has entered into 59 bilateral and/or unilateral APAs. The Advance Pricing Agreement (APA) programme was introduced by the Finance Act, 2012 to provide a predictable and non-adversarial tax regime and to reduce litigation in the Indian transfer…

Inclusion of Interest Income in the Return of Income filed by Persons liable to Pay Tax

Income Tax, Income Tax UpdatesBy Himanshi March 28, 2016

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…

Circular for Modification of Instruction with Fresh Guidelines and Procedures for dealing with Revenue Audit objections issued

Income Tax, Income Tax Circulars/ NotificationBy Himanshi March 18, 2016

The guidelines and procedure for attending to objections raised in the course of audit of assessment work by the Comptroller and Auditor General of India (Revenue Audit) are laid down in the Instruction No of 2006 issued by the Central Board of Direct Taxes (CBDT). The Instruction inter-alia mandates the initiation of remedial action in…

Rules in respect of Fund Manager Regime under Section 9A of the Income-tax Act, 1961

Income TaxBy Himanshi March 16, 2016

Section 9A of the Income-tax Act, 1961 (the Act) provides for special taxation regime with effect from 01.04.2016 to facilitate location of fund managers of off shore funds in India. Under this regime, the fund management activity carried-out through an eligible fund manager in India by an eligible investment fund does not constitute business…