Tag: Income Tax

Due-date Extended for Filing ITR (Audit)

The Central Board of Direct Taxes, the decision making body under section 119 of the Act, in respect of all assesses covered under clause (a) of Explanation 2 to sub-section 139 of the Act, has extended the due-date for filing the return of income as well as various reports of audit restricted under the Income-Tax … Continue reading “Due-date Extended for Filing ITR (Audit)”

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CBDT Notifies Rule 10CB for Secondary Adjustments under Section 92CE of IT Act, 1961

The Finance Act, 2017 inserted Section 92CE in the Income-tax Act, 1961 with effect from 1st April, 2018 to provide for secondary adjustment

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CBDT has Constituted Special Task Force for Jurisdiction-free Income Tax Assessment System

Government is now proceeding towards a new change in direct tax which will enable a jurisdiction-free income tax assessment system.

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Exemption from Aadhaar Quoting to Certain Individuals

CG notified that the requirement of quoting of Aadhaar shall not apply to the certain individuals.

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No Income Tax on Salary deducted for Notice Period Pay cut

The Income-tax Appellate Tribunal (ITAT) which adjudicates Income-tax (I-T) disputes, has held that an amount deducted by an employer for not serving out a notice period cannot be brought to tax.

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Loans, card payments above Rs 2 Lakh in cash to be shown in ITR

All cash payments of over Rs 2 lakh for paying loans and credit card bills during the 50-day period post demonetisation will have to be disclosed in the new one-page income tax return (ITR) form. The tax department a few days back notified new ITR forms for filing of returns for the Assessment Year 2017-18 (financial year 2016-17).

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Income Tax: Investments of up to Rs 50 lakh in specified bonds tax exempted

The exemption under section 54EC up to R50 lakh would be available only if the capital gain arising from the transfer of a long-term capital asset, is invested in the specified bonds within six months from the date of such transfer.

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