Category Archives: Income Tax Press Release

Income Tax Department search in J&K Region

By | June 12, 2019

Income Tax Department strikes again in J&K Region Posted On: 11 JUN 2019 The Income Tax Department conducted search and seizure operations today on a prominent business group based in Srinagar, covering 8 premises in Srinagar and 1 each at Bangalore and Delhi. The assessee group is engaged in the business of transportation, manufacturing of… Read More »

Income Tax Dept. search on business group dealing in Lotteries

By | May 6, 2019

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 04th May, 2019 PRESS RELEASE Income Tax Department conducts searches on a business group dealing in lotteries Income Tax Investigation Directorate, Chennai conducted searches on a Coimbatore based business group handling the lotteries run by certain State Governments under… Read More »

Income Tax Department search in J&K Region : undisclosed income Rs 11 crore

By | March 29, 2019

Income Tax Department carries out more search actions in the J&K Region Posted On: 29 MAR 2019 Income Tax Department carried out search actions at 5 premises located in and around Srinagar on 28th March, 2019. Two groups, which connived with local officials in facilitation of absorption of undisclosed income of undesirable elements in shops, buildings… Read More »

Income Tax slabs & Rates for FY 2019-20 (AY 2020-21)

By | March 22, 2019

Income Tax slabs for FY 2019-20 (AY 2020-21) For Income Tax Slab Rates for AY 2019-20,AY 2020-21 There are three categories of individual taxpayers:1.Individuals (below the age of 60 years) which includes residents as well as non-residents2.Resident Senior citizens (60 years and above but below 80 years of age)3.Resident Super senior citizens (above 80 years… Read More »

e-tax notices to 11 Lakh non-filers of Income Tax Return

By | March 20, 2019

The Income Tax Department’s newly set-up Centralised Verification Centre (CenVC) is planning to send the first set of e-tax notices to ‘non-filers’, starting this week. There are a total of about 11 lakh cases under scanner where I-T returns have not been filed. The notices will be issued under section 133C of the Income-Tax Act,… Read More »

Income Tax Informants Reward Scheme 2018 

By | March 20, 2019

Income Tax Informants Reward Scheme 2018  Under Income Tax Informants Reward Scheme 2018 A person can get reward up to Rs. Five crore by giving specific information about evasion of Income tax on income and assets in India and abroad. Identity of the informant shall be kept confidential. Full details of Under Income Tax Informants Reward… Read More »

CBDT SOP for cash deposit during the demonetisation Period

By | March 6, 2019

F No 225/363/2017-ITA.II Ministry of Finance , CBDT, Dated 5th March 2019 The Central Board of Direct Taxes ( CBDT ) has issued Standard Operating Proceedure (SOP) for handling cases related to substantial cash deposit during the demonetisation period in which the notice under section 142 (1) of the Income Tax Act, 1961 has not… Read More »

Date Extended for Task Force for drafting New Direct Tax Legislation till 31.05.2019

By | March 1, 2019

Task Force for drafting a New Direct Tax Legislation-Extension of term The tax force, headed by Central Board of Direct Taxes member Akhilesh Ranjan, was asked to submit its suggestions to the government by Feb. 28, 2019. Now the date has been extended to 31.05.2019 Task Force for drafting a New Direct Tax Legislation-Extension of… Read More »

ITRs & audit reports for AY 2018-19 for Kerala Extended till 28.02.2019 : CBDT

By | February 27, 2019

Central Board of Direct Taxes (CBDT) has directed that in case of taxpayers of Kerala for whom the due date for filing of return of Income (ITR) and report of audit pertaining to AY 2018-19 was 31-10-2018 (extended deadline), all ITRs & audit reports filed till 28-02-2019 shall be deemed to have been filed by… Read More »