Ministry of Finance Direct Tax Collections for F.Y. 2017-2018 show Growth of 18.2% up to December, 2017 Posted On: 09 JAN 2018 11:31AM by PIB Delhi The provisional figures of Direct Tax collections up to December, 2017 show that net collections are at Rs. 6.56 lakh crore which is 18.2% higher than the net collections for the corresponding period… Read More »
The Government of India notifies the Scheme of Electoral Bonds to cleanse the system of political funding in the country; Electoral Bond would be a bearer instrument in the nature of a Promissory Note and an interest free banking instrument; Bond(s) would be issued/purchased for any value, in multiples of Rs.1,000, Rs.10,000, Rs.1,00,000, Rs.10,00,000 and… Read More »
Ministry of Finance Operation Clean Money Posted On: 29 DEC 2017 5:08PM by PIB Delhi As a part of post-demonetisation exercise, Income Tax Department had to analyse cash deposit data and seek information to identify possible cases of tax evasion. Operation Clean Money (OCM) was launched on 31st January 2017, with the mission to “Create… Read More »
Revised Income Tax Return & Rectification 1. Can I make rectification or other correspondence with CPC in paper form? Answer: No. 2. What CPC reference number should I enter while filing Rectification request? Answer: You need to enter the Communication Reference Number as per the latest order/intimation received from CPC u/s 143(1) OR 154. 3. I am… Read More »
How to change wrong personal details filled in income tax return. For wrong personal details (i.e. Bank Account, Address, Mobile number and e-mail id) filled inadvertently in the ITR, there is no need to revised the return. Income Tax E-filing website has added a new feature to correct such wrong details. However, such Any update/change can be made… Read More »
Condonation of delay in submission of ITR-V As of now for e-filed return which is not digitally signed, the taxpayer is required to either send a signed copy of Income Tax Return Acknowledgement a.k.a ITR-V or do e-verification popularly known as EVC. The time limit for sending ITR-V or EVC is 120 days from the… Read More »
Ministry of Finance Increase in number of tax payers post demonetization Posted On: 22 DEC 2017 4:19PM by PIB Delhi During the period from November 2016 to March 2017, the Income-tax Department (ITD) conducted searches on around 900 groups, wherein undisclosed income of over Rs. 7,900 crores was admitted. During the same period, more than… Read More »
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 20th December, 2017 PRESS RELEASE Release of Income Tax Return Statistics for AY 2015-16. Central Board of Direct Taxes (CBDT) has been proactively releasing Time-series Data relating to Direct Tax collections, number of taxpayers, cost of collection etc., as… Read More »
Ministry of Finance Measures taken by Government to Control and Curb Parallel Economy and Unaccounted Transactions Posted On: 19 DEC 2017 5:17PM by PIB Delhi The Government has taken several measures to effectively control and curb the prevalence of parallel economy and unaccounted transactions. Major steps in this regard constitute:- 1. Enactment of the… Read More »
Extension of deadline till 31.3.18 for submission of Aadhaar number, and Permanent Account Number or Form 60 by client to the reporting entity After considering various representations received and inputs received from Banks, it has been decided to notify 31st March, 2018 or six months from the date of commencement of account based relationship by the… Read More »