Tax Payers Advised To Confirm Identities Of Income Tax Search Authorities The Income Tax Department in the Delhi region regularly conducts search/survey/verification exercises in case of suspected tax evaders to uncover concealment of undisclosed income/assets as per the law. However, instances have been brought to the notice of department wherein, certain unscrupulous elements have conducted… Read More »
F.No.370142/27/2017-TPL Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) New Delhi, September 19, 2017 Sub: Draft Notification for insertion of new rule 39A in the Income-tax Rules, 1962– comments and suggestions-reg. It is proposed to create a mechanism for self-reporting of estimates of current income, tax payments and advance… Read More »
Taxmann’s Law & Practice Relating to Income Computation & Disclosure Standards by B D Chatterjee Chintan N. Patel (Author) Description Tax Audit Reporting requirement with illustrative ICDS disclosures in Form 3CD Paragraph-wise comparison of ICDS with AS and Ind AS Judicial Pronouncements explaining provisions Separate chapter on Transition requirement Relevant Income Tax Provisions mapped with each ICDS… Read More »
Voluntary Reporting of Estimated Current Income and Advance Tax Liability A taxpayer who is liable to discharge part of its tax liability by way of advance tax has to bear additional burden of interest for default of advance tax, in case total advance tax paid for the year falls short of the assessed tax by… Read More »
MISCELLANEOUS – MOU BETWEEN MINISTRY OF CORPORATE AFFAIRS AND CENTRAL BOARD OF DIRECT TAXES (CBDT) FOR AUTOMATIC AND REGULAR EXCHANGE OF INFORMATION PIB PRESS RELEASE, DATED 14-9-2017 Taking forward the initiative launched by the Government of India to curb the menace of shell companies, money laundering and black money in the country and prevent misuse of… Read More »
Banks to issue TDS certificate in name of legal heir after death of deposit holder of Capital Gain Account: CBDT SECTION 194A OF THE INCOME-TAX ACT, 1961, READ WITH RULES 31A AND 37BA, OF THE INCOME-TAX RULES, 1962 – DEDUCTION OF TAX AT SOURCE – INTEREST OTHER THAN INTEREST ON SECURITIES – TDS ON INTEREST… Read More »
Cabinet approves introduction of the Payment of Gratuity (Amendment) Bill, 2017 in the Parliament The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for introduction of the Payment of Gratuity (Amendment) Bill, 2017 in the Parliament. The Amendment will increase the maximum limit of gratuity of employees, in the… Read More »
21k people disclose Rs 4,900 cr black money under PMGKY Black money worth Rs 4,900 crore was disclosed by 21,000 people under the Pradhan Mantri Garib Kalyan Yojna (PMGKY), the stash money declaration window announced by the government post demonetisation, an official said today. The Income Tax Department, a top government official told PTI, has… Read More »
Due date for Tax Audit and Return Extended to 31.10.2017 : CBDT Order SECTION 139, READ WITH SECTION 119, OF THE INCOME-TAX ACT, 1961 – INCOME, RETURN OF – EXTENSION OF DUE DATE FOR FILING RETURN OF INCOME AND VARIOUS REPORTS OF AUDIT ORDER [F.NO.225/270/2017/ITA.II], DATED 31-8-2017 The Goods and Services Tax (‘GST’) has come into… Read More »
Income Tax e – news (India) on 01.09.2017 by Taxheal