Category: Income Tax

Shell Cos: I-T Dept to File Pleas in NCLT to Recover Tax Dues The income-tax department is an “aggrieved creditor” to many deregistered shell companies and will petition the National Company Law Tribunal (NCLT) to recover tax dues of crores of rupees. The Central Board of Direct Taxes (CBDT) has directed the I-T department to […]

IT dept cautions TDS deductors against quarterly filing default The Income Tax department on Friday cautioned tax deducted at source (TDS) deductors to adhere to the stipulated deadline of 31 May for filing their statements failing which they would invite a penalty of Rs200 for each day of default. The Central Board of Direct Taxes […]

ITR-2 forms for AY2018-19 launched The income tax department has launched return form ITR-2 for assessment year 2018-19 for individuals and Hindu Undivided Family having income from any sources except profits and gains of business and profession, including NRIs.The ITR-1 Sahaj was activated earlier by the department for resident Indians having income from salaries, house […]

I-T department seizes Rs4 crore in drive against cash hoarders New Delhi: In a drive against cash hoarders, the income tax (I-T) department has seized currency worth Rs4 crore from people in states, including Karnataka and Andhra Pradesh, which have reported cash shortages. The drive is part of the tax department’s efforts to track down […]

Wrong info in ITR will be reported to employers: I-T to salaried class The tax filing season for salaried class taxpayers has just begun with the Central Board of Direct Taxes (CBDT), that frames policy for the department, recently notifying the new ITRs The Income Tax Department on Wednesday cautioned salaried class taxpayers against using […]

ITR-1 form for AY18-19 now available for e-filing: Income Tax dept All the seven ITR forms are to be filed electronically except for some category of taxpayers The latest ITR-1 form, largely used by the salaried class of taxpayers, has been activated on the official e-filing portal of the Income Tax Department, a senior official […]

Changes you need to know for I-T returns When you file your income tax (I-T) returns in July, you will have to fill details such as allowances that are not exempt, value of perks, and profits in lieu of salary in the new I-T return forms notified for the assessment year 2018-19.A one-page simplified ITR […]

New ITR forms notified; salary breakup, GST ID to be furnished The new Income Tax Return (ITR) forms for the assessment year 2018-19 were notified today by the Central Board of Direct Taxes that mandated salaried class assessees to provide their salary breakup and businessmen their GST number and turnover.The policy-making body of the tax […]

Income tax department forms committee to look into tax risk of super-rich leaving India The income tax department has set up a committee to look into the tax implications of the super-rich leaving the country to settle abroad and also arrive at the country’s stand on such migrations. ET had reported last month that 23,000 […]

I-T offices to remain open from March 29 to 31 for filing returns Income tax offices and Ayakar Seva Kendras (ASKs) will remain open during holidays from March 29 to 31 to facilitate filing of returns by taxpayers before the end of the current financial year.The last date for filing of belated returns for Assessment […]