I-T offices to remain open from March 29 to 31 for filing returns

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 […]

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Income Tax department attaches benami properties worth Rs 39 billion

Income Tax department attaches benami properties worth Rs 39 billion Show cause notices for provisional attachment of benami properties were issued in over 1,500 cases Income tax department has provisionally attached benami properties of over Rs 39 billion in more than 1,200 cases, the Finance Ministry informed the Rajya Sabha today. In a written reply, […]

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Fooling the IT returns system by using all zeros as Aadhaar number

Fooling the IT returns system by using all zeros as Aadhaar number Central Board of Direct Taxes had issued a circular, making it mandatory to provide Aadhaar or the enrolment number with IT returns for everyone Even as the government is in overdrive to get people to link their Aadhaar number with the income tax […]

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I-T e-assessment: CBDT notifies new central scheme

I-T e-assessment: CBDT notifies new central scheme The Central Board of Direct Taxes (CBDT) has notified a new centralised communication scheme for serving e-notices to income tax-payers as part of the government’s ambitious plan to usher in a countrywide paperless system of interface between the taxman and the assessee. The scheme stipulates that an internet-based […]

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Tax collection assumptions in India’s budget ambitious: IMF

Tax collection assumptions in India’s budget ambitious: IMF The IMF today said the tax collection assumptions in India’s budget is ambitious but there is a need to look into the fiscal implications of some of the initiatives that are presently unfunded. Referring to some of the implementations relating to the goods and services tax (GST) […]

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Full I-T e-assessment from next year; CBDT forms committee

Full I-T e-assessment from next year; CBDT forms committee The government is set to roll out a pan-India “faceless and nameless” e-assessment procedure for income tax payers from 2018 with the CBDT today constituting a high-level committee to prepare a quick roadmap for the implementation of this ambitious proposal. The Central Board of Direct Taxes […]

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