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CBDT to conduct a Nation-wide Tax Collection Review for the year 2018 Today

Taxscan Team

In a bid to increase the direct tax revenue, the Central Board of Direct Taxes (CBDT) will conduct a country-wide review of tax collection, especially...

Interest u/s 234 for Default in Payment of Advance Tax to be Levied till date of Passing Revisional...

Direct Tax Collections for F.Y. 2017-2018 show Growth of 18.2% up to December, 2017

Interest u/s 234B can be levied on failure to Pay Advance Tax in respect of AMT: ITAT [Read Order]

Due Date for Paying 3rd Installment of Advance Tax is Dec 15: All You Need to Know

Direct Tax Collections for F.Y. 2017-2018 show Growth of 15.8% up to Sept, 2017

The provisional figures of Direct Tax collections up to September, 2017 show that net collections are at Rs. 3.86 lakh crore which is 15.8% higher than the net collections for the corresponding period...

Income Tax Returns filed in current fiscal rises 25%, Advance Tax collections up by 41%, says Finance Ministry

As a result of demonetisation and Operation Clean Money, there is a substantial increase in the number of Income Tax Returns(ITRs) filed. The number of Returns filed as on 05.08.2017 stands at...

Direct Tax Collections for F.Y. 2017-2018 show Growth of 14.8%

The provisional figures for Direct Tax collections up to June, 2017 show that net collections are at Rs. 1.42 lakh crore which is 14.8% higher than the net collections for the corresponding period of...

Amendment to IT Act enabling Adjustment of Seized Assets against Advance Tax do not have Retrospective Effect: CBDT

The Central Board of Direct Taxes (CBDT) recently clarified that the amendment to Explanation 2 of the Income Tax Act, 1961 enabling adjustment of Seized Assets against advance tax has prospective...

Cash Seized during Search can be Adjusted towards Assessees Tax liabilities including Advance Tax: ITAT Mumbai [Read Order]

In N. Venkatanathan v. DCIT, the ITAT Mumbai noted that assessee is entitled to adjustment of cash seized and offered for taxation towards its liability for taxes including advance tax. In the...

A declarant under the IDS Scheme can claim Credit of Advance Tax Amounts Paid: Delhi HC [Read Judgment]

In Kumudam Publications Pvt Ltd v. CBDT, the division bench of the Delhi High Court held that the declarant under the Income Declaration Scheme, 2016 is entitled to claim credit of advance tax amounts...