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Direct Tax Collections for Financial Year 2017-18 show Growth of 14.4% upto November, 2017

The provisional figures of Direct Tax collections up to November 2017 show that net collections are at Rs. 4.8 lakh crore which is 14.4% higher than...

Govt Notifies Income Tax Exemption to Telangana Building and Other Construction Workers Welfare...

Income Tax can be levied on Amount of enhanced Compensation and Interest received under Land...

Govt Exempts Receipts from FIFA under-17 Football World Cup from Income Tax Net

No Income Tax on Off-Shore Sale of Equipments & Spares by Non-Resident Entities to Indian...

Property-Holders who have never filed Income Tax Returns are under Scanner

In a significant move to crackdown black money, the Income Tax department is planning to pursue those property-holders who have never filed income tax returns. The department suspects that these may...

Direct Tax Collections up to July, 2017 in Current Financial Year 2017-18 show a Growth of 19.1%

The Direct Tax collections up to July, 2017 in the Current Financial Year 2017-18 continue to register steady growth. Direct Tax collection during the said period, net of refunds, stands at Rs. 1.90...

Income Tax Dept invites Application for Special Public Prosecutors

The Income Tax department has invited applications from advocates for the post of Special Public Prosecutors to represent the Income Tax Department before Courts of Session and its subordinate Courts...

Sushil Chandra - CBDT - IRS Officer - Taxscan

CBDT hikes Deposit to 20% to get Stay on IT demand [Read Office Memorandum]

The Central Board of Direct Taxes (CBDT) recently hiked the deposit to 20% from the current 15% to get stay of recovery of demand till the disposal of first appeal. In its recent office memorandum,...

NRI’s Foreign Bank Accounts are Under Income Tax Scanner

Non Resident Indians who have legitimately escaped tax using their NRI status are under income tax scanner now. A few days ago, income-tax authorities have added a new provision in the tax return...

Sales Tax incentive under UP VAT Act for setting up industries in backward areas is subject to Income Tax: Delhi HC [Read Judgment]

In CIT v. M/s Bhushan Steels and Strips Ltd, the Delhi High Court held that sales tax collected as incentive for setting up industries in backward areas by the Assessee-Company amount to revenue...

CBDT issues New Scrutiny Notices with E-Facility for Taxpayers

The Central Board of Direct Taxes (CBDT) has notified revised income tax scrutiny notices enabling the tax payers to resolve the issues arising out of scrutiny of returns by using e-facility. The new...

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