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Amendment in Rule 114H of Income-tax Rules, 1962

  On 23 June 2016 at 10:48

The Rule 114H of the Income-tax Rules, 1962 (the Rules) has been amended vide Notification No.48/2016 [S.O.2151(E)] dated 20th June 2016. In order to provide sufficient time to the reporting Financial Institutions for completing the due diligence pro ...

  0 comments |   551 hits


Government Sets-Up A Committee to Simplify The Provisions of The Income Tax Act, 1961

  On 28 October 2015 at 10:15

The Government of India has constituted a Committee with a view to simplify the provisions of the Income Tax Act, 1961, with the following composition: (i) Justice R.V.Easwar, (Retd.), former Judge, Delhi High Court and former President, ITAT- Chairm ...


SIT recommends making tax evasion a crime

  On 13 May 2015 at 11:52

In Chapter III of Second SIT report, the SIT has recommended as under: “Financial Action Task Force (FATF) on money laundering recommends ‘tax crimes’ to be made a predicate offence so that action can be taken under Prevention of Mo ...


The Constitution (122 Amendment) Bill in respect of GST to be taken up in Lok Sabha next week

  On 29 April 2015 at 12:04

Finance Bill to be taken up on Thursday Further to the suggestions from the Members of Lok Sabha, the Government has agreed to extend the ongoing discussion on Demands for Grants of various ministries by one day till tomorrow. As per the earlier ...

  0 comments |   1173 hits


No Change in the rate of Personal Income-Tax and the rate of tax for Companies on Income in Financial Year 2015-16

  On 02 March 2015 at 10:42

Surcharge @12% Levied on Individuals, HUFs, AOPs, BOIs, Artificial Juridical Persons, Firms, Cooperative Societies and Local Authorities Having Income Exceeding Rs 1 Crore The Union Finance Minister Shri Arun Jaitley in his Budget Speech in Lok S ...

  0 comments |   1571 hits


Creation of two additional benches of the Authority for Advance Rulings (Income Tax)

  On 26 February 2015 at 11:31

The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi, has given its approval to the following:- i. Creation of two additional benches of the Authority for Advance Rulings (Income Tax), one in New Delhi and one new bench in Mumbai; ...

  0 comments |   790 hits


I-T Department initiates investigation into issuance of cheques by companies to convert illegal cash into legitimate money.

  On 12 February 2015 at 11:40

Income Tax Department, Ministry of Finance, Government of India had initiated investigation into issuance of cheques by companies which are acting as entry operators to convert illegal cash into legitimate money. Recently in Kolkata, this investigat ...

  0 comments |   923 hits


Concealment Penalty Proceedings U/S 271(1)(C) of Income Tax Act 1961 initiated in 128 cases in which assessments were completed while in the...

  On 10 February 2015 at 11:10

remaining cases, Assessment Proceedings are at advance stage; Information About Hsbc Foreign Bank Accounts was Received from the French Authorities in Respect Of 628 Indian Persons/Entities; Necessary Investigation as Per The Provisions of Law Wil ...

  0 comments |   866 hits


Acceptance of the Order of the High Court of Bombay in the case of Vodafone India Services Private Limited

  On 30 January 2015 at 16:31

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, in a major decision, has decided to accept the order of the High Court of Bombay in the case of Vodafone India Services Private Limited (VISPL) dated 10.10.2014. This is a major co ...

  0 comments |   1193 hits


Due Date for Filing Service Tax Return (ST3) Extended to 25th December, 2011

  On 21 October 2011 at 18:29

F. No. 137/99/2011 – Service Tax, New Delhi dated the 20th October 2011 ORDER NO. 1 /2011 – Service Tax In exercise of the powers conferred by Rule 7(4) of the Service Tax Rules 1994 read with notification No. 48/2011-Servi ...

  0 comments |   11285 hits










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