Page 60 - Latest Updates on Income tax

I-T department had 5.17 crore assessees in FY'15: Govt

The number of assessees rose from 4.72 crore in 2012-13

Filing tax returns on time has benefits

You can carry forward losses and revise the returns umpteen times in case of mistakes

Have you been served an I-T notice?

Notice can be served between 6 months and 6 years. For concealment of income, it can be longer

New ITR forms aim to curb domestic black money

Require people with over Rs 50 lakh income and owning aircraft, jewellery to disclose them with I-T dept

I-T dept issues refunds of over Rs 1.17 lakh crore

Taxpayers also reposed faith in CBDT's e-governance initiatives by electronically filing a whopping 4.34 crore ITRs in FY 2015-16

I-T dept launches e-appeal filing system

Those earning Rs 50 lakh a year must declare assets

Govt issues a new set of ITR forms for assessment year 2016-17

CBDT processes 6.53 lakh online rectification requests in ITR

Section 154 of the Income-tax Act provides the taxpayer with an option to seek rectification of mistakes in record

Tax dept to send notices to 5.8 mn individuals

The move is the part of the drive to target 5.8 million-odd defaulters/non-filers and bring them back into the tax fold

ITR forms for AY 2016-17 to be notified in April

Sources said the tax department is likely to come out with a revised formula for computation of capital gains tax on sale of assets

PE & VC sector welcomes new guidelines

However, the IVCA said that while this liberalisation is a strong move in the right direction, some fine-tuning might be necessary

Lower fines, but more powers to assessing officers

The new penalty regime could create a fresh set of complications for tax payers

Income Tax department probes 'crorepati' agriculturists for evasion

Over 2,700 entities have declared agricultural income of over Rs 1 crore in the last nine assessment years

Uncollected tax demand increased to Rs 7 lakh cr in FY15

The official auditor, the report found that direct taxes increased by 9% in 2014-15 (Rs 57,196 crore) compared to 2013-14

Tax refund claims of over Rs 1.5 lakh crore pending: Govt

Minister of State for Finance Jayant Sinha said Rs 1,50,529 crore are pending in the income tax returns

CBDT forms directorates to monitor taxpayer service

The directorates will oversee and coordinate all matters relating to grievances of taxpayers and ensure their timely redressal

Govt to amend IT Act over MAT on capital gains

Since late 1980s,the MAT has been levied on all companies except those in infrastructure & power sectors

More than 243 million PAN alloted in country: IT department

Government last year had made quoting of PAN mandatory for all transactions, including purchase of jewellery, above Rs 2 lakh from the beginning of this year