Page 60 - Income Tax

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