Important Amendments in Income Tax not covered in FM Budget speech

Important Amendment in Income Tax, which FM did not cover in Budget Speech: (1) Deemed sale value for sale of unquoted shares introduced. To be...

Penalty for filing Income Tax Return after due date (Section 234F)

With the last budget presented by Finance Minister Shree Arun Jaitley in February, a new section 234F has been inserted in the Income Tax...

Change in heads of income not attracts penalty

If a taxpayer does not disclose part or whole of his income, or provides inaccurate details of his income in his returns, he can be penalised. However a mere change in head of income does not attract any penalty.

ATM based validation facility activated in Income tax e-filing

The Income Tax department has launched an ATM-based validation system for filing e-ITRs by taxpayers as part of its measure to enhance the paperless...

Whether Interest income is taxable under PGBP or Other sources

Whether the Interest income is taxable under head PGBP or under head Other sources ?In general, Interest Income is either assessed as 'Business Income

Taxpayers told to include Interest Income in ITR

In a circular released on Tuesday, the Central Board of Direct Taxes has warned the taxpayers who do not declare all their interest income in their ITRs to correct their ways

HRA increases up to 157 per cent for Central Govt Employees

Now with the proposals as per the 7th Pay Commission being cleared, the government is gearing up to implement the same. At least 48 lakh...

Deadline to link Aadhaar with PAN extended to June 30

Central Board of Direct Taxes (CBDT) on Tuesday extended the deadline for linking PAN and Aadhaar information to June 30. The deadline had been...

Notification No. 7/2016 [F.No.173/394/2015-ITA-I] / SO 529(E)

Publish Date : Friday, February 19, 2016

Non-Tax Receipt Portal (NTRP) launched

The Union Finance Minister Shri Arun Jaitley inaugurated the Non-Tax Receipt Portal (NTRP), developed by the Office of Controller General of Accounts