Income tax

Do you want to keep an Arm’s Length Distance from the Income Tax Department? Obviously the Answer is YES!!! But the question here is HOW??? Here are a list of expenses/ investments, which at any point of time performed by you may invite undue attention from the Income tax Personnel…

*सावधान!!! अगर आपने पिछले कुछ वर्षो में अपने बैंक खातो में बडीें रोकड रकम जमा करी है, बिना PAN दिये Fixed deposit, Current Account खोले है, Penny stock से Capital Gain कमाया है, Bogus Purchase या खर्चे के बिल, loan Entries, Gift, Donation आदि की हेराफेरी की है तो आप…

Income Tax Department (ITD) has initiated Operation Clean Money, today. Initial phase of the operation involves e-verification of large cash deposits made during 9th November to 30th December 2016. Data analytics has been used for comparing the demonetisation data with information in ITD databases. In the first batch, around 18…

Total Budget of Rs. 21.47 Lakh crores for 2017-2018. Increase in Direct Tax collection by 34% after demonetization. Holding period for LTCG for Land & Building reduced to 2 years. FIPB abolished. Welcome move for Foreign Investment in India Carried forward of MAT Credit for 15 years instead of 10…

SERVICE TAX Amendments effective from 02.02.2017 Amendment in Mega Exemption Notification No. 25/2012 ST dated 20.06.2012 Services provided or agreed to be provided by the Army, Naval and Air Force Group Insurance Funds by way of life insurance to members of the Army, Navy and Air Force under the Group…

Cash Deposit Verification Guidelines given by CBDT to Assessing Officers[Instruction No. 3/2017 dated 21-02-2017]: 1. In case of an individual (other than minors) not having any business income, no further verification is required to be made if total cash deposit is up to Rs. 2.5 lakh. 2. In case of…