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Category: Income tax

Income Tax dept launches faceless e-assessment scheme. 10 things to know

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Central Board of Direct Taxes (CBDT) has issued Notification dated 12th September, 2019 to introduce E- assessment Scheme, 2019 under Section 143(3A) of the Income Tax Act, 1961 in order to conduct faceless scrutiny assessment. 1. According to the scheme, the notification of scrutiny will be issued to the person under section 143 (2) if […]

PAN will be generated automatically if a taxpayer uses Aadhaar for filing returns: CBDT

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The Income Tax Department will automatically issue PAN to a taxpayer using Aadhaar number for filing returns as part of a new arrangement to link the two databases. According to a notification issued by the CBDT on August 30, a person who furnishes Aadhaar, as they do not have PAN, “shall be deemed” to have […]

New income tax rules come into effect from September 1, 2019

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Some income tax changes announced in this year’s Budget comes from September 1, 2019. The full Budget for this year was presented in July this year. Cash withdrawals exceeding ₹1 crore in aggregate in a year from finance institutions will attract TDS while in case of property transactions the definition of immovable property has been […]

All tax letters, notices to carry identification numbers to be verifiable online from Oct 1, 2019

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The CBDT on Wednesday said all communications made by the tax department to assessees from October 1, 2019 will carry a Document Identification Number (DIN) in order to promote transparency. Manually issued communications will be allowed only with specific permission and in specified circumstances. But in such exceptional circumstances, which are specified in the Circular […]

Clubbing of Income Under Income Tax Act

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Under the Income Tax Act a person has to pay taxes on his income. At the time of computing the gross total income, if the income of any other person in a family is included, then its called Clubbing of Income. Clubbing of income is governed by Sections 60 to 64 of the Income Tax […]

Income Tax Return Faceless Verification coming soon

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The Income Tax department has been taking a slew of measures to make the tax proceedings easier and hassle-free for assessees with the help of modern technology. The latest move of the Income Tax department is aimed at making the tax proceedings completely faceless. For this, the Income Tax department will soon launch a new […]

CBDT extends deadline for filing ITRs with audit reports to Oct 15, 2018

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The Central Board of Direct Taxes (CBDT) on Monday extended the deadline for filing income-tax returns and audit reports for the assessment year 2018-19 by another 15 days to October 15, 2018 for certain classes of taxpayers. Tax audit is a review of accounts of taxpayers with business or profession from an income tax point […]

New law to blacklist, non-filers of income tax returns mooted

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The government is set to bring in a law that would black-list non-filers of income tax returns. Currently, the law does not provide for any stringent penalty for non-filers. The current provisions state that non-filers would not be eligible to apply for loans, tenders etc. The move to bring in a new law is aimed […]

Income tax department warns salaried taxpayers against tax evasion by under-reporting income

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The income tax department cautioned salaried class taxpayers against using illegal means like under-reporting of income or “inflating” deductions while filing their returns, stating violators will be prosecuted and their employers will be intimated to take action against them. The Central Processing Centre (CPC) of the department in Bengaluru, that receives and processes Income Tax […]

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