Latest Tax News & Updates

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Aadhar Mandatory for income tax return filling wef 01.04.2019

Income Tax - 03-Apr-2019

CBDT notifies that w.e.f.01.04.2019, it is mandatory to quote and link Aadhaar number while filing the return of income, unless specifically exempted. Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes n exercise of the powers conferred under sub-section (2) of section 139AA of the Income-tax Act, 1961 (Act), the Central Government, hereby notifies that every person who has been allotted permanent account number as on the 1st day...

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Income Tax Notifications Dated 28.03.2019

Income Tax - 03-Apr-2019

New Delhi, the 28th March, 2019 S.O. 1465(E).—Whereas the Central Government in exercise of the powers conferred by clause (iii) of sub-section (4) of section 80-IA of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the said Act), has framed and notified a scheme for industrial park, by the notification of the Government of India in the Ministry of Finance (Department of Revenue, Central Board of Direct Taxes) vide number S.O. 51 (E), dated the...

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Provision for warranty based on Turnover is allowable

Income Tax - 03-Apr-2019

The appellate authority, after considering the submissions made by the Assessee as well as the detailed note submitted by the Assessee, held that the provision has been made by the Assessee on a scientific basis and it is an ascertained liability.  Examining the nature of business done by the Assessee, the CIT(A) pointed out that the Assessee is engaged in the business of manufacturing, assembling and marketing of pumps and components and they have explained the basis for working the said...

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CBI arrests Enforcement Officer EPFO Accepting Bribe

Income Tax - 03-Apr-2019

CBI Press Release- New Delhi, 18.03.2019 The Central Bureau of Investigation has arrested an Enforcement Officer, working in Employees Provident Fund Organization (EPFO), Nagpur (Maharashtra) for demanding and accepting a bribe of Rs. 50,000/- from the complainant. The case has been registered u/s 7(a) of PC (Amendment) Act, 2018against the Enforcement Officer on a complaint. The complainant had alleged that his Nagpur based firm was engaged in supply of manpower to different...

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Income Tax Departments sets up control rooms for NER for LS Election

Income Tax - 03-Apr-2019

The Income Tax Department (Investigation), NER has prepared itself to deal with any reported movement of unaccounted money ahead of the Lok Sabha elections. Pursuant to the notifications for holding Lok Sabha Elections 2019 by the Election Commission of India(ECI). the Investigation Directorate of the Income Tax Department, North East Region (NER) has deployed Surveillance Teams in Assam, Arunachal Pradesh, Manipur, Meghalaya, Mizoram. Nagaland and Tripura, Air Intelligence...

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