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Category: Income Tax

Income Tax Department carries out searches in Jammu & Kashmir

Income Tax Department carries out searches in Jammu & Kashmir

The Income Tax Department carried out a search and seizure operation on a prominent Hotelier, owning a chain of Hotels at  Srinagar, Gulmarg, Sonamarg and Pahalgam with another hotel under construction at Leh. Various incriminating documents and materials evidencing unexplained investments in immovable properties, construction of hotels and residences aggregating to Rs. 25 crore in the last six financial years have been seized during the search, though he has not paid any tax since A.Y. 2014-15. Almost all these investments…

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CBDT notifies on the manner of making PAN inoperative

CBDT notifies on the manner of making PAN inoperative

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 13th February, 2020 G.S.R. 112(E). – In exercise of the powers conferred by proviso to sub-section (2) of section 139AA read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend Income-tax Rules, 1962, namely:- 1. Short title and commencement. – (1) These rules may be called the Income-tax (5th…

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New Income Tax Calculator by Income Tax Department

New Income Tax Calculator by Income Tax Department

The Department of Income Tax has put up a new Income Tax Calculator. The tax calculator is only meant to provide a basic idea of the estimated impact of the new provisions. All tax calculations (includes cess) are excluding Surcharge & Total Eligible Exemptions / Deductions are assumed to be Zero in New Regime. The calculator is not applicable for any Income with special rates and the Deductions and Exemptions eligible as per Old regime. Enter age, income and total…

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M.Ajit Kumar elected new chairman of CBIC just 2 days before Budget

M.Ajit Kumar elected new chairman of CBIC just 2 days before Budget

  The appointment committee of the cabinet has elected the new chairman of CBIC. Shri M. Ajit Kumar has been elected as the new chairman just two days before the presentation of the Union Budget 2020. No.18/3/2020-E0(SM.II) Government of India Ministry of Personnel. Public Grievances & Pensions Department of Personnel & Training Secretariat of the Appointments Committee of the Cabinet  North Block, New Delhi 30.01.2020  The Appointments Committee of the Cabinet (ACC) has approved the appointment of Shri M. Ajit…

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