New Scheme for Assessment in Electronic Mode – Finance Minister Ministry of Finance Amendments in the income-tax act proposed to notify a new scheme for assessment in electronic mode. E-assessment to be rolled-out across the country to transform age-old assessment procedure In the General Budget 2018-19 presented in Parliament today, the Union Minister for Finance … Read more
Approval of Eligible Projects or Schemes under Section 35AC of the Income Tax Act, 1961 Section 35AC of the Income Tax Act 1961, inter alia provides for a deduction in computing the business income of an assessee, of the amount paid by him to a Public Sector company or a local authority or to an … Read more
Key changes to Mandatory Quoting of Pan Rules of the Income tax Act Rules regarding quoting of PAN for specified transactions amended The Government is committed to curbing the circulation of black money and widening of tax base. To collect information of certain types of transactions from third parties in a non-intrusive manner, the Income-tax … Read more
CBDT extends due date for E-filing up to 7.9.2015 Due-Date for E-Filing Returns of Income for Assessment Year 2015-16 Extended up to 7th September 2015 in Respect of all Taxpayers who were Required to E-File their Returns of Income by 31st August 2015 The Government has received various representations that tax payers have faced difficulties … Read more