Tax News for Business Taxes, Home Taxes, Government Tax Policies, ITR Return

The Income Tax department on Thursday brought out its first public advertisement to popularise and create awareness about the four-month window for declaring domestic black money that opens on June 1.

 
 
This Income Declaration Scheme was announced during Budget 2016 and will be in force for four months starting June
Revenue Secretary Hasmukh Adhia said excise duty mop up in April spurt by 70 per cent to Rs 28,252 crore as against Rs 16,546 crore in the year-ago month.
"The revenue department has taken various steps to give relief to small taxpayers and small businesses and professionals," a finance ministry statement said.
CBDT has informed that these amended rules will be applicable from June 1, 2016.
 
 
We bring you the lowdown on changes in ITR forms this year and tips to ensure smooth sailing
E-filing of tax returns witnessed a jump of 68.5 per cent in the first month of the current fiscal year with over 8.32 lakh assessees filing ITRs electronically.
There is no separate form or process for filing nil tax and the entire process is similar to filing a normal return.
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Union Budget 2016-17