Department of Revenue has also sent alerts to around 40,000 companies for excess ITC, availing it fraudulently and other tax-related wrongful issues

The slew of measures include curbing fraud and evasion cases, checking fake or huge input tax credit claims, linking foreign exchange remittances with IGST refund and seeking bank account details of businesses to tally with their filings

The government, which usually notifies forms for filing income tax returns by individuals in April every year, on January 3 notified tax return forms for assessment year 2020-21

The plant has been set up by a khadi institution at a cost of Rs 75 lakh in which KVIC has contributed Rs 60 lakh

In I-T parlance, compounding means that the taxman does not file a prosecution case against the offender or tax evader in court in lieu of payment of due taxes and surcharges

PAN-Aadhaar linking: The last date to link both these documents has been extended for the second time. Earlier, this deadline was extended from September 30, 2019 to December 31, 2020

CBI Director RK Shukla will hold regular meetings with top bank officials to assure them that prudent commercial decision-making would be protected and ensure them (banks) no uncalled for badgering by the probe agencies

According to a government release the achievement comes along with the rapidly increasing use of Aadhaar as the primary identity document by the holders of this card

Budget 2020: The Finance Ministry is mulling these measures ahead of the Budget for 2020-21, which may be presented by the Finance Minister Nirmala Sitharaman on February 1

Online registration of application will start from December 21, 2019 at 10:00 am. Last date for online submission of application fee is January 19, 2020 (Sunday)

In the meeting, it was clarified that corporate tax relief worth Rs 1.45 lakh crore will not be entertained as an excuse for downturn in direct tax revenue

Protests against the amended Citizenship Act turned violent in the national capital. Agitators clashed with police and set 2 DTC buses and a fire truck ablaze in Delhi's Jamia Nagar. Due to the reported violence and arson, a cop and two fire personnel were injured, cops said; ISRO earned Rs 1,245 crore by launching foreign satellites in 5 years. Additionally, the space agency helped collect Rs 91.63 crore in India's foreign exchange earnings in FY 2018-19; Union minister Dharmendra Pradhan asks students to focus on entrepreneurship and more news on News Blast.

Anti-CAA protest: CBDT extends advance tax payment deadline for northeastern states to Dec 31The CBDT on Sunday extended till December 31 the deadline for making advance tax payments for the northeastern states in view of the protests against the amended Citizenship Act. Earlier, the deadline was Sunday, December 15. Advance tax payments, under the direct taxes category, are made four times in a financial year.FM Sitharaman to hold pre-Budget consultations with stakeholders from M...

Anti-Citizenship Amendment Bill protests: While many flights and train services to Assam have resumed, many flights and trains to West Bengal have been cancelled

CBDT has decided to extend the date for payment of 3rd instalment of Advance Tax for FY 2019-20 from 15th Dec, 2019 to 31st Dec, 2019

It is mandatory to link your PAN with Aadhaar, according to the public message issued a fortnight before the deadline ends

It must be noted that if person's gross total income does not exceed the basic exemption limit and files belated ITRs, then they will not be liable to pay penalty

Responding to a question at an event in Delhi recently, finance minister Nirmala Sitharaman also said that the government was looking at myriad suggestions and the relaxation on personal income tax was one of them before it presents the Union Budget 2020 in February next year

As on November 28, 2019, the Central Processing Centre of Income Tax Department processed a total of 4.70 crore income tax returns during FY 2019-20

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