Simplified Laws Guide to Taxation and Legal Concern

To keep a watch on high value transactions undertaken by the taxpayer, the Income-tax Law has framed the new concept of furnishing of “Statement of financial Transactions” in Form No 61A (previously called as ‘Annual Information Return (AIR)’. With the help of the statement the tax authorities will collect information …

“CBDT notifies revised rules for quoting PAN and reporting of financial transactions to income tax authority“. Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 31st December, 2015 Subject: Amendment of Rules regarding quoting of PAN for specified transactions to come …

Central Board of Direct Taxes (CBDT) issued a press release on 31-12-2015 regarding streamlining scrutiny assessment proceedings and facilitating electronic communication. The Income Tax Department is committed to providing fair and transparent tax administration and continuously improve taxpayer services. Taking another step in this direction, Central Board of Direct Taxes (CBDT) …