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Report on new income tax law submitted to finance ministry

Monday, August 19, 2019, 5:22 PM

The task force set up by the government to draft a new direct tax law has submitted its report on the new income tax law and a draft income tax bill today. The much awaited report and draft bill were submitted to the FM Nirmala Sitharaman. This report is expected to lay out the road map for the future of individual and corporate taxation.
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Income tax notices without a unique ID will soon be treated invalid

Friday, August 16, 2019, 3:39 PM

The Income Tax department has now made it mandatory for all its officers to not issue any notice, order, summons or any other correspondence without a computer-generated Document Identification Number (DIN). In a recent press release, the Central Board of Direct Taxes (CBDT) informed of this move and is hoped to curb the problem of unauthorized notices to individuals and companies.
 
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700 Crores "Undisclosed Income" Found In Raids On Tamil Nadu Distilleries

Sunday, August 11, 2019, 12:38 PM

The Income Tax Department has detected Rs. 700 crore unaccounted income during search and seizure operation on two major producers of beer and IMFL (Indian-made foreign liquor) in Tamil Nadu. The search launched early on Tuesday was carried at 55 locations in various places of the state, including Chennai, Coimbatore, Thanjavur, and also in Kerala, Andhra Pradesh and Goa.

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