Category: Income Tax

Brief Features of Black Money Bill

the Undis­closed For­eign Income and Assets (Impo­si­tion of Tax) Bill, 2015 has been intro­duced in the Par­lia­ment on 20.03.2015. The Bill pro­vides for sep­a­rate tax­a­tion of any undis­closed income in rela­tion to for­eign income and assets. Such income will hence­forth not be…

Pending Income tax Refunds may got postponed to next year

Pro­cess­ing, deter­mi­na­tion, issuance and encash­ment of income-tax refund claims is a con­tin­u­ous process and there­fore a part of the out­stand­ing refunds would in the nor­mal course also get post­poned to next year, Min­is­ter of State for Finance Jayant Sin­ha said.…