Income Tax

Monitoring, Compliance and Penalty under FATCA

As provided in Rule 1 14G(9), the statement needs to be furnished to the Directorate of Intelligance and Criminal Investigation and the said Directorate has been given the responsibility of ensuring the compliance. The penalty provisions provided in the Income-tax Act, 1961...

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Procedure for Furnishing Report under FATCA and CRS

8.1 As per Rule 1 14G(9), the statement in respect of each reportable account needs to be filed by the RFIs to the Director of Income-tax (Intelligence and Criminal Investigation) or Joint Director of Income-tax (Intelligence and Criminal Investigation) through online transmission of electronic data to a server designated for this purpose...

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Reporting under FATCA and CRS by Trust and related issues

7.1 In the case of trust, two situations may arise- a. when a trust is itself a Reporting Financial Institution, or b. when a trust is a NFE that maintains a Financial Account with a Reporting Financial Institution....

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Reporting Requirements under FTACA and CRS

After the RFI has identified the reportable accounts, RFI needs to report specific information in respect of each reportable account. As per Rule 114G(1), RFI needs to maintain and report the following information in case of each Reportable Account...

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Due Diligence Procedure under FTACA and CRS

The RFIs need to identify the Reportable Accounts by carrying out due diligence procedures. There are different due diligence procedures for the accounts held by individuals and accounts held by entities. There is a further classification of accounts as Preexisting accounts and ‘New Accounts’...

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Post Demonetisation CBDT intensifies enforcement actions

As you are aware. after notification of the Government on 08.11.2016 declaring the old high denomination currency notes of Rs. 1000/500 invalid from 09.11.2016, investigation Directorates have intensified enforcement actions in detecting serious irregularities, They arc, however, seriously handicapped because of non-availability of manpow...

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BRICS support all international initiatives for fair/transparent tax system

BRICS Heads of Revenue express their continued support to all international initiatives towards reaching a globally fair and universally transparent tax system; Reiterate their commitment to actions taken to ensure the fairness of the International Tax System....

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Post demonetisation income tax Investigation in more than 400 cases

Income Tax (IT) Department carries-out swift investigations in more than 400 cases since the de-monetization of old High Denomination (OHD) currency on 8th November, 2016...

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Advantages of advancing date of Union Budget to 1st February

Government has considered the various aspects thoroughly relating to advancing the date of presentation of Union Budget. Major advantages in advancing the date of Budget presentations are:...

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Additional deduction of Rs. 50000 for NPS Investment

Through the Finance Act, 2015, a separate section 80CCD(1B) has been inserted in the Income Tax Act, 1961 , wherein a subscriber under NPS is allowed a deduction in computation of his total income, whether or not any deduction is allowed under Section 80CCD(1)...

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S. 80IB deduction conditions to be fulfilled in all years of deduction claim

CIT Vs M/s Micro Instruments Company (Punjab & Haryana High Court) - Deduction U/s. 80IB is allowable over a period of 6 years which follows that conditions for claiming deduction must remain fulfilled in all years for which deduction being claimed...

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SC judgment on Annual Value of let out portion of palace of Ex-Ruler

Maharao Bhim Singh of Kota Vs Commissioner of Income-tax (supreme Court of India) - IT: Where Ruler continues to occupy palace, whether by actually utilizing it or by keeping it vacant, it shall be, for purpose of section 10(19A), deemed to be in his occupation, and he will also be entitled to exemption under section 10(19A) in respect of annual value of Part of palace, possession ...

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Stay on Special Audit Implies Stay of Assessment Proceedings : SC

VLS Finance Ltd. & anr. Vs Commissioner of Income Tax & Anr. Civil (Supreme Court of India) - Section 158BC(c): Where any search has been conducted under section 132 or books of account, other documents or assets are requisitioned under section 132A, in the case of any person...

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Contribution by CA firm towards ICAI building is allowable expenditure

B.K. Khare & Co. v. ACIT (ITAT Mumbai) - Brief– By donating the amount, the firm had been able to attract good Articled Clerks and other professional persons who are the backbone of any professional practice. Thus there was a good professional reason for the firm to contribute to the building fund of the Branch of the ICAI. The said ...

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S. 55(2): SC on Relevance of value declared in wealth-tax return & comparable sales

Ashok Prapann Sharma vs. CIT (Supreme Court) - A declaration in the return filed by Assessee under Wealth Tax Act would certainly be a relevant fact for determination of cost of acquisition which under Section 55(2) of Act to be determined by a determination of fair market value. ...

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Organise workshops for Tax Payers education- CBDT Instructs

F. No. Tax Payers' education/e-services/ADG(TPS-II)/2016-17 - (05/12/2016) - It is observed that tax payers and professionals have not been able to keep up the pace with changes. As a result, a wide gap has emerged between initiatives undertaken by Income Tax Department and acceptance thereof in terms of practices by stake holders....

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S. 10(46)- CBDT notifies Chandigarh Building & Workers Welfare Board

Notification No. 109/2016-Income Tax - (01/12/2016) - Government here by notifies for the purposes Section 10(46), the ‘Chandigarh Building and Other Construction Workers Welfare Board’, a board constituted by the Administrator, Union Territory, Chandigarh in respect of the following specified income arising to the said board...

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S.10(46) Income of Maharashtra Electricity Regulatory Commission notified

Notification No. 110/2016-Income Tax - (01/12/2016) - Central Government hereby notifies for Section 10(46) Maharashtra Electricity Regulatory Commission, a Commission constituted by the State Government of Maharashtra, in respect of the following specified income arising to that Commission...

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Procedure for furnishing and verification of Form 26A

DGIT Notification No. 11/2016-Income Tax - (02/12/2016) - CBDT notidfies Procedure for the purposes of furnishing and verification of Form 26A for removing of default of Short Deduction and/or Non Deduction of Tax at Source- Reg....

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Section 10(46)- CBDT notifies Bureau of Indian Standards

Notification No. 111/2016-Income Tax - (01/12/2016) - Central Government hereby notifies for the purposes of the said clause, the Bureau of Indian Standards (BIS), set up by the Bureau of Indian Standards Act, 1986 (63 of 1986) in respect of the following specified income arising to that Bureau, namely:-...

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Recent Posts in "Income Tax"

S. 80IB deduction conditions to be fulfilled in all years of deduction claim

CIT Vs M/s Micro Instruments Company (Punjab & Haryana High Court)

Deduction U/s. 80IB is allowable over a period of 6 years which follows that conditions for claiming deduction must remain fulfilled in all years for which deduction being claimed...

Read More

Post Demonetisation CBDT intensifies enforcement actions

D.O. No.414/W2016-IT(Inv.I)(Pt.) (07/12/2016)

As you are aware. after notification of the Government on 08.11.2016 declaring the old high denomination currency notes of Rs. 1000/500 invalid from 09.11.2016, investigation Directorates have intensified enforcement actions in detecting serious irregularities, They arc, however, seriously handicapped because of non-availability of manpow...

Read More
Posted Under: Income Tax |

Monitoring, Compliance and Penalty under FATCA

As provided in Rule 1 14G(9), the statement needs to be furnished to the Directorate of Intelligance and Criminal Investigation and the said Directorate has been given the responsibility of ensuring the compliance. The penalty provisions provided in the Income-tax Act, 1961...

Read More
Posted Under: Income Tax |

Procedure for Furnishing Report under FATCA and CRS

8.1 As per Rule 1 14G(9), the statement in respect of each reportable account needs to be filed by the RFIs to the Director of Income-tax (Intelligence and Criminal Investigation) or Joint Director of Income-tax (Intelligence and Criminal Investigation) through online transmission of electronic data to a server designated for this purpose...

Read More
Posted Under: Income Tax |

Reporting under FATCA and CRS by Trust and related issues

7.1 In the case of trust, two situations may arise- a. when a trust is itself a Reporting Financial Institution, or b. when a trust is a NFE that maintains a Financial Account with a Reporting Financial Institution....

Read More
Posted Under: Income Tax |

Reporting Requirements under FTACA and CRS

After the RFI has identified the reportable accounts, RFI needs to report specific information in respect of each reportable account. As per Rule 114G(1), RFI needs to maintain and report the following information in case of each Reportable Account...

Read More
Posted Under: Income Tax |

Due Diligence Procedure under FTACA and CRS

The RFIs need to identify the Reportable Accounts by carrying out due diligence procedures. There are different due diligence procedures for the accounts held by individuals and accounts held by entities. There is a further classification of accounts as Preexisting accounts and ‘New Accounts’...

Read More
Posted Under: Income Tax |

Basic Introduction to FATCA and CRS

In 2010, USA enacted a law known as Foreign Account Tax Compliance Act (FATCA) with the objective of tackling tax evasion through obtaining information in respect of offshore financial accounts maintained by USA residents and citizens. The provisions of FATCA essentially provide for 30% withholding tax on US source payments made to Foreig...

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Posted Under: Income Tax |

New Income Disclosure Scheme- Last chance for Tax Evaders

The Government has come out with the new version of the income disclosure scheme post de-monetization. This scheme seems to be the last chance for black money holders to come out clean....

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Posted Under: Income Tax | ,

Organise workshops for Tax Payers education- CBDT Instructs

F. No. Tax Payers' education/e-services/ADG(TPS-II)/2016-17 (05/12/2016)

It is observed that tax payers and professionals have not been able to keep up the pace with changes. As a result, a wide gap has emerged between initiatives undertaken by Income Tax Department and acceptance thereof in terms of practices by stake holders....

Read More
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