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F.No.C.3/6/2009-SEZ Government of India Ministry of Commerce and Industry Department of Commerce Udyog Bhawan, New Delhi Dated the 3rd June , 2009 INSTRUCTION NO. 13 Subject: Clarification on Lease of space on shift basis in IT/ITES SEZ & Disaster Management/Recovery Centre Reference has been received as to whether a Developer can lease space in the [...] Full Article

SECTION 120 OF THE INCOME-TAX ACT, 1961 – INCOME-TAX AUTHORITIES JURISDICTION OF – AMENDMENTS IN NOTIFICATION NO. SO 2022 (E), DATED 30-11-2007 NOTIFICATION NO. 47/2009 [F.No. 187/17/2007-IT(A-I) Part] , DATED 1-6-2009 In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Income tax Act, 1961 (43 of 1961), the [...] Full Article

The Income Tax Department will now mail to individual assessees the details of the tax deducted at source (TDS) on their Income from different sources like banks, employers or post offices.Officials said the move is aimed at preventing any discrepancy between the TDS actually deducted and the TDS received by the tax department. A circular [...] Full Article

It’s not just high-value property transactions that come under the IT’s hawk eyes. The income tax department will scrutinize property deals of even Rs 5 lakh and above to tap tax dues. Thus, the trap is set for those who undervalue their properties to escape the IT net. Sub-registrars have been asked to submit details [...] Full Article

The income tax department is set to start an online ‘judicial reference system’ in order to streamline thousands of departmental cases being fought in various courts and I-T tribunals across the country. The facility, to be used by I-T department officials initially, will put in place all the cases, petitions and Special Leave Petitions (SLPs) [...] Full Article

Department cannot force auditors to part with information of clients not related to search, found in their laptops seized during search While conducting an audit of EMAAR on 11.9.2007, the laptops of two employees of the Petitioner were seized by the Deputy Director, Income Tax (DDIT) in the course of conducting a Search and Seizure [...] Full Article

Dear Member, We are happy to share with you that ICAI have launched newly revamped Professional Development Portal, www.pdicai.org of the Institute of Chartered Accountants of India. This site has been designed to provide members with all the information that they need to enrich their own practice and provide value added services to their clients. ICAI have also introduced [...] Full Article

It has been directed that ITR-1 to ITR-8 shall require the quoting of the relevant UTN for every TDS or TCS claim made by an assessee and that the credit for any TDS/TCS claim will be allowed only if the assessee quotes the relevant UTN and the said UTN matches with that in the database [...] Full Article