Income Tax Notifications

Modus operandi adopted by tax evaders during demonetisation

Income Tax - This document presents the strategy and current status of Operation Clean Money. It intends to explain the Income-tax Department's approach to verification of cash deposits as a means to promote and enhance voluntary compliance. It also contains a section on the different modus operandi adopted by tax evaders as observed and documented by...

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Direct and Indirect tax updates for 16st March to 31st March 2017

Income Tax - CBDT has vide notification No. 21/2017 released ITR forms for Assessment Year 2017-18 / Financial Year 2016-17. The number of ITR Forms have been reduced from the existing nine to seven forms. The existing ITR Forms ITR-2, ITR-2A and ITR-3 have been rationalized and a single ITR-2 has been notified in place of these three forms. Consequen...

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Direct and Indirect tax updates for 1st March to 15th March 2017

Income Tax - Application for allotment of Permanent Account Number(PAN) will be filed in SPICe (INC-32) form using Digital Signature of the applicant as specified by the Ministry of Corporate Affairs. After generation of Corporate Identity Number (CIN). MCA will forward data in form 49A to prescribed Income Tax Authority through digital signature. ...

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CBDT instructs to maintain confidentiality of IDS, 2016 declarants

Income Tax - Certain strategies were suggested for implementing the Income Declaration Scheme (IDS), 2016 and it was also advised that the jurisdictional Pr. CIT/CIT would be the one and only point of contact with a declarant so as to maintain the confidentiality of declarants....

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CBDT guidelines for NGOs seeking exemption U/s. 11 for providing relief to earthquake hit people in Nepal- Part II

Income Tax - Part II of the Standard Operating Procedure (SOP) (Part I - 08.07.2015) for making application for claim of tax exemption u/s 11(1)(c) of the Income-tax Act, in respect of remittance of money/relief articles by Indian NGOs/Charitable Organisations for earthquake hit people in Nepal -....

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ITD celebrates 157th Income Tax Day on 24th July 2017

Income Tax - Income tax was first introduced on 24th July, 1860 by the British to compensate for the losses suffered by them during our first war of independence in 1857, post-independence...

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ITAT releases Draft Income Tax Appellate Tribunal Rules, 2017

Income Tax - Over a period of time, it was widely felt that the Income-tax (Appellate Tribunal) Rules, 1963, have outlived their utility to some extent in view of changing circumstances and the use of technology in the Tribunal’s functioning. In the times to come, the use of technology in the Tribunal’s day to day functioning will increase manifol...

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Request for comments on Draft ICDS on Real Estate Transactions

Income Tax - The draft ICDS on Real Estate Transactions along with the significant changes suggested in ICDS vis-à-vis the Guidance Note issued by ICAI are uploaded on the Income-tax website at http://www.incometaxindia.gov.in....

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Draft ICDS on Real Estate Transactions

Income Tax - This Income Computation and Disclosure Standard shall be applicable for determination of income from all forms of transactions in real estate, which refers to land as well as buildings and rights in relation thereto...

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Annual Report on Advance Pricing Agreement Programme of India

Income Tax - This Annual Report is also unique because it actually condenses the first five years of the programme (1st July, 2012 to 31st March, 2017) into one report. This was necessary to lend proper perspective to the programme and also to cover all the years in one document. It would be the CBDT’s endeavour to come out with regular Annual Repor...

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Once data stored in electronic form, it becomes a customized electronic data which can be exported to qualify for deduction u/s 10A

ITO Vs. Accurum India Pvt. Ltd. (ITAT Chennai) - The issue to be considered is whether the profit earned by the assessee from the activity of recruitment and training of personnel and supplying the data thereof to its parent company in US is eligible for deduction under sec.lOA or not read with the Board's Circular dated 26.9.2000. In this connec...

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Order No. 137/2017 Promotion & posting of officers to Principal CIT grade

Order No. 137 of 2017 - (16/08/2017) - ORDER NO, 137 OF 2017 Consequent upon the approval of ACC the following officers are, hereby, promoted to the grade of Principal Commissioner Of Income Tax (level 15 in the pay matrix Rs 1 82,200 – 2,24,100) w e f the date of assumption of charge of the post or until further orders -...

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S. 54EC CBDT allows Indian Railway Finance Corp. Ltd to issued Bond

Notification No. 79/2017-Income Tax - (08/08/2017) - In exercise of the powers conferred by clause (ba) of Explanation to section 54EC of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies that any bond redeemable after three years and issued by the Indian Railway Finance Corporation Limited, a company formed and registered ...

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CBDT identifies 186 cases for Write-off of Arrear Demand of Rs. 25 Lakhs and above

F.No.1(324)/DIT(R)Write Off/Special Cell/2017-18/630 - (10/08/2017) - In order to expedite the reduction of bad debts of the Government and the Department, the Directorate of Recovery has compiled a list of a total of 186 cases pending for Write- Off of Rs.25 lakhs and above as on 01.04.2016 in different Charges across India. ...

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Opening of Income Tax Offices on 05.08.2017 for receipt of returns

F.No.225/270/2017/ITA.II - (04/08/2017) - For Assessment Year 2017-18, the due-date for filing of return of income in cases of certain categories of tax payers has been extended till 5th August, 2017 vide order of CBDT u/s 119 of the Income Tax Act,1961 dated 31.07.2017. ...

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Order No. 13/2017: Modification in designations of CBDT Members

Order No. 131/2017-Income Tax - (03/08/2017) - ORDER No. 131 of 2017 With the approval of the Competent Authority, the designations of Members in the CBDT are, hereby, modified as under with immediate effect and until further orders:-...

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Recent Posts in "Income Tax Notifications"

Order No. 137/2017 Promotion & posting of officers to Principal CIT grade

Order No. 137 of 2017 (16/08/2017)

ORDER NO, 137 OF 2017 Consequent upon the approval of ACC the following officers are, hereby, promoted to the grade of Principal Commissioner Of Income Tax (level 15 in the pay matrix Rs 1 82,200 – 2,24,100) w e f the date of assumption of charge of the post or until further orders -...

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S. 54EC CBDT allows Indian Railway Finance Corp. Ltd to issued Bond

Notification No. 79/2017-Income Tax (08/08/2017)

In exercise of the powers conferred by clause (ba) of Explanation to section 54EC of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies that any bond redeemable after three years and issued by the Indian Railway Finance Corporation Limited, a company formed and registered under the Companies Act, 1956 (1 of 1956...

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CBDT identifies 186 cases for Write-off of Arrear Demand of Rs. 25 Lakhs and above

F.No.1(324)/DIT(R)Write Off/Special Cell/2017-18/630 (10/08/2017)

In order to expedite the reduction of bad debts of the Government and the Department, the Directorate of Recovery has compiled a list of a total of 186 cases pending for Write- Off of Rs.25 lakhs and above as on 01.04.2016 in different Charges across India. ...

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Opening of Income Tax Offices on 05.08.2017 for receipt of returns

F.No.225/270/2017/ITA.II (04/08/2017)

For Assessment Year 2017-18, the due-date for filing of return of income in cases of certain categories of tax payers has been extended till 5th August, 2017 vide order of CBDT u/s 119 of the Income Tax Act,1961 dated 31.07.2017. ...

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Order No. 13/2017: Modification in designations of CBDT Members

Order No. 131/2017-Income Tax (03/08/2017)

ORDER No. 131 of 2017 With the approval of the Competent Authority, the designations of Members in the CBDT are, hereby, modified as under with immediate effect and until further orders:-...

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CBDT notifies countries & specified territories for Sec. 9A(3)(b)

Notification No. 78/2017-Income Tax/ S.O. 2456(E) (03/08/2017)

S.O. 2456(E).—In exercise of the powers conferred by clause (b) of sub-section (3) of section 9A of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the following countries and specified territories, mentioned in column (2) of the Table given below, for the purposes of the said section, namely:...

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Notification No. 77/2017-Income Tax dated 3rd August 2017

Notification No. 77/2017-Income Tax/S.O. 2455(E) (03/08/2017)

In exercise of the powers conferred by the proviso to sub-section (3) of section 9A of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies that the conditions specified in clauses (e), (f) and (g) of said sub-section shall not apply in case of an investment fund set up by a Category-I or Category-II foreign portf...

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Order No. 132/2017: Additional charges to officers in CCIT grade

Order No. 132/2017 (03/08/2017)

The following officers in the grade of CCIT are, hereby, ordered to hold the charge (s) indicated against their names in addition to the substantive charge/ additional charge(s) being held by them, with immediate effect and until further orders...

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Order No. 128/2017 Transfer / Postings (Local Changes) in CIT Grade

Order No. 128/2017-Income Tax (01/08/2017)

ORDER NO. 128 OF 2017 The following postings/ transfers in the grade of Commissioner of Income Tax (Local Changes) are, hereby, ordered with immediate effect and until further orders: -...

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Order No. 127/2017 Transfers & Postings (Local changes) in Addl./Joint CIT grade

Order No. 127/2017-Income Tax (01/08/2017)

The following postings/ transfers in the grade of Additional / Joint Commissioner of Income Tax (Local Changes) are, hereby, ordered with immediate effect and until further orders: ...

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