Income Tax Notifications

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. ...

Read More

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....

Read More

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 -....

Read More

CBDT notifies Nature of business relationship with Clients which CA can have

Income Tax - (i) commercial transactions which are in the nature of professional services permitted to be rendered by an auditor or audit firm under the Act and the Chartered Accountants Act, 1949 (38 of 1949) and the rules or the regulations made under those Acts; NOTIFICATION NO. 50/2015-INCOME TAX, Dated: June 24, 2015 ...

Read More

TDS-SOP on matching of Unconsumed Challan, Resolvable/Collectible Demand, G-OLTAS reconciliation etc.

Income Tax - 1. TDS is a non-obtrusive but powerful instrument to prevent tax evasion as well as to expand the tax net. TDS also minimizes tax avoidance by the taxpayer (income earners), as the payee’s transaction(s) are reported to the Department by the third person. The contribution of TDS to the overall gross direct taxes collections during F.Y.2...

Read More

Measures for enhancing revenue collections through TDS

Income Tax - On review of the progress of TDS collections it is noted that as on 31.01.2017. an amount of Rs.2,85,082 crore has been collected as TDS at a growth rate of 14.79% over corresponding period of last financial year....

Read More

ITD launches Operation Clean Money to e-verify cash deposits

Income Tax - Income Tax Department (ITD) has initiated Operation Clean Money, today. Initial phase of the operation involves e-verification of large cash deposits made during 9th November to 30th December 2016. ...

Read More

Election Commission Applauds Role of Income Tax Department during 2016 Elections

Income Tax - The elections provided an opportunity for the officers and staff of the Income tax Department to contribute to the democratic process, both as citizens participating in elections, and as empowered Government officers carrying out their duties with professional competence and dedication...

Read More

Clarification on Indirect Transfer provision under Income Tax Act, 1961

Income Tax - Circular No. 41/2016 was issued on 21.12.2016 which dealt with clarification on Indirect Transfer provisions. After the issue of the aforementioned circular, representations have been received from various FPIs, FIIs, VCFs and other stakeholders. ...

Read More

Report on Filing of Appeals by Income Tax Department

Income Tax - The suggestions of Committee to Study Appellate Orders to Examine Filing of Appeals by Income Tax Department before Various Forums are based upon: i) Analysis of actual data collected by the Committee ii) Interaction with the officers of the Income Tax Department iii) Study of the Global Best Practices....

Read More

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 'A' Bench) - 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...

Read More

Guidelines for waiver of interest charged under Section 201(1A)(i)

Circular No. 11/2017-Income Tax - (24/03/2017) - In exercise of the powers conferred under clause (a) of sub-section (2) of section 119 of Income-tax Act, 1961( the Act), Central Board of Direct Taxes (the Board), hereby directs that the Chief Commissioner of Income-tax and Director General of Income-tax may reduce or waive interest charged under ...

Read More

Jurisdiction when return of income furnished in electronic & paper form

Notification No. S.O. 928 (E)-Income Tax - (23/03/2017) - All the cases where the return of income has been furnished in – (i) electronic form, and (ii) paper form. Commissioner of Income-tax, Centralised Processing Centre, Bengaluru...

Read More

Notification No. 05/2017-Income Tax, Dated: 21.03.2017

Notification No. 05/2017-Income Tax - (21/03/2017) - Central Government, on the recommendation of the National Committee for Promotion of Social and Economic Welfare, hereby notifies the institutions approved by the said National Committee...

Read More

25 FAQs on Income Computation and Disclosure Standards (ICDS)

Circular No. 10/2017-Income Tax - (23/03/2017) - After notification of ICDS, it has been brought to the notice of CBDT by stakeholders that certain provisions of ICDS may require amendment/clarification for proper implementation. ...

Read More

Identification of officials who are either absconding or are on unauthorized leave

F.No. ADG (Exams)/Comm./2017-18/ - (21/03/2017) - A Committee was constituted to carry out a one time count of all officers in the Income tax organization and identify such of those Group A officers as are presently on unauthorized leave or are absconding....

Read More

Recent Posts in "Income Tax Notifications"

Guidelines for waiver of interest charged under Section 201(1A)(i)

Circular No. 11/2017-Income Tax (24/03/2017)

In exercise of the powers conferred under clause (a) of sub-section (2) of section 119 of Income-tax Act, 1961( the Act), Central Board of Direct Taxes (the Board), hereby directs that the Chief Commissioner of Income-tax and Director General of Income-tax may reduce or waive interest charged under section 201(1 A) (i)...

Read More

Jurisdiction when return of income furnished in electronic & paper form

Notification No. S.O. 928 (E)-Income Tax (23/03/2017)

All the cases where the return of income has been furnished in – (i) electronic form, and (ii) paper form. Commissioner of Income-tax, Centralised Processing Centre, Bengaluru...

Read More

Notification No. 05/2017-Income Tax, Dated: 21.03.2017

Notification No. 05/2017-Income Tax (21/03/2017)

Central Government, on the recommendation of the National Committee for Promotion of Social and Economic Welfare, hereby notifies the institutions approved by the said National Committee...

Read More

25 FAQs on Income Computation and Disclosure Standards (ICDS)

Circular No. 10/2017-Income Tax (23/03/2017)

After notification of ICDS, it has been brought to the notice of CBDT by stakeholders that certain provisions of ICDS may require amendment/clarification for proper implementation. ...

Read More

Identification of officials who are either absconding or are on unauthorized leave

F.No. ADG (Exams)/Comm./2017-18/ (21/03/2017)

A Committee was constituted to carry out a one time count of all officers in the Income tax organization and identify such of those Group A officers as are presently on unauthorized leave or are absconding....

Read More

Committee on officials who are either absconding or on unauthorized leave

Order No. F.No.ADG(Exams)/Comm./2017-18 (20/03/2017)

A Committee is being constituted to carry out a one time count of all the officers working in the Income tax organization and identify such of those Group A officers as are presently on unauthorized leave or are absconding. The Committee will comprise the following officers...

Read More

CBDT warns officials on airing of views on official matters via Press

No. B-12020/02/2017-Ad.IX (20/03/2017)

It has been observed that some Government servants have been unauthorisedly communicating with the Press either in their own name or in pseudonymous names. Instructions have been issued from time to time restraining all Government servants from communicating with the Press unauthorisedly but it is observed that the provisions of the Condu...

Read More

ITBA Rectification Module for Income Tax Penalty orders

ITBA-Rectification Instruction No.1 (21/03/2017)

The functionality to rectify penalty orders passed in the System (Process flow from initiation of rectification to passing rectification order) is now available to the Users through the Rectification module of Income Tax Business Application (ITBA)....

Read More

Income Tax Business Application- GPF Module in HMS

ITBA- GPF Instruction No.2 (21/03/2017)

General Provident Fund (GPF) is a scheme designed to benefit the employees. In CPT a small portion of the employee's salary is deducted and deposited with the government GPF office and at the time of retirement it is paid as a lump sum to help the employee lead his life peacefully in spite of retirement and loss of monthly income....

Read More

Time Barring Scrutiny cases pending to be uploaded on AST System

F. No.DGIT(S)/DIT(S)-3/AST/Scrutiny/Manual Orders Upload/110/2016-17 (21/03/2017)

Time limit for uploading of manually passed orders on the AST system was extended by 60 days i.e. upto 01.03.2017. Even now it is seen that a large number of cases where Notice u/s 143(2) has been issued but Scrutiny order is yet to be uploaded in the AST system....

Read More
Page 1 of 93912345...102030...Last »

Browse All Categories

CA, CS, CMA (3,305)
Company Law (3,191)
Custom Duty (6,362)
DGFT (3,312)
Excise Duty (3,977)
Fema / RBI (3,107)
Finance (3,270)
Income Tax (24,123)
SEBI (2,639)
Service Tax (3,245)

Search Posts by Date

March 2017
M T W T F S S
« Feb    
 12345
6789101112
13141516171819
20212223242526
2728293031