Income Tax Notifications

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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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 ...

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Revised timeline for FATCA compliance for account holders

Income Tax - The account holders may be informed that, in case self-certifications are not provided till 30 April 2017, the accounts would be blocked, which would mean that the financial institution would prohibit the account holder from effecting any transaction with respect to such accounts....

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Draft notification to stop misuse of long term capital gain exemption

Income Tax - In order to curb the practice of declaring unaccounted income as exempt long term capital gain by entering into sham transactions, the Finance Act, 2017 amended the provisions of section 10 (38) of the Act to provide that exemption under this section for income arising on transfer of equity share acquired or on after 1st day of October, 2...

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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....

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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. ...

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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...

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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 '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...

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Do not share or Publish personal details of taxpayer: CBDT

F.No. 402142017-ITCC - (25/04/2017) - It is requested that any act of publishing personal identity or information i.e. Aadhaar number and demographic details along with personal sensitive Information such as bank details, in contravention of the Aadhaar Act 2016 and the Information Technology Act, 2000 be refrained with immediate effect...

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Income Tax Circular No.17 of 2017 dated: 26.04.2017

Circular No. 17/2017-Income Tax - (26/04/2017) - Circular No.17 of 2017 - Corrigendum to Circular No. 13/2017 dated 11.04.2017 on the Clarification regarding Liability to income - tax in India for a non - resident seafarer receiving salary in NER (Non Resident External) account maintained with an Indian Bank. -reg....

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Treatment of Lease rent from letting of buildings/developed space

Circular No. 16/2017-Income Tax - (25/04/2017) - Lease rent from letting out buildings/developed space along with other amenities in an Industrial Park/SEZ— to be treated as business income....

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CBDT direct Pr. CITs to maintain cleanliness in Income Tax Premises

DO FTS No. 300330633/2017 - (25/04/2017) - CBDT has developed a Swachhta Action Plan for 2017-18 and 2018-19 which has been communicated to you. The action points , timelines and the nodal monitoring and supervising authorities have been delineated in the Swachhta Action Plan. ...

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Aayakar Seva Kendras (ASK) be made as a Transaction Centre

F.No. ADG(TPS-1)/ASKs/Transaction Centre/2017- 18/147 - (25/04/2017) - Telefax 011- 23411131, 011- 23411129 Fax 011- 23411780 DIRECTORATE OF INCOME-TAX (TPS-I) Ministry of Finance, Department of Revenue 5th Floor, Mayur Bhawan, Connaught Circus New Delhi-110001 E-mail : delhi.adg,tpsl@incometax.gov.in F.No. ADG(TPS-1)/ASKs/Transaction Centre/2017- 18/147 Dated: 25.04....

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Recent Posts in "Income Tax Notifications"

Do not share or Publish personal details of taxpayer: CBDT

F.No. 402142017-ITCC (25/04/2017)

It is requested that any act of publishing personal identity or information i.e. Aadhaar number and demographic details along with personal sensitive Information such as bank details, in contravention of the Aadhaar Act 2016 and the Information Technology Act, 2000 be refrained with immediate effect....

Read More

Income Tax Circular No.17 of 2017 dated: 26.04.2017

Circular No. 17/2017-Income Tax (26/04/2017)

Circular No.17 of 2017 - Corrigendum to Circular No. 13/2017 dated 11.04.2017 on the Clarification regarding Liability to income - tax in India for a non - resident seafarer receiving salary in NER (Non Resident External) account maintained with an Indian Bank. -reg....

Read More

Treatment of Lease rent from letting of buildings/developed space

Circular No. 16/2017-Income Tax (25/04/2017)

Lease rent from letting out buildings/developed space along with other amenities in an Industrial Park/SEZ— to be treated as business income....

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CBDT direct Pr. CITs to maintain cleanliness in Income Tax Premises

DO FTS No. 300330633/2017 (25/04/2017)

CBDT has developed a Swachhta Action Plan for 2017-18 and 2018-19 which has been communicated to you. The action points , timelines and the nodal monitoring and supervising authorities have been delineated in the Swachhta Action Plan. ...

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Aayakar Seva Kendras (ASK) be made as a Transaction Centre

F.No. ADG(TPS-1)/ASKs/Transaction Centre/2017- 18/147 (25/04/2017)

Telefax 011- 23411131, 011- 23411129 Fax 011- 23411780 DIRECTORATE OF INCOME-TAX (TPS-I) Ministry of Finance, Department of Revenue 5th Floor, Mayur Bhawan, Connaught Circus New Delhi-110001 E-mail : delhi.adg,tpsl@incometax.gov.in F.No. ADG(TPS-1)/ASKs/Transaction Centre/2017- 18/147 Dated: 25.04.2017 To Pr. DGIT (Systems). All Pr. CCsI...

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Annual General Transfer in the grade of Addl./JCIT – reg.

Order No. 56 of 2017 (24/04/2017)

Order No. 56 of 2017 The following postings / transfers in the grade of Additional/ Joint Commissioner of Income Tax are hereby, ordered with immediate effect and until further orders:-...

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Annual General Transfer in the grade of AC/DCIT – reg.

Order No. 55 of 2017 (24/04/2017)

Order No. 55 of 2017 The following postings / transfers in the grade of Assistant / Deputy Commissioner of Income Tax are hereby, ordered with immediate effect and until further orders:-...

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Timely and proper redressal of public grievances: CBDT

DO No. Dir.(Hqrs.)/Ch.(DT)/39(2)/2015 (24/04/2017)

Time and again it has been impressed upon all the Pr. Chief Commissioners, Chief Commissioners and their subordinate officers to attend to these grievances on priority. It was also conveyed that the senior officers shall personally monitor specified number of grievances and shall ensure that the grievances in their Region/Charge are resol...

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Sec. 115TD(2) Valuation Method -Accreted Income of Certain Trusts

Notification No. 32/2017-Income Tax (21/04/2017)

For the purpose of sub-section (2) of section 115TD of the Act, the aggregate fair market value of the total assets of the trust or institution, shall be the aggregate of the fair market value of all the assets in the balance sheet as reduced by-...

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Upload details of Appeal disposal for FY 2016-17: CBDT to CIT(A)

F.No.279 /Misc/M-118/2013-ITJ (Volume-II) (21/04/2017)

CIT(A) who have yet to upload the disposal for FY 2016-17 on ITBA module or to remove the duplicate appeals may be directed to do so immediately and latest by 30.04.2017. This may be treated as MOST URGENT....

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