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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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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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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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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Revised format of Issue of notices U/s. 143(2) of Income-tax Act, 1961

Notification No. F.No. 225/157/2017/ITA.II-Income Tax - (23/06/2017) - The three formats of notice(s) are: Limited Scrutiny (Computer Aided Scrutiny Selection}, Complete Scrutiny (Computer Aided Scrutiny Selection), Compulsory Manual Scrutiny The revised format of 143(2) notice(s) with a note on benefits & Procedures of' E-Proceeding' facility are enclosed for infor...

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S. 138(1): Central Govt specifies Joint Secretary (Ops.), NATGRID

Notification No. 54/2017-Income Tax - (21/06/2017) - In pursuance of sub-clause (ii) of clause (a) of sub-section (1) of Section 138 of the Income-tax Act, 1961, the Central Government, hereby specifies Joint Secretary (Ops.), NATGRID, Ministry of Home Affairs, Government of India, for purposes of the said clause....

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CBDT notifies specified authority to furnish info to NATGRID

F.No. 225/300/2016/ITA.II - (21/06/2017) - To facilitate the process of furnishing information, Principal Director General of Income-tax (Systems) would enter into a Memorandum of Understanding ('MOU') with NATGRID which inter-alia, would include the mode of transfer of data, maintenance of confidentiality...

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Filling up of posts up to the grade of ITO on ad-hoc basis

Notification No. F.No. A_35015/36/2016-Ad.VI - (19/06/2017) - I am directed to refer to the subject mentioned above and to say that during the meeting of representatives of ITGOA and ITEF under the Chairmanship of Chairman, CBDT, held on 27052017, one of the Issues discussed was 'adhoc' promotion on functional basis against the vacancies arising after promotio...

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CBDT revises format of Form No. 3CED- Application for Advance Pricing Agreement

Notification No. 53/2017-Income Tax / S.O. 1927(E) - (16/06/2017) - S.O. 1927(E). In exercise of the powers conferred by section 295 read with sub-section (9) of section 92CC of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely...

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Recent Posts in "Income Tax Notifications"

Revised format of Issue of notices U/s. 143(2) of Income-tax Act, 1961

Notification No. F.No. 225/157/2017/ITA.II-Income Tax (23/06/2017)

The three formats of notice(s) are: Limited Scrutiny (Computer Aided Scrutiny Selection}, Complete Scrutiny (Computer Aided Scrutiny Selection), Compulsory Manual Scrutiny The revised format of 143(2) notice(s) with a note on benefits & Procedures of' E-Proceeding' facility are enclosed for information of the field authorities....

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S. 138(1): Central Govt specifies Joint Secretary (Ops.), NATGRID

Notification No. 54/2017-Income Tax (21/06/2017)

In pursuance of sub-clause (ii) of clause (a) of sub-section (1) of Section 138 of the Income-tax Act, 1961, the Central Government, hereby specifies Joint Secretary (Ops.), NATGRID, Ministry of Home Affairs, Government of India, for purposes of the said clause....

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CBDT notifies specified authority to furnish info to NATGRID

F.No. 225/300/2016/ITA.II (21/06/2017)

To facilitate the process of furnishing information, Principal Director General of Income-tax (Systems) would enter into a Memorandum of Understanding ('MOU') with NATGRID which inter-alia, would include the mode of transfer of data, maintenance of confidentiality...

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Filling up of posts up to the grade of ITO on ad-hoc basis

Notification No. F.No. A_35015/36/2016-Ad.VI (19/06/2017)

I am directed to refer to the subject mentioned above and to say that during the meeting of representatives of ITGOA and ITEF under the Chairmanship of Chairman, CBDT, held on 27052017, one of the Issues discussed was 'adhoc' promotion on functional basis against the vacancies arising after promotion to Assistant Commissioner of Income Ta...

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CBDT revises format of Form No. 3CED- Application for Advance Pricing Agreement

Notification No. 53/2017-Income Tax / S.O. 1927(E) (16/06/2017)

S.O. 1927(E). In exercise of the powers conferred by section 295 read with sub-section (9) of section 92CC of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely...

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Extension of ad-hoc appointments in the grade of JCIT

Order No. 105 of 2017-Income Tax (16/06/2017)

The President is pleased to extend the ad-hoc appointments of the following IRS officers to the grade of Joint Commissioner of Income Tax from 01.04.2017 to 31.03.2018...

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Draft Notification on foreign company resident in India U/s. 115JH

F No 370142/19/2017-TPL (15/06/2017)

CBDT invites comments and suggestions on the Draft Notification in respect of foreign company said to be resident in India under Section 115JH of the Income-tax Act, 1961...

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CBDT notifies rule for Computation of interest income pursuant to secondary adjustments

Notification No. 52/2017-Income Tax / G.S.R. 590(E) (15/06/2017)

10CB. Computation of interest income pursuant to secondary adjustments.— (1) For the purposes of sub- section (2) of section 92CE of the Act, the time limit for repatriation of excess money shall be on or before ninety days ,...

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Potential cases for consideration of prosecution under section 276CC

EFS Instruction No. 63 (14/06/2017)

Potential cases for prosecution u/s 276CC have been identified from NMS Cycle-4 cases on the basis of rules approved by Board. The Assessing Officers may be instructed to view the information and take necessary action u/s 276CC if the conditions prescribed u/s 276CC are fulfiled....

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CBDT Task Force for Effective assessment using departmental database

F.No. 225/205/20 17/ITA.II (14/06/2017)

The Board, on consideration of report of the above Committee, in principle, has agreed to the broad concept of taxpayer segmentation with differentiated treatment and creation of a new ecosystem for conducting scrutiny assessments characterized by end-to-end e-process for scrutiny assessment, flexible function-specific jurisdiction for...

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