"19 December 2014" Archive

Income Tax: Amendment in Notification No. S.O. 1615 (E), dated 26.09.2006

Notification No. 83/2014-Income Tax (19/12/2014)

Notification No. 83/2014-Income Tax S.O. (E) - In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Income tax Act, 1961, the Central Board of Direct Taxes hereby makes the following further amendments in the notification of the Ministry of Finance (Department of Revenue), (Central Board of Direct Taxes) ...

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U/s 120 of Income Tax Act – Amendment in Notification No. S.O.876(E), dated 22nd June, 2005

Notification No. 82/2014-Income Tax (19/12/2014)

Notification No. 82/2014-Income Tax S.O. (E) - In exercise of the powers conferred by sub-section (2) of section 97 and section 109 of the Finance (No.2) Act, 2004 (No.23 of 2004) read with sub-sections (1) and (2) of section 120 of the Income-tax Act, 1961, the Central Board of Direct Taxes hereby amends the notification of The Ministr...

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The Constitution (One Hundred And Twenty-Second Amendment) Bill, 2014

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It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint, and different dates may be appointed for different provisions of this Act and any reference in any such provision to the commencement of this Act shall be construed as a reference to the commencement of that provision....

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Who are Constituent Income Tax Practitioners & future of such Practitioners

Syed Mahaboob Peer Who are Constituent Income Tax Practitioners?   And, what would be the future of those Constituent Income Tax Practitioners? Any Act which allows Enlistment/Enrolment of the Practitioner, and have overall power & control over such Practitioners (including departmental power to exercise & initiate the disciplin...

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Proposed Changes in e-TDS/TCS RPU & FVU validations

It is proposed to release new version of NSDL Return Preparation Utility (RPU) and File Validation Utility (FVU) incorporating the below features: Features of NSDL RPU Allow update in field in Form no. 27Q ‘Whether TDS rate of TDS is IT act (a) and DTAA (b)’ where the tax has been deducted at higher rate. […]...

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Download Constitution (122nd Amendment) Act, 2014

Download Constitution (122nd Amendment) Act, 2014 and its Salient features Union Finance Minister Shri Arun Jaitley Intoduces the Constitution Amendment Bill on Goods and Services Tax (GST) in Lok Sabha; New Article 246a Proposed to Confer Simultaneous Power to Union and State Legislatures to Legislate on GST ; Centre To Compensate States...

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CBDT signs first bilateral Advance Pricing Agreement (APA)

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On 19.12.2014, Central Board of Direct Taxes has signed a bilateral Advance Pricing Agreement (APA) with a Japanese Company. This is India’s first bilateral APA. The APA is for a period of five years. The APA has been finalized in a period of about one and a half years, which is shorter than time normally taken in finalizing APAs intern...

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Jaitley Removes Provision of No Bail for offences Under Companies Act, 2013

When we invite the rest of the world to come to India, form a company, do business and invest in India, are we trying to say that in case you commit any of these offences you will never get bail or you will indefinitely never get bail?...

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More than 50% of registered taxpayers not filing Excise returns

CA Sandeep Kanoi After introduction of self-assessment, the return filed by a taxpayer is the only instrument to check the correctness of central excise duty paid to the government. Graph below indicates that more than fifty per cent of registered taxpayers are not filing returns. Government need to build a strong mechanism to ensure fili...

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Income Tax – Mere 1.5% Annual Growth in Taxpayer base

Growth in the number of taxpayers Over the past few years, the CBDT in its Central Action Plan has been targeting a 15 per cent increase in new taxpayers vis-à-vis taxpayers added during the previous year. The taxpayer base increased from 319.03 lakh taxpayers in FY 2006-07 to 337.38 lakh taxpayers in FY2010-11, registering an […]...

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