CBDT

Bad debts are allowable expenses and it is not necessary for the assessee to establish that debt has become irrecoverable

Income Tax - Bad debts are allowable expenses and it is not necessary for the assessee to establish that the debt has become irrecoverable Gone are the days when the the Assessing Officer would disallow the sum debited in the P&L account as non-recoverable sums written off as bad debts.  The Assessing Officer cannot disallow the sum in […]...

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Books of accounts of cannot be rejected without finding any specific defects in them

Income Tax - Books of Accounts of cannot be rejected without finding any specific defects in them The Revenue is bound to accept the authenticity of the accounts prepared with reference to the manner provided in section 128 r.w. section 129 of The Companies Act, 2013 and Income Computation and Disclosure Standards issued under section 145 of The [&hel...

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Analysis of recent changes by MCA, SEBI, CBDT, RERA & CBIC

Income Tax - MCA Amendment No. 1: Filing of DIR-3 KYC required on an annual basis: It has been clarified by the MCA on 13th April, 2019 that DIN holders are required to file the DIR-3 KYC Form every year, so that they are aware of and confirm the data and information as available in the MCA21 system. MCA has mentioned […]...

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Income Tax Tax Updates – December 2018 to February 2019

Income Tax - TAX UPDATES – DECEMBER  2018 NEWS 1. CBDT vide Notification dated 06th December, 2018 notifies the norms for conversion of Branch of Foreign Banks in India into Subsidiary Company. [Notification No. 85/2018/F.No.370133 /34/2016-TPL] 2. CBDT vide Notification 06th December, 2018 further clarifies that no tax deduction at source u/s ...

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Income Tax E-Proceedings -An Aurora of New Era

Income Tax - CBDT is taking initiatives to make income tax proceedings paperless, faceless, nameless and jurisdiction-less to bring about transparency and accountability in assessments under Income-tax laws. ...

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Proposed Signing of Bilateral Agreement for Exchange of CBCR between India and USA

Income Tax - Dear Reader, The Ministry of Finance, has issued a Press release dated 15 March, 2019 stating that a bilateral agreement has been finalized between India and the United States of America (USA) for the exchange of Country-by-Country Reports (CbCR). The proposed agreement would apply retrospectively for the exchange of CbCR from the financi...

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CBDT requests non-filers to Submit IT Return or Online Response

Income Tax - CBDT identifies non-filers through Non-filers Monitoring System (NMS) by using Data Analytics and request the Non-filers to assess their tax liability for AY 2018-19 and file the Income Tax Returns (ITR) or submit online response within 21 days The Non-filers Monitoring System (NMS) aims to identify and monitor persons who enter into high...

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News of mass prosecution notices for small TDS default is completely misleading: CBDT

Income Tax - Central Board of Direct Taxes (CBDT) today said that certain news items that appeared in a section of media regarding enmasse issue of prosecution notices to small companies for TDS default are completely misleading and full of factual inaccuracies. CBDT clarified that Mumbai Income Tax TDS office has issued prosecution show cause notices...

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CBDT signs nine UAPAs in July, 2018

Income Tax - CBDT has entered into nine more Unilateral Advance Pricing Agreements (UAPAs) during the month of July, 2018. With the signing of these Agreements, the total number of APAs entered into by the CBDT has gone up to 232, which includes 20 Bilateral Advance Pricing Agreements (BAPAs)....

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CBDT seeks details of “Least Performing” CsIT(A)

Income Tax - The CBDT has issued a directive to All Pr. Chief Commissioners of Income Tax seeking details of 2 least performing CsIT (Appeals). It is not specified as to what constitutes least performing. Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi the 27th July, 2018 To, All Pr. Chief [&helli...

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CBDT cannot extend time to claim deduction under section 54F

Shivinder Singh Brar, Karta (HUF) Vs. CBDT (Punjab and Haryana High Court) - Where assessee was precluded from construction of new house due to prohibition of construction in his area then assessee could seek relaxation in terms of section 119(2)(c) at time of claiming deduction under section 54F and such claim could be made only within time period, as prescribed under Act f...

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CBDT to Provide informations related to revamp of Income Tax e-filing Website

[a] Copies of all Records Received/Issued for Revamping the Website of Income-Tax Deptt. that relates to Tax Policy & Legislation Division of CBDT in particular (Because to implement the action in question amendment in statute is required to establish due compliance)....

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CBDT to provide details of No. of Tax Audit & Auditors to RTI Applicant

CBDT has provided Tax Audit Data to ICAI based on the returns e-filed during the financial year 2010-11. This has been published in one of the leading Private Website for CAs on 16th day of November 2011. ...

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TDS on Hotel Room Rent & Other Facilities?

The East India Hotels Ltd Vs Central Board of Direct Taxes (Bombay High Court) - TDS on the charges you pay to a Barber? The word ‘carrying out any work’ in section 194C is limited to any work which on being carried out culminates into a product or result. The word ‘work’ in s.194C is limited to doing something with a view to achieving the task undertaken or carry out an...

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Clarification on PAN encrypted Digital Signature Certificate (DSC)

The Central Board of Direct Taxes (CBDT) had recently amended the Rules relating to the manner of furnishing the return of income for companies for Assessment Year 2010-11 and onwards. Under the revised Rules, all companies (including foreign compani...

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Transfer & Posting in ITO Grade on mutual basis

Office Order No. 82 of 2019 - (08/04/2019) - Office Order No. 82 of 2019 The following transfer/ posting in the grade of Income Tax Officer, on mutual basis, are hereby ordered, as per the table given below, with immediate effect or until further orders:...

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Notification No. 29/2019-Income Tax Dated: 28.03.2019

Notification No. 29/2019 [S.O. 1465(E)] - (28/03/2019) - NOTIFICATION No. 29/2019 Central Government hereby notifies the undertaking from the date of commencement of the industrial park the 8th June, 2010 being developed and being maintained and operated by M's Romell Real Estate Pvt. Ltd., for the purposes of the said clause (iii) subject to the terms an...

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Promotion of 70 officers in the grade of ACIT on ad-hoc basis

Office Order No. 43 of 2019 - (28/02/2019) - Office Order No. 43 of 2019The President is pleased to appoint the following Income Tax Officers, presently posted in the region shown against their names. in the grade of Assistant Commissioner of Income Tax (ACIT) on ad-hoc basis for the vacancy year 2018 in the Level 10 in the pay matrix Rs. 5610...

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Non applicability of section 56(2)(viia) to fresh issue of shares, would not be a correct approach: CBDT

Circular No. 03/2019 - (21/01/2019) - Any view expressed by the Board in Circular No. 10/2018 shall be considered to have never been expressed and accordingly, the said circular shall not be taken into account by any Income-tax authority in any proceedings under the Act....

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Corrigendum to Income Tax Circular No.1/2019 dated 1st January, 2019

Notification No. F.No. 275/192/2018-IT (B) - (18/01/2019) - The undersigned is directed to refer to Circular No.1/2019 dated 1st January, 2019 bearing file of even number on the above mentioned subject and to state that in Annexure-I from Examples from 1 to 8 referred to in pages from 47 to 55, For Assessment Year 2018-19 may be read as For Assessment Year 2...

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Recent Posts in "CBDT"

Bad debts are allowable expenses and it is not necessary for the assessee to establish that debt has become irrecoverable

Bad debts are allowable expenses and it is not necessary for the assessee to establish that the debt has become irrecoverable Gone are the days when the the Assessing Officer would disallow the sum debited in the P&L account as non-recoverable sums written off as bad debts.  The Assessing Officer cannot disallow the sum in […]...

Read More
Posted Under: Corporate Law |

Books of accounts of cannot be rejected without finding any specific defects in them

Books of Accounts of cannot be rejected without finding any specific defects in them The Revenue is bound to accept the authenticity of the accounts prepared with reference to the manner provided in section 128 r.w. section 129 of The Companies Act, 2013 and Income Computation and Disclosure Standards issued under section 145 of The [&hel...

Read More
Posted Under: Corporate Law |

Analysis of recent changes by MCA, SEBI, CBDT, RERA & CBIC

MCA Amendment No. 1: Filing of DIR-3 KYC required on an annual basis: It has been clarified by the MCA on 13th April, 2019 that DIN holders are required to file the DIR-3 KYC Form every year, so that they are aware of and confirm the data and information as available in the MCA21 system. MCA has mentioned […]...

Read More
Posted Under: Corporate Law |

Transfer & Posting in ITO Grade on mutual basis

Office Order No. 82 of 2019 (08/04/2019)

Office Order No. 82 of 2019 The following transfer/ posting in the grade of Income Tax Officer, on mutual basis, are hereby ordered, as per the table given below, with immediate effect or until further orders:...

Read More

Notification No. 29/2019-Income Tax Dated: 28.03.2019

Notification No. 29/2019 [S.O. 1465(E)] (28/03/2019)

NOTIFICATION No. 29/2019 Central Government hereby notifies the undertaking from the date of commencement of the industrial park the 8th June, 2010 being developed and being maintained and operated by M's Romell Real Estate Pvt. Ltd., for the purposes of the said clause (iii) subject to the terms and conditions mentioned in the Annexure t...

Read More

Proposed Signing of Bilateral Agreement for Exchange of CBCR between India and USA

Dear Reader, The Ministry of Finance, has issued a Press release dated 15 March, 2019 stating that a bilateral agreement has been finalized between India and the United States of America (USA) for the exchange of Country-by-Country Reports (CbCR). The proposed agreement would apply retrospectively for the exchange of CbCR from the financi...

Read More
Posted Under: Corporate Law |

Income Tax Tax Updates – December 2018 to February 2019

TAX UPDATES – DECEMBER  2018 NEWS 1. CBDT vide Notification dated 06th December, 2018 notifies the norms for conversion of Branch of Foreign Banks in India into Subsidiary Company. [Notification No. 85/2018/F.No.370133 /34/2016-TPL] 2. CBDT vide Notification 06th December, 2018 further clarifies that no tax deduction at source u/s ...

Read More
Posted Under: Corporate Law |

Promotion of 70 officers in the grade of ACIT on ad-hoc basis

Office Order No. 43 of 2019 (28/02/2019)

Office Order No. 43 of 2019The President is pleased to appoint the following Income Tax Officers, presently posted in the region shown against their names. in the grade of Assistant Commissioner of Income Tax (ACIT) on ad-hoc basis for the vacancy year 2018 in the Level 10 in the pay matrix Rs. 56100-177500/- for a period of one year with...

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Income Tax E-Proceedings -An Aurora of New Era

CBDT is taking initiatives to make income tax proceedings paperless, faceless, nameless and jurisdiction-less to bring about transparency and accountability in assessments under Income-tax laws. ...

Read More
Posted Under: Corporate Law |

CBDT requests non-filers to Submit IT Return or Online Response

CBDT identifies non-filers through Non-filers Monitoring System (NMS) by using Data Analytics and request the Non-filers to assess their tax liability for AY 2018-19 and file the Income Tax Returns (ITR) or submit online response within 21 days The Non-filers Monitoring System (NMS) aims to identify and monitor persons who enter into high...

Read More
Posted Under: Corporate Law |

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