CBDT

CBDT Shoots Down Tax Sops For All Startups On DPIIT List

Income Tax - The Announcement: A Positive Move On February 1, Finance minister Nirmala Sitharaman, in her budget speech declared that employees of startups (exempt under Section 80-IAC) could defer paying income tax on stock options. The proposal was put forward by the Department for Promotion of Industry and Internal Trade (DPIIT) which suggested ext...

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Private healthcare sector: Income tax incentives, Provisions & Judgments

Income Tax - Private healthcare sector: Income tax incentives, Legal Provisions and Judgments This article covers various sections related to healthcare sector such as Section 10(23C), Section 44A, Section 44AB, Section 11, Section 12, Section 35AD, Section 194I, Section 194h, Section J and many more along with various related case laws. Legal Provisi...

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Key Changes in ITR Forms 1 & 4 for Assessment Year 2020-21

Income Tax - The Central Board of Direct Taxes (CBDT) has notified the Income-tax Return (ITR) Forms 1 and 4 for the Assessment Year 2020-21. These ITR Forms will be applicable for filing of Income-tax return in respect of income earned during the previous year 2019-20 (between 01-04-2019 to 31-03-2020)....

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Expression ‘colourable device’ under Income Tax- What it Signifies

Income Tax - The Festival of Holi is unthinkable without colours. The use of colours by way of different devices like pichkaris, balloons, pumps, and even buckets, constitutes an essential ingredient of a vibrant, joyful and blissful Holi. However, in Income Tax Act, the expression, colourable device, is being looked at, in an altogether different ma...

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Treatment of Exchange Fluctuation under Income Tax Laws

Income Tax - When any entity enters into any transaction in foreign currency, it is exposed to exchange fluctuation risk on such transaction unless the same is hedged by the entity through hedging techniques like Forward Contracts, Currency Invoicing etc. ...

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Income Tax Department conducts search on a prominent business group in Pune

Income Tax - Income Tax Department conducted searches on a prominent business group in Pune on 06/11/2019 under the Income Tax Act, 1961. The searches were conducted at various places covering the cities of Pune, Mumbai, Nagpur, Delhi, Bengaluru and Noida....

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Income Tax Department makes high cash seizure in Pune

Income Tax - Income Tax Department conducted a search in the case of a businessman in Pune on 04/11/2019 and made a high cash seizure. The search was conducted at the residence of the businessman....

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Income tax Department Vision 2020: It is time to think the Unthinkable

Income Tax - Vision is aspirational but it is important to define the desired outcomes. The next logical step is to specify the physical action points that would result in the desired outcome. A structure for the Vision 2020 is being proposed, which also includes a format specifying the milestones over the next few years, to achieve these […]...

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CBDT release Time-series and income-distribution data

Income Tax - Central Board of Direct Taxes has further released Time-series data updated up to F.Y. 2018-19 and income-distribution data for A.Y. 2018-19 (F.Y. 2017-18). ...

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CBDT Taxalogue Magazine Jul – Oct 19 | Volume 1 | Issue 1

Income Tax - The Tax Policy, which feels the pulse of the public and addresses their concerns while raising taxes for the Government is considered as the most progressive one. On the other hand, if it ignores the ground reality, it arouses adverse public sentiments....

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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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Notification No. 17/2020-Income Tax, Dated: 13.03.2020

Notification No. 17-2020-Income Tax- S.O. 1057(E) - (13/03/2020) - Central Government hereby specifies that a non-­resident being an Eligible Foreign Investor which operates in accordance with the Securities and Exchange Board of India, circular IMD/HO/FPIC/CIR/P/2017/003 dated 04th January, 2017, shall be deemed as Foreign Institutional Investor (FII) for the pur...

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Committee formed to look into existing Transfer/Placement Guidelines for IRS officers

F. No. HRD/AD/953/1/2019-20/8434 - (03/03/2020) - With the approval of Competent Authority following Committee is formulated to look into the existing Transfer/Placement Guidelines for IRS officers. The Department has undergone comprehensive restructuring and with including of new assessment methodologies like NeAC and ReAC it has become imperative...

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Important CBDT instructions on Issue of Section 147 & Section 133(6) Notice

F. No. System/ITBA/AIMS/2019-20/1942 - (28/02/2020) - Field formation should not carry out any enquiry u/s 133(6) or issue notice u/s 148 of the Act on the basis of the data presently available in either AIMS Module of the ITBA or the AIR information earlier shown in the ITD till further directions are issued....

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Rule 114AAA: PAN to become inoperative on failure to furnish Aadhaar

Notification No. 11/2020-Income Tax [G.S.R. 112(E)] - (13/02/2020) - CBDT notifies rules regarding manner of making PAN inoperative u/s 139AA(2) – Notification No. 11/2020, dated 13-02-2020 CBDT notifies Income Tax Rule 114AAA prescribing  that permanent account number (PAN) will become inoperative if  a person, who has been allotted PAN as on the 1st day of Jul...

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CBDT notifies ‘Pr. DGIT (System)’ as Income-tax authority to furnish info to SEBI

F.No. 225/297/2019/ITA.II - (10/02/2020) - CBDT notifies that the Principal Director General of Income-tax (Systems), New Delhi for furnishing information respecting assessees to Securities and Exchange Board of India(‘SEBI’). F.No. 225/297/2019/ITA.II Government of India Ministry of Finance Department of Revenue Central Board of...

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Recent Posts in "CBDT"

Notification No. 17/2020-Income Tax, Dated: 13.03.2020

Notification No. 17-2020-Income Tax- S.O. 1057(E) (13/03/2020)

Central Government hereby specifies that a non-­resident being an Eligible Foreign Investor which operates in accordance with the Securities and Exchange Board of India, circular IMD/HO/FPIC/CIR/P/2017/003 dated 04th January, 2017, shall be deemed as Foreign Institutional Investor (FII) for the purposes of transactions in securities made...

Read More

Committee formed to look into existing Transfer/Placement Guidelines for IRS officers

F. No. HRD/AD/953/1/2019-20/8434 (03/03/2020)

With the approval of Competent Authority following Committee is formulated to look into the existing Transfer/Placement Guidelines for IRS officers. The Department has undergone comprehensive restructuring and with including of new assessment methodologies like NeAC and ReAC it has become imperative to revisit the existing placement guide...

Read More

Important CBDT instructions on Issue of Section 147 & Section 133(6) Notice

F. No. System/ITBA/AIMS/2019-20/1942 (28/02/2020)

Field formation should not carry out any enquiry u/s 133(6) or issue notice u/s 148 of the Act on the basis of the data presently available in either AIMS Module of the ITBA or the AIR information earlier shown in the ITD till further directions are issued....

Read More

CBDT Shoots Down Tax Sops For All Startups On DPIIT List

The Announcement: A Positive Move On February 1, Finance minister Nirmala Sitharaman, in her budget speech declared that employees of startups (exempt under Section 80-IAC) could defer paying income tax on stock options. The proposal was put forward by the Department for Promotion of Industry and Internal Trade (DPIIT) which suggested ext...

Read More
Posted Under: Income Tax |

Rule 114AAA: PAN to become inoperative on failure to furnish Aadhaar

Notification No. 11/2020-Income Tax [G.S.R. 112(E)] (13/02/2020)

CBDT notifies rules regarding manner of making PAN inoperative u/s 139AA(2) – Notification No. 11/2020, dated 13-02-2020 CBDT notifies Income Tax Rule 114AAA prescribing  that permanent account number (PAN) will become inoperative if  a person, who has been allotted PAN as on the 1st day of July, 2017 and is required to intimate his ...

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CBDT notifies ‘Pr. DGIT (System)’ as Income-tax authority to furnish info to SEBI

F.No. 225/297/2019/ITA.II (10/02/2020)

CBDT notifies that the Principal Director General of Income-tax (Systems), New Delhi for furnishing information respecting assessees to Securities and Exchange Board of India(‘SEBI’). F.No. 225/297/2019/ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, the 10th Februa...

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Procedure of PAN allotment through Common Application Form

Notification 11/2020- Income Tax (DGIT Systems) (07/02/2020)

Procedure of PAN allotment through Common Application Form (CAF) along with registration of Foreign Portfolio Investors (FPIs) with SEBI under Department of Economic Affairs and KYC for opening Bank and Demat Account....

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TDS and Tax on Salary | Section 192 | FY 2019-20 | AY 2020-21

Circular No. 04/2020-Income Tax (16/01/2020)

CBDT has released Circular No. 4/2020 which explains provisions related to TDS on Salary under Section 192 of Income Tax Act, 1961 applicable for A.Y. 2020-21 or F.Y. 2019-20. Circular also explains taxation of different components of Salary, Tax Treatment of Allowances, Perquisites, Retirement benefits etc. Circular No. 04/2020-Income Ta...

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Private healthcare sector: Income tax incentives, Provisions & Judgments

Private healthcare sector: Income tax incentives, Legal Provisions and Judgments This article covers various sections related to healthcare sector such as Section 10(23C), Section 44A, Section 44AB, Section 11, Section 12, Section 35AD, Section 194I, Section 194h, Section J and many more along with various related case laws. Legal Provisi...

Read More
Posted Under: Income Tax |

Key Changes in ITR Forms 1 & 4 for Assessment Year 2020-21

The Central Board of Direct Taxes (CBDT) has notified the Income-tax Return (ITR) Forms 1 and 4 for the Assessment Year 2020-21. These ITR Forms will be applicable for filing of Income-tax return in respect of income earned during the previous year 2019-20 (between 01-04-2019 to 31-03-2020)....

Read More
Posted Under: Income Tax |

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