CBDT

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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Why should I pay tax?

Income Tax - Some people raise the question 'Why should I pay tax? They argue: I have to pay for my food, for my house, for my travel, for my medical treatment, for owning a vehicle not only cost of vehicle but also vehicle tax and what not. Even on many roads, one has to pay toll tax! They also say that if we compare with countries like USA and UK,...

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

Circular No. 4/2020 - (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 bene...

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CBDT Relaxaes time for Compounding of Income Tax Offences

Circular No. 1/2020-Income Tax - (03/01/2020) - Relaxation of time-Compounding of Offences under Direct Tax Laws (Income Tax)-One-time measure-Extension of Timeline- Circular No. 1/2020-Income Tax Dated 3rd January, 2020....

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CBDT Appoints 187 IRS Officers to JCIT grade on ad-hoc basis

Office Order No. 269 of 2019 - (26/12/2019) - Appointment of 187 IRS Officers to the grade of Joint Commissioner of Income Tax (JCIT) purely on ad-hoc basis vide Office Order No. 269 of 2019 Dated 26th December, 2019. F. No. A-32012/12/2019-Ad.VI Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) Nort...

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Due date for Audit/ITR Filing extended for J&K & Ladakh

F. No. 225/306/2019-ITA-11 - (24/12/2019) - Order u/s 119 of the Income-tax Act, 1961 for Extension of due date for filing of Income-tax Returns/Tax Audit Reports to 31st January, 2020 in respect of Union Territory of Jammu and Kashmir and Union Territory of Ladakh. F. No. 225/306/2019-ITA-11 Government of India Ministry of Finance Department...

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Constitution of Grievance Redressal Committees on GST related issues

F. No. 20/10/16/2018-GST (Pt. I) - (24/12/2019) - GST Council has approved constitution of ‘Grievance Redressal Committee’ at Zonal/State level consisting of both Central Tax and State Tax officers, representatives of trade and industry and other GST stakeholders....

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Recent Posts in "CBDT"

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

Circular No. 4/2020 (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. 4/2020 F.No. 275/...

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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 |

CBDT Relaxaes time for Compounding of Income Tax Offences

Circular No. 1/2020-Income Tax (03/01/2020)

Relaxation of time-Compounding of Offences under Direct Tax Laws (Income Tax)-One-time measure-Extension of Timeline- Circular No. 1/2020-Income Tax Dated 3rd January, 2020....

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CBDT Appoints 187 IRS Officers to JCIT grade on ad-hoc basis

Office Order No. 269 of 2019 (26/12/2019)

Appointment of 187 IRS Officers to the grade of Joint Commissioner of Income Tax (JCIT) purely on ad-hoc basis vide Office Order No. 269 of 2019 Dated 26th December, 2019. F. No. A-32012/12/2019-Ad.VI Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) North Block, New Delhi The 26th December, 20...

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Due date for Audit/ITR Filing extended for J&K & Ladakh

F. No. 225/306/2019-ITA-11 (24/12/2019)

Order u/s 119 of the Income-tax Act, 1961 for Extension of due date for filing of Income-tax Returns/Tax Audit Reports to 31st January, 2020 in respect of Union Territory of Jammu and Kashmir and Union Territory of Ladakh. F. No. 225/306/2019-ITA-11 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxe...

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

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...

Read More
Posted Under: Income Tax |

Constitution of Grievance Redressal Committees on GST related issues

F. No. 20/10/16/2018-GST (Pt. I) (24/12/2019)

GST Council has approved constitution of ‘Grievance Redressal Committee’ at Zonal/State level consisting of both Central Tax and State Tax officers, representatives of trade and industry and other GST stakeholders....

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Promotion & Transfer / Posting in the Grade of CIT

Office Order No. 259 of 2019 (16/12/2019)

Office Order No. 259 of 2019- Consequent upon approval of the Competent Authority, following officers are, hereby, promoted to the grade of Commissioner of Income Tax (CIT) (level 14 in the pay matrix Rs. 144200-218200/-) w.e.f. the date of assumption of the charge of the post by them and until further orders:...

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Treatment of Exchange Fluctuation under Income Tax Laws

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. ...

Read More
Posted Under: Income Tax |

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