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Income Tax - CBDT has extended Due date for filing ITRs & Tax Audit Reports under Income Tax Act,1961 from 30.09.2017 to 07.11.2017 for those who were liable to file ITRs by 30.09.17. The Extension was first announced on Twitter at 10.21 PM on 31.10.2017 and later by way of press release on pib.nic.in at 11.35 PM. Further […]...
Read MoreIncome 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...
Read MoreIncome 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...
Read MoreIncome 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. ...
Read MoreIncome 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....
Read MoreIncome Tax - Income Tax Department had set up 24 dedicated Benami Prohibition Units (BPUs) under its Investigation Directorates all over India in May, 2017 to ensure swift action in respect of Benami properties....
Read MoreIncome Tax - Draft of Proposed Notification under Section 115JG (1) of the Income-tax Act, 1961 issued in respect of conversion of Indian Branch of Foreign Bank into Indian Subsidiary company; Comments/suggestions of Stakeholders sought on Draft Notification by 30th November, 2017....
Read MoreIncome Tax - The Central Board of Direct Taxes vide Office Order F.No.279/Misc/M-51/2017- 111 dated 12th July, 2017 has constituted a Committee to prepare a Concept Note to revamp the existing appeal mechanism with a view to urgently address the issue of reducing litigation considering the pendency of litigation in all appellate forums....
Read MoreIncome Tax - Income tax was first introduced on 24th July, 1860 by the British to compensate for the losses suffered by them during our first war of independence in 1857, post-independence...
Read MoreIncome 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...
Read MoreITO 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...
Read MoreF. No. 279/Misc./M-44/2018-(ITJ) - (16/04/2018) - As per section 15 of the BM Act, any person aggrieved with the order passed by the Assessing Officer under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act,2015 (BM Act), may file an appeal to the Commissioner (Appeals). However, Commissioner (Appeals) under the BM Act ...
Read MoreTo avoid any arbitrariness, the returns of Assessment Year 2017-18 and on wards which are pushed by the CPC to the Assessing Officer for processing shall be handled in a chronological manner....
Read MoreD.O.F.No.Pr. DGIT(Admn. &TPS)/D0/2018-19/ - (16/04/2018) - The Board has constantly impressed upon the officers in the field formations the necessity of soft skills while dealing with taxpayers or their representatives. It is important that the behavior of officers and staff should be courteous, polite and above reproach. ...
Read MoreFile No. 48/1/2018/ASK/P.IX/DOMS/54 - (12/04/2018) - Kind reference is invited to the fact that the CBDT has decided to expand the umbrella of its offices having Aayakar Sewa Kendra in F.Y 2018-19 for the purposes of having a more responsive tax administration....
Read MoreNotification No. 20/2018-Income Tax - (12/04/2018) - S.O. 1589(E).—Whereas the Protocol, amending the Convention between the Government of the Republic of India and the Government of the Republic of Kazakhstan for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and on capital with Protocol signed...
Read MoreF. No. 279/Misc./M-44/2018-(ITJ) - (16/04/2018) -
D.O.F.No.Pr. DGIT(Admn. &TPS)/D0/2018-19/ - (16/04/2018) -
File No. 48/1/2018/ASK/P.IX/DOMS/54 - (12/04/2018) -
Notification No. 20/2018-Income Tax - (12/04/2018) -
Notification No. 19/2018- Income Tax - (11/04/2018) -
Notification No. G.S.R. 364(E) - (11/04/2018) -
F.No.370142/34/2016-TPL (Part) - (10/04/2018) -
Notification No. 18/2018 - (09/04/2018) -
Notification No. 17/2018 - (06/04/2018) -
