TaxGuru Newsletter Subscription
Information You Can Rely On.
Income Tax - Now, the time has come for filling the Income Tax Returns for AY 2019-20. So, before starting the same it is important to know the changes the Income tax department has made in the IT forms. CBDT has notified new ITR Forms vide Notification No. 32/2019 dated 1st April, 2019. The details regarding each form […]...
Read MoreIncome 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 ...
Read MoreIncome Tax - LEAVE TRAVEL CONCESSION UNDER SECTION 10(5) OF INCOME TAX ACT, 1961: The amount exempt under section 10(5) for LTA/LTC is the value of any travel concession or assistance received or due to the assessee from his employer for himself and his family in connection with his proceedings on leave to any place in India. Exemption […]...
Read MoreIncome 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 - Time limits for uploading old pending appeals/disposals and current disposals made during FY 2018-19 In Appeals module of ITBA-reg. Appeals module of ITBA was rolled out in June 2015 and since then incessant efforts have been made to upload and bring all the pending appeals in the system....
Read MoreIncome Tax - It has been reported in some sections of the media that those PANs which are not linked with Aadhaar number by 31.03.2019 may be invalidated. The matter has been considered by the Central Government and now the cut-off date for intimating the Aadhaar number and linking PAN with Aadhaar is 30.09.2019, unless specifically exempted....
Read MoreIncome Tax - Our immediate priority, will be maximizing Revenue collection. We need to widen and deepen the tax base, ensuring simultaneously, the optimum utilization of physical as well as human resources. This must be done without any harassment or high handedness on the part of officers or officials. Our conduct must be impeccable, friendly, yet ob...
Read MoreIncome Tax - It has come to the notice of CBDT, through some media reports that Rs. 36 lakh have been recovered from a startup, namely, Travel Khana as part of recovery of outstanding demand on account of Angel Tax. It has been alleged that this was in violation of the CBDT instructions dated 24th December, 2018 pertaining to recovery of dues in Angel...
Read MoreIncome Tax - Interest payable by an Indian company or a business trust to a non-resident, including a foreign company, in respect of rupee denominated bond issued outside India before the 1st of July, 2020 is liable for concessional rate of tax of five percent....
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.275/38/2017-IT(B) - (24/05/2019) - CBDT Extends the due date of depositing tax deducted at source (TDS), due date of filing of Quarterly Statement of TDS and due date for issue of TDS certificates in Form 16 and 16A in respect of deductors of the state of Odisha...
Read MoreCircular No. 10/2019 - (22/05/2019) - Condonation of delay in filing of Form no. 10B (audit report by trust/institution) for Assessment Years 2016-17 and 2017-18 by CBDT vide Circular No. 10/2019 dated 22nd May, 2019 subject to fulfillment of conditions prescribed by CBDT. Circular No. 10/2019 F.No.197/55/2018-ITA-1 Government of India ...
Read MoreNotification No. 41/2019 – Income Tax - (22/05/2019) - In the Income-tax Rules, 1962, in Appendix II, in Form No. 15H in Part II, in note 10, the following proviso shall be inserted, namely: Provided that such person shall accept the declaration in a case where income of the assessee, who is eligible for rebate of income-tax under section 87A, is higher...
Read MoreNotification No. 40/2019 - (21/05/2019) - Government of the Republic of India and the Government of Republic of the Marshall Islands, desiring to facilitate the exchange of information with respect to taxes have agreed as follows:...
Read MoreF No 370142/6/2019-TPL - (21/05/2019) - Rule 17B of the Rules provide that said report of audit of the accounts of a trust or institution shall be in Form No. 10B. The Form No 10B besides providing the Audit Report provides for filing of Statement of particulars as Annexure....
Read MoreF.No.275/38/2017-IT(B) - (24/05/2019) -
Circular No. 10/2019 - (22/05/2019) -
Notification No. 41/2019 – Income Tax - (22/05/2019) -
Notification No. 40/2019 - (21/05/2019) -
F No 370142/6/2019-TPL - (21/05/2019) -
Office Order No. 116 of 2019 - (20/05/2019) -
Circular No. 8 - (10/05/2019) -
Office Order No. 114 of 2019 - (16/05/2019) -
Office Order No. 111 of 2019 - (13/05/2019) -
Office Order No. 110 of 2019 - (13/05/2019) -
