Income Tax Notifications

7 Day ITR / TAR Due date extension at Last Moment- What a Shame

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 […]...

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Modus operandi adopted by tax evaders during demonetisation

Income 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...

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Direct and Indirect tax updates for 16st March to 31st March 2017

Income 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...

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Direct and Indirect tax updates for 1st March to 15th March 2017

Income 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. ...

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CBDT instructs to maintain confidentiality of IDS, 2016 declarants

Income 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....

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Action on Benami Property holders / Owners steeped up

Income 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....

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Draft Notification U/s. 115JG (1) on conversion of Indian Branch of Foreign Bank into Indian Subsidiary company

Income 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....

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CBDT invite suggestions on reducing litigation in all appellate forums

Income 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....

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ITD celebrates 157th Income Tax Day on 24th July 2017

Income 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...

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ITAT releases Draft Income Tax Appellate Tribunal Rules, 2017

Income 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...

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Once data stored in electronic form, it becomes a customized electronic data which can be exported to qualify for deduction u/s 10A

ITO 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...

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CBDT assigns jurisdiction to CIT (Appeals) under Black Money Act, 2015

F. 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 ...

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Reg. Income Tax returns pushed to Assessing Officers by CPC

To 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....

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Misconduct & high handedness by Sr. Officers of Income Tax Dept. Reg.

D.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. ...

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Setting up of Aaykar Sewa Kendras in Pr. CCIT regions in FY 2018-19

File 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....

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CBDT notifies revised DTAC between India and Kazakhstan

Notification 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...

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Recent Posts in "Income Tax Notifications"

CBDT assigns jurisdiction to CIT (Appeals) under Black Money Act, 2015

F. 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 have not yet been notified and the juris...

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Reg. Income Tax returns pushed to Assessing Officers by CPC

To 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....

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Misconduct & high handedness by Sr. Officers of Income Tax Dept. Reg.

D.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. ...

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Setting up of Aaykar Sewa Kendras in Pr. CCIT regions in FY 2018-19

File 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....

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CBDT notifies revised DTAC between India and Kazakhstan

Notification 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 at New Delhi, India on the 9th December...

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CBDT amends Rule-10VA of Income-tax Rules

Notification No. 19/2018- Income Tax (11/04/2018)

In the Income-tax Rules, 1962, in rule 10VA, in sub-rule (2), for the words and brackets Member (Income-tax), Central Board of Direct Taxes, Department of Revenue, Ministry of Finance, North Block, New Delhi, the words, the Member, Central Board of Direct Taxes, Department of Revenue, Ministry of Finance, North Block, New Delhi having sup...

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Sec. 56(2)(viib) not applicable to startups having paid up share capital upto Rs. 10 crore

Notification No. G.S.R. 364(E) (11/04/2018)

pproval for the purposes of clause (viib) of sub-section (2) of section 56 of the Act -A Startup being a private limited company and in conformity with the definition as per definition stipulated at Para 1(a) shall be eligible to apply for approval for the purposes of clause (viib) of sub-section (2) of section 56 of the Act, if the follo...

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Draft notification proposing amendment to rule 44E, Form 34C, 34D & 34DA

F.No.370142/34/2016-TPL (Part) (10/04/2018)

Draft notification proposing an amendment to rule 44E, Form 34C, 34D and 34DA as per BEPS action item 5, for improving transparency in relation to tax rulings– comments and suggestions...

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CBDT provides selecting of Transgender option in Filing of Form No. 49A and 49AA

Notification No. 18/2018 (09/04/2018)

CBDT has added Transgender in Option to select Gender while filling Form number 49A and Form number 49AA related to PAN Application for Individual Resident and Non-Resident applicants. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 18/2018 New Delhi, the 9th April, 2018 Income-tax G.S.R. 352(E...

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CBDT withdraws Transport allowance of Rs. 1,600 pm

Notification No. 17/2018 (06/04/2018)

CBDT has omitted provision related to exemption of transport allowance of Rs. 1,600 per month granted to an employee other than an employee, who is blind or deaf and dumb or orthopaedically handicapped with disability of lower extremities, to meet his expenditure for the purpose of commuting between the place of his residence and the [&he...

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