Income Tax Notifications

Summary of Income Tax Notifications/ Circular of October 2019

Income Tax - Article contains summary of  Important Income Tax Notifications, Circulars, other amendments and updates for the Month of October 2019 at one place. This Month update includes  CBDT  clarifications/updates on set off of brought forward loss due to additional depreciation & MAT credit if companies opt for 22% tax, CBDT exemption to ...

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Income Tax Updates for the Month of September 2019

Income Tax - The objective of this document is to summarize all the updates of Income Tax (Notifications, Circulars, other amendments and updates) for the Month of September 2019 at one place. The same are being summarized below, along with certain important press release and clarifications. 1. Central Government prescribed E-assessment Scheme, 2019 f...

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Income Tax Amendments August & September 2019

Income Tax - THE TAXATION LAWS (AMENDMENT) ORDINANCE, 2019 1. Tax on income of certain domestic companies- Option for Domestic Company for concessional tax rate of 22% (excluding surcharge & cess) subject to the condition that they will not avail any exemption/incentive. Exemptions / benefits that cannot be availed are listed below: Additional Dep...

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Summary of Income Tax Circulars / Notifications (Feb-Sep 2019)

Income Tax - Through this article Author gives a simplified version of circulars and Notifications issued by CBDT after Budget Presented by Finance Minister in February 2019 till 26th September 2019. A. Summary of Income Tax Circulars  (Feb-Sep 2019) I. 3rd Corrigendum to Income Tax Circular No. 1/2019 dated 08/02/2019 Clarification to Sec 80 TTB is...

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Income Tax Updates for the Month of August 2019

Income Tax - NEWS INTERNATIONAL 1. Australian Taxation Office publishes important guidance on cross-border tax measures 2. Singapore, Turkmenistan sign comprehensive tax treaty 3. Zimbabwe proposes amendments to thin capitalization rules. 4. Bulgarian mandatory transfer pricing documentation rules enacted 5. USA and Curacao negotiating country-by-coun...

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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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DIN system of CBDT launched- DIN must on Income Tax Notices

Income Tax - All communication from Income Tax Department must have a computer generated DIN w.e.f. Oct 01, 2019 With effect from October 01, 2019, any communication from Income Tax Department without a computer-generated DIN i.e. Documentation Identification Number, be it a notice, letter, order & summon or any other correspondence,would be trea...

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Synthesized text of the MLI and the India Serbia DTAA

Income Tax - SYNTHESISED TEXT OF THE MULTILATERAL CONVENTION TO IMPLEMENT TAX TREATY RELATED MEASURES TO PREVENT BASE EROSION AND PROFIT SHIFTING AND THE CONVENTION BETWEEN THE GOVERNMENT OF THE REPUBLIC OF INDIA AND THE COUNCIL OF MINISTERS OF SERBIA AND MONTENEGRO FOR THE AVOIDANCE OF DOUBLE TAXATION WITH RESPECT TO TAXES ON INCOME AND ON CAPITAL (a...

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CBDT Chairman’s message on 159th Income Tax Day

Income Tax - On this 159th Income Tax Day, I extend my best wishes to each and every member of the Aaykar Parivar and their families. I feel honoured leading such a glorious and professional service, made even more special by the untiring contribution of each and every employee of the Department....

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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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Section 56(2)(x) CBDT grants exemption to resident of unauthorised colony

Notification No. 96/2019 [G.S.R. 836(E)] - (11/11/2019) - Unauthorised colony means a colony or development comprising of a contiguous area, where no permission has been obtained for approval of layout plan or building plans and has been identified for regularisation of such colony...

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Empanelment of officers for promotion to Principal CIT grade for Year 2019

No.18/65/2017-EO(SM.II) - (11/11/2019) - Empanelment of the following officers for promotion to the grade of Chief Commissioner of Income Tax (CCIT) in the Indian Revenue Service (Income Tax) in Level 16 in the Pay Matrix (Rs.205400-224400/-) for the panel years 2018 (Supplementary Panel) and 2019 (Regular Panel), w.e.f. the date of assump...

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I-T Dept conducts search on an Educational Group in Chennai

NA - (11/11/2019) - On 07.11.2019, the Income Tax Department conducted search action under the Income-tax Act, 1961 in the case of a group of trusts that are running educational institutions in and around Chennai for the past thirty years. The institutes run by the group include a number of engineering colleges, polyte...

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I-T Dept busts a major racket of bogus billing & hawala transactions

NA - (11/11/2019) - Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 11th November, 2019 PRESS RELEASE Income Tax Department busts a major racket of bogus billing & hawala transactions Income Tax Department carried out searches in the first week of November, 201...

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Empanelment of officers for promotion to Principal CIT grade for year 2016 to 2018

No.18/44/2017-EO(SM.II) - (11/11/2019) - Empanelment of following officers for promotion to the grade of Principal Commissioner of Income Tax in the Indian Revenue Service (Income Tax) in- Level 15 in the pay matrix (Rs.182200-224100/-) for the panel years 2016-17 (Revised Panel), 2017-18 (Regular Panel) and 2018 (Regular Panel), w.e.f. th...

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Recent Posts in "Income Tax Notifications"

Section 56(2)(x) CBDT grants exemption to resident of unauthorised colony

Notification No. 96/2019 [G.S.R. 836(E)] (11/11/2019)

Unauthorised colony means a colony or development comprising of a contiguous area, where no permission has been obtained for approval of layout plan or building plans and has been identified for regularisation of such colony...

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Empanelment of officers for promotion to Principal CIT grade for Year 2019

No.18/65/2017-EO(SM.II) (11/11/2019)

Empanelment of the following officers for promotion to the grade of Chief Commissioner of Income Tax (CCIT) in the Indian Revenue Service (Income Tax) in Level 16 in the Pay Matrix (Rs.205400-224400/-) for the panel years 2018 (Supplementary Panel) and 2019 (Regular Panel), w.e.f. the date of assumption of the charge of the post and until...

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I-T Dept conducts search on an Educational Group in Chennai

NA (11/11/2019)

On 07.11.2019, the Income Tax Department conducted search action under the Income-tax Act, 1961 in the case of a group of trusts that are running educational institutions in and around Chennai for the past thirty years. The institutes run by the group include a number of engineering colleges, polytechnic institutes, dental college, nursin...

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I-T Dept busts a major racket of bogus billing & hawala transactions

NA (11/11/2019)

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 11th November, 2019 PRESS RELEASE Income Tax Department busts a major racket of bogus billing & hawala transactions Income Tax Department carried out searches in the first week of November, 2019 on a group of persons indulging in iss...

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Empanelment of officers for promotion to Principal CIT grade for year 2016 to 2018

No.18/44/2017-EO(SM.II) (11/11/2019)

Empanelment of following officers for promotion to the grade of Principal Commissioner of Income Tax in the Indian Revenue Service (Income Tax) in- Level 15 in the pay matrix (Rs.182200-224100/-) for the panel years 2016-17 (Revised Panel), 2017-18 (Regular Panel) and 2018 (Regular Panel), w.e.f. the date of assumption of the charge of th...

Read More

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

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....

Read More
Posted Under: Income Tax |

Income Tax Department makes high cash seizure in Pune

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....

Read More
Posted Under: Income Tax |

Completion of time barring e-Assessment-regarding

F. No. Pr. DGIT(S)/Tech/Time-barring E-assessment/2019-20 (08/11/2019)

In view of the large number of pendency, there is a possibility of problems arising in computation and calculation of tax by system. In view of the large number of pendency, there is a possibility of bulk of the pending assessments being completed around the end of the time barring period. As you are aware, the computation and tax calcula...

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Aadhaar allowed to be used instead of PAN in Income-tax Forms

Notification No. 95/2019-Income Tax [G.S.R .825(E)] (06/11/2019)

CBDT has notified vide Notification No. 95/2019 that in various income-tax forms and Rules the word ‘Permanent Account No.’ or ‘PAN’ is to be substituted by the words ‘Permanent Account Number or Aadhaar Number’. Changes has made it possible for A person, not having PAN to furnish his Aadhaar number in ...

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Summary of Income Tax Notifications/ Circular of October 2019

Article contains summary of  Important Income Tax Notifications, Circulars, other amendments and updates for the Month of October 2019 at one place. This Month update includes  CBDT  clarifications/updates on set off of brought forward loss due to additional depreciation & MAT credit if companies opt for 22% tax, CBDT exemption to ...

Read More
Posted Under: Income Tax |

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