Income Tax Notifications

Supporting for claim of Leave Travel Concession (LTA) – Mandatory?

Income 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 […]...

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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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Exemption to interest income on specified off-shore Rupee Denominated Bonds

Income 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....

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CBDT seeks details of “Least Performing” CsIT(A)

Income Tax - The CBDT has issued a directive to All Pr. Chief Commissioners of Income Tax seeking details of 2 least performing CsIT (Appeals). It is not specified as to what constitutes least performing. Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi the 27th July, 2018 To, All Pr. Chief [&helli...

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Income Tax Department added 1.06 crore new taxpayers in FY 2017-18

Income Tax - This last year ie FY 2017-18 has been a year of several firsts for the Department. For the first time ever, we achieved a revenue collection target of Rs. 10.03 lakh crore at a net growth rate of 18%, a task which was fraught with challenges. It was also for the first time that the Department was able to add 1.06 crore new taxpayers,...

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CBDT proposes amendments to Form No. 36, 36A and Rule 47

Income Tax - Income-tax Rules, 1962 (I.T.Rules) prescribe Form No.36 for filing an appeal to the Income Tax Appellate Tribunal (ITAT). Further, a memorandum of cross objections to the ITAT can be filed in Form No.36A. ...

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Shifting of DGIT (Vigilance) to new premise

Income Tax - It is to inform that the Directorate General of Income Tax (Vigilance) is shifting to new premise at 2' Floor, JLN Stadium, New Delhi. All telephone lines etc. have also been disconnected. ...

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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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Extension of ad-hoc appointments of 222 Officers in ACIT grade

Office Order No. 211 of 2018 - (17/12/2018) - F.No.A-32013/5/2016-Ad.V1 Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) North Block, New Delhi. The 17th December, 2018. Office Order No. 211 of 2018 In continuation of CBDT’s Office Order No. 196/2017 dated 13.11.2017, the President is pleased t...

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32 Additional FAQs on Income Tax Assessment Module of ITBA

F.No. ADG(S)-3/ITBA/Assessment module/2018-19 - (17/12/2018) - In addition to general FAQs about the processes and steps to be followed in ITBA (Avaialble in ITBA Portal) FAQs on 'How to make additions in ITBA', 'FAQ on ITR-7' and `FAQs on the basis of Helpdesk tickets' were issued for the benefits of users. ...

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Bogus donation racket under section 35(1)(ii)- CBDT Advisory

F.No. 225/351/2018-ITA (II) - (14/12/2018) - It emerges that the above Trust was earlier approved under section 35(1}(ii} of the Act which expired on 31.03.2006. Thereafter ,this entity, being not recognized for purpose of section 35(1)(ii) of the Act, is not eligible to raise donations for undertaking scientific research however, the Trust ha...

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Functionality of Withholding of Income Tax Refund u/s 241A- Reg.

ITBA-ITR Processing Instruction No. 5 - (14/12/2018) - ITBA-ITR Processing Instruction No. 5 DIRECTORATE OF INCOME TAX (SYSTEM) ARA Center, Ground Floor, E-2, Jhandewalan Extension, New Delhi – 110055 F.No. System/ITBA/Instruction/ITR Processing/112/16-17/ Dated: 14.12.2018 To All Principal Chief Commissioners of Income-tax/CCsIT All Principal Directo...

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Internal Audit Procedure of Registration Process of Charitable Trusts

F. No. 240/8/2015— A & PAC —11 - (14/12/2018) - It has been recommended by the Hon'ble Public Accounts Committee that the process of the Registration Process of Charitable Trusts / Institutions should be brought under the purview of internal audit....

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Recent Posts in "Income Tax Notifications"

Extension of ad-hoc appointments of 222 Officers in ACIT grade

Office Order No. 211 of 2018 (17/12/2018)

F.No.A-32013/5/2016-Ad.V1 Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) North Block, New Delhi. The 17th December, 2018. Office Order No. 211 of 2018 In continuation of CBDT’s Office Order No. 196/2017 dated 13.11.2017, the President is pleased to extend the ad-hoc appointments of the ...

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32 Additional FAQs on Income Tax Assessment Module of ITBA

F.No. ADG(S)-3/ITBA/Assessment module/2018-19 (17/12/2018)

In addition to general FAQs about the processes and steps to be followed in ITBA (Avaialble in ITBA Portal) FAQs on 'How to make additions in ITBA', 'FAQ on ITR-7' and `FAQs on the basis of Helpdesk tickets' were issued for the benefits of users. ...

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Bogus donation racket under section 35(1)(ii)- CBDT Advisory

F.No. 225/351/2018-ITA (II) (14/12/2018)

It emerges that the above Trust was earlier approved under section 35(1}(ii} of the Act which expired on 31.03.2006. Thereafter ,this entity, being not recognized for purpose of section 35(1)(ii) of the Act, is not eligible to raise donations for undertaking scientific research however, the Trust has raised substantial donations over the ...

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Functionality of Withholding of Income Tax Refund u/s 241A- Reg.

ITBA-ITR Processing Instruction No. 5 (14/12/2018)

ITBA-ITR Processing Instruction No. 5 DIRECTORATE OF INCOME TAX (SYSTEM) ARA Center, Ground Floor, E-2, Jhandewalan Extension, New Delhi – 110055 F.No. System/ITBA/Instruction/ITR Processing/112/16-17/ Dated: 14.12.2018 To All Principal Chief Commissioners of Income-tax/CCsIT All Principal Director Generals of Income Tax /DGsIT All Prin...

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Internal Audit Procedure of Registration Process of Charitable Trusts

F. No. 240/8/2015— A & PAC —11 (14/12/2018)

It has been recommended by the Hon'ble Public Accounts Committee that the process of the Registration Process of Charitable Trusts / Institutions should be brought under the purview of internal audit....

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CBDT notifies Special Courts under Black Money Act for West Bengal & Andaman and Nicobar Islands

Notification No. 87/2018-Income Tax [S.O. 6141(E)] (11/12/2018)

Special Courts for the purposes of sub-section (1) of section 280A of the Income-tax Act, 1961 and section 84 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 within their respective jurisdiction in the State of West Bengal and in the Union Territory of Andaman and Nicobar Islands....

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PCIT/CIT to ensure removal of defects of pending appeals before HCs

F. No. 272/ M-25/2015-(M) (07/12/2018)

PCIT/CIT is personally responsible as per Instruction No. 7 of 2011 to ensure proper filing of appeals in High Courts & consequential follow up action. Proper filing of appeals implies that defects /office objections raised by High Court’s Registry...

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ITR Processing or Assessment in Fraudulent PAN/TAN cases: SOP

ITBA - Assessment Instruction No 10 (06/12/2018)

. The suspected fraud cases are being reported to CPC-ITR, Bengaluru by CPC-TDS and various field formations. Such suspected cases are broadly classified in two categories i.e (i) Suspected Fraud PANs (ii) PANs linked with the suspected fraud TANs. ...

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No TDS on Interest to Senior Citizen if not exceeds Rs. Fifty Thousand

Notification No. 06/2018-DGIT (06/12/2018)

Income-tax Act provides that no tax deduction at source under section 194A shall be made in the case of Senior Citizens where the amount of such income or, the aggregate of the amounts of such income credited or paid during the financial year does not exceed fifty thousand rupees....

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Capital Asset holding period on conversion : Rule 8AA & Sec. 115JG(1)

Notification No. 86/2018 (06/12/2018)

In the case of a capital asset which became the property of the Indian subsidiary company in consequence to conversion of a branch of a foreign company referred to in subsection (1) of the section 115JG, there shall be included the period for which the asset was held by the said branch of the foreign company and by […]...

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