Income Tax Notifications

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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CBDT guidelines for NGOs seeking exemption U/s. 11 for providing relief to earthquake hit people in Nepal- Part II

Income Tax - Part II of the Standard Operating Procedure (SOP) (Part I - 08.07.2015) for making application for claim of tax exemption u/s 11(1)(c) of the Income-tax Act, in respect of remittance of money/relief articles by Indian NGOs/Charitable Organisations for earthquake hit people in Nepal -....

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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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Request for comments on Draft ICDS on Real Estate Transactions

Income Tax - The draft ICDS on Real Estate Transactions along with the significant changes suggested in ICDS vis-à-vis the Guidance Note issued by ICAI are uploaded on the Income-tax website at http://www.incometaxindia.gov.in....

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Draft ICDS on Real Estate Transactions

Income Tax - This Income Computation and Disclosure Standard shall be applicable for determination of income from all forms of transactions in real estate, which refers to land as well as buildings and rights in relation thereto...

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Annual Report on Advance Pricing Agreement Programme of India

Income Tax - This Annual Report is also unique because it actually condenses the first five years of the programme (1st July, 2012 to 31st March, 2017) into one report. This was necessary to lend proper perspective to the programme and also to cover all the years in one document. It would be the CBDT’s endeavour to come out with regular Annual Repor...

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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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SOP on implementation of Benami Property Transactions Act, 1988

F.No. 414/63/2016-IT(Inv.I) - (10/08/2017) - Standard Operating Procedure (SOP) with regard to implementation of of Benami Property Transactions Act, 1988 (as amended by Benami Transactions (Probibition) Amendment Act, 2016], following setting up of dedicated Benami Prohibition Units (BPUs) under each PDIT(Inv) ...

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Window for uploading correct pendency/ disposal by CIT(A)

No. 279/ M-118 / 2013-(Vol-II)-ITJ - (15/09/2017) - The appeal module of ITBA was rolled out in the month of June 2015 enabling the CsIT(Appeals) to function in a computerized environment. To dispose appeals in ITBA, it was imperative to upload appeals on ITBA Module and for the same an excel utility was made available to CIT(A) to upload the pending...

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Order No. 155/2017: Extension of ad-hoc appointment of officers in JCIT grade

Order No. 155 Of 2017 - (13/09/2017) - ORDER NO. 155 OF 2017 The President is pleased to extend the ad-hoc appointment of the following IRS officers to the grade of Joint Commissioner of Income Tax from 01.07.2017 to 15.10.2017: -...

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TDS on interest under Capital Gains Accounts Scheme of deceased depositor

Notification No. 08/2017- Income Tax - (13/09/2017) - It has been brought to the notice of CBDT that in cases of deceased depositor who has made deposits under the Capital Gains Accounts Scheme, 1988; the banks are deducting TDS on the interest earned on such deposits in the hand of the deceased depositor and issuing TDS certificates in the name of th...

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Measures to enhance revenue collections through TDS

F. No. 370/02/2017-IT(B) - (13/09/2017) - On review of the progress of TDS collections it is noted that as on 31.08.2017, an amount of Rs. 1,65,114 crore has been collected under TDS (Minor Head) at a growth rate of 10.44% over corresponding period of last financial year. It has shown a significant decline of 7 percent over the last financi...

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Recent Posts in "Income Tax Notifications"

SOP on implementation of Benami Property Transactions Act, 1988

F.No. 414/63/2016-IT(Inv.I) (10/08/2017)

Standard Operating Procedure (SOP) with regard to implementation of of Benami Property Transactions Act, 1988 (as amended by Benami Transactions (Probibition) Amendment Act, 2016], following setting up of dedicated Benami Prohibition Units (BPUs) under each PDIT(Inv) ...

Read More

Window for uploading correct pendency/ disposal by CIT(A)

No. 279/ M-118 / 2013-(Vol-II)-ITJ (15/09/2017)

The appeal module of ITBA was rolled out in the month of June 2015 enabling the CsIT(Appeals) to function in a computerized environment. To dispose appeals in ITBA, it was imperative to upload appeals on ITBA Module and for the same an excel utility was made available to CIT(A) to upload the pending appeals in the appeals module. ...

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Order No. 155/2017: Extension of ad-hoc appointment of officers in JCIT grade

Order No. 155 Of 2017 (13/09/2017)

ORDER NO. 155 OF 2017 The President is pleased to extend the ad-hoc appointment of the following IRS officers to the grade of Joint Commissioner of Income Tax from 01.07.2017 to 15.10.2017: -...

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TDS on interest under Capital Gains Accounts Scheme of deceased depositor

Notification No. 08/2017- Income Tax (13/09/2017)

It has been brought to the notice of CBDT that in cases of deceased depositor who has made deposits under the Capital Gains Accounts Scheme, 1988; the banks are deducting TDS on the interest earned on such deposits in the hand of the deceased depositor and issuing TDS certificates in the name of the deceased depositor, which is not in ac...

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Measures to enhance revenue collections through TDS

F. No. 370/02/2017-IT(B) (13/09/2017)

On review of the progress of TDS collections it is noted that as on 31.08.2017, an amount of Rs. 1,65,114 crore has been collected under TDS (Minor Head) at a growth rate of 10.44% over corresponding period of last financial year. It has shown a significant decline of 7 percent over the last financial year when the growth rate at this tim...

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Order No. 151/2017: Promotion and Posting in Principal CCIT grade

Order No. 151 of 2017 (08/09/2017)

F.No.A-32011/2/2017-Ad.VI Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) North Block, New Delhi-110 001. The 8th September, 2017. ORDER No. 151 of 2017 Consequent upon the approval of the ACC, the following officers are, hereby, promoted to the grade of Principal Chief Commissioner of Income ...

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CBDT may sepnd Rs. 264 Cr to on Smart Phones, Laptops for AOs, Inspectors Etc

F. No. DIT(Infra)/U-IV/1% incentive/2017-18/1570 (07/09/2017)

GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES DIRECTORATE OF INCOME TAX (INFRASTRUCTURE) Room No. 204, 2nd Floor, A Wing, 14 Hudco Vishala Building, Bhikaji Kama Place, New Delhi Telephone No. 011-26167221 FAX No. 011-2619710 F. No. DIT(Infra)/U-IV/1% incentive/2017-18/1570 Dated: 07.09.2017 T...

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SARFAESI Act 2002: Collection of taxes out of attached properties

F. No. 1(380)/DIT(R)/SARFAESI/ 17-18/ (06/09/2017)

The SARFAESI Act has been amended on 12-08-2016 to extend the scope of the Act to provide for registration of security interest held by all other creditors, in addition to the banks and financial institutions defined as secured creditors under the Act. T...

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Due date to file ITR & Income Tax Audit Reports extended to 31.10.2017

No. 225/270/2017/ITA.II (31/08/2017)

CBDT hereby extends the 'due-date' prescribed therein for filing the return of income as well as various reports of audit prescribed under the Income-tax Act which are required to be filed by the said 'due date' from 30th September, 2017 to 31st October, 2017....

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Due date to link Aadhar with PAN extended till 31.12.2017

No. 225/270/2017/ITA.II (31/08/2017)

CBDT, in exercise of powers conferred under section 119 of the Act, modifies para 3 of its earlier order dated 31.07.2017 and further extends the time for linking Aadhar with PAN till 31.12.2017....

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