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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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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CBDT achieves another milestone by signing its 200th UAPA in April, 2018

Income Tax - CBDT has entered into one Unilateral Advance Pricing Agreement (UAPA) during April, 2018. With signing of this Agreement, CBDT has achieved another milestone of having signed its 200th UAPA....

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Draft Notification on Tax on Long Term Capital Gain on Shares

Income Tax - Finance Act, 2018 has withdrawn the exemption under clause (38) of section 10 of the Income-tax Act, 1961 (the Act) and has introduced a new section 112A in the Act, to provide that long term capital gains arising from transfer of a long-term capital asset being an equity share in a company or a unit of an equity oriented fund or a unit o...

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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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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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Draft Amendment To Transfer Pricing Rule 10CB related to Computation of Interest Income U/s 92CE

F. No. 370142/12/2017-TPL - (19/06/2018) - Amendment in Rule 10CB of Income-tax Rules, 1962 in respect of computation of interest income pursuant to secondary adjustment made under section 92CE of Income-tax Act, 1961 – Comments and suggestions ...

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No TDS on interest on IRFCL 54EC Capital Gains Bond

Notification No. 28/2018-Income Tax - (18/06/2018) - Central Government notifies Indian Railway Finance Corporation Limited 54EC Capital Gains Bond issued by Indian Railway Finance Corporation Limited (IRFCL) vide Notification No. 27/2018-Income Tax for exemption from TDS provisions under clause (iib) of the proviso to section 193 of the Income-tax Ac...

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No TDS on PFC Section 54EC Capital Gains Bond

Notification No. 27/2018-Income Tax - (18/06/2018) - Central Government notifies Power Finance Corporation Limited 54EC Capital Gains Bond issued by Power Finance Corporation Limited (PFC Limited) vide Notification No. 27/2018-Income Tax for exemption from TDS provisions under clause (iib) of the proviso to section 193 of the Income-tax Act, 1961. MIN...

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CBDT instruction on Gross Delay in Tackling Vigilance Complaints Against Tax Officials

D.O. F.No. DGIT(V)/HQ/CVC/ASR-18 - (13/06/2018) - The disciplinary authorities in Group ‘B’ and Group ‘C’ cases may be advised to take immediate action in pending disciplinary proceedings. The field officers may be directed to make available records, documents and reports requested by Vigilance Directorate without any delay. It may be ensur...

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Cost Inflation Index for Financial Year 2018-19- CBDT notifies

Notification No.26/2018/F.No.370142/3/2018-TPL - (13/06/2018) - CBDT notifies Cost Inflation index for Financial Year 2018-19 at 280, vide Notification No. 26/2018-Income Tax dated 13th June, 2018. ...

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Recent Posts in "Income Tax Notifications"

Draft Amendment To Transfer Pricing Rule 10CB related to Computation of Interest Income U/s 92CE

F. No. 370142/12/2017-TPL (19/06/2018)

Amendment in Rule 10CB of Income-tax Rules, 1962 in respect of computation of interest income pursuant to secondary adjustment made under section 92CE of Income-tax Act, 1961 – Comments and suggestions ...

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No TDS on interest on IRFCL 54EC Capital Gains Bond

Notification No. 28/2018-Income Tax (18/06/2018)

Central Government notifies Indian Railway Finance Corporation Limited 54EC Capital Gains Bond issued by Indian Railway Finance Corporation Limited (IRFCL) vide Notification No. 27/2018-Income Tax for exemption from TDS provisions under clause (iib) of the proviso to section 193 of the Income-tax Act, 1961. MINISTRY OF FINANCE (Department...

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No TDS on PFC Section 54EC Capital Gains Bond

Notification No. 27/2018-Income Tax (18/06/2018)

Central Government notifies Power Finance Corporation Limited 54EC Capital Gains Bond issued by Power Finance Corporation Limited (PFC Limited) vide Notification No. 27/2018-Income Tax for exemption from TDS provisions under clause (iib) of the proviso to section 193 of the Income-tax Act, 1961. MINISTRY OF FINANCE (Department of Revenue)...

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

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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Posted Under: Income Tax |

CBDT instruction on Gross Delay in Tackling Vigilance Complaints Against Tax Officials

D.O. F.No. DGIT(V)/HQ/CVC/ASR-18 (13/06/2018)

The disciplinary authorities in Group ‘B’ and Group ‘C’ cases may be advised to take immediate action in pending disciplinary proceedings. The field officers may be directed to make available records, documents and reports requested by Vigilance Directorate without any delay. It may be ensured that the departmental inquiries in no...

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Cost Inflation Index for Financial Year 2018-19- CBDT notifies

Notification No.26/2018/F.No.370142/3/2018-TPL (13/06/2018)

CBDT notifies Cost Inflation index for Financial Year 2018-19 at 280, vide Notification No. 26/2018-Income Tax dated 13th June, 2018. ...

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Shifting of DGIT (Vigilance) to new premise

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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Posted Under: Income Tax |

Transfer & Posting of 66 officers in ACIT/ DCIT grade (Local Change)

Office Order No. 86 of 2018 (04/06/2018)

OFFICE ORDER NO. 86 OF 2018 The following Transfer / Posting in the grade of Assistant / Deputy Commissioner of Income Tax (Local Change) are, hereby, ordered with immediate effect and until further orders: -...

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Meetings by PCCIT with PCsIT & Standing Counsels related to HC appeals

F. No. 272/M-26/2015-(ITJ) (30/05/2018)

Quarterly meetings by PCCIT for better co-ordination with PCsIT and Standing Counsels especially in matters pertaining to removal of defects in appeals filed before High Courts and minimizing of delay in filing of SLPs ...

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Notification No. 25/2018-Income Tax Dated: 30th May, 2018

Notification No. 25/2018-Income Tax (30/05/2018)

S.O. 2289(E).— It is hereby notified for general information that the organization M/s Indian Institute of Science Education and Research, Kolkata (PAN:- AAAAI2170E) has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961...

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