Income Tax Notifications

Income Tax Updates for December 2019

Income Tax - CBDT amended Form No. 10DA to be obtained from CA for claiming deduction towards Additional employee cost u/s 80JJAA– CBDT Notification No. 104/2019 dated 18-Dec-2019 a) Sec 80JJAA: Additional deduction for cost in respect of employment of new employees S.No Particulars Remarks 1. Eligible Assessee Gross total income includes income...

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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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FAQs on Issues faced by field users in Assessment module of ITBA

Income Tax - While uploading Manual order for the A Y 2017-18 user is getting the following message: Manual Order cannot be uploaded for this PAN AY as processing of Assessment order u/s 147 is still pending on ITBA...

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Income Tax Dept seizes substantial amount of cash in Tamil Nadu

Income Tax - On 15.11.2019, the Income Tax Department commenced a search action under section 132 in the case of a company in a tier 3 city in Tamil Nadu. The company is in the business of manufacturing certain specialized materials which are supplied to the health sector in India and abroad....

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Income Tax searches on prominent business groups in Mumbai

Income Tax - The Income Tax Department conducted search action in Mumbai and Surat on 06.11.2019 on entry providers and beneficiaries who have been engaged in execution of civil contracts mainly in Brihanmumbai Municipal Corporation (BMC). A total of 37 premises were covered under search action and 7 premises were covered under survey....

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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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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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TDS and Tax on Salary | Section 192 | FY 2019-20 | AY 2020-21

Circular No. 4/2020 - (16/01/2020) - CBDT has released Circular No. 4/2020 which explains provisions related to TDS on Salary under Section 192 of Income Tax Act, 1961 applicable for A.Y. 2020-21 or F.Y. 2019-20. Circular also explains taxation of different components of Salary, Tax Treatment of Allowances, Perquisites, Retirement bene...

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Roll out of facility to provide access of ‘Closed Assessment Proceedings’

ITBA - Audit Module Instruction No. 10 - (14/01/2020) - It is informed that for the purpose of carrying out Revenue Audit of the cases completed in e-proceeding mode, the facility to access 'Closed Assessment Proceedings' is now made available for AO Staff user in Income Tax Business Application w.e.f. 14/01/2020....

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Providing access of e-assessment records to Revenue Audit Party – reg

F.No. Systems/ ITBA/Audit Module/2019-20 - (14/01/2020) - It has been decided that till the time customized functionality to provide access to RAPs is developed, the staff/inspectors posted with assessing officers shall facilitate RAPs to access records of completed assessment proceedings in view-only mode....

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CBDT Amends rule 10DA and rule 10DB of Income Tax Rules

Notification No. 03/2020-Income Tax [G.S.R. 14(E)] - (06/01/2020) - Amendment of rule 10DA and rule 10DB regarding furnishing of information and maintenance of documents by Constituent Entity of an international group – Notification No. 03/2020-Income Tax Dated: 6th January, 2020. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Noti...

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CBDT releases Form Sahaj (ITR-1) and Sugam (ITR-4) for A.Y. 2020-21

Notification No. 01/2020-Income Tax - (03/01/2020) - CBDT vide Notification No. 01/2020-Income Tax has released Format of Revised Form Sahaj (ITR-1) and Sugam (ITR-4) as applicable for Assessment Year 2020-2021 and also added a new proviso to Income Tax Rule 12 and provided who cannot file Form Sahaj (ITR-1) and Sugam (ITR-4) for A.Y. 2020-21. MINISTR...

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Recent Posts in "Income Tax Notifications"

TDS and Tax on Salary | Section 192 | FY 2019-20 | AY 2020-21

Circular No. 4/2020 (16/01/2020)

CBDT has released Circular No. 4/2020 which explains provisions related to TDS on Salary under Section 192 of Income Tax Act, 1961 applicable for A.Y. 2020-21 or F.Y. 2019-20. Circular also explains taxation of different components of Salary, Tax Treatment of Allowances, Perquisites, Retirement benefits etc. Circular No. 4/2020 F.No. 275/...

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Roll out of facility to provide access of ‘Closed Assessment Proceedings’

ITBA - Audit Module Instruction No. 10 (14/01/2020)

It is informed that for the purpose of carrying out Revenue Audit of the cases completed in e-proceeding mode, the facility to access 'Closed Assessment Proceedings' is now made available for AO Staff user in Income Tax Business Application w.e.f. 14/01/2020....

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Providing access of e-assessment records to Revenue Audit Party – reg

F.No. Systems/ ITBA/Audit Module/2019-20 (14/01/2020)

It has been decided that till the time customized functionality to provide access to RAPs is developed, the staff/inspectors posted with assessing officers shall facilitate RAPs to access records of completed assessment proceedings in view-only mode....

Read More

Income Tax Updates for December 2019

CBDT amended Form No. 10DA to be obtained from CA for claiming deduction towards Additional employee cost u/s 80JJAA– CBDT Notification No. 104/2019 dated 18-Dec-2019 a) Sec 80JJAA: Additional deduction for cost in respect of employment of new employees S.No Particulars Remarks 1. Eligible Assessee Gross total income includes income...

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Posted Under: Income Tax |

CBDT Amends rule 10DA and rule 10DB of Income Tax Rules

Notification No. 03/2020-Income Tax [G.S.R. 14(E)] (06/01/2020)

Amendment of rule 10DA and rule 10DB regarding furnishing of information and maintenance of documents by Constituent Entity of an international group – Notification No. 03/2020-Income Tax Dated: 6th January, 2020. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 03/2020-Income Tax New Delh...

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CBDT releases Form Sahaj (ITR-1) and Sugam (ITR-4) for A.Y. 2020-21

Notification No. 01/2020-Income Tax (03/01/2020)

CBDT vide Notification No. 01/2020-Income Tax has released Format of Revised Form Sahaj (ITR-1) and Sugam (ITR-4) as applicable for Assessment Year 2020-2021 and also added a new proviso to Income Tax Rule 12 and provided who cannot file Form Sahaj (ITR-1) and Sugam (ITR-4) for A.Y. 2020-21. MINISTRY OF FINANCE (Department of Revenue) (CE...

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Income Tax Notification No. 02/2020, Dated: 03.01.2020

Notification No. 02/2020-Income Tax [S.O. 74(E)] (03/01/2020)

It is hereby notified for general information that the organization M/s Indian Institute of Technology (Indian School of Mines), Dhanbad (PAN:- AAAAI0686D) has been approved by the Central Government for the purpose of clause (ii)/(iii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of t...

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CBDT condones delay in filing of Form No. 10 and Form No. 9A

Circular No. 3/2020-Income Tax (03/01/2020)

Condonation of delay under section 119(2)(b) of the Income-tax Act, 1961 in filing of Form No.10 and Form No.9A for Assessment Year 2018-19 and subsequent years- Circular No. 3/2020-Income Tax Dated 3rd January, 2020....

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CBDT condones delay in filing of Form No. 10B

Circular No. 2/2020-Income Tax (03/01/2020)

Condonation of delay under section 119(2)(b) of the Income-tax Act, 1961 in filing of Form No. 10B for Assessment Year 2018-19 and subsequent years–Circular No. 2/2020-Income Tax Dated 3rd January, 2020. Circular No. 2/2020-Income Tax F.No.197/55/2018-ITA-I Government of India Ministry of Finance Department of Revenue Central Board ...

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CBDT Relaxaes time for Compounding of Income Tax Offences

Circular No. 1/2020-Income Tax (03/01/2020)

Relaxation of time-Compounding of Offences under Direct Tax Laws (Income Tax)-One-time measure-Extension of Timeline- Circular No. 1/2020-Income Tax Dated 3rd January, 2020....

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