Income Tax Notifications

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 Updates for the Month of August 2019

Income Tax -  Recent Income Tax circulars/ notifications/ rules/ clarifications CBDT has clarified that small start-ups with turnover up to Rs. 25 crore will continue to get the promised tax holiday as specified in Section 80-IAC of the Income Tax Act, 1961, which provides deduction for 100 per cent of income of an eligible start-up for 3 years [&hel...

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Income Tax Updates for July 2019

Income Tax - NEWS – DIRECT TAX 1. Income Tax Department detects foreign assets in recent search. 2. NR earning income from investment fund set up in IFSC is exempt from filing of ITR. 3. CBDT extends due date for filing of ITR from 31-07-2019 to 31-08-2019. 4. Income earned by NR from off-shore investments routed through Category […]...

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Income Tax Updates for June 2019

Income Tax - NEWS  DIRECT TAX 1. CBDT clarified that an assessee is entitled to claim set-off of loss against income determined under section 115BBE of the Act till the assessment year 2016-17. [Ref: Circular no 11/2019 [F.NO.225/45/2019-ITA.II], Dated 19-6-2019] 2. CBDT issues revised guidelines for compounding of offences under Direct Tax Laws [Re...

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Income Tax Updates for May 2019

Income Tax - NEWS DIRECT TAX 1. CBDT notifies TIEA between India-Marshall Islands. [Notification no 40/2019/F.No. 503/1/2018-FT & TR– IV] 2. Form 15H can be furnished if no tax payable on income after sec. 87A rebate. [Notification No. 41/2019/F. No. 370142/5/2019-TPL] 3. CBDT releases draft notification proposing new audit report Form for Trust...

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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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Procedural & technical issues on IDS, 2016 clarified

Income Tax - Clarification on certain procedural and technical issues regarding the Income Disclosure Scheme, 2016 (IDS) under section 119 of the Income-tax Act, 1961 read with section 195 of the IDS -reg. F.No.225/ 282/ 2017/ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (ITA. II) North Block, New D...

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Time limits for uploading old pending appeals/disposals In ITBA

Income Tax - Time limits for uploading old pending appeals/disposals and current disposals made during FY 2018-19 In Appeals module of ITBA-reg. Appeals module of ITBA was rolled out in June 2015 and since then incessant efforts have been made to upload and bring all the pending appeals in the system....

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CBDT issues clarification on linking of PAN with Aadhaar

Income Tax - It has been reported in some sections of the media that those PANs which are not linked with Aadhaar number by 31.03.2019 may be invalidated. The matter has been considered by the Central Government and now the cut-off date for intimating the Aadhaar number and linking PAN with Aadhaar is 30.09.2019, unless specifically exempted....

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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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Transfer/Posting in respective grade in National e-Assessment Centre

Office Order No. 205 and 206 of 2019 - (17/09/2019) - Office Order No. 205 of 2019 and 206 of 2019 -Transfer/Posting in respective grade in the view of diversion of post under newly created NeAC – In view of the diversion of posts in the various grades of Indian Revenue Service to the newly created National e-Assessment Centre (NeAC), Delhi and i...

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CBDT notifies Rules & Forms related to Reference to Approving Panel

Notification No. 67/2019-Income Tax - (17/09/2019) - CBDT inserts Rule 10UD – related to Reference to the Approving Panel, 10UE – Procedure before the Approving Panel, Rule 10UF-. Remuneration for For attending the meeting of an Approving Panel and  Form No 3CEIA under rule 10UD for making reference to the Approving Panel under sub-sectio...

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CBDT omits Proviso to Sub-Rule (5) of Rule 2F of Income-tax Rules

Notification No. 66/2019-Income Tax - (16/09/2019) - Rule 2F of Income-tax Rules, 1962 provides Guidelines for setting up an Infrastructure Debt Fund for the purpose of exemption under clause (47) of section 10. In this Rule Proviso to sub-rule (5) is been omitted by CBDT vide Notification No. 66/2019 dated 16th September, 2019 with effect from 16.09....

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Monetary appeal filing limit not applicable to Gain through penny stocks

F. No. 279/Misc./M-93/2018-ITJ(Pt.) - (16/09/2019) - Special Order of Board exempting cases involving bogus Long Term Capital Gains (LTCG)/Short Term Capital Loss (STCL) through penny stocks from monetary limits specified in any Circular issued under Section 268A of the Income-tax Act, 1961-reg F. No. 279/Misc./M-93/2018-ITJ(Pt.) Government of India M...

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ACIT (e-Verification), Delhi designated as authority U/s. 143(2) R.W. Rule 12E

Notification No. 65/2019- Income Tax - (13/09/2019) - CBDT notifies Assistant Commissioner of Income-tax (e-Verification), Delhi, to act as prescribed Income-tax Authority for the purpose of Section 143(2) of Income Tax Act, 1961  read with rule 12E of the Income-tax Rules, 1962 vide Notification No. 65/2019- Income Tax dated 13th September, 2019. MIN...

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Recent Posts in "Income Tax Notifications"

Transfer/Posting in respective grade in National e-Assessment Centre

Office Order No. 205 and 206 of 2019 (17/09/2019)

Office Order No. 205 of 2019 and 206 of 2019 -Transfer/Posting in respective grade in the view of diversion of post under newly created NeAC – In view of the diversion of posts in the various grades of Indian Revenue Service to the newly created National e-Assessment Centre (NeAC), Delhi and its Regional Centres (ReACs), […]...

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CBDT notifies Rules & Forms related to Reference to Approving Panel

Notification No. 67/2019-Income Tax (17/09/2019)

CBDT inserts Rule 10UD – related to Reference to the Approving Panel, 10UE – Procedure before the Approving Panel, Rule 10UF-. Remuneration for For attending the meeting of an Approving Panel and  Form No 3CEIA under rule 10UD for making reference to the Approving Panel under sub-section (4) of section 144BA of the Income-tax...

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CBDT omits Proviso to Sub-Rule (5) of Rule 2F of Income-tax Rules

Notification No. 66/2019-Income Tax (16/09/2019)

Rule 2F of Income-tax Rules, 1962 provides Guidelines for setting up an Infrastructure Debt Fund for the purpose of exemption under clause (47) of section 10. In this Rule Proviso to sub-rule (5) is been omitted by CBDT vide Notification No. 66/2019 dated 16th September, 2019 with effect from 16.09.2019. Text of the sub-rule (5) […...

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Monetary appeal filing limit not applicable to Gain through penny stocks

F. No. 279/Misc./M-93/2018-ITJ(Pt.) (16/09/2019)

Special Order of Board exempting cases involving bogus Long Term Capital Gains (LTCG)/Short Term Capital Loss (STCL) through penny stocks from monetary limits specified in any Circular issued under Section 268A of the Income-tax Act, 1961-reg F. No. 279/Misc./M-93/2018-ITJ(Pt.) Government of India Ministry of Finance Department of Revenue...

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ACIT (e-Verification), Delhi designated as authority U/s. 143(2) R.W. Rule 12E

Notification No. 65/2019- Income Tax (13/09/2019)

CBDT notifies Assistant Commissioner of Income-tax (e-Verification), Delhi, to act as prescribed Income-tax Authority for the purpose of Section 143(2) of Income Tax Act, 1961  read with rule 12E of the Income-tax Rules, 1962 vide Notification No. 65/2019- Income Tax dated 13th September, 2019. MINISTRY OF FINANCE (Department of Revenue)...

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CBDT notifies tolerance range for wholesale trading & for other cases

Notification No. 64/2019- Income Tax (13/09/2019)

Notification No. 64/2019- Income Tax provides for tolerance range of one per cent. for wholesale trading and three per cent. in all other cases for assessment year 2019-20. It is certified that none will be adversely affected by the retrospective effect being given to the notification. MINISTRY OF FINANCE (Department of Revenue) New Delhi...

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Functionality to process returns having Income Tax refund claims

ITBA-Processing Instruction No. 9 (12/09/2019)

Functionality for processing of returns having refund claims which were not processed within the time allowed u/s 143(1) due to some technical or other reasons- reg....

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Selection of Case of Search Years in ITBA Assessment module

TBA - Assessment Instruction No. 12 (12/09/2019)

Availability of Miscellaneous Functionalities related to ‘Selection of Case of Search Year’ and ‘Relevant Search Years’ in Assessment module of Income Tax Business Application (ITBA)- reg. ITBA – Assessment Instruction No. 12 DIRECTORATE OF INCOME TAX (SYSTEM) ARA Center, Ground Floor, E-2, Jhandewalan Extens...

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CBDT notifies Cost Inflation Index for Financial Year 2019-20

Notification No. 63/2019- Income Tax (12/09/2019)

CBDT notifies Cost Inflation Index for Financial Year 2019-20 vide Notification No. 63/2019 dated 12th September, 2019. Cost Inflation Index for Financial Year 2019-20 at 289. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 63/2019- Income Tax New Delhi, the 12th September, 2019 (INCOME-TAX) S....

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Directions for giving effect to Income Tax E-assessment Scheme, 2019

Notification No. 62/2019- Income Tax (12/09/2019)

[Notification No. 62/2019 For giving effect to the E-assessment Scheme, 2019 the Central Government hereby makes the following directions ...

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