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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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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Draft Notification U/s. 115JG (1) on conversion of Indian Branch of Foreign Bank into Indian Subsidiary company

Income Tax - Draft of Proposed Notification under Section 115JG (1) of the Income-tax Act, 1961 issued in respect of conversion of Indian Branch of Foreign Bank into Indian Subsidiary company; Comments/suggestions of Stakeholders sought on Draft Notification by 30th November, 2017....

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CBDT invite suggestions on reducing litigation in all appellate forums

Income Tax - The Central Board of Direct Taxes vide Office Order F.No.279/Misc/M-51/2017- 111 dated 12th July, 2017 has constituted a Committee to prepare a Concept Note to revamp the existing appeal mechanism with a view to urgently address the issue of reducing litigation considering the pendency of litigation in all appellate forums....

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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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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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S. 80D CBDT notifies Contributory Health Service Scheme of Department of Atomic Energy

Notification No. 09/2018-Income Tax - (16/02/2018) - Central Government hereby notifies the Contributory Health Service Scheme of the Department of Atomic Energy for the purposes of section 80D(2)(a) for the assessment year 2018-2019 and subsequent years....

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Sec. 10(46) exemption: CBDT notifies ‘Maharashtra Electricity Regulatory Commission’

Notification No. 8/2018-Income Tax - (16/02/2018) - ‘Maharashtra Electricity Regulatory Commission’, a Commission constituted by the State Government of Maharashtra, in respect of the following specified income arising to that Commission, namely:-...

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Notification No. 07/2018-Income Tax Dated 16th February, 2018

Notification No. 07/2018-Income Tax - (16/02/2018) - G.S.R. 171(E).– In the notification of the Government of India, Ministry of Finance, Department of Revenue (Central Board of Direct Taxes), dated the 19th January, 2018,...

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Analysis of all amendments applicable to FY 2017-18 / AY 2018-19

Circular No. 02/2018-Income Tax - (15/02/2018) - CBDT has issued Explanatory Notes to the Provisions of the Finance Act, 2017 vide Circular No. 02/2018 dated 15.02.2018 clarifying section wise amendments which has been passed by Finance Act, 2017 and which are applicable for Assessment Year 2018-19 or Financial Year 2017-18 in a simple language....

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CBDT notifies Government e-Marketplace (GeM) U/s. 138 of Income-tax Act

Notification No. 6/2018-Income Tax - (12/02/2017) - Central Government, hereby specifies Chief Executive Officer, Government e Marketplace (GeM) for purposes of sub-clause (ii) of clause (a) of sub-section (1) of Section 138 of Income-tax Act, 1961...

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Recent Posts in "Income Tax Notifications"

S. 80D CBDT notifies Contributory Health Service Scheme of Department of Atomic Energy

Notification No. 09/2018-Income Tax (16/02/2018)

Central Government hereby notifies the Contributory Health Service Scheme of the Department of Atomic Energy for the purposes of section 80D(2)(a) for the assessment year 2018-2019 and subsequent years....

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Sec. 10(46) exemption: CBDT notifies ‘Maharashtra Electricity Regulatory Commission’

Notification No. 8/2018-Income Tax (16/02/2018)

‘Maharashtra Electricity Regulatory Commission’, a Commission constituted by the State Government of Maharashtra, in respect of the following specified income arising to that Commission, namely:-...

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Notification No. 07/2018-Income Tax Dated 16th February, 2018

Notification No. 07/2018-Income Tax (16/02/2018)

G.S.R. 171(E).– In the notification of the Government of India, Ministry of Finance, Department of Revenue (Central Board of Direct Taxes), dated the 19th January, 2018,...

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Analysis of all amendments applicable to FY 2017-18 / AY 2018-19

Circular No. 02/2018-Income Tax (15/02/2018)

CBDT has issued Explanatory Notes to the Provisions of the Finance Act, 2017 vide Circular No. 02/2018 dated 15.02.2018 clarifying section wise amendments which has been passed by Finance Act, 2017 and which are applicable for Assessment Year 2018-19 or Financial Year 2017-18 in a simple language....

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CBDT notifies Government e-Marketplace (GeM) U/s. 138 of Income-tax Act

Notification No. 6/2018-Income Tax (12/02/2017)

Central Government, hereby specifies Chief Executive Officer, Government e Marketplace (GeM) for purposes of sub-clause (ii) of clause (a) of sub-section (1) of Section 138 of Income-tax Act, 1961...

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CBDT notifies important procedural aspects while conducting e-assessment

Instruction No. 01/2018 (12/02/2018)

Some of the important procedural aspects while conducting assessment proceedings through 'E-Proceeding' are as under: 4.1 Enquiry before assessment in electronic mode: For enquiries before assessment in terms of section 142(1)(ii) of the Act, notice shall be issued electronically and delivered upon the assessee in his 'E-Filing' account. ...

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Process ITR of all Non-scrutiny cases for AY 2016-17 by 31.03.2018: DIT

F.No: DGIT(S)-3/AST/Processing of CASS Cases/101/2016-17/2 (07/02/2018)

It is requested that Assessing Officers may be directed to complete all Non-scrutiny cases for processing urgently. Assessing Officers may be directed to refer ITBA ITR- Processing Instruction 1 date 30.03.2017, ITBA ITR- Processing Instructions 2 & 3 date 08.11.2017 to thoroughly understand the process....

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Upload Pending scrutiny orders/completion of processing: DIT

F.No: DGIT(S)-3/AST/Processing of CASS Cases/101/2016-17/1 (07/02/2018)

As you may be aware, Assessing Officers are required to complete scrutiny proceeding in ITD system or on ITBA as well as process e-filed returns transferred by CPC in certain scenarios for various AYs....

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No coercive recovery from Start ups for addition on Share Capital Valuation issue: CBDT

F.No. 173/14/2018-ITA.I (06/02/2018)

It has been decided that in case of 'Start Up' companies which fall within the definition given in Notification of DIPP, Min. of Commerce & Industry, in G.S.R. 501(E) dated 23.05.2017, if additions have been made by the Assessing Officer under section 56(2)(viib) of the Act after modifying/rejecting the valuation so furnished under Rule 1...

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Notification No. 05/2018-Income Tax, Dated: 22.01.2018

Notification No. 05/2018-Income Tax (22/01/2018)

S.O.  It is hereby notified for general information that the organization M/s LPG Equipment Research Centre (`LERC') (PAN:- AAAAL0454G) has been approved by the Central Government for the purpose of clause (ii) of sub­section (1) of section 35 of the Income-tax Act...

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