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Income Tax - LEAVE TRAVEL CONCESSION UNDER SECTION 10(5) OF INCOME TAX ACT, 1961: The amount exempt under section 10(5) for LTA/LTC is the value of any travel concession or assistance received or due to the assessee from his employer for himself and his family in connection with his proceedings on leave to any place in India. Exemption […]...
Read MoreIncome 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 […]...
Read MoreIncome 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...
Read MoreIncome 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...
Read MoreIncome 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. ...
Read MoreIncome Tax - It has come to the notice of CBDT, through some media reports that Rs. 36 lakh have been recovered from a startup, namely, Travel Khana as part of recovery of outstanding demand on account of Angel Tax. It has been alleged that this was in violation of the CBDT instructions dated 24th December, 2018 pertaining to recovery of dues in Angel...
Read MoreIncome Tax - Interest payable by an Indian company or a business trust to a non-resident, including a foreign company, in respect of rupee denominated bond issued outside India before the 1st of July, 2020 is liable for concessional rate of tax of five percent....
Read MoreIncome Tax - The CBDT has issued a directive to All Pr. Chief Commissioners of Income Tax seeking details of 2 least performing CsIT (Appeals). It is not specified as to what constitutes least performing. Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi the 27th July, 2018 To, All Pr. Chief [&helli...
Read MoreIncome Tax - This last year ie FY 2017-18 has been a year of several firsts for the Department. For the first time ever, we achieved a revenue collection target of Rs. 10.03 lakh crore at a net growth rate of 18%, a task which was fraught with challenges. It was also for the first time that the Department was able to add 1.06 crore new taxpayers,...
Read MoreIncome 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. ...
Read MoreITO 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...
Read MoreITBA-ITR Processing Instruction No. 6 - (20/02/2019) - Processing of Return of AY 2017-18 and Issue of notice for prima facie adjustment under 143(1)(a) (PFA notice) ITBA-ITR Processing Instruction No. 6 DIRECTORATE OF INCOME TAX (SYSTEM) ARA Center, Ground Floor, E-2, Jhandewalan Extension, New Delhi – 110055 F.No. System/ITBA/Instruction/ITR Process...
Read MoreNotification No. G.S.R. 127(E) - (19/02/2019) - A Start-ups will be eligible for exemption under Section 56 (2) (viib) of Income Tax Act, if it is a private limited company recognized by DPIIT and is not investing in any of the following assets: i. building or land appurtenant thereto, being a residential house, other than that used by the Start-...
Read MoreOffice Order No. 27 of 2019 - (14/02/2019) - CBDT has vide Office Order Nos. 26 of 2019 and 27 of 2019, dated 14th February 2019 extended the ad-hoc appointment of 241 IRS officers to the grade of Joint Commissioner of Income-tax No.A-32012/3/2017-Ad.VI Government of India Ministry of Finance Department of Revenue (Central Board of Direct Ta...
Read MoreOrder No. 38/2019 - (15/02/2019) - President of India is pleased to appoint Shri Pramod Chandra Mody, presently working as Member, Central Board of Direct Taxes(CBDT) as Chairman, CBDT...
Read MoreF.No.279/Misc/M-124/2018-ITJ - (14/02/2019) - Undersigned is directed to state that since the monetary limit of tax effect for filing of appeals to ITAT against the order of CIT(A) has been raised to Rs. 20 lakhs vide CBDT Circular No 3 of 2018 dated 11.7.2018, it is expedient that the cases are properly defended before the CIT(A), as the depar...
Read MoreITBA-ITR Processing Instruction No. 6 - (20/02/2019) -
Notification No. G.S.R. 127(E) - (19/02/2019) -
Office Order No. 27 of 2019 - (14/02/2019) -
Order No. 38/2019 - (15/02/2019) -
F.No.279/Misc/M-124/2018-ITJ - (14/02/2019) -
F.No.279/Misc/M-124/2018-ITJ - (14/02/2019) -
F No 279/Misc./M-120/2018-(ITJ) - (08/02/2019) -
3rd Corrigendum to Income Tax Circular No. 1/2019 - (12/02/2019) -
Office Order No. 22 of 2019 - (06/02/2019) -
