Income Tax Notifications

Supporting for claim of Leave Travel Concession (LTA) – Mandatory?

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 […]...

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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 denies charges of angel Tax Recovery from Travel Khana

Income 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...

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Exemption to interest income on specified off-shore Rupee Denominated Bonds

Income 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....

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CBDT seeks details of “Least Performing” CsIT(A)

Income 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...

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Income Tax Department added 1.06 crore new taxpayers in FY 2017-18

Income 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,...

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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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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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Issue of notice for prima facie adjustment under section 143(1)(a)

ITBA-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...

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No Angel tax on issuance of shares up to Rs. 25 crore (Read Notification)

Notification 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-...

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241 IRS Officers Appointed Joint Commissioners of Income-tax

Office 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...

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CBDT Appoints Shri Pramod Chandra Mody as Chairman

Order 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...

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Guidelines for representation of cases before CIT(A)

F.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...

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Recent Posts in "Income Tax Notifications"

Issue of notice for prima facie adjustment under section 143(1)(a)

ITBA-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 Processing/112/16-17/ Dated: 20.02.2019 To All ...

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No Angel tax on issuance of shares up to Rs. 25 crore (Read Notification)

Notification 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-ups for the purposes of renting or held ...

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241 IRS Officers Appointed Joint Commissioners of Income-tax

Office 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 Taxes) North Block, New Delhi. New Delhi, ...

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CBDT Appoints Shri Pramod Chandra Mody as Chairman

Order 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...

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Guidelines for representation of cases before CIT(A)

F.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 department will have no recourse to any appea...

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Properly defend Quality Assessment orders before CIT(A): CBDT to AOs

F.No.279/Misc/M-124/2018-ITJ (14/02/2019)

CBDT has issued a directive in which it has stated that With respect to such quality assessment orders, the Pr.CIT shall ensure that they are properly marked as Quality orders and are duly represented before the CIT(A) by the Department....

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CBDT denies charges of angel Tax Recovery from Travel Khana

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...

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Posted Under: Income Tax |

CBDT Forms Committees on litigation management including International Good practices

F No 279/Misc./M-120/2018-(ITJ) (08/02/2019)

As per the discussion held during Judicial Conference held on 04.01.2019, a committee is being constituted to examine the suggestions/issues on litigation management emerging out of the Conference. The composition or the Committee is as follows:...

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3rd Corrigendum to Income Tax Circular No. 1/2019 Dated.01.01.2019

3rd Corrigendum to Income Tax Circular No. 1/2019 (12/02/2019)

In Circular No.1/2019 dated 1st January, 2019 on the above-mentioned subject, the provisions of section 8OTTB were inadvertently not correctly explained in para 5.5.12 of the circular. The correct position of the admissibility of deduction under section 8OTTB is provided as under:-...

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Order 22/2019: Promotion of 542 officers in JCIT grade in Level 12

Office Order No. 22 of 2019 (06/02/2019)

Promotion of the 542 officers in the grade of Joint Commissioner of Income Tax in Level 12  vide Office Order 22 of 2019 Dated 6th February, 2019. F. No. A-32012/4/2017-Ad.VI Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) * * * * * New Delhi, dated the 6th February, […]...

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