It has come to the notice of the Board that disputes have arisen as to whether theexpe diture incurred on development and construction of infrastructural facilities likeroad /highways on Build-Operate-Transfer ('BOT') basis with right to collect toll is entitledfor • epreciation under section 32(1)(ii) of the Act or the same can be amortized by treatingit as n allowable business expenditure under the relevant provisions of the Income-tax Act,196 ('Act')...
8% SAVINGS (TAXABLE) BONDS, 2003 - AMENDMENT IN PARAGRAPH 9
NOTIFICATION NO F.4(10)- W&M/2003,DATED 21-4-2014
The Government of India hereby notifies that sub-paragraph (i) in Paragraph 9 (Applications) of the aforesaid Notification notified on March 21, 2003 shall be substituted by the following sub-paragraph namely:-
Applications for the Bonds may be made in the Revised Form 'A' attached hereto or in any other form as near as thereto incorporating all the fields in the rev...
The Government of India is pleased to notify the extension of the following scheme of Central Grant or Subsidy under Special Package - II for Industrial units in the states of Himachal Pradesh and Uttarakhand with a view to accellerating the industrial development in these States.
1.This scheme may be called the Central Capital Investment Subsidy Scheme, 2013.It will be a Central Sector Scheme.
Commencement and duration of the Scheme
2.It will come into effect from the 7th Januar...
SECTION 139D OF THE INCOME-TAX ACT, 1961 - FILING OF RETURN IN ELECTRONIC FORM - EXTENSION OF FACILITY TO TAXPAYERS TO VERIFY IF DEMAND IN THEIR CASE IS DUE TO TAX CREDIT MISMATCH ON ACCOUNT OF INCORRECT FURNISHING OF SPECIFIED PARTICULARS AND SUBMIT RECTIFICATION REQUESTS WITH CORRECT PARTICULARS OF TDS/TAX CLAIMS FOR CORRECTION OF THESE DEMANDS
PRESS NOTE NO.402/92/2006-MC,DATED 17-4-2014
Detailed instructions have been issued by the CBDT to all the assessing officers laying down a Stand...
RBI/2013-14/553A.P. (DIR Series) Circular No.117
April 4, 2014
All Category – I Authorised Dealer Banks
Madam / Sir,
Foreign Exchange Management Act, 1999 (FEMA)Foreign Exchange (Compounding Proceedings) Rules, 2000 (the Rules) -Compounding of Contraventions under FEMA, 1999
Attention of all the Authorised Dealer Category - I (AD Category - I) banks is invited toA.P. (DIR Series) Circular no. 57 dated December 13, 2011and the Foreign Exchange (Compounding Proceedings) Rules, 2000 ...
CBDT has videNotification No. 24/2014 dated 01.04.2014amendedrule 12 of Income Tax Rules 1962. Prior toamendmentof Rule 12 and upto A.Y. 2013-14 All Political Parties were allowed to Furnish ITR 7 in any of the following mode :-
(i) furnishing the return in a paper form;
(ii) furnishing the return electronically under digital signature;
(iii) transmitting the data in the return electronically and thereafter submitting theverificationof the returnin FormITR-V;
NOTIFICATIONNO. 24/2014, Dated: April 1, 2014
S.O.997(E). -Inexerciseof the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-
1. (1) These rules may be called the Income-tax (4th Amendment) Rules, 2014.
(2) They shall come into force witheffectfrom the 1st day of April, 2014.
2. In the Income-tax Rules, 1962 (hereinafter referred to as the sa...
GOVERNMENT OF INDIAMINISTRY OFFINANCEDEPARTMENT OF REVENUECENTRAL BOARD OF DIRECT TAXESNEW DELHI
Dated: March 20, 2014
Sub: Highlights of theVideo Conferenceheld on 20.03.2014-reg-
1. In order to achievethe target, a further net collection of Rs. 50,204 crore is required. An analysis with reference to collections in respect of each CCIT(CCA),the growthtrendtill dateandthe growthtrend with reference to minor heads suggested thatthe targetcould be reached provided there is...
INCOME TAX APPELLATE TRIBUNAL MEMBERS (RECRUITMENT AND CONDITIONS OF SERVICE) AMENDMENT RULES, 2014 - AMENDMENT IN RULE 9
NOTIFICATION NO. GSR 174(E) [F.NO.A-12018(1)/02/2013-ADMN.III(LA)],DATED 10-3-2014
In exercise of the powers conferred by the proviso to article 309 of the Constitution, the President hereby makes the following rules further to amend the Income Tax Appellate Tribunal Members (Recruitment and Conditions of Service) Rules, 1963, namely :—
1.(1) These rules may be calle...
CBDT INSTRUCTION NO 3/2014, Dated: March 14, 2014
Issues relating to exportof computer software-Direct taxbenefits- Clarification-reg
A clarificatoryCircular No. 01/2013 dated 17.01.2013was issued by CBDT to address various contentious issues leading to tax disputes in cases of entities engaged in exportof computer softwarewhich are availing tax-benefits under sections 10A, 10AA and 10B of the Income-tax Act, 1961.
2. Thereafter,Instruction No.17/2013was issued on 19.11.2013 to the field auth...
SPECIAL DEPOSIT SCHEME FOR NON-GOVERNMENT PROVIDENT, SUPERANNUATION AND GRATUITY FUNDS - NOTIFIED RATE OF INTEREST ON DEPOSITS MADE UNDER SAID SCHEME W.E.F. 1-4-2014 UNTIL FURTHER ORDERS
NOTIFICATION NO.5(4)-B(PD)/2014,DATED 4-3-2014
It is hereby notified that the deposits made under the Special Deposit Scheme for non-Government Provident, Superannuation and Gratuity funds, announced in the Ministry of Finance (Department of Economic Affairs) Notification No.F.16(1)-PD/75 dated 30th June, 1975...
The CBDT has issued Instruction No. 02/2014 dated 26.02.2014 in which it has referred tothe judgements of the Supreme Court in Transmission Corp of A. P. 299 ITR 587 and GE India Technology Pvt. Ltd 327 ITR 456 on the issue of deduction of tax at source u/s 195 while making payments to non-residents. The CBDT has directed AOs u/s 119 that in a case where the assessee fails to deduct TDS u/s 195, the AO cannot treat the whole sum remitted to the non-resident as being chargeable to tax but he has ...
The Central Board of Direct Taxes (‘the Board’) has received several petitions fromdeductors/collectors, being an office of the Government (‘Government deductors’), regardingdelay in filing of TDS/TCS statements due to late furnishing of the Book Identification Number(BIN) by the Principal Accounts Officers (PAO) / District Treasury Office (DTO) / ChequeDrawing and Disbursing Office (CDDO). This has resulted in consequential levy of fees undersection 234E of the Income-Ta...
SECTION 10(15), ITEM (h) OF SUB-CLAUSE (iv) OF THE INCOME-TAX ACT, 1961 - EXEMPTIONS - INTEREST ON BONDS/DEBENTURES - SPECIFIED COMPANIES AUTHORIZED TO ISSUE TAX-FREE, SECURED, REDEEMABLE, NON-CONVERTIBLE BONDS DURING F.Y. 2013-14 SUBJECT TO SPECIFIED CONDITIONS - AMENDMENT IN NOTIFICATION NO. 61/2013 [F.NO.178/37/2013-(ITA-I)/SO 2424(E), DATED 8-8-2013
NOTIFICATION NO. 11/2014[F.NO.178/9/2014-(ITA-I)],DATED 13-2-2014
In exercise of the powers conferred by item (h) of sub-clause (iv) of cl...
CircularNo.. 04/2014, Dated : February 10, 2014
Subject – Non-Filing of ITR-Vin returnswith refund claims-relaxationof time- limit for filing ITR-V and processing of such returns -regarding.
Several instances of grievances have come to the notice of the Board stating that a large number of returns-of-income for Assessment Year (‘AY’) 2009-2010, which were electronically filed without a digital signature in accordance withprocedurelaid down under the Income-tax Act, 1961(&lsqu...
With effect from February 1, 2014, it is mandatory tosubmit Form27A generated by TDS/TCS FVU (File Validation Utility) duly signed, along the TDS/TCS statement/(s). Any other Form 27A submitted will be treated as invalid submission and the same will be rejected by TIN-FC branches....
CBDT has videCIRCULARNO.03/2014 Dated, the 24th January, 2014 issued EXPLANATORY NOTES TO THE PROVISIONS OF THE FINANCE ACT, 2013. Explanatory Notes cover the following Topics / Provision :-
Section 2-Change in thedefinition of capitalasset
Change in the definition of keyman insurance policy,
exemptionto income of investor Protection Fund of depositors,
pass through status to certainAlternative InvestmentFunds
exemptionof income received in India in Indian currency by a foreig...
The procedure for PAN allotment process will undergo a change w.e.f.03.02.2014. From this date onwards, every PAN applicant has to submit selfattestedcopies of Proof of Identity (POI), Proof of Address (POA) and Date ofBirth (DOB) documents and also produce original documents of suchPOI/POA/DOB documents, for verification at the counter of PAN FacilitationCentres. The copies of Proof of Identity (POI), Proof of Address (POA) and Dateof Birth (DOB) documents attached with PAN application form, wi...