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Notifications/Circulars Category : Income Tax
Contribution made towards disaster relief for the affected people of Uttarakhand- 100% deduction u/s 80G of the Income Tax Act
Posted Date : 15-Jul-2014 , 07:55:33 pm | Posted By: CASANSAAR

F. No. IRSA(AIB)/EC/Res./UK-DR/5 Date: 15thJuly, 2014 To, All Principal Chief Commissioners of Income Tax; Principal Director General of Income Tax (Admn.); Principal Director General of Income Tax (Systems); Principal Director General of Income Tax (Logistics); Principal Director General of Income Tax (HRD); Principal Director General of Income Tax (International Taxation); Principal Director General of Income Tax (Training), NADT; Director General of Income Tax (L&R); Director Ge...

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Category : Income Tax | Comments : 0 | Hits : 212

CBDT revises monetary limits for filing appeals; issues measures to reduce litigation
Posted Date : 13-Jul-2014 , 07:01:14 pm | Posted By: CASANSAAR

SECTION 268A OF THE INCOME-TAX ACT, 1961 - APPEALS AND REVISION - FILING OF APPEAL OR APPLICATION FOR REFERENCE BY INCOME-TAX AUTHORITY - REVISION OF MONETARY LIMITS FOR FILING OF APPEALS BY THE DEPARTMENT BEFORE INCOME TAX APPELLATE TRIBUNAL, HIGH COURTS AND SUPREME COURT - MEASURES FOR REDUCING LITIGATION INSTRUCTION NO. 5/2014 [F. NO. 279/MISC. 142/2007-ITJ (PT.)],DATED 10-7-2014 Reference is invited to Board'sInstruction No. 3/2011, dated 09/02/2011wherein monetary limits and other conditi...

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Category : Income Tax | Comments : 0 | Hits : 230

CBDT notifies revised proforma for submission of proposal to file SLP
Posted Date : 05-Jul-2014 , 08:30:48 am | Posted By: CASANSAAR

NSTRUCTION ON STANDARD OPERATING PROCEDURE ON FILING OF APPEALS/SPECIAL LEAVE PETITIONS (SLPS) BY THE INCOME TAX DEPARTMENT IN THE SUPREME COURT AND RELATED MATTERS REVISED PROFORMA B TO INSTRUCTION NO. 4/2011, DATED 9-3-2011 LETTER [F NO 279/MISC/M-20/2011-1TJ],DATED 1-7-2014 I am directed to enclose a revised Proforma B to theInstruction No 4/2011, dated 09.03.2011for immediate compliance. The same may be brought to the notice of all concerned. Annexure - B Revised Proforma for submission ...

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Category : Income Tax | Comments : 0 | Hits : 273

CBDT allows usage of one mobile number and email-id for 10 user accounts in e-filing portal
Posted Date : 04-Jul-2014 , 08:46:13 pm | Posted By: CASANSAAR

UPDATE AND VALIDATE TAXPAYER EMAIL ID AND MOBILE NUMBER FOR THEIR E-FILING ACCOUNT PRESS RELEASE,DATED 4-7-2014 A valid Email ID and Mobile Number has to be registered/updated on the e-filing website of the Income Tax Department so that direct communication with taxpayer can be possible. For details, taxpayers can logon to: https://incometaxindiaefiling.gov.in/eFiling/Portal/StaticPDF/Update_Contact_Details.pdf) The Department will send separate One Time Passwords (OTP) also referred as P...

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Category : Income Tax | Comments : 0 | Hits : 296

CBDT notifies new Wealth-tax return form - Mandatory e-filing except by Individual/HUF not liable to Tax Audit
Posted Date : 24-Jun-2014 , 08:02:23 pm | Posted By: CASANSAAR

WEALTH-TAX (FIRST AMENDMENT) RULES, 2014 - SUBSTITUTION OF RULE 3 AND INSERTION OF FORM BB NOTIFICATION NO.32/2014 [F.NO.143/1/2014-TPL]/SO 1576(E),DATED 23-6-2014 In exercise of the powers conferred by clause (ba) and clause (bb) of sub-section (2) of section 46 read with section 14A and section 14B of the Wealth-tax Act, 1957 (27 of 1957), the Central Board of Direct Taxes hereby makes the following rules further to amend the Wealth-tax Rules, 1957, namely:— 1.(1) These rules ma...

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Category : Income Tax | Comments : 0 | Hits : 574

CBDT Notified Cost Inflation Index (CII) for F.Y.2014-15
Posted Date : 12-Jun-2014 , 02:16:33 pm | Posted By: CASANSAAR

S.O. 1498(E)- In exercise of the powers conferred by clause (v) of the Explanationto section 48 of the Income-tax Act, 1961 (42 of 1961), the Central Government herebymakes the following amendment in the notification of the Government of India in theMinistry of Finance (Department of Revenue), Central Board of Direct Taxes published inthe Gazette of India, Extraordinary, vide number S.O. 709(E), dated the 20th August,1998, namely:- 2. In the said notification, in the Table, after serial num...

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Category : Income Tax | Comments : 0 | Hits : 1702

CBDT mandates e-filing of reports prescribed under Sections 10AA, 44DA, 50B and 115VW wef April 1, 2014
Posted Date : 02-Jun-2014 , 09:21:36 pm | Posted By: CASANSAAR

INCOME-TAX (SIXTH AMENDMENT) RULES, 2014 – AMENDMENT IN RULE 12 AND SUBSTITUTION OF FORMS ITR-3, ITR-4, ITR-5, ITR-6 & ITR-7 NOTIFICATION NO.28/2014 [F.NO.142/2/2014-TPL]/SO 1418(E),DATED 30-5-2014 In exercise of 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(6th Amendment)Rules, 2...

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Category : Income Tax | Comments : 0 | Hits : 439

CBDT releases FORM ITR-3, ITR-4, ITR-5, ITR-6, ITR-7 for A.Y. 2014-15
Posted Date : 01-Jun-2014 , 11:01:12 am | Posted By: CASANSAAR

Income-taxNotificationNo. 28/2014, Dated- 30thday of May, 2014 S.O. 1418(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) These rules may be called the Income-tax (6thAmendment) Rules, 2014. (2) They shall be deemed to have come into force with effect from the 1st day of April, 2014. 2. In the Inc...

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Category : Income Tax | Comments : 0 | Hits : 752

CBDT to share wealth tax return detail of loan defaulters with Public Sector Banks
Posted Date : 30-May-2014 , 08:02:57 am | Posted By: CASANSAAR

F. No. 328/10/2014-WT Government of India Ministry of Finance Department ofRevenue (Central Board of Direct Taxes) New Delhi the 28thMay 2014 To The Principal Chief Commissionersof Income Tax Sub: Sharing of asset details as per Return of Wealth with PublicSector Banks-reg. During a review meeting on the performance of PublicSector Banks(PSBs) taken by Finance Minister on 5.3.2014, the PSBs raised concern thatthe detailsof assets as available in theWealth TaxReturns ofloandefaulters are...

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Category : Income Tax | Comments : 0 | Hits : 197

Orders Passed Under Section 264 of the Income Tax Act - Administrative Supervision
Posted Date : 20-May-2014 , 07:52:56 pm | Posted By: CASANSAAR

Under Section 264 of the Income Tax Act, 1961 (hereinafter referred to as the Act), theCommissioner of Income Tax (CIT) may, either of his own motion or on an application made bythe assessee, revise an order passed by an authority subordinate to him. The CIT may, beforerevising such, order, make enquiry or cause such enquiry to be made and subject to theprovisions of the Act, pass such order which is not prejudicial to the assessee. 2. The statutory function under section 264 of the Act perf...

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Category : Income Tax | Comments : 0 | Hits : 219

CBDT gives option to individuals to show mother's name on PAN card; notifies revised forms 49A and 49AA
Posted Date : 20-May-2014 , 07:22:10 pm | Posted By: CASANSAAR

INCOME-TAX (FIFTH AMENDMENT) RULES, 2014 - SUBSTITUTION OF FORMS 49A AND 49AA NOTIFICATION NO. 26/2014 [F.NO.142/15/2013-TPL]/SO 2045(E),DATED 16-5-2014 In exercise of 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 (5th Amendment) Rules, 2014. (2) They shall come into force on t...

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Category : Income Tax | Comments : 0 | Hits : 821

CBDT Orders Posting of 195 Commissioners and JCIT
Posted Date : 17-May-2014 , 08:07:55 am | Posted By: CASANSAAR

The CBDT has vide Order No. 69 of 2014 dated 16.05.2014 ordered the postings of 47officersof the grade of Commissioner/Director ofIncome-tax.Theseofficerswereearlierpromoted vide order no. 32 of 2014 dated 20th February, 2014. Vide another Order No. 70 of 2014 dated 16.05.2014 the CBDT has ordered the posting of 148officerspromoted to the grade of Joint Commissioners/ Joint Directors of Income-tax. Theseofficerswereearlierpromoted to the grade of Joint Commissioners/ Joint Directors of Income...

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Category : Income Tax | Comments : 0 | Hits : 305

Central Govt. notifies ' National Bank for Agriculture and Rural Development' for purposes of sec. 36(1)(xii)
Posted Date : 04-May-2014 , 08:35:07 pm | Posted By: CASANSAAR

SECTION 36(1)(xii) OF THE INCOME-TAX ACT, 1961 - OTHER DEDUCTIONS - CORPORATE OR BODY CORPORATE ESTABLISHED UNDER A STATUTE - EXPENDITURE INCURRED BY - NOTIFIED CORPORATE BODY NOTIFICATION NO.25/2014 [F.NO.225/229/2013/ITA.I],DATED 29-4-2014 In exercise of the powers conferred by clause (xii) of sub-section (1) of section 36 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, the National Bank for Agriculture and Rural Developme...

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Category : Income Tax | Comments : 0 | Hits : 210

No depreciation on development of roads/highways on BOT basis; development exp. to be amortized - CBDT clarifies
Posted Date : 23-Apr-2014 , 09:08:23 pm | Posted By: CASANSAAR

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')...

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Category : Income Tax | Comments : 0 | Hits : 251

Govt. notifies revised Form 'A' for 8% savings (taxable) bonds, 2003
Posted Date : 23-Apr-2014 , 09:04:22 pm | Posted By: CASANSAAR

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:- "(i) 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...

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Category : Income Tax | Comments : 0 | Hits : 247

Ministry notifies Capital Investment Subsidy Scheme for industrial units located in HP and Uttarakhand
Posted Date : 20-Apr-2014 , 06:51:04 pm | Posted By: CASANSAAR

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. Short Title 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...

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Category : Income Tax | Comments : 0 | Hits : 253

CBDT optimist on Standard Operating Procedure; Urges taxpayers to file rectification request for TDS mismatches
Posted Date : 19-Apr-2014 , 07:46:51 am | Posted By: CASANSAAR

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...

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Category : Income Tax | Comments : 0 | Hits : 365

Power to compound contraventions under FEMA, 1999 to vest with Regional Offices
Posted Date : 05-Apr-2014 , 08:04:26 am | Posted By: CASANSAAR

RBI/2013-14/553A.P. (DIR Series) Circular No.117 April 4, 2014 To 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 ...

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Category : Income Tax | Comments : 0 | Hits : 193

Mandatory e-filing for firms, political parties and trusts giving notice of accumulation of income
Posted Date : 03-Apr-2014 , 10:47:26 am | Posted By: CASANSAAR

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; But withamendmenti...

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Category : Income Tax | Comments : 0 | Hits : 304

CBDT Notifies SAHAJ (ITR-1), ITR-2, SUGAM (ITR-4S) , ITR-V FOR A.Y. 2014-15
Posted Date : 03-Apr-2014 , 10:42:49 am | Posted By: CASANSAAR

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...

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