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Notifications/Circulars Category : Income Tax
TARC releases its final report on tax administration reforms in India
Posted Date : 21-Feb-2015 , 08:52:59 am | Posted By: CASANSAAR

TARC releases its final report on tax administration reforms in India. e-Book Fourth Report of TARC(Dated 20th February, 2015) e-Book Feedback Report of TARC(Dated 20th February, 2015) Fourth Report of TARC(7 MB)(Dated 20th February, 2015) Feedback Report of TARC(3 MB)(Dated 20th February, 2015) ...

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Category : Income Tax | Comments : 0 | Hits : 325

Govt. notifies agricultural extension projects of 'Godrej Agrovet Ltd' for purpose of Sec. 35CCC deduction
Posted Date : 19-Feb-2015 , 05:12:57 pm | Posted By: Vijay

SECTION 35CCC OF THE INCOME-TAX ACT, 1961 - EXPENDITURE ON AGRICULTURAL EXTENSION PROJECT - NOTIFIED ELIGIBLE AGRICULTURAL EXTENSION PROJECT - GODREJ AGROVET LIMITED - OIL PALM EXTENSION PROJECT NOTIFICATION NO. 14/2015 [F.NO.203/31/2014/ITA.II],DATED 16-2-2015 FORM NO. 3CP 1. Name, address and PAN 07 the applicant Godrej Agrovet Limited, Pirojshanagar, Eastern Express Highway, Vikroli (East), Mumbai-400079 (AAACG0617Q) 2. Title of the agricultural extension project Oil Palm Ex...

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Category : Income Tax | Comments : 0 | Hits : 129

Govt. notifies new list of agricultural commodities which aren't "taxable commodities transactions"
Posted Date : 19-Feb-2015 , 07:56:28 am | Posted By: CASANSAAR

COMMODITIES TRANSACTION TAX (FIRST AMENDMENT) RULES, 2015 - AMENDMENT IN RULE 3 NOTIFICATION NO.13/2015 [F.NO. 142/09/2013-TPL]/SO 424(E),DATED 10-2-2015 In exercise of the powers conferred by sub-sections (1) and (2) of section 133 of the Finance Act, 2013 (17 of 2013) (herein after referred to as the Act), the Central Government hereby makes the following rules to amend the Commodities Transaction Tax Rules, 2013, namely:— 1.(l) These rules may be called the Commodities Transaction Ta...

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Category : Income Tax | Comments : 0 | Hits : 311

Govt. notifies projects of various entities for purpose of relief under section 35AC
Posted Date : 17-Feb-2015 , 06:32:53 pm | Posted By: CASANSAAR

S.O. 51(E).—In exercise of the powers conferred by Sub-section (I) read with clause (b) of the Explanation toSection 35 AC of the Income Tax Act, 1961 (43 of 1961), the Central Government, on the recommendation of theNational Committee for Promotion of Social and Economic Welfare, hereby notifies the institutions approved by the saidNational Committee, mentioned in column (2) of the Table below, and approves the eligible projects or schemes specifiedto be carried on by the said institution...

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Category : Income Tax | Comments : 0 | Hits : 206

Clarification regarding 'Amounts not deductible' under sub-clause (i) of clause (a) of section 40 on Inocme-tax Act, 1961 ('Act') - CBDT
Posted Date : 13-Feb-2015 , 08:12:21 am | Posted By: CASANSAAR

Clarification regarding 'Amounts not deductible' under sub-clause (i) of clause (a) of section 40 on Inocme-tax Act, 1961 ('Act') - regarding - Circular 3/2015, Dated 12-02-2015...

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Category : Income Tax | Comments : 0 | Hits : 477

No Sec. 234A interest on self-assessment tax paid before due date of filing of return; CBDT clarifies
Posted Date : 11-Feb-2015 , 01:04:12 pm | Posted By: Ravich

SECTION 234A OF THE INCOME-TAX ACT, 1961 - INTEREST FOR DEFAULTS IN FURNISHING RETURN OF INCOME - CHARGEABILITY OF INTEREST UNDER SECTION 264A ON SELF-ASSESSMENT TAX PAID BEFORE DUE DATE OF FILING OF RETURN OF INCOME DRAFT CIRCULAR NO. 2/2015 [F.NO.385/03/2015-IT(B),DATED 10-2-2015 Interest under section 234A of the Income-tax Act, 1961 (hereinafter the Act) is charged in case of default in furnishing return of income by an assessee. The interest is charged at the specified rate on the amount ...

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Category : Income Tax | Comments : 0 | Hits : 331

Scheme of Kisan Vikas Patra, 2014
Posted Date : 09-Feb-2015 , 10:39:32 pm | Posted By: CASANSAAR

RBI/2014-15/463IDMD(DGBA).CDD.No.3484/15.02.001/2014-15 February 09, 2015 The Chairman and Managing Director/Managing DirectorHead Office, Government Accounts DepartmentState Bank of India/State Bank of Patiala/State Bank of Bikaner & Jaipur/State Bank of Travancore/State Bank of Hyderabad/State Bank of Mysore/Andhra Bank/Allahabad Bank/Bank of Baroda/Bank of India/Punjab & Sind Bank/Bank of Maharashtra/Canara Bank/Central Bank of India/Corporation Bank/Dena Bank/Indian Bank/Indian Ove...

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Category : Income Tax | Comments : 0 | Hits : 317

Sukanya Samriddhi Account
Posted Date : 07-Feb-2015 , 10:51:44 am | Posted By: Lotus Choudhary

S.O. 210(E).— In exercise of the powers conferred by clause (viii) of sub-section (2) of section 80C of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the ‘Sukanya Samriddhi Account’ for the purposes of the said clause. 2. This notification shall come into force with effect from the date of its publication in the Official Gazette. [Notification No. 9/2015, F. No. 178/3/2015-ITA. I ] ...

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Category : Income Tax | Comments : 0 | Hits : 109

Maharashtra govt. increases Death cum retirement gratuity limit to Rs. 7 lakhs
Posted Date : 06-Feb-2015 , 06:10:27 pm | Posted By: CASANSAAR

The Government is pleased to increase the maximum limit of Death cum retirement gratuity to Rs. 7 lakhs to all the eligible State Government pensioners/ family pensioners who retired /died on or after 1st January, 2006, pursuant to the decision of the Hon. Supreme Court dt. 30.01.2013 in Civil Appeal 908/2013 arising out of S.L.P.3700/2012. The Government Resolution dated 21st August, 2009 referred to above is hereby cancelled. 2. Accordingly, all the eligible pensioners/ family pensioners w...

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Category : Income Tax | Comments : 0 | Hits : 135

Standard Operating Procedure for Prosecution in Cases of TDS/TCS Default
Posted Date : 05-Feb-2015 , 07:37:33 am | Posted By: CASANSAAR

Introduction: 1.1 As per theIncome Tax Act,all cases where TDS/TCS is deducted but not deposited within the due date, as prescribed, are punishableu/s 276B/276BBor278A. The selection of cases & their processing is further governed by Instruction F.No. 285/90/2008-IT(Inv-I)/05 dated 24.04.2008 which has been modified by the CBDT [vide F.No.285/90/2013-IT(Inv.)] dated 07.02.2013. Presently, the monetary limit specified for cases to be considered for prosecution is as under: (i)Cases, whe...

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Category : Income Tax | Comments : 0 | Hits : 639

CBDT asks its officials to follow HC's ruling in 'Vodafone' in cases where shares were issued at premium to AEs
Posted Date : 29-Jan-2015 , 09:51:30 pm | Posted By: CASANSAAR

Instruction No. 2 / 2015 F. No. 500/15/2014 - APA-I Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes Foreign Tax & Tax Research-I Division APA-I Section New Delhi, dated the 29thJanuary, 2015 To All Principal CCsIT/DsGIT and CCsIT/DsGIT Madam/Sir Subject: Acceptance of the Order of the Hon'ble High Court of Bombay in the case of Vodafone India Services Pvt. Ltd.-reg. In reference to the above cited subject, I am directed to draw ...

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Category : Income Tax | Comments : 0 | Hits : 359

Govt. notifies 'Indian National Group of International Association' for Sec. 10(23A) exemption
Posted Date : 28-Jan-2015 , 08:09:43 pm | Posted By: CASANSAAR

Govt. notifies 'Indian National Group of International Association' for Sec. 10(23A) exemption January 28, 2015 SECTION 10(23A) OF THE INCOME-TAX ACT, 1961 - EXEMPTIONS - PROFESSIONAL ASSOCIATIONS - NOTIFIED ASSOCIATION NOTIFICATION NO.4/2015 [F.NO. 196/36/2013-ITA.I],DATED 20-1-2015 In exercise of the powers conferred by clause (23A) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby approves the"Indian National Group of the International Associa...

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Category : Income Tax | Comments : 0 | Hits : 134

Govt. notifies certain entities for exemption under section 10(46)
Posted Date : 28-Jan-2015 , 08:02:19 pm | Posted By: CASANSAAR

SECTION 10(46) OF THE INCOME-TAX ACT, 1961 - EXEMPTIONS - STATUTORY BODY/AUTHORITY/BOARD/COMMISSION - NOTIFIED BODY OR AUTHORITY - TAMIL NADU WATER SUPPLY AND DRAINAGE BOARD NOTIFICATION NO. 5/2015 [F.NO.196/28/2013-ITA.I],DATED 20-1-2015 In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961) the Central Government hereby notifies for the purposes of the said clause, the 'Tamil Nadu Water Supply and Drainage Board ', a Board constituted un...

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Category : Income Tax | Comments : 0 | Hits : 167

Now deposit in 'Sukanaya Samridhi Account' would provide sec. 80C relief
Posted Date : 28-Jan-2015 , 07:50:22 pm | Posted By: CASANSAAR

SECTION 80C OF THE INCOME-TAX ACT, 1961 - DEDUCTIONS - IN RESPECT OF INSURANCE PREMIUM, ETC. - NOTIFIED PLAN UNDER SECTION 80C(2)(viii) NOTIFICATION NO. 9/2015 [F.NO.178/3/2015-ITA-1],DATED 21-1-2015 In exercise of the powers conferred by clause (viii) of sub-section (2) of section 80C of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the 'Sukanya Samriddhi Account' for the purposes of the said clause. 2.This notification shall come into force with effect...

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Category : Income Tax | Comments : 0 | Hits : 572

CBDT releases Explanatory Notes to the provisions of Finance (No. 2) Act, 2014
Posted Date : 22-Jan-2015 , 08:29:01 am | Posted By: CASANSAAR

Finance (No.2) Act, 2014 ─ Explanatory Notes to the Provisions of the Finance(No.2) Act, 2014 . CIRCULAR NO. -01/2015, DATED 21st JANUARY, 2015....

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Category : Income Tax | Comments : 0 | Hits : 449

Govt. notifies 9.1% interest rate for investment in 'Sukanya Samridhi Account' during 2014-15
Posted Date : 21-Jan-2015 , 05:55:21 pm | Posted By: Ravich

SUKANYA SAMRIDHHI ACCOUNT RULES, 2014 - RATE OF INTEREST TO BE ALLOWED ON INVESTMENTS IN SAID SCHEME DURING FINANCIAL YEAR 2014-15 OFFICE MEMORANDUM [F.NO. 2/3/2014.NS-II],DATED 20-1-2015 Subject: Launch of scheme for Girl Child named "Sukanya Samridhhi Account" by Hon'ble Prime Minister - rate of interest reg. In compliance of announcement by Finance Minister in his Budget Speech 2014-15 the Government of India has introduced a new scheme named "Sukanya Samridhhi Account"videNotification No....

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Category : Income Tax | Comments : 0 | Hits : 336

Clarification regarding applicability of section 143(1D) of the Income-tax Act, 1961
Posted Date : 14-Jan-2015 , 08:46:24 am | Posted By: CASANSAAR

Subject: – Clarification regarding applicability of section 143(1D) of the Income-tax Act, 1961 -reg. Sub-section (ID) of section 143 of the Income-tax Act, 1961 (‘Act’) provides that where a notice has been issued to a taxpayer under sub-section (2) of section 143 of the Act, it shall not be necessary to process the return in such a case. 2. Some doubts have been expressed, in view of the words “shall not be necessary” used in the said sub-section, as to whet...

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Category : Income Tax | Comments : 0 | Hits : 444

CBDT to crack whip on officials disclosing taxpayer's info to media; asks them to respect taxpayer's privacy
Posted Date : 07-Jan-2015 , 05:48:43 pm | Posted By: CASANSAAR

SECTION 138 OF THE INCOME-TAX ACT, 1961 - DISCLOSURE OF INFORMATION RESPECTING ASSESSEES TO SPECIFIED OFFICER, AUTHORITY OR BODY PERFORMING FUNCTIONS UNDER ANY OTHER LAW - DISCLOSURE OF INFORMATION ABOUT TAXPAYERS TO MEDIA OFFICE MEMORANDUM [F.NO.DIR.(HQRS.)/CH.(DT)/29/2014],DATED 1-1-2015 Instances have come to the notice of the Board where information pertaining to individual taxpayers has been published in the print media with specific reference to departmental sources. In some cases, e...

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Category : Income Tax | Comments : 0 | Hits : 134

CBDT plans to celebrate 'Good Governance day' on every Wednesday by holding it as 'public meeting day'
Posted Date : 07-Jan-2015 , 05:47:42 pm | Posted By: CASANSAAR

GOOD GOVERNANCE DAY - INSTRUCTIONS ON OBSERVANCE OF WEDNESDAYS AS A PUBLIC HEARING DAY FOR HEARING PUBLIC GRIEVANCES OFFICE MEMORANDUM [F.NO.DIR.(HQRS.)/CH.(DT)/29/2013],DATED 6-1-2015 As a part of Prime Minister's 'Good Governance Day' promise to provide an "open and accountable administration" it has been decided that all field offices of the Income Tax Department will observe 'Public Meeting Day' during 10.00 AM to 1.00 PM every Wednesday to listen to and try to resolve the grievances o...

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Category : Income Tax | Comments : 0 | Hits : 109

CBDT asks officials to seek exchange of info. by 15-2-2015 in assessment cases getting time-barred on 31-03-2015
Posted Date : 07-Jan-2015 , 05:46:06 pm | Posted By: CASANSAAR

SECTION 143 OF THE INCOME-TAX ACT, 1961 - ASSESSMENT - GENERAL - REQUEST FOR EXCHANGE OF INFORMATION FROM FIELD OFFICES OF TIME BARRING ASSESSMENT CASES LETTER (F.NO.500/56/2014-FT&TR-IV],DATED 6-1-2015 The undersigned is directed to state that large number of requests for Exchange of Information (EOI) in time barring assessments/matters are received in FT&TR Division just before the time barring date. It becomes difficult to process and forward such requests after due scrutiny to ...

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Category : Income Tax | Comments : 0 | Hits : 215

 
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