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...
CREATION OF DIRECTORATE OF INCOME-TAX (ASSESSMENT) AT NEW DELHI
NOTIFICATION NO.GSR 22(E) [F.NO.HRD/CM/196/1/2013-14/26/2014-AD.VII],DATED 16-1-2014
The President of India is pleased to give his assent to the creation of Directorate of Income Tax (Risk Assessment), Central Board of Direct Taxes, Department of Revenue, Ministry of Finance, with immediate effect.
2.The Directorate of Income Tax (Risk Assessment) will be headed by a Director General of Income Tax who will be an officer of ...
All the Chief Commissioners & Directors General of Income Tax,
Certificate of Lower deduction or non-deduction of tax at source undersection 197 of the Income-tax Act, 1961 - matter regarding.
As per the Citizens Charter the time line prescribed for a decision on application forno deduction of tax or deduction of tax at lower rate is one month. Instances havebeen brought to the notice of the Board, about considerable delay in issuing thelower/non deduction certificate under section...
NSDL vide itscircularNo.: NSDL/TIN/2014/004 dated 15th January 2014 has informed that the Income Tax Department (ITD) hasrevisedPANapplication feesas follows :-
From Rs. 96 to 105/- (For dispatch of PAN card in India)
From Rs. 962 to 971/- (For dispatch of PAN card outside India)
Both the above charges are inclusive of service tax....
The Board had issued aCircularNo.4/2008 dated 28-04-2008 wherein it was clarified that tax is to be deducted at source under section 194-I of the Income-tax Act, 1961 (hereafter referred to as 'the Act'), on the amount ofrent paid/payable without including theservice taxcomponent. Representations/letters has been received seeking clarification whether such principle can be extended to other provisions of the Act also.
2. Attention of CBDT has also been drawn to the judgement of theHon'ble ...
NOTIFICATION NO. 4/2014 [F.NO.196/80/2012-ITA.I]/SO 78(E),DATED 10-1-2014
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 Orissa State AIDS Control Society, a body constituted by the Government of Orissa in respect of the following specified income arising to that Society, namely:—
amount received in the form of grants-in-aid from the Cen...
Where as the Central Government is of the opinion that it is necessary to do so inic interestf'and, therefore, in pursuance of sub-clause (ii) of clause (a) of sub-1) of Section 138 of the Income-tax Act, 1961, the Central Government herebythe officer of the rank of Secretary in various States(s) /Union territories inlndi o is respo4sible for implementation of the National Food Security Act, 2013...
CircularNo: NSDL/TIN/2014/001 January 1, 2014
Subject: Release of File Validation Utility (FVU) version 4.1 and2.13 7 for e-TDS/TCSStatements.
All TIN FacilitationCenters(TIN-FCs) are hereby informed that the following new versions of File Validation Utility (FVU) are being released.
1. FVU version 4.1 – ForStatementspertaining to FY 2010-11 onwards.
2. FVU version 2.137 – ForStatementspertaining to FY 2007-08 to FY 2009-10.
ThesetwoFVU versions are applicable with eff...
S.O. 3794 (E)- In exercise of the powers conferred by section 295 of the Income-taxAct, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rulesfurther to amend the Income-tax Rules, 1962, namely:-
1. (1) These rules may be called the Income –tax (19th Amendment) Rules, 2013.
(2) They shall come into force on the date of their publication in the Official Gazette....
CBDT notifiedRajiv Gandhi Equity Savings Scheme for 2013; taxpayers with gross income up to Rs. 12 lakhs eligible, dated 18/12/2013.
S.O. _3693 (E).— In exercise of the powers conferred by sub-section (1) of section 80CCG ofthe Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the followingScheme, namely:-
1. Short title, commencement and application. - (1) This Scheme may be called theRajiv Gandhi Equity Savings Scheme, 2013.
(2) It shall come into force on the dat...
InstructionNo. 18th/ 2013,dated the 17th of December, 2013
Subject: – Issue of Intimation under section 143(1) of Income-tax Act, 1961 beyond time-regarding.
Several instances have come to the notice of the Board Where due to certain technical or other reasons (which inter-alia included wrongmigrationof PAN and delayed release ofreturnsby the Centralized Processing Cell to the jurisdictional authorities), intimation in refund cases could not be sent to the concerned assessees within ...
CIRCULARNo 10/DV/2013 (Departmental View)
F. No. 279/Misc./M-61/2012-ITJ (Vol.-II)
Government of India
Ministry of Finance
Department of Revenue
CentralBoard ofDirect Taxes
New Delhi, the December 16th 2013
Subject:Circularon Section 40(a)(ia) of theIncome TaxAct, 1961-reg.
It has been brought to the notice ofthe Boardthat there are conflicting interpretations by judicial authorities regarding the applicability of the provisions of section 40(a)(ia) of the Income-taxAct, 1961 (`the A...