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Notifications/Circulars Category : Income Tax
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 : 368

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 : 269

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 : 394

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 : 124

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 : 103

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 : 209

CBDT issues draft standard operating procedures for administering TDS
Posted Date : 07-Jan-2015 , 08:25:24 am | Posted By: CASANSAAR

Standard operating procedures (SOP) for administering TDS incorporating the re-engineered processes developed by the CPC-TDS. 1. TDS is a non-obtrusive but powerful instrument to prevent tax evasion as well as to expand thetax net. TDS also minimizes tax avoidance by the taxpayer (income earners), as the payee’stransaction(s) are reported to the Department by the third person. The contribution of TDS to theoverall gross direct taxes collections during F.Y.2013-14 was Rs.2,71,069 crore. Th...

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Category : Income Tax | Comments : 0 | Hits : 343

CBDT specifies class of assessees for Dispute Resolution Panels at Delhi, Mumbai and Bengaluru
Posted Date : 05-Jan-2015 , 08:21:50 am | Posted By: CASANSAAR

IT/ILT : Section 144C of the Income-tax Act, 1961 - Dispute Resolution Panel (DRP) - Reference to – Reconstitution of DRPs at Delhi, Mumbai & Bengaluru –CBDT specifies class of assessees for Dispute Resolution Panels at Delhi, Mumbai and Bengaluru...

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Category : Income Tax | Comments : 0 | Hits : 158

CBDT issues new guidelines for compounding of offences
Posted Date : 29-Dec-2014 , 08:56:24 am | Posted By: CASANSAAR

In the light of various references received from the field formation from timeto time, existing guidelines on compounding of offences under Income-tax Act,1961 (the Act) have been reviewed and in supersession of the same, includingthe guidelines issued vide F.No. 285/90/2008-IT(Inv.)/12 dated 16 thMay 2008,the following guidelines are issued for compliance by all concerned....

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Category : Income Tax | Comments : 0 | Hits : 399

Govt. notifies 'Reliance Retirement Fund' as pension fund for purpose of Sec. 80C deduction
Posted Date : 29-Dec-2014 , 08:54:16 am | Posted By: CASANSAAR

Govt. notifies 'Reliance Retirement Fund' as pension fund for purpose of Sec. 80C deduction for the A.Y.2015-16...

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Category : Income Tax | Comments : 0 | Hits : 254

CBDT directs AOs to stop coercing taxpayers for admitting undisclosed income during search/survey proceedings
Posted Date : 19-Dec-2014 , 06:05:20 pm | Posted By: CASANSAAR

CBDT directs AOs to stop coercing taxpayers for admitting undisclosed income during search/survey proceedings....

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

CBDT notifies limit of 50% Govt. grant for deeming university/hospitals as substantially funded by Govt.
Posted Date : 16-Dec-2014 , 09:19:18 pm | Posted By: CASANSAAR

S.O. 3168 (E). – In exercise of the powers conferred by section 295 read with sub-clauses (iiiab) and(iiiac) of clause (23C) of section 10of the Income-tax Act, 1961 (43 of 1961), the Central Board ofDirect Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-...

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Category : Income Tax | Comments : 0 | Hits : 116

CBDT revises jurisdictions of DGITs, DITs of Intelligence and Criminal Investigation wing
Posted Date : 12-Dec-2014 , 07:52:20 am | Posted By: CASANSAAR

CBDT revises jurisdictions of DGITs, DITs of Intelligence and Criminal Investigation wing...

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Category : Income Tax | Comments : 0 | Hits : 232

CBDT releases circular on tax deduction from salaries for financial year 2014-15
Posted Date : 10-Dec-2014 , 09:44:42 pm | Posted By: CASANSAAR

CIRCULAR NO : 17/2014 F.No. 275/192/2014-IT(B) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes ****** North Block, New Delhi Dated 10th December, 2014 SUBJECT: INCOME-TAX DEDUCTION FROM SALARIES DURING THEFINANCIAL YEAR 2014-15 UNDER SECTION 192 OF THE INCOMETAX ACT, 1961. Reference is invited to Circular No.08/2013 dated 25.10.2013 whereby the rates ofdeduction of income-tax from the payment of income under the head "Salaries" u...

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Category : Income Tax | Comments : 0 | Hits : 1147

CBDT notifies CIT(E) for granting Sec. 10(23C) approval to trusts
Posted Date : 04-Dec-2014 , 08:23:25 am | Posted By: CASANSAAR

CBDT notifies CIT(E) for granting Sec. 10(23C) approval to trusts...

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Category : Income Tax | Comments : 0 | Hits : 258

CBDT notifies CIT(E) for granting Sec. 10(23C) approval to educational institutions/hospitals
Posted Date : 04-Dec-2014 , 08:22:33 am | Posted By: CASANSAAR

CBDT notifies CIT(E) for granting Sec. 10(23C) approval to educational institutions/hospitals...

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

AOs not to frame high pitched assessments on taxpayers of J&K State if their books were destroyed in floods: CBDT
Posted Date : 02-Dec-2014 , 09:49:36 pm | Posted By: CASANSAAR

It has come to the notice of the Board that due to recent devastation caused by the floods inthe State of Jammu & Kashmir, the income-tax assessees of that State are facing difficulties inensuring compliance either with the requirements under ongoing scrutiny assessment proceedingsor with respect to notices u/s 143(2) of the Income Tax Act, 1961 ('Act') issued recently. 2. In such cases, where an assessee under scrutiny claims that he is unable to make certaincompliances due to destructio...

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Category : Income Tax | Comments : 0 | Hits : 152

I-T department designed a new functionality for generating MIS of Auditable cases under Secs 143(3), 144 and 147
Posted Date : 01-Dec-2014 , 09:51:22 pm | Posted By: CASANSAAR

AST Instruction No.132 DIRECTORATE OF INCOME TAX (SYSTEMS) ARA Centre, Ground Floor, E-2, Jhandewalan Extension, New Delhi-110055 F. No. AST/Inst. No. 132/Auditable cases-MIS/78/2014-15 Dated: 27.11.2014 To, The Principal Chief Commissioner of Income-tax /CCsIT(By Name) Ahmedabad/ Allahabad/ Amritsar/ Bangalore/ Baroda/ Bhopal/ Bhubaneshwar/ Bareilly/ Chandigarh/ Chennai/ Cochin/ Coimbatore/ Dehradun/ Delhi/ Durgapur/ Guwahati/ Hubli/ Hyderabad/ Indore/ jaipur/ Jalpaiguri/ Jodhpur/ K...

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Category : Income Tax | Comments : 0 | Hits : 963

Due date for Filing Return in Jammu & Kashmir extended to 31.03.2015
Posted Date : 30-Nov-2014 , 09:32:09 am | Posted By: CASANSAAR

F.No. 225/268/2014/ITA.II Dated- 28th of November, 2014 Order under Section 119 of the Income-tax Act, 1961 Considering the devastation due to floods in the State of Jammu & Kashmir, the Central Board of Direct Taxes, in exercise of powers conferred under section 119 of the Income-tax Act, 1961 (`Act’) and in continuation to the earlier order under section 119 of the Act dated 16.09.2014, hereby further extends the ‘due date’ of furnishing return of income from 30th ...

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Category : Income Tax | Comments : 0 | Hits : 213

Settlement Application - Assessment deemed to be concluded when order is made and not when served; CBDT clarifies
Posted Date : 18-Nov-2014 , 08:04:52 am | Posted By: CASANSAAR

Chapter XIX-A of the Income-tax Act, 1961 contains provisions relating tosettlement of cases by the Income-tax Settlement Commission (ITSC). Theprovisions contained in the said chapter were amended by Finance Act, 2007and a Revised Settlement Scheme was put in place. Explanatory Circular No.3/2008 dated 12.03.2008 issued by CBDT vide para 61 (comprising sub paras61.1 to 61.17) deals with Revised Settlement Scheme....

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Category : Income Tax | Comments : 0 | Hits : 164

 
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