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Notifications/Circulars Category : Income Tax
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 : 0

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 : 0

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 : 168

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 : 277

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 : 164

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 : 271

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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Category : Income Tax | Comments : 0 | Hits : 490

Income Tax Offices to be open on last three days of March 2014
Posted Date : 22-Mar-2014 , 08:40:21 pm | Posted By: CASANSAAR

GOVERNMENT OF INDIAMINISTRY OFFINANCEDEPARTMENT OF REVENUECENTRAL BOARD OF DIRECT TAXESNEW DELHI OFFICEMEMORANDUM 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...

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Category : Income Tax | Comments : 0 | Hits : 209

Ministry tweaks rules on remuneration and service terms of ITAT Members
Posted Date : 21-Mar-2014 , 08:00:32 pm | Posted By: CASANSAAR

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...

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Category : Income Tax | Comments : 0 | Hits : 220

CBDT clarification on export of computer software in relation to Sec 10A, 10AA, 10B
Posted Date : 16-Mar-2014 , 09:51:49 pm | Posted By: CASANSAAR

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...

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Category : Income Tax | Comments : 0 | Hits : 255

FinMin notifies 8.7% interest rate wef 01-04-2014 on special deposit Scheme under non-Govt. PF contributions
Posted Date : 12-Mar-2014 , 08:28:07 am | Posted By: CASANSAAR

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...

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

AOs to identify taxable portion out of sum paid to NR to fix possible liability for TDS default under Sec. 195
Posted Date : 08-Mar-2014 , 04:14:54 pm | Posted By: HARPAL SINGH CHEEMA

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 ...

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

Due date of filing TDS/TCS returns by Govt. deductor extended to 31-03-2014; no refund of fee paid under sec. 234E
Posted Date : 05-Mar-2014 , 09:35:22 pm | Posted By: CASANSAAR

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...

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Category : Income Tax | Comments : 0 | Hits : 501

CBDT bans AAI from issuing tax-free bonds, raises cap on issuing tax-free bonds for certain entities
Posted Date : 17-Feb-2014 , 07:08:57 am | Posted By: CASANSAAR

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...

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Category : Income Tax | Comments : 0 | Hits : 115

Sums paid on redemption of units or allotment of bonus units wonít attract DDT under sec.115R
Posted Date : 13-Feb-2014 , 08:54:12 pm | Posted By: CASANSAAR

Section 115R of the Income-tax Act, 1961 - Tax on distributed income to unit holders – Clarification on scope of additional income-tax on distributed......

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Category : Income Tax | Comments : 0 | Hits : 25

Sec. 14A disallowance can be triggered even if exempt income isnít earned during the year - CBDT
Posted Date : 13-Feb-2014 , 08:52:04 pm | Posted By: CASANSAAR

Sec. 14A disallowance can be triggered even if exempt income isn’t earned during the year; CBDT clarifies ...

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Category : Income Tax | Comments : 0 | Hits : 39

CBDT extends due date for filing of ITR-V for returns filed with refund claims for AY 2009-10, 2010-11 and 2011-12
Posted Date : 13-Feb-2014 , 08:49:35 pm | Posted By: CASANSAAR

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...

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Category : Income Tax | Comments : 0 | Hits : 115

Submit Form 27A generated by FVU withTDS/TCS statement wef 01.02.2014
Posted Date : 29-Jan-2014 , 07:54:09 am | Posted By: CASANSAAR

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....

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Category : Income Tax | Comments : 1 | Hits : 153

CBDT releases Explanatory notes on Finance Act, 2013
Posted Date : 29-Jan-2014 , 07:53:00 am | Posted By: CASANSAAR

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 Section 10 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...

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Category : Income Tax | Comments : 0 | Hits : 128

PAN applicants to furnish original docs at PAN centres for verifications from February 3, 2014: CBDT
Posted Date : 24-Jan-2014 , 09:05:14 pm | Posted By: CASANSAAR

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...

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Category : Income Tax | Comments : 0 | Hits : 220

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