No revision in due dates for filing of TCS returns
Posted Date : 12-May-2016 , 05:05:39 am | Posted By: CASANSAAR
The CBDTvide Notification No. 30/2016 [F.NO.142/29/2015-TPL], Dated 29-4-2016has revised the due dates for filing of quarterly TDS returns by persons (other than government).
However, there are some wrong notions of the taxpayers that the due dates for filing of TCS returns have also been extended by the CBDT.
The gist of the changes madevideaforesaid notification are as under:
1) The due dates for filing of TDS returns by persons (other than government) for the quarter ended 30thJune,...
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CBDT released Draft Rules for Grant of Foreign Tax Credit
Posted Date : 18-Apr-2016 , 10:18:03 pm | Posted By: CASANSAAR
Clause (ha) of sub-section (2) of section 295 of the Income-tax Act, 1961 (the Act) provides that the Central Board of Direct Taxes (CBDT) may prescribe rules specifying the procedure for the granting of relief or deduction, as the case may be, of any income-tax paid in any country or specified territory outside India, under section 90 or section 90A or section 91, against the income-tax payable under the Act.
II. A Committee was set up by CBDT to suggest the methodology for grant of Foreign ...
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CBDT enables e-filing of ITR 1, ITR-4S and Form 15CA/15CB
Posted Date : 05-Apr-2016 , 08:29:24 am | Posted By: CASANSAAR
In pursuance of the Notification of the Income Tax Returns (ITR) for AY 2016-17 on March 31st, 2016, Central Board of Direct Taxes announces the release of electronic filing of ITRs 1 and 4S on its website https://incometaxindiaefiling.gov.in. Other ITRs will be e-enabled shortly.
Online filing of Appeal before Commissioner (Appeal) using newly notified Form 35 has been enabled for taxpayers mandated to E-file their returns using Digital Signature Certificate. Electronic Verification Code (EV...
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Revised timeline for verification of arrear demand U/s. 245 of Income Tax Act, 1961
Posted Date : 09-Mar-2016 , 08:08:09 am | Posted By: CASANSAAR
F.No.312/109/2015-OT
Government of India
Ministry of Finance
Central Board of Direct Taxes (CBDT)
New Delhi, Dated 7th March, 2016
Office Memorandum
Sub: Revised timeline for verification of arrear demand under section 245 of the Income-tax Act, 1961.
Reference is invited toOffice Memorandum of even number dated 29.01.2016vide which the procedure to be followed in cases where notice u/s 245 has been issued for returns to be processed during FY 2015-16 was specified by the Boar...
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CBDT Clarification regarding taxability of consortium members
Posted Date : 08-Mar-2016 , 09:46:37 am | Posted By: CASANSAAR
In a relief to contractors, the CBDT today said those working in a consortium will not be taxed as Association of Persons (AOP) if each entity's earning depends on the project performance.
CIRCULAR NO. 07/2016 DATED 07-03-2016...
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New Form for e-filing of appeal before CIT(A) notified by CBDT
Posted Date : 03-Mar-2016 , 07:49:32 am | Posted By: CASANSAAR
S.O. 637 (E).─ In exercise of the powers conferred by sub-section (1) of section 249, read with 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 (3rd Amendment) Rules, 2016.
(2) They shall come into force on the date of their publication in the Official Gazette
2. In the Income-tax Rules, 1962 (herein after ref...
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CBDT notifies Atal Pension Yojana u/s 80CCD
Posted Date : 23-Feb-2016 , 08:27:07 am | Posted By: CASANSAAR
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
Notification No. 7/2016
New Delhi, Date: 19thFebruary, 2016
Income-tax
S. O. 529(E).-In exercise of the powers conferred by sub-section (1) of section 80CCD of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the ‘Atal Pension Yojana (APY)’ as published in the Gazette of India, Extraordinary, Part I, Section 1, vide number F.No. 16/1/2015-PR dated the 16th Octo...
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Issuance of online TDS Certificate u/s 195(2) and 195(3) - CBDT
Posted Date : 10-Feb-2016 , 08:04:50 am | Posted By: CASANSAAR
TDS certificates under Sec. 195 would now be issued online: CBDT...
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Circular on TDS from salaries for FY 2015-16 - CBDT
Posted Date : 04-Dec-2015 , 06:37:33 am | Posted By: CASANSAAR
Reference is invited to Circular No.17/2014 dated 10.12.2014 whereby the rates of deduction of income-tax from the payment of income under the head "Salaries" under Section 192 of the Income-tax Act, 1961 (hereinafter ‘the Act’), during the financial year 2014-15, were intimated. The present Circular contains the rates of deduction of income-tax from the payment of income chargeable under the head "Salaries" during the financial year 2015-16 and explains certain r...
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Simplification of procedure for Form No.15G & 15H – CBDT
Posted Date : 03-Dec-2015 , 07:17:23 am | Posted By: CASANSAAR
F. No.: DGIT(S)/CPC(TDS)/DCIT/15GH /2015-16/14425-556
Government of India
Ministry of Finance
Central Board of Direct Taxes
Directorate of Income-tax(Systems)
New Delhi.
Notification No. 4/2015
New Delhi, 1st of December 2015
Subject:Simplification of procedure for Form No.15G & 15H – regarding
Section 197A of the Income tax Act provides for no deduction in certain case by submitting a declaration usingForm 15G/15Has laid down in Rule 29C of the Income tax Rule...
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Extended due date of Oct 31, 2015 is also applicable for e-filing of audit reports: CBDT
Posted Date : 30-Oct-2015 , 08:08:05 am | Posted By: CASANSAAR
F.No.225/207/2015/ITA.II
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
North Block , ITA. II Division
New Delhi dated the 29th October , 2015
Corrigendum with reference to order under Section 119 of the Income-tax Act, 1961dated 01.10.2015
Videorder under section 119 of the Income-tax Act, 1961 (‘Act’) dated 01.10.2015infile of even number, Central Board of Direct Taxes had extended the ‘due-date’ for E&s...
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CBDT changes procedures and standards for reporting of financial transactions under FATCA
Posted Date : 08-Sep-2015 , 07:56:30 am | Posted By: CASANSAAR
F. No. DGIT(S)/DIT(S)-2/ITWG on Financial Sector Reporting/12/2015
Government of India
Ministry of Finance
Central Board of Direct Taxes
Directorate of Income Tax (Systems)
Notification No 4/2015
New Delhi, 4th September, 2015
As perSub rule (9)(a) of Rule 114Gof theIncome Tax Rules, 1962(hereunder referred as the Rules), the statement referred to insub-rule (7) of Rule 114Gshall be furnished through online transmission of electronic data to a server designated for this purp...
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CBDT lays down criteria on manual selection of scrutiny cases for FY 2015-16
Posted Date : 01-Sep-2015 , 07:47:30 am | Posted By: CASANSAAR
Compulsory manual selection of cases for scrutiny during the Financial Year 2015-2016-regd:-
In supersession of earlier Instructions on the above subject, the Board hereby lays down the following procedure and criteria for manual selection of returns/cases for scrutiny during the financial-year 2015-2016:-...
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CBDT announces new norms for granting reward to informants helping in tax recovery from defaulters
Posted Date : 29-Aug-2015 , 08:34:18 am | Posted By: CASANSAAR
CBDT announces new norms for granting reward to informants helping in tax recovery from defaulters....
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CBDT clarifies issues relating to exemption and approval of Educational Institutions
Posted Date : 17-Aug-2015 , 09:58:39 pm | Posted By: CASANSAAR
Sub-clause (vi) of clause (23C) of Sec 10 of the Income-tax Act, 1961 (‘Act’) prescribes that income of any university or other educational institutions, existing solely for educational purposes and not for purposes of profit, shall be exempt from tax if such entities are approved by the prescribed authorities. Such approval is not required in cases of university or educational institutions wholly or substantially financed by the Government [sub-clause (iiiab)] or if their aggregate ...
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CBDT Extends due date of filling Wealth - Tax return from July 31, 2015 to Aug - 31, 2015
Posted Date : 27-Jul-2015 , 06:40:28 pm | Posted By: Aarti Sharma
F. No. 328/08/2015-WT
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
New Delhi, dated the 27thJuly, 2015
To
All Pr. Chief Commissioners of Income Tax
Subject : Extension of due date of filling Return of wealth for A.Y. 2015-16- clarification
In terms of Explanation tosub-section (1) of section 14of theWealth-tax Act 1957, ‘due date’ of filling Return of wealth in relation to an assesse under theWealth-tax...
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CBDT enable form 6 for online Declaration of black money Outside India
Posted Date : 21-Jul-2015 , 08:07:12 am | Posted By: CASANSAAR
CBDT enable form 6 for online Declaration of black money Outside India
The Electronic filing of Form 6 under The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act 2015 has been enabled underthe menu“e-File” after login. Taxpayers are requested to e-File Form 6 during the compliance window which ends on September 30, 2015.[ReferNotification No. 58/2015 dated 02/07/2015]
Form-6 is forDeclarationof undisclosed asset located outside India under section 59 ...
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CBDT restricts issue of Manual Refunds by Assessing Officers
Posted Date : 15-Jul-2015 , 09:56:12 pm | Posted By: CASANSAAR
DIRECTORATE OF INCOMETAX(SYSTEMS)
ARA Centre, Ground Floor, E-2, Jhandewalan Extension,
New Delhi-110055
F.No. DGIT(S)/DIT(S)-3/AST/ManualRefunds/85/2015-16Dated: 10/07/2015
To
All the Pro ChiefCommissionerof Income-tax1Chief Commissioner of Income Tax
All the Commissioner of Income-Tax(CO)
Sir/Madam,
Sub: Restriction on Issuance of Manual Refunds by Assessing Officers: Reg.
Kindly refer to the above subject.
2. The functionalities for passing orders u/s143(1) (a)...
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CBDT releases 32 clarifications on compliance window in Q&A format
Posted Date : 07-Jul-2015 , 06:44:31 am | Posted By: CASANSAAR
The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (hereinafter referred to as ‘the Act’) has introduced a tax compliance provision under Chapter VI of the Act. The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Rules, 2015 (hereinafter referred to as ‘the Rules’) have been notified. In regard to the scheme queries have been received from the public about the scope of the scheme and the procedure to be follow...
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CBDT specifies work jurisdiction and role of CIT(Judicial)
Posted Date : 05-Jul-2015 , 10:17:26 am | Posted By: CASANSAAR
IT : Section 268 of the Income-tax Act, 1961 – Allocation of work amongst CIT (Judicial) and their Jurisdiction – Supersession of Instruction No.4, dated...
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CBDT notifies nature of business relationship which CA can have with client to ensure his independence
Posted Date : 26-Jun-2015 , 09:11:36 pm | Posted By: CASANSAAR
S.O. 1683(E).— In exercise of the powers conferred by section 295 read with sub-clause (viii) of Explanation to sub-section (2) of section 288 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Incometax Rules, 1962, namely:-
1. (1) These rules may be called the Income-tax (Ninth Amendment) Rules, 2015.
(2) They shall come into force on the date of its publication in the Official Gazette.
2. In the Income...
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CIT(A) shall issue orders within 15 days of last hearing; CBDT reiterates
Posted Date : 21-Jun-2015 , 01:06:33 pm | Posted By: CASANSAAR
CBDT Instruction No 20/2003, dated 23.12.2003 re within 15 days of the last hearing-reg
Madam/Sir,
Regarding issue of appellate order
CBDT has lately noticed that terms of In 23.12.2003(copy enclosed) on the subject mentioned abov operative part of the Instruction is reproduced below for rea "
2. The Board desires that appellate orders Tax(Appeals) should he issued within 15 days of the last he shall be viewed adversely. "
3, This shall be applicable to orders passed by ...
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CBDT allows filing of revised return after expiry of time limit to enable refund of WT arising due to retro exemption
Posted Date : 11-Jun-2015 , 09:52:32 pm | Posted By: CASANSAAR
CBDT allows filing of revised return after expiry of time limit to enable refund of WT arising due to retro exemption.
Section 10 of the Wealth-Tax Act, 1957 – Wealth-Tax Authorities – Instructions to Subordinate Authorities – Clarifications on Amendment Brought out......
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CBDT unveils new guidelines on condoning delay in filing returns involving refund claims or unabsorbed losses
Posted Date : 10-Jun-2015 , 07:42:14 am | Posted By: CASANSAAR
Condonation of delay in filing refund claim and claim of carry forward of losses under Section I I9(2)(b) of the Income-tax Act.
In supersession of all earlier Instructions/Circulars/Guidelines issued by the Central Board of Direct Taxes (the Board) from time to time to deal with the applications for condonation of delay in tiling returns claiming refund and returns claiming carry forward of loss and set-off thereof under section 119(2)(b) of the Income-tax Act( the Act), the present Circular...
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CBDT unveils draft rules to apply multiple year's data and 'range concept' for determination of ALP
Posted Date : 23-May-2015 , 07:59:54 am | Posted By: CASANSAAR
Draft scheme of the proposed rules for computation of Arm’s Length Price (ALP) of an International Transaction or Specified Domestic Transaction undertaken on or after 01.04.2014.
Section 92C of the Income Tax Act, 1961 (the “Act”) provides for computation of Arm’s Length Price (ALP) of an international transaction or specified domestic transaction....
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CBDT revises annual target of auditable cases for Add. CIT and internal audit parties
Posted Date : 16-May-2015 , 08:18:05 am | Posted By: CASANSAAR
CBDT revises annual target of auditable cases for Add. CIT and internal audit parties.
New Internal Audit System – Modification of Instruction No.3 of 2007...
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CBDT - Completion of PAN Migration activity as per the new jurisdiction orders post restructuring
Posted Date : 17-Apr-2015 , 06:21:50 pm | Posted By: Vijay
After the new jurisdiction orders have been passed by you/ your officers' subsequent to restructuring, the PAN requires to be migrated to the new Ward/ circle as per the new jurisdiction. It appears that this activity has not been completed by some of the field officers. This is causing inconvenience to a large number of taxpayers. The Chairperson CBDT has desired that this activity of migrating PANs must be completed by 25 th April, 2015 so that the taxpayers are aware of their jurisdiction...
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CBDT Revised limit - Doubles exemption limit of conveyance allowance
Posted Date : 15-Apr-2015 , 06:50:48 pm | Posted By: Vijay
S.O. 1002 (E). – In exercise of the powers conferred by section 295, read with clause (14) of section 10 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 (6th Amendment) Rules, 2015. (2) They shall come into force on the 1st day of April, 2015. CBDT
...
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Govt. constitutes Information Security Committee in CBDT
Posted Date : 09-Apr-2015 , 09:03:16 pm | Posted By: CASANSAAR
An Information Security cornrnittee (lSC) in the central Board of Direct Taxes (CBDT) is hereby constituted comprornising the following officers:
(a) Member (tT), CBDT
(b) Joint Secretary (FT&TR-|)
(c) Joint Secretary (TpL-ll)
(d) CIT (lnv.)
(e) CIT (M&Tp)
(f). DIT (l&CI), New Delhi
(g) DIT (Systems-il)
Member (lr), CBDT will be the chairrnan of the lsc. clr (M&Tp) shall also perfbrrn the role of chief Information Security Offi cer (CISO)...
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CBDT clarifies No capital gain arises on roll over of Mutual Funds under Fixed Maturity Plans as per SEBI norms
Posted Date : 09-Apr-2015 , 08:56:12 pm | Posted By: CASANSAAR
CBDT clarifies No capital gain arises on roll over of Mutual Funds under Fixed Maturity Plans as per SEBI norms....
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