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Notifications/Circulars Category : Income Tax
ITR Scrutiny Of Small Tax Payers And Senior Citizen Only In The Case Of Credible Information
Posted Date : 17-Aug-2012 , 08:54:33 am | Posted By: Anjali Arora

No.402/92/2006-MC (07 of 2011) Government of India / Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE Streamlining procedure for scrutiny of income-tax returns Scrutiny of income tax returns is an important mechanism for ensuring taxpayer compliance and to counter tax-evasion. However, it has evoked some concern from small taxpayers and senior citizens about prolonged enquiries. Concerns have also been raised about selection of the same cases in s...

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Category : Income Tax | Comments : 0 | Hits : 224

INCOME-TAX (SEVENTH AMENDMENT) RULES, 2012 - AMENDMENT IN RULE 12 AND SUBSTITUTION OF FORMS ITR-5 AND ITR-6
Posted Date : 04-Jul-2012 , 11:21:13 pm | Posted By: CASANSAAR

In exercise of 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(7th Amendment)Rules, 2012. (2) They shall come into force from the date of its publication in the Official Gazette. 2.In the Income-tax Rules, 1962,- (A) in rule 12,– (i) in sub-rule (1),- (a) in the proviso to clause (a)...

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Category : Income Tax | Comments : 0 | Hits : 732

MANDATORY e-FILING OF INCOME TAX RETURN
Posted Date : 02-Jul-2012 , 05:12:49 pm | Posted By: CASANSAAR

CBDT has issuednotification S.O. 626(E), dated 28th March 2012videwhich e-Filing has been made compulsory for Assessment Year 2012-13 onwards for : • an individual or a Hindu undivided family, if his or its total income, or the total income in respect of which he is or it is assessable under the Act during the previous year, exceeds ten lakh rupees; and • an individual or a Hindu Undivided Family (HUF), being a resident, having assets (including financial interest in any entity) ...

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Category : Income Tax | Comments : 0 | Hits : 862

CBDT:Extending due date for filing Form 49C for F.Y. 2011-12
Posted Date : 22-Jun-2012 , 01:12:51 pm | Posted By: Akanksha Handa

Section 119 of the Income-tax Act, 1961 - Income-tax authorities - Instructions to subordinate authorities - Order extending due date for filing Form 49C for F.Y. 2011-12 Order [F. No. 225/124/2012/ITA.II], dated 20-6-2012 Section 285 of Income-tax Act and Rule 114DA of Income-tax Rules read with Circular No. 5 of 2012, dated 6-2-2012, prescribes that a specified categories of assessees having a (Liaison Office in India shall electronically file Form 49C, within 60 days from the end o...

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Category : Income Tax | Comments : 0 | Hits : 439

CBDT: Authorization of AOs in certain cases to rectify/reconcile disputed arrear demand
Posted Date : 22-Jun-2012 , 01:07:35 pm | Posted By: Akanksha Handa

The Board has been apprised that in certain cases the assessees have disputed the figures of arrear demands shown as outstanding against them in the records of the Assessing Officer. The Assessing Officers have expressed their inability to correct/reconcile such disputed arrear demand on the ground that the period of limitation of four years as provided under sub-section (7) of section 154 of the Act has expired. Further, in some cases, the Assessing Officers have uploaded such disput...

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Category : Income Tax | Comments : 0 | Hits : 319

SUPPLEMENTARY MEMORANDUM EXPLAINING THE OFFICIAL AMENDMENTS MOVED IN THE FINANCE BILL, 2012 AS REFLECTED IN THE FINANCE ACT, 2012
Posted Date : 13-Jun-2012 , 08:29:57 pm | Posted By: Anjali Arora

FINANCE ACT, 2012 - PROVISIONS RELATING TO DIRECT TAXES The Finance Bill, 2012 was introduced in Parliament on 16-3-2012. Certain official amendments have been carried out during the passage of the Bill in Parliament. A gist of the official amendments to the Finance Bill, 2012 as reflected in theFinance Act, 2012 (Act No. 23 of 2012)enacted on 28-5-2012, are as under. The clauses of the Finance Bill, 2012 have been renumbered during the passage of the Finance Act, 2012 in Parliament. The cl...

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Category : Income Tax | Comments : 0 | Hits : 320

Testing
Posted Date : 19-May-2012 , 11:08:26 pm | Posted By: CASANSAAR

Can NRIs earn rental income? An NRI can rent out property that he owns in India. The rent proceeds can be credited to the NRE or NRO account. Rent proceeds received in these accounts can be freely repatriated. If you do not have an NRE or NRO account, the proceeds can also be directly remitted abroad but you would need an appropriate certificate from a chartered accountant certifying that all taxes have been duly paid. Is rental income taxed in India? Yes, since this income is earned in I...

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Category : Income Tax | Comments : 0 | Hits : 272

Procedure for Issue of Form 16A TDS Certificate
Posted Date : 10-Apr-2012 , 02:58:07 pm | Posted By: CASANSAAR

Government of India,Ministry of Finance,Department of Revenue,Central Board of Direct Taxes,1. Section 203 of the income-tax Act, 1961 (“the Act”) read with the Rule 31 of the Income-tax Rules, 1962 (“the Rules”) provides for furnishing of certificate of tax deduction at source (TDS) by the deductor to the deductee specifying therein the prescribed particulars like amount of TDS, permanent account number (PAN), tax deduction and collection account number (TAN), etc. The r...

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Category : Income Tax | Comments : 0 | Hits : 1363

Online Income tax return filing for Individual/HUF
Posted Date : 02-Apr-2012 , 09:02:56 pm | Posted By: CASANSAAR

INCOME-TAX (THIRD AMENDMENT) RULES, 2012 - AMENDMENT IN RULE 12 AND SUBSTITUTION OF FORMS SAHAJ (ITR-1), ITR-2, ITR-3, SUGAM (ITR-4S), ITR-4 AND ITR-V In exercise of 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 (3rd Amendment) Rules, 2012. (2) They shall come into force on the 1st day of Apr...

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Category : Income Tax | Comments : 0 | Hits : 410

Section 80-IA of the Income-tax Act, 1961 - Deductions - Profits and gains from industrial infrastructure undertakings, etc. - Notified undertakings
Posted Date : 26-Feb-2012 , 10:12:33 am | Posted By: Mrattunjay

WHEREAS the Central Government in exercise of the powers conferred by clause (iii) of sub-section (4) of section 80-IA of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the said Act), has framed and notified a scheme for industrial park, by the notifications of the Government of India in the Ministry of Commerce and Industry (Department of Industrial Policy and Promotion) vide number S.O. 193(E), dated the 30th March, 1999, for the period beginning on the 1st day of Apr...

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Category : Income Tax | Comments : 0 | Hits : 604

CBDT exempts return-filing for salaried having total income upto Rs 5 lakh
Posted Date : 19-Feb-2012 , 08:17:52 pm | Posted By: CASANSAAR

In exercise of the power conferred by sub-section (IC) of section 139 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby exempts the following class of persons, subject to the conditions specifiedhereinafter, from the requirement of furnishing a return of income under sub-section (1) of section 139 for the assessment year 2012-13, namely:- 1.Class of persons.-An Individualwhose total income for the relevant assessment year does not exceed five lakh rupees and consists of ...

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Category : Income Tax | Comments : 0 | Hits : 1113

CPC- CENTRALISED PROCESSING OF RETURNS SCHEME, 2011
Posted Date : 11-Jan-2012 , 12:34:18 pm | Posted By: CASANSAAR

CENTRALISED PROCESSING OF RETURNS SCHEME, 2011 NOTIFICATION NO.2/2012[F.NO.142/27/2011-SO(TPL)], DATED 4-1-2012 In exercise of the powers conferred by sub-section (1A) of section 143 of Income Tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby specifies the following scheme for processing of returns of income, namely:- 1. Short title and commencement.— (1). This Scheme may be called the Centralised Processing of Returns Scheme, 2011. (2). It shall come into f...

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Category : Income Tax | Comments : 0 | Hits : 437

Changes in due dates for filing Form No. 24Q/26Q where deductor is Govt. office
Posted Date : 01-Nov-2011 , 11:12:12 am | Posted By: Vandana

Income-tax Rules, 1962 were amended, videnotificationNo. S.O. 2429(E) dated 24th of October, 2011, for (i) extending the time limit of submission of TDSstatementsbythe Governmentdeductors in view of filing of Form No.24G by them; (ii) compulsory uploading of particulars of amount paid without deduction of tax in view of furnishing ofdeclarationunder section 197A; and (iii) enlarging the scope for grant of TDScredit toperson other than the deductee. Income-tax (Eighth Amendment) Rules, 2011 &n...

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Category : Income Tax | Comments : 0 | Hits : 645

The Income Tax Department has released a Notification for PAN application
Posted Date : 24-Oct-2011 , 10:05:43 pm | Posted By: CASANSAAR

Income Tax Departmenthas released a New PANapplication FormNo. 49AA for Individuals not being a citizen of India, LLP registered outside India, Company registered outside India, Firm formed or registered outside India, Association of persons(Trusts) formed outside India, Association of persons (other than Trusts) or body of individuals or local authority or artificial juridical person formed or any other entity (by whatever name called) registered outside India. Download the new Form 49AA and...

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Interest on bonds/debentures - Notified bonds or debentures of public sector companies Exempt u/s 10(15) of income tax act, 1961
Posted Date : 26-Sep-2011 , 05:39:54 pm | Posted By: CA.VIRAL JANI

SECTION 10(15), ITEM (h) OF SUB-CLAUSE (iv) OF THE INCOME-TAX ACT, 1961 - EXEMPTIONS - INTEREST ON BONDS/DEBENTURES - NOTIFIED BONDS OR DEBENTURES OF PUBLIC SECTOR COMPANIES NOTIFICATION NO. 52/2011 [F.NO. 178/56/2011- (ITA-I)], DATED 23-9-2011 In exercise of the powers conferred by item (h) of sub-clause (iv) of clause (15) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby authorises the entities mentioned in column (2) of the table below, to is...

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Category : Income Tax | Comments : 0 | Hits : 451

Income Tax Notification No. 44 - Additional Commissioner of Income Tax, (Central Range) Chandigarh shall be subordinate to Commissioner of Income-tax (Central) Gurgaon
Posted Date : 05-Sep-2011 , 11:55:27 am | Posted By: CA SUBHASH KR.

NOTIFICATION NO 44/2011 Dated: August 26, 2011 In exercise of the powers conferred by section 118 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby directs that the Additional Commissioner of Income Tax, (Central Range) Chandigarh shall be subordinate to Commissioner of Incometax (Central) Gurgaon. F.No.187/6/2011-ITA.I (Raman Chopra) Director (ITA.I) ...

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AGREEMENT FOR AVOIDANCE OF DOUBLE TAXATION AND PREVENTION OF FISCAL EVASION WITH SINGAPORE - SECOND PROTOCOL AMENDING SAID AGREEMENT.
Posted Date : 05-Sep-2011 , 03:49:46 am | Posted By: Neha Jain

NOTIFICATION NO. 47/2011 DATED 1-9-2011 Whereas the Second Protocol amending the agreement between the Government of the Republic of India and the Government of the Republic of Singapore for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income (hereinafter referred to as "Protocol") signed in India on the 24th day of June, 2011 shall enter into force on the 1st day of September, 2011, being the first day of the month after the date of the l...

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SECTION 4 OF THE SPECIAL ECONOMIC ZONES ACT, 2005 - GIFT SEZ LTD.
Posted Date : 01-Sep-2011 , 04:06:07 am | Posted By: Neha Jain

SECTION 4 OF THE SPECIAL ECONOMIC ZONES ACT, 2005 - GIFT SEZ LTD. NOTIFICATION NO. S.O. 1910(E), DATED 18-8-2011 WHEREAS M/s. GIFT SEZ Limited, has proposed under section 3 of the Special Economic Zones Act, 2005 (28 of 2005), (hereinafter referred to as the said Act), to set up a sector specific Special Economic Zone for multi-services at Villages Phirozpur and Ratanpur, District Gandhinagar in the State of Gujarat; AND WHEREAS, the(Central Government is satisfied that requiremen...

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Deduction of Tax at source from salaries
Posted Date : 23-Aug-2011 , 04:01:46 am | Posted By: Ashish Karundia

1 GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES DEDUCTION OF TAX AT SOURCE — INCOME–TAX DEDUCTION FROM SALARIES UNDER SECTION 192 OF THE INCOME–TAX ACT, 1961 DURING THE FINANCIAL YEAR 2011-2012 CIRCULAR NO. 05/2011 NEW DELHI, dated 16.08.2011 2 INDEX Para No. Page Nos. 1. General 3 2. Finance Act, 2011 3 3. Section 192 of Income-tax Act 1961 5 4. Persons responsible for deducting tax and their duties 8 5. Est...

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Income Tax Notification No. 40/2011 - Section 10(6C) of the IT ACT, 1961 - Income arising to foreign company by way of fees for Technical Services
Posted Date : 03-Aug-2011 , 11:57:44 am | Posted By: CA ANKUR KAPIL

-COPY OF- INCOME TAX NOTIFICATION NO. 40/2011 [ DATED 29-7-2011 SECTION 10(6C) OF THE INCOME-TAX ACT, 1961 - INCOME ARISING TO FOREIGN COMPANY BY WAY OF FEES FOR TECHNICAL SERVICES - NOTIFIED FOREIGN COMPANY - EADS DEUTSCHLAND GmbH, GERMANY NOTIFIED U/S 10(6C) In exercise of the powers conferred by clause ( 6C ) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government herby notifies that any income arising to M/s. EADS Deutschland GmbH Worthstrable ...

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Procedure for regulating refund of excess amount of TDS deducted and/or paid
Posted Date : 10-Jun-2011 , 05:21:12 am | Posted By: CASANSAAR

The procedure for regulating refund of amount paid by the deductor in excess of the tax deducted at source (TDS) and/or deductible is governed by Board circular No. 285, dated 21-10-1980. 2. Subsequent to issue of circular No. 285, new sections have been inserted under Chapter XVII-B of the Income-tax Act, 1961. References have been received by the Board regarding inclusion of these sections also for the purpose of issue of refund of excess amount of the TDS deducted/deductible. 3. In cons...

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Category : Income Tax | Comments : 0 | Hits : 434

Dear Fellows E-filing of returns thro e-filing portal for ITR1 & ITR2 has commenced.
Posted Date : 10-Jun-2011 , 05:20:36 am | Posted By: Sahil Rastogi

...

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Explanatory notes to the provisions of the Finance Act, 2010.
Posted Date : 10-Jun-2011 , 02:46:07 am | Posted By: CASANSAAR

Click here for circular no. 1/2011 for Explanatory notes to the provisions of the Finance Act, 2010. ...

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Category : Income Tax | Comments : 0 | Hits : 363

Creation of a new Directorate of Income-tax (Criminal Investigation) notified
Posted Date : 09-Jun-2011 , 10:34:23 pm | Posted By: CASANSAAR

The President of India is pleased to approve the creation of the Directorate of Income-tax (Criminal Investigation), to be known in short as DCI, in the Central Board of Direct Taxes, Department of Revenue, Ministry of Finance, with immediate effect. 2. The DCI will perform functions in respect of criminal matters having any financial implication punishable as an offence under any direct tax law including, inter alia : (i)Chapter XXII of the Income-tax Act, 1961 (Act 43 of 1961); and (ii)Ch...

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Issuance of TDS Certificates in Form No. 16A downloaded from TIN Website and option to authenticate the same by way of digital signature – Circular under section 119 of the Income-tax Act 1961
Posted Date : 09-Jun-2011 , 04:10:14 pm | Posted By: CASANSAAR

Section 203 of the Income-tax Act 1961 (“the Act”) read with the Rule 31 of the Income-tax Rules 1962 (“the IT Rules”) provides for furnishing of certificate of tax deduction at source (TDS) by the deductor to the deductee specifying therein the prescribed particulars like amount of TDS, permanent account number (PAN), tax deduction and collection account number (TAN), etc. The relevant form for such TDS certificate is Form No.16 in case of deduction under section 192 and...

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The procedure for regulating refund of amount paid by the deductor in excess of the tax
Posted Date : 09-Jun-2011 , 02:47:27 pm | Posted By: Sahil Rastogi

CIRCULAR NO. 2/2011 [F.NO. 385/25/2010-IT(B)], DATED 27-4-2011 The procedure for regulating refund of amount paid by the deductor in excess of the tax deducted at source (TDS) and/or deductible is governed by Board circular No. 285, dated 21-10-1980. 2. Subsequent to issue of circular No. 285, new sections have been inserted under Chapter XVII-B of the Income-tax Act, 1961. References have been received by the Board regarding inclusion of these sections also for the purpose of issue of...

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