GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE [CENTRAL BOARD OF DIRECT TAXES] NOTIFICATION No. 42/2013 New Delhi, the 11thday of June, 2013 Income-tax S.O.1513(E).─In exercise of the powers conferred bysection 295of theIncome tax Act, 1961 (43 of 1961),the Central Board of Direct Taxes hereby makes the following rules further to amend theIncome-tax Rules, 1962,namely:- 1. (1) These rules may be called the Income-tax (Seventh Amendment) Rules, 2013. (2) They shall b...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 836

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (Foreign Tax & Tax Research Division) 7thFloor, 'C' Wing, Hudco Vishala Building, 14, Bhikaji Cama Place, New Delhi, the 8thMay, 2013 Subject : Circulation of the published Notifications of an Agreement between the Government of Republic of India and the Government of Gibraltar for exchange of information with respect to taxes in the Gazette of India (Extra ordinary)-reg. TheNotification o...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 210

GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES NOTIFICATION No. 40/2013 INCOME-TAX New Delhi, the 6thday of June, 2013 S.O. 1464(E) -In exercise of the powers conferred byclause (v) of the Explanation to section 48of theIncome-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendment in thenotification of the Government of India in the Ministry of Finance (Department of Revenue), Central Board of Direct Taxes publi...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 799

INCOME-TAX (FIFTH AMENDMENT) RULES, 2013 - AMENDMENT IN RULES 30, 31 & 31A AND INSERTION OF FORM NOS. 16B & 26QB AND SUBSTITUTION OF FORM N0. 24Q NOTIFICATION NO. 39/2013 [F.NO.133/23/2013-SO(TPL)(Pt.)]/SO 1404(E),DATED 31-5-2013 In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 196]), 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 Inc...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 1772

CIRCULAR DBOD.NO.LEG.BC.100/09.07.005/2012-13,DATED 31-5-2013 As you are aware banks are not required to deduct TDS from depositors who submit declaration in Form 15-G/15-H under Income Tax Rules, 1962. However, it has been brought to our notice that despite submission of Form 15-G/15-H by customers, banks are deducting tax at source, at times, causing inconvenience to customers resulting in a number of complaints. Such instances arise because either the forms are misplaced or a track is not ke...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 621

INCOME-TAX (FOURTH AMENDMENT) RULES, 2013 - INSERTION OF RULES 6AAD & 6AAE AND FORM NOS.3C-O & 3CP NOTIFICATION NO. 38/2013[F.NO.142/30/2012-SO(TPL)]/SO 1393(E),DATED 30-5-2013 In exercise of the powers conferred by section 295 read with sub-section (1) of section 35CCC 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 (Fourth ...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 306

INCOME-TAX (THIRDAMENDMENT) RULES, 2013 –AMENDMENTIN RULE 12 & SUBSTITUTION OF FORMS SAHAJ (ITR-1), ITR-2, ITR-3, SUGAM (ITR-4S), ITR-4 AND ITR-V NOTIFICATIONNO. 34/2013 [F.NO.142/5/2013-TPL]/SO 1111(E), DATED 1-5-2013 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(3rd...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 1740

CIRCULAR NO. 04/2013 F.No 275/34/2011-IT(B) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, the 17th April, 2013 Sub: Issuance of certificate for tax deducted at source in Form No. 16 in accordance withthe provisions of section 203 of the Income-tax Act, 1961 read with the Rule 31 of theIncome-tax Rules 1962 -- regarding 1. Section 203 of the Income-tax Act 1961 (“the Act”) read with the Rule 31 of the Income-taxRules...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 851

F No. 5001139120. Government of lndia Ministry of Finance Department of Revenue Central Board of Direct Taxes (Foreign Tax and Tax Research-l Division) New Delhi, the 26ftday of March, 2013 Circular No. 03 /2013 Sub: Circular on conditions relevant to identify development centres engaged incontract R&D services with insignificant risk It has been broughto the notice of CBDT that there is divergence of views amongst the fieldofficers and taxpayers regarding the functional pro...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 435

F No. 500113912012. Government of lndia Ministry of Finance Department of Revenue Central Board of Direct Taxes (Foreign Tax and Tax Research-l Division) New Delhi, the 26ftday of March, 2013 Circular No. 02 /2013 Sub: Gircular on application of profit split method It has beel blought to the notice of CBDT that clarification is needed for selection of profit splitmethod (PSM) as most appropriate method. The issue has been examined in CBDT. lt'ishereby clarified that while select...

Continue Reading...

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

MINISTRY OF FINANCE (Department of Revenue) (Central Board of Direct Taxes) NOTIFICATION NO. 19/2013 Income Tax Dated 12/03/2013 In pursuance ofsub-clause (ii) of clause (a) of sub-section (1) of Section 138of theIncome Tax Act, 1961, the Central Government hereby specifies Director, Financial Intelligence Unit India (FIU-IND), Ministry of Finance for the purpose of the said sub-clause. [F.No.225/38/2013-ITA.II] (Richa Rastogi) Under Secretary to the Government of India ...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 295

SECTION 119 OF THE INCOME TAX ACT, 1961 - INCOME TAX AUTHORITIES - INSTRUCTIONS TO SUBORDINATE AUTHORITIES - ORDER FOR FACILITATING FILING OF IT RETURNS BY TAX PAYERS FOR F.Y. 2012-13 ON 30th & 31st MARCH, 2013 ORDER [F. NO. 225/45/2013/ITA.II],DATED 13-3-2013 The Financial Year 2012-13 closes on 31-3-2013. In view of holidays on 27th and 29th of March and thereafter, on 30th and 31st March, being Saturday and Sunday it is directed that all the Income-tax Offices through out India shall ...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 486

SECTION 35(1)(ii) OF THE INCOME-TAX ACT, 1961 - SCIENTIFIC RESEARCH EXPENDITURE - APPROVED SCIENTIFIC RESEARCH ASSOCIATIONS/INSTITUTIONS - FOUNDATION FOR REVITALIZATION OF LOCAL HEALTH TRADITIONS, BANGALORE NOTIFICATION NO. 13/2013 DATED 20-2-2013 It is hereby notified for general information that the organization Foundation for Revitalization of Local Health Traditions, Bangalore (PAN-AAATF 3402F) has been approved by the Central Government for the purpose ofcause (ii) of sub-section (1) o...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 329

NCOME-TAX (SECOND AMENDMENT) RULES, 2013 - AMENDMENT IN RULES 31A & 31AA; SUBSTITUTION OF RULES 31ACB, 37J AND FORM NOS.15G, 15H, 16, 16A, 24Q, 26Q, 27C, 27D, 27Q & 27EQ AND INSERTION OF FORM NO. 26B NOTIFICATION NO. 11/2013[F.NO.142/31/2012-SO(TPL)]/SO 410(E), DATED 19-2-2013 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, nam...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 1301

SECTION 261 OF THE INCOME-TAX ACT, 1961 - SUPREME COURT - APPEALS TO - DELAY IN FILING OF SLP IN SUPREME COURT - FIXING OF RESPONSIBILITY LETTER NO. DGIT (L&R)/SOP FOR SLP/2012-13/04, DATED 4-2-2013 Please refer to the above. 2.I am directed to say that the delay in filing of SLP is a serious cause of concern. One of the reasons for delay in filing of SLP is inordinate delay in receiving the SLP proposals in the Directorate of Legal & Research. Even after conveying the concern of th...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 337

AMENDMENT IN NOTIFICATION NO. SO 2685(E), DATED 6-11-2012 - EXEMPTIONS - INTEREST ON BONDS/DEBENTURES - SPECIFIED COMPANIES AUTHORIZED TO ISSUE TAX-FREE, SECURED, REDEEMABLE, NOTIFICATION NO. 10/2013 DATED 5-2-2013 SO 321(E),.In exercise of the powers conferred byitem (h) of sub-clause (iv) of clause (15) of section 10of theIncome-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendments in the notification of the Government of India in theMinistry of Finance,...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 370

Income-tax (First Amendment) Rules, 2013 – Insertion of rule 17CA and Form No. 10BC Notification No. 8/2013 [F. No. 142/20/2012-TPL], Dated 31-1-2013 In exercise of the powers conferred by clause (b) of section 13B, read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:- 1. (1) These rules may be called the Income-tax (First Amendment) Rules, 2013. (2) They shall com...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 453

Income Tax - IT Gold Deposit Scheme, 1999 - Amendment in Notification No. GSR 634(E), dated 14-9-1999 Notification No. GSR 46(E) Dated 24-1-2013 The Central Government, with a view to bringing privately held stock of gold in circulation, reduce the country's reliance on import of gold and providing its owners with some income apart from freeing them from the problems of storage, movement and security of gold in their possession, had notified Gold Deposi...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 401

INCOMETAX NOTIFICATION NO-09/2013, Dated: January 31, 2013 Electoral Trusts Scheme, 2013 notified by CBDT Inexerciseof the powers conferred by clause (22AAA) of section 2 of theIncome-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following scheme for approval of electoral trusts, namely:- 1. Short title, commencement andapplication– (1) This Scheme may be called theElectoral Trusts Scheme, 2013. (2) It shall come into force on thedate ofits publication in the Of...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 292

Income Tax - IT Deduction Of Tax At Source - Interest Other Than Interest On Securities Notification No. 4/2013 Dated 24-1-2013 In exercise of the powers conferred by sub-clause (f) of clause (iii) of sub-section (3) of section 194A of the Income-tax Act, 1961 the Central Government hereby notifies the National Skill Development Fund (PAN AABTN5824G) for the purpose of sub-clause (f) clause (iii) of sub-section (3) of said section. [F.NO.275/28/2012-IT(...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 633

ITAT's note on department's General Grievances in the matter of representation and adjudication of cases fixed before each bench of ITAT Delhi NOTE, dated 21-1-2013 The CIT-DR (Admn.), vide letter dated 27th December, 2012, (Annexure) has expressed their grievance with regard to cases fixed before each Bench, which usually exceed 20. She has stated that due to paucity of manpower with the Department and the large number of fixation, it becomes very difficult for the Departmental Repre...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 472

SECTION 90 OF THE INCOME-TAX ACT, 1961 - DOUBLE TAXATION AGREEMENT - AGREEMENT FOR AVOIDANCE OF DOUBLE TAXATION AND PREVENTION OF FISCAL EVASION WITH FOREIGN COUNTRIES - NETHERLANDS - AMENDMENT IN NOTIFICATION NO.GSR 382(E), DATED 27-3-1989 NOTIFICATION NO. 2/2013 [F.NO.501/02/1983-FTD-I], DATED 14-1-2013 WHEREAS a Protocol for amending the Convention between the Republic of India and the Kingdom of the Netherlands for the avoidance of double taxation and for the prevention of fiscal e...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 654

SECTION 10A, READ WITH SECTIONS 10AA & 10B OF THE INCOME-TAX ACT, 1961 - FREE TRADE ZONE - DIRECT TAX BENEFITS - CLARIFICATION ON ISSUES RELATING TO EXPORT OF COMPUTER SOFTWARE circular No. 1/2013 [F. No. 178/84/2012-ITA.I], dated 17-1-2013 The Indian Software Industry has been the beneficiary of direct tax incentives under the provisions like sections 10A, 10AA & 10B of the Income -tax Act, 1961 in respect of their profits derived from the export of computer software. These p...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 601

Centralised Processing of Statements oftax deductedat source scheme, 2013 NotificationNo. 3/2013[F.No.142/39/2012-SO(TPL)], dated 15-1-2013 In exercise of the powers conferred by sub-section (2) of section 200A of the Income-tax Act, 1961 (43 of 1961), theCentralBoardof Direct Taxes hereby makes the following scheme for centralised processing of statements oftax deductedat source, namely:- Short title and commencement 1.(1) This scheme may be called the Centralised Processing of Stat...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 1003

Section 197A of the income-tax Act, 1961 – Deduction of tax at source – no deduction in certain cases – Specified payment under section 197A(1f) NOTIFICATIONNO. 56/2012 [F. NO. 275/53/2012-IT(B)], DATED 31-12-2012 In exercise of the powers conferred by sub-section (1F) of section 197A of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies that no deduction of tax under Chapter XVII of the said Act shall be made on the payments of the nature speci...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 559

NOTIFICATION NO 52/2012, Dated: November 29, 2012 Income Tax (Fifteenth Amendment) Rules, 2012 – Amendment in Rules 11U and 11UA SO 2805(E)- 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 (15th Amendment) Rules, 2012. (2) They shall come into force on the date o...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 1253

[TO BE PUBLISHED IN PART II, SECTION 3, SUB-SECTION (ii) OF THE GAZETTE OF INDIA, EXTRAORDINARY, DATED THE 23rdGovernment of India November, 2012]Ministry of FinanceDepartment of RevenueNotificationNew Delhi, the 23rd(Income-tax) November , 2012. S.O. 2777(E).— In exercise of the powers conferred by sub-section (1) of section 80CCG of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following Scheme, namely:-1. Short title, commencement and application. - (1)...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 608

CIRCULAR NO. 07/2012 F.No. 142/17/2012-SO(TPL) Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) --------- Dated: September 21, 2012 Subject: Approval of loan agreements/ long term infrastructure bonds and rate of interest for the purpose of Section 194LC of the Income-tax Act, 1961- regarding. The Finance Act, 2012 has introduced section 194LC in the Income Tax Act. This section provides for lower withholding tax at the rate of 5% on intere...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 389

SECTION 92 OF THE INCOME-TAX ACT, 1961 - TRANSFER PRICING - COMPUTATION OF ARM'S LENGTH PRICE - NOTIFIED PERCENTAGE UNDER SECOND PROVISO TO SECTION 92C(2) NOTIFICATION NO. 31/2012 [F.NO. 500/185/2011-FTD I], DATED 17-8-2012 In exercise of the powers conferred by the second proviso to sub-section (2) of section 92C of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies that where the variation between the arm's length price determined under section 92C and the pr...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 564

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...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 357