F. NO. 225/120/2016/ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi Dated the 21st of September, 2016 Subject: Providing information under section 138 of Income-tax Act, 1961- clarification in respect of Notification No. SO 576 dated 23.05.2003 issued by CBDT- regd.- Section 138 of the Income-tax Act, 1961 (‘Act’) deals with mechanism for disclosure of information in respect of assessees under the...

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The Income Declaration Scheme, 2016 (hereinafter referred to as ‘the Scheme’) came into effect on 1st June, 2016. To address doubts and concerns raised by the stakeholders, the Board has issued five sets of FAQs vide Circular Nos. 17, 24, 25,27 & 29 of 2016. To allay apprehensions relating to the income/asset declared under the Scheme vis-à-vis search and survey action by the Income-tax Department, the following clarification is issued....

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CBDT prescribes method to determine shares consideration for buy-back tax; releases draft rules. Under section 115QA of the Income-tax Act, 1961 (the Act), additional Income-tax at the rate of 20 percentis levied on the distributed income arising out of buy back of unlisted share by the company. The distributed income was defined to be the consideration paid by the company on buy back of shares as reduced by the amount which was received by the company for issue of such shares...

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F.No. 225/162/2016/ITA.II Government of India Ministry of Finance Department of Revenue (CBDT) F.No. 225/162/2016/ITA.II North Block, New Delhi, Dated the11th of July, 2016 To All Pr. CCsIT/Pr. CCIT(International-tax)/CCIT(Exemptions)/Pr. DsGIT Subject: – Issue of notices under section 143(2) of Income-tax Act, 1961 in revisedformat-regd. With reference to the above, I am directed to state that Central Board of Direct Taxes, with approval of the Revenue Secretary, has de...

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S.O. 2151(E).-In exercise of the powers conferred by section 285BA read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Government with respect to registration of persons, due diligence and maintenance of information, and the Central Board of Direct Taxes for matters relating to statement of reportable accounts, hereby make the following rules further to amend the Income-tax Rules, 1962, namely:-...

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DGIT(S)/CPC(TDS)/DCIT/15GH/2016-174539 Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income-tax (Systems) New Delhi. Notification No 1/2016 Dated: 09th June, 2016 Subject: Simplification of procedure for Form No. 15G & 15H –Clarifications -rag The existing provisions of section 197A of the Income-tar Act, 1961 (The Act) inter alia provide that tax shall not be deducted, if the recipient of certain payment on which tax is deducti...

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F.No 142/32/2015-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) Circular No 18/2016–Dated 23rd, May 2016 Sub: Relaxation for Furnishing of UID in case of Form 15 G/15H for certain quarters -reg The existing provisions of section 197A of the Income-tax Act, 1961 (‘the Act1 inter alia provide that tax shall not be deducted, if the recipient of certain payment on which tax is deductible furnishes to the pa...

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Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 10thMay, 2016 Subject: Protocol for amendment of the Convention for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and capital gains between India and Mauritius – reg 1. The Protocol for amendment of the Convention for the avoidance of double taxation and the prevention of fiscal evasion with respect to ta...

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CIRCULAR NO 13/2016 F. No. 225/46/2016-ITA.II GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES New Delhi, 9thMay, 2016 Subject:- Verification of tax-returns for Assessment Years 2009-2010, 2010-2011, 2011-2012 2012-2013, 2013-2014 and 2014-2015 through EVC which are pending due to non-filing of ITR-V Form and processing of such returns-regd. Under the earlier system of e-filing, in tax-returns which were to be filed electroni...

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Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income Tax (Systems) Notification No. 6/2016 New Delhi, 4thMay, 2016 The provisions relating to the statement of deduction of tax under sub-section (3) of section 200 and the statement of collection of tax under proviso to sub-section (3) of section 206C of the Income-tax Act, 1961 (the Act) are prescribed under Rule 31A and Rule 31AA of the Income-tax Rules, 1962 (the Rules) respectively. As...

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Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income Tax (Systems) Notification No. 8/2016 New Delhi, 4thMay, 2016 Procedure for submission of Form 15CC by an authorised dealer in respect of remittances under sub-section (6) of section 195 of the Income-tax Act, 1961 read with rule 37BB of the Income-tax Rules, 1962 Under sub-section (6) of section 195 of the Income-tax Act, person responsible for paying to a non-resident, not being...

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Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income Tax (Systems) Notification No 7/2016 New Delhi, 4thMay, 2016 [F.NO.DGIT(S)/ADG(S)-2/TDS E-FILING NOTIFICATION/110/2016] As per sub-rule (1) of rule 29C (Declaration by person claiming receipt of certain incomes without deduction of tax) of the Income-tax Rules, 1962 (hereunder referred as the Rules) a declaration under sub-section (1) or under sub-section (1A) of section 197A shall ...

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GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 30/2016 New Delhi, the 29thApril, 2016 INCOME-TAX S.O. ___(E).- In exercise of the powers conferred by sections 192, 200 and 206C, 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-ta...

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PUBLIC SERVANTS (FURNISHING OF INFORMATION AND ANNUAL RETURN OF ASSETS AND LIABILITIES AND THE LIMITS FOR EXEMPTION OF ASSETS IN FILING RETURNS) AMENDMENT RULES, 2016 - AMENDMENT IN RULE 3 NOTIFICATION NO. GSR 414(E) [F.NO.407/12/2014-AVD-IV(B)],DATED 11-4-2016 In exercise of the powers conferred by sub-section (1) read with clause (k) and clause (m) of sub-section (2) of section 59 read with section 44 of the Lokpal and Lokayuktas Act, 2013 (1 of 2014), the Central Government hereby m...

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MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 18th March, 2016 G.S.R.323(E).- In exercise of the powers conferred by section 15 of the Government Savings Banks Act, 1873 (5 of 1873), and in supersession of theSukanya Samridhi Account Rules, 2014published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), dated the 3rd December, 2014 vide notification of the Government of India in the Ministry of Finance, Department of Economi...

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Employees’ Provident Fund Organisation (Ministry of Labour & Employment, Govt. of India), Head Office Bhavishya Nidhi Bhawan, 14- Bhikaji Cama Place, New Delhi — 110066 Fax: 011-26173022, Telephone: 26172685 No. WSU/9(1)2013/Settlement/35631 Date:08th January, 2016 To M ACCs (Zones) All RPFC/OICs of ROs/SROs. Sub: Payment of contribution by the employers by 15th of the following month —Removing of grace period of 5 days. Sir/Madam, As per par...

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GOVERNMENT OF INDIA MINISTRY OF FINANCE CENTRAL BOARD OF DIRECT TAXES NEW DELHI CIRCULARNO. 25/2015 Dated : December 31, 2015 Subject:Penaltyu/s 271(1)(c) wherein additions/disallowances made under normal provisions of the Income Tax Act, 1961 but tax levied under MAT provisions u/s 115JB/115JC, forcasespriorto A.Y. 2016-17-reg.- Section 115JB of the Act is a special provision for levy ofMinimum Alternate Taxon Companies, inserted by FinanceAct 2000with effect from 1-4-2001. ...

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GOVERNMENT OF INDIA MINISTRYOF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES NEW DELHI CIRCULARNO. 24/2015, Dated: December 31, 2015 Subject: Recording of satisfaction note under section 158BD/153C ofthe Act- reg.- The issue of recording of satisfaction for the purposes of section 158BD/153C has been subject matter oflitigation. 2. The Hon’ble Supreme Court inthe caseofM/s Calcutta Knitwears in its detailed judgment in Civil Appeal No.3958 of 2014 dat...

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Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 30th December, 2015 Subject: Electronic filing of first appeal before CIT(Appeals) – reg. It is the endeavour of the Income tax Department to digitise various functions of the Department for providing efficient taxpayer services. As another significant step in this direction, electronic filing of appeal before CIT(Appeals) is being made mandatory for pe...

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Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi Instruction No. 19/2015 Dated the 29th of December, 2015 To All Pr. Chief-Commissioners of Income-tax/ Chief-Commissioners of Income-tax All Pr. Directors-General of Income-tax/ Directors-General of Income-tax Subject- IssuingQuestionnaireincasesselected for scrutiny- regarding Sir/Madam Instances have come to the notice of the Board that in cases s...

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TDS under section 194A of the Act on interest on fixed deposit made on directions of Courts. Circular No. 23/2015 dated 28/12/2015....

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Circular No. 22/2015 - Allowability of employer's contribution to funds for the welfare of employees terms of section 43B(b) of the Income-tax Act !New 17 December 2015 CIRCULAR ...

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In exercise of the powers conferred by sub-section (6) of section 195 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 (21st Amendment) Rules, 2015. (2) They shall come into force on the 1 st day of April, 2016....

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GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) [INCOME TAX] NOTIFICATION NO. 86/2015 New Delhi, the 29th October, 2015 S.O. (E).- In exercise of the powers conferred by the third proviso to sub­section (2) of section 92C of the Income-tax Act, 1961 (43 of 1961) read with proviso to sub-rule (7) of rule 10CA of the Income-tax Rules, 1962, the Central Government hereby notifies that where the variation between the arm’s length price determined under...

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CBDT asks AOs to compare tax returns of mining Cos with annual returns to ascertain suppressed stock....

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Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) (Income-tax) NOTIFICATION NO. 78/2015 New Delhi, the 12thOctober, 2015 S.O. 2791(E). –In exercise of the powers conferred bysection 295, read withsection 80DDBof 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 (15...

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ITR filed for A.Y 2014-15 or in response to notices can also be validated through EVC...

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In supersession of orders under Section 119 of the Income-tax Act, 1961 ('Act') dated 30th September, 20 15 vide file of even number, the Central Board of Direct Taxes, in exercise of powers conferred under Section 119 of the Act, hereby orders that the returns of income and audit reports u/s 44AB due for e-filing by 30th September, 20 15 may be filed, across the country, by 3 1 st October, 2015....

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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 3/2015 New Delhi, 25thAugust, 2015 Procedure for registration and submission of report as per clause (k) of sub section (1) of section 285BA of Income-tax Act, 1961 read with Sub rule (7) of Rule 114G of Income-tax Rules. 1962: As perSub rule (9)(a) of Rule 114Gof theIncome Tax Ru...

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GOVERNMENT OF INDIA MINISTRY OF FINANCE Department of Revenue (CENTRAL BOARD OF DIRECT TAXES) [Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax] NOTIFICATION NO. 73/2015 New Delhi, 24thAugust 2015 S.O. (E). -in exercise of the powers conferred byclause (b) of sub-section (4) of section 120of theIncome-tax Act, 1961 (43 of 1961)read withsection 6of theBlack Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (22 of 2015),...

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