| Notifications/Circulars |
Category : Income Tax |
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No TDS on any income of an Category I and II Alternative investment fund (other than Business Income)
Posted Date : 27-Jun-2015 , 08:19:32 am | Posted By: CASANSAAR
S.O. (E).- In exercise of the powers conferred by sub-section (1 F) 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 specified in clause (23FBA) of section 10 of the said Act received by any investment fund as defined in clause (a) of the Explanation 1 of section 115UB of the said Act.
2. This notification shall come into force from the date o...
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Extension of due date of filing return of income for Assessment Year 2015-16 — CBDT
Posted Date : 11-Jun-2015 , 05:47:11 pm | Posted By: Aarti Sharma
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Income Tax |
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AO not to raise direct demand against an assessee wherein TDS credit mismatch arises due to default of deductor: CBDT
Posted Date : 10-Jun-2015 , 10:40:50 pm | Posted By: CASANSAAR
Section 199 of the Income-Tax Act, 1961 – Deduction of Tax at Source – Credit for Tax Deducted – Non-Deposit of Tax Deducted at Source...
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Income Tax |
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TDS on withdrawal from Provident Fund w.e.f 01/06/2015
Posted Date : 23-May-2015 , 08:32:16 am | Posted By: CASANSAAR
Employees Provident Fund Organisation
(Ministry of Labour, Govt. of India)
Bhavishya Nidhi Bhawan,
14- Bhikaji Came Place, New Delhi – 110066
No. WSU/6(1)2011/IT/Vol-IV/5931 Dated- 21.05.2015
To,
All Addl. CPFC (Zones)
All RPFC/OIC of ROs/SR0s.
Sub:Amendmentin Section 192A of the IT Act, 1961- Instructions or deduction of TDS onwithdrawalfrom PF.
Ref: Head Officecircularof even number dated 16,03.2015.
Sir/Madam,
TheFinance Act, 2015 (20 of 20...
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Income Tax |
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RBI - SHG-Bank Linkage Programme – Revision of progress reports
Posted Date : 21-May-2015 , 06:11:52 pm | Posted By: Aarti Sharma
RBI/2014-15/607
FIDD.FID.BC.No.56/12.01.033/2014-15
May 21, 2015
The Chairman / Managing Director
Chief Executive Officer
All Scheduled Commercial Banks
(Excluding RRBs)
Dear Sir / Madam,
SHG-Bank Linkage Programme – Revision of progress reports
In terms of ourCircular RPCD.CO.MFFI.BC.No.103/12.01.01/2006-07 dated June 20, 2007on Microfinance – Submission of progress report andMaster Circular RPCD.FID.BC.No.06/12.01.033/2014-15 dated July 01, 2014on SHG Bank Linkag...
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Income Tax |
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RBI urges taxpayers to remit their income-tax dues in advance to avoid last minute rush
Posted Date : 18-May-2015 , 10:43:24 pm | Posted By: CASANSAAR
The Reserve Bank of India has appealed to income tax assessees to remit their income tax dues sufficiently in advance of the due date. It has also stated that assessees can use alternate channels like select branches of agency banks or the facility of online payment of taxes offered by these banks.
These will obviate the inconvenience involved in standing in long queues at the Reserve Bank offices. It is observed that the rush for remitting Income –Tax dues through the Reserve Bank of I...
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Income Tax |
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CBDT prescribes procedure to provide online response to outstanding tax demands in case of e-filing of return
Posted Date : 14-May-2015 , 08:08:00 pm | Posted By: CASANSAAR
CBDT prescribes procedure to provide online response to outstanding tax demands in case of e-filing of return....
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Income Tax |
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Co. intending incorporation can now apply for PAN in Form INC-7 prescribed under Companies Act, 2013
Posted Date : 14-Apr-2015 , 08:12:49 am | Posted By: CASANSAAR
S.O. 995(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 (Fifth Amendment) Rules, 2015.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Income-tax Rules, 1962, –
...
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Revised selection criteria for appointment of Chairman, Vice-Chairman and members of Settlement Commission
Posted Date : 07-Apr-2015 , 07:50:01 am | Posted By: CASANSAAR
G.S.R. 235(E).—In exercise of the powers conferred by the proviso to article 309 of the Constitution, and in suppression of the Settlement Commission (Income-tax/Wealth-tax) (Recruitment and Conditions of Service of Chairman, Vice-Chairmen and Members) Rules, 2000, except as respects things done or omitted to be done be supersession, the President hereby makes the following rules regulating the recruitment and conditions of service of persons appointed as Chairman, Vice-Chairmen and Member...
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Income Tax |
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Govt. notifies income computation and disclosure standards for purpose of Sec. 145; effective from April 1, 2015
Posted Date : 02-Apr-2015 , 10:01:52 pm | Posted By: CASANSAAR
Income Tax
S.O. 892 (E) In exercise of the powers conferred by sub-section (2) of section 145 of the Income-tax Act, 1961 (43 of 1961) and in supersession of the notification of the Government of India in the Ministry of Finance, Department of Revenue, published in the Gazette of India, Part II, Section 3, Sub-section (ii), vide number S.O 69(E) dated the 25th January, 1996, except as respects things done or omitted to be done before such supersession, the Central Government hereby notifies t...
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Govt. notifies IIT, Varanasi as scientific research association under Sec. 35(1)(ii)
Posted Date : 15-Mar-2015 , 08:34:28 am | Posted By: CASANSAAR
SECTION 35(1)(ii) OF THE INCOME-TAX ACT, 1961 - SCIENTIFIC RESEARCH EXPENDITURE - APPROVED SCIENTIFIC RESEARCH ASSOCIATIONS/INSTITUTIONS - INDIAN INSTITUTE OF TECHNOLOGY (BHU), VARANASI
NOTIFICATION NO. 22/2015 [F. NO. 203/07/2014/ITA-II],DATED 13-3-2015
It is hereby notified for general information that the organizationIndian Institute of Technology (BHU), Varanasi (PAN - AAAJI0396R)has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of sectio...
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Income Tax |
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Constitution of bench of Supreme Court to deal exclusively with tax matters on all working days
Posted Date : 12-Mar-2015 , 10:49:52 pm | Posted By: CASANSAAR
Constitution of bench of Supreme Court to deal exclusively with tax matters on all working days - Circular - Dated 10-3-2015 - Income Tax
A bench has been constituted by the Hon'ble Supreme Court to deal exclusively with Tax matters on all working days which will be functional w.e.f. from 9th March, 2015. This will necessarily entail briefing the counsels for the Department as well as meeting the requirements of the court on real time basis. The Member (A&J) has desired that all the Princ...
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Income Tax |
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TARC releases its final report on tax administration reforms in India
Posted Date : 21-Feb-2015 , 08:52:59 am | Posted By: CASANSAAR
TARC releases its final report on tax administration reforms in India.
e-Book Fourth Report of TARC(Dated 20th February, 2015)
e-Book Feedback Report of TARC(Dated 20th February, 2015)
Fourth Report of TARC(7 MB)(Dated 20th February, 2015)
Feedback Report of TARC(3 MB)(Dated 20th February, 2015)
...
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Income Tax |
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Govt. notifies agricultural extension projects of 'Godrej Agrovet Ltd' for purpose of Sec. 35CCC deduction
Posted Date : 19-Feb-2015 , 05:12:57 pm | Posted By: Vijay
SECTION 35CCC OF THE INCOME-TAX ACT, 1961 - EXPENDITURE ON AGRICULTURAL EXTENSION PROJECT - NOTIFIED ELIGIBLE AGRICULTURAL EXTENSION PROJECT - GODREJ AGROVET LIMITED - OIL PALM EXTENSION PROJECT
NOTIFICATION NO. 14/2015 [F.NO.203/31/2014/ITA.II],DATED 16-2-2015
FORM NO. 3CP
1.
Name, address and PAN 07 the applicant
Godrej Agrovet Limited, Pirojshanagar, Eastern Express Highway, Vikroli (East), Mumbai-400079 (AAACG0617Q)
2.
Title of the agricultural extension project
Oil Palm Ex...
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Income Tax |
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Govt. notifies new list of agricultural commodities which aren't "taxable commodities transactions"
Posted Date : 19-Feb-2015 , 07:56:28 am | Posted By: CASANSAAR
COMMODITIES TRANSACTION TAX (FIRST AMENDMENT) RULES, 2015 - AMENDMENT IN RULE 3
NOTIFICATION NO.13/2015 [F.NO. 142/09/2013-TPL]/SO 424(E),DATED 10-2-2015
In exercise of the powers conferred by sub-sections (1) and (2) of section 133 of the Finance Act, 2013 (17 of 2013) (herein after referred to as the Act), the Central Government hereby makes the following rules to amend the Commodities Transaction Tax Rules, 2013, namely:—
1.(l) These rules may be called the Commodities Transaction Ta...
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Income Tax |
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Govt. notifies projects of various entities for purpose of relief under section 35AC
Posted Date : 17-Feb-2015 , 06:32:53 pm | Posted By: CASANSAAR
S.O. 51(E).—In exercise of the powers conferred by Sub-section (I) read with clause (b) of the Explanation toSection 35 AC of the Income Tax Act, 1961 (43 of 1961), the Central Government, on the recommendation of theNational Committee for Promotion of Social and Economic Welfare, hereby notifies the institutions approved by the saidNational Committee, mentioned in column (2) of the Table below, and approves the eligible projects or schemes specifiedto be carried on by the said institution...
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Income Tax |
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Clarification regarding 'Amounts not deductible' under sub-clause (i) of clause (a) of section 40 on Inocme-tax Act, 1961 ('Act') - CBDT
Posted Date : 13-Feb-2015 , 08:12:21 am | Posted By: CASANSAAR
Clarification regarding 'Amounts not deductible' under sub-clause (i) of clause (a) of section 40 on Inocme-tax Act, 1961 ('Act') - regarding - Circular 3/2015, Dated 12-02-2015...
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No Sec. 234A interest on self-assessment tax paid before due date of filing of return; CBDT clarifies
Posted Date : 11-Feb-2015 , 01:04:12 pm | Posted By: Ravich
SECTION 234A OF THE INCOME-TAX ACT, 1961 - INTEREST FOR DEFAULTS IN FURNISHING RETURN OF INCOME - CHARGEABILITY OF INTEREST UNDER SECTION 264A ON SELF-ASSESSMENT TAX PAID BEFORE DUE DATE OF FILING OF RETURN OF INCOME
DRAFT CIRCULAR NO. 2/2015 [F.NO.385/03/2015-IT(B),DATED 10-2-2015
Interest under section 234A of the Income-tax Act, 1961 (hereinafter the Act) is charged in case of default in furnishing return of income by an assessee. The interest is charged at the specified rate on the amount ...
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Scheme of Kisan Vikas Patra, 2014
Posted Date : 09-Feb-2015 , 10:39:32 pm | Posted By: CASANSAAR
RBI/2014-15/463IDMD(DGBA).CDD.No.3484/15.02.001/2014-15
February 09, 2015
The Chairman and Managing Director/Managing DirectorHead Office, Government Accounts DepartmentState Bank of India/State Bank of Patiala/State Bank of Bikaner & Jaipur/State Bank of Travancore/State Bank of Hyderabad/State Bank of Mysore/Andhra Bank/Allahabad Bank/Bank of Baroda/Bank of India/Punjab & Sind Bank/Bank of Maharashtra/Canara Bank/Central Bank of India/Corporation Bank/Dena Bank/Indian Bank/Indian Ove...
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Income Tax |
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Sukanya Samriddhi Account
Posted Date : 07-Feb-2015 , 10:51:44 am | Posted By: Lotus Choudhary
S.O. 210(E).—
In exercise of the powers conferred
by clause (viii) of sub-section (2) of section 80C of the
Income-tax
Act, 1961 (43 of 1961), the Central Government
hereby specifies the ‘Sukanya Samriddhi
Account’
for the
purposes of the said clause.
2. This notification shall come into force with effect
from the date of its publication in the Official Gazette.
[Notification No. 9/2015, F. No. 178/3/2015-ITA. I ]
...
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Maharashtra govt. increases Death cum retirement gratuity limit to Rs. 7 lakhs
Posted Date : 06-Feb-2015 , 06:10:27 pm | Posted By: CASANSAAR
The Government is pleased to increase the maximum limit of Death cum retirement gratuity to Rs. 7 lakhs to all the eligible State Government pensioners/ family pensioners who retired /died on or after 1st January, 2006, pursuant to the decision of the Hon. Supreme Court dt. 30.01.2013 in Civil Appeal 908/2013 arising out of S.L.P.3700/2012. The Government Resolution dated 21st August, 2009 referred to above is hereby cancelled.
2. Accordingly, all the eligible pensioners/ family pensioners w...
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Income Tax |
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Standard Operating Procedure for Prosecution in Cases of TDS/TCS Default
Posted Date : 05-Feb-2015 , 07:37:33 am | Posted By: CASANSAAR
Introduction:
1.1 As per theIncome Tax Act,all cases where TDS/TCS is deducted but not deposited within the due date, as prescribed, are punishableu/s 276B/276BBor278A. The selection of cases & their processing is further governed by Instruction F.No. 285/90/2008-IT(Inv-I)/05 dated 24.04.2008 which has been modified by the CBDT [vide F.No.285/90/2013-IT(Inv.)] dated 07.02.2013. Presently, the monetary limit specified for cases to be considered for prosecution is as under:
(i)Cases, whe...
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CBDT asks its officials to follow HC's ruling in 'Vodafone' in cases where shares were issued at premium to AEs
Posted Date : 29-Jan-2015 , 09:51:30 pm | Posted By: CASANSAAR
Instruction No. 2 / 2015
F. No. 500/15/2014 - APA-I
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
Foreign Tax & Tax Research-I Division
APA-I Section
New Delhi, dated the 29thJanuary, 2015
To
All Principal CCsIT/DsGIT and CCsIT/DsGIT
Madam/Sir
Subject: Acceptance of the Order of the Hon'ble High Court of Bombay in the case of Vodafone India Services Pvt. Ltd.-reg.
In reference to the above cited subject, I am directed to draw ...
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Govt. notifies 'Indian National Group of International Association' for Sec. 10(23A) exemption
Posted Date : 28-Jan-2015 , 08:09:43 pm | Posted By: CASANSAAR
Govt. notifies 'Indian National Group of International Association' for Sec. 10(23A) exemption
January 28, 2015
SECTION 10(23A) OF THE INCOME-TAX ACT, 1961 - EXEMPTIONS - PROFESSIONAL ASSOCIATIONS - NOTIFIED ASSOCIATION
NOTIFICATION NO.4/2015 [F.NO. 196/36/2013-ITA.I],DATED 20-1-2015
In exercise of the powers conferred by clause (23A) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby approves the"Indian National Group of the International Associa...
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Govt. notifies certain entities for exemption under section 10(46)
Posted Date : 28-Jan-2015 , 08:02:19 pm | Posted By: CASANSAAR
SECTION 10(46) OF THE INCOME-TAX ACT, 1961 - EXEMPTIONS - STATUTORY BODY/AUTHORITY/BOARD/COMMISSION - NOTIFIED BODY OR AUTHORITY - TAMIL NADU WATER SUPPLY AND DRAINAGE BOARD
NOTIFICATION NO. 5/2015 [F.NO.196/28/2013-ITA.I],DATED 20-1-2015
In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961) the Central Government hereby notifies for the purposes of the said clause, the 'Tamil Nadu Water Supply and Drainage Board ', a Board constituted un...
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Income Tax |
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Now deposit in 'Sukanaya Samridhi Account' would provide sec. 80C relief
Posted Date : 28-Jan-2015 , 07:50:22 pm | Posted By: CASANSAAR
SECTION 80C OF THE INCOME-TAX ACT, 1961 - DEDUCTIONS - IN RESPECT OF INSURANCE PREMIUM, ETC. - NOTIFIED PLAN UNDER SECTION 80C(2)(viii)
NOTIFICATION NO. 9/2015 [F.NO.178/3/2015-ITA-1],DATED 21-1-2015
In exercise of the powers conferred by clause (viii) of sub-section (2) of section 80C of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the 'Sukanya Samriddhi Account' for the purposes of the said clause.
2.This notification shall come into force with effect...
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Income Tax |
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CBDT releases Explanatory Notes to the provisions of Finance (No. 2) Act, 2014
Posted Date : 22-Jan-2015 , 08:29:01 am | Posted By: CASANSAAR
Finance (No.2) Act, 2014 ─ Explanatory Notes to the Provisions of the Finance(No.2) Act, 2014 .
CIRCULAR NO. -01/2015, DATED 21st JANUARY, 2015....
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Govt. notifies 9.1% interest rate for investment in 'Sukanya Samridhi Account' during 2014-15
Posted Date : 21-Jan-2015 , 05:55:21 pm | Posted By: Ravich
SUKANYA SAMRIDHHI ACCOUNT RULES, 2014 - RATE OF INTEREST TO BE ALLOWED ON INVESTMENTS IN SAID SCHEME DURING FINANCIAL YEAR 2014-15
OFFICE MEMORANDUM [F.NO. 2/3/2014.NS-II],DATED 20-1-2015
Subject: Launch of scheme for Girl Child named "Sukanya Samridhhi Account" by Hon'ble Prime Minister - rate of interest reg.
In compliance of announcement by Finance Minister in his Budget Speech 2014-15 the Government of India has introduced a new scheme named "Sukanya Samridhhi Account"videNotification No....
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Clarification regarding applicability of section 143(1D) of the Income-tax Act, 1961
Posted Date : 14-Jan-2015 , 08:46:24 am | Posted By: CASANSAAR
Subject: – Clarification regarding applicability of section 143(1D) of the Income-tax Act, 1961 -reg.
Sub-section (ID) of section 143 of the Income-tax Act, 1961 (‘Act’) provides that where a notice has been issued to a taxpayer under sub-section (2) of section 143 of the Act, it shall not be necessary to process the return in such a case.
2. Some doubts have been expressed, in view of the words “shall not be necessary” used in the said sub-section, as to whet...
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Income Tax |
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CBDT to crack whip on officials disclosing taxpayer's info to media; asks them to respect taxpayer's privacy
Posted Date : 07-Jan-2015 , 05:48:43 pm | Posted By: CASANSAAR
SECTION 138 OF THE INCOME-TAX ACT, 1961 - DISCLOSURE OF INFORMATION RESPECTING ASSESSEES TO SPECIFIED OFFICER, AUTHORITY OR BODY PERFORMING FUNCTIONS UNDER ANY OTHER LAW - DISCLOSURE OF INFORMATION ABOUT TAXPAYERS TO MEDIA
OFFICE MEMORANDUM [F.NO.DIR.(HQRS.)/CH.(DT)/29/2014],DATED 1-1-2015
Instances have come to the notice of the Board where information pertaining to individual taxpayers has been published in the print media with specific reference to departmental sources. In some cases, e...
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