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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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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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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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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CBDT plans to celebrate 'Good Governance day' on every Wednesday by holding it as 'public meeting day'
Posted Date : 07-Jan-2015 , 05:47:42 pm | Posted By: CASANSAAR
GOOD GOVERNANCE DAY - INSTRUCTIONS ON OBSERVANCE OF WEDNESDAYS AS A PUBLIC HEARING DAY FOR HEARING PUBLIC GRIEVANCES
OFFICE MEMORANDUM [F.NO.DIR.(HQRS.)/CH.(DT)/29/2013],DATED 6-1-2015
As a part of Prime Minister's 'Good Governance Day' promise to provide an "open and accountable administration" it has been decided that all field offices of the Income Tax Department will observe 'Public Meeting Day' during 10.00 AM to 1.00 PM every Wednesday to listen to and try to resolve the grievances o...
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CBDT asks officials to seek exchange of info. by 15-2-2015 in assessment cases getting time-barred on 31-03-2015
Posted Date : 07-Jan-2015 , 05:46:06 pm | Posted By: CASANSAAR
SECTION 143 OF THE INCOME-TAX ACT, 1961 - ASSESSMENT - GENERAL - REQUEST FOR EXCHANGE OF INFORMATION FROM FIELD OFFICES OF TIME BARRING ASSESSMENT CASES
LETTER (F.NO.500/56/2014-FT&TR-IV],DATED 6-1-2015
The undersigned is directed to state that large number of requests for Exchange of Information (EOI) in time barring assessments/matters are received in FT&TR Division just before the time barring date. It becomes difficult to process and forward such requests after due scrutiny to ...
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CBDT issues draft standard operating procedures for administering TDS
Posted Date : 07-Jan-2015 , 08:25:24 am | Posted By: CASANSAAR
Standard operating procedures (SOP) for administering TDS incorporating the re-engineered processes developed by the CPC-TDS.
1. TDS is a non-obtrusive but powerful instrument to prevent tax evasion as well as to expand thetax net. TDS also minimizes tax avoidance by the taxpayer (income earners), as the payee’stransaction(s) are reported to the Department by the third person. The contribution of TDS to theoverall gross direct taxes collections during F.Y.2013-14 was Rs.2,71,069 crore. Th...
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CBDT specifies class of assessees for Dispute Resolution Panels at Delhi, Mumbai and Bengaluru
Posted Date : 05-Jan-2015 , 08:21:50 am | Posted By: CASANSAAR
IT/ILT : Section 144C of the Income-tax Act, 1961 - Dispute Resolution Panel (DRP) - Reference to – Reconstitution of DRPs at Delhi, Mumbai & Bengaluru –CBDT specifies class of assessees for Dispute Resolution Panels at Delhi, Mumbai and Bengaluru...
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CBDT issues new guidelines for compounding of offences
Posted Date : 29-Dec-2014 , 08:56:24 am | Posted By: CASANSAAR
In the light of various references received from the field formation from timeto time, existing guidelines on compounding of offences under Income-tax Act,1961 (the Act) have been reviewed and in supersession of the same, includingthe guidelines issued vide F.No. 285/90/2008-IT(Inv.)/12 dated 16 thMay 2008,the following guidelines are issued for compliance by all concerned....
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Govt. notifies 'Reliance Retirement Fund' as pension fund for purpose of Sec. 80C deduction
Posted Date : 29-Dec-2014 , 08:54:16 am | Posted By: CASANSAAR
Govt. notifies 'Reliance Retirement Fund' as pension fund for purpose of Sec. 80C deduction for the A.Y.2015-16...
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CBDT directs AOs to stop coercing taxpayers for admitting undisclosed income during search/survey proceedings
Posted Date : 19-Dec-2014 , 06:05:20 pm | Posted By: CASANSAAR
CBDT directs AOs to stop coercing taxpayers for admitting undisclosed income during search/survey proceedings....
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CBDT notifies limit of 50% Govt. grant for deeming university/hospitals as substantially funded by Govt.
Posted Date : 16-Dec-2014 , 09:19:18 pm | Posted By: CASANSAAR
S.O. 3168 (E). – In exercise of the powers conferred by section 295 read with sub-clauses (iiiab) and(iiiac) of clause (23C) of section 10of the Income-tax Act, 1961 (43 of 1961), the Central Board ofDirect Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-...
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CBDT revises jurisdictions of DGITs, DITs of Intelligence and Criminal Investigation wing
Posted Date : 12-Dec-2014 , 07:52:20 am | Posted By: CASANSAAR
CBDT revises jurisdictions of DGITs, DITs of Intelligence and Criminal Investigation wing...
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CBDT releases circular on tax deduction from salaries for financial year 2014-15
Posted Date : 10-Dec-2014 , 09:44:42 pm | Posted By: CASANSAAR
CIRCULAR NO : 17/2014
F.No. 275/192/2014-IT(B)
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
******
North Block, New Delhi
Dated 10th December, 2014
SUBJECT: INCOME-TAX DEDUCTION FROM SALARIES DURING THEFINANCIAL YEAR 2014-15 UNDER SECTION 192 OF THE INCOMETAX ACT, 1961.
Reference is invited to Circular No.08/2013 dated 25.10.2013 whereby the rates ofdeduction of income-tax from the payment of income under the head "Salaries" u...
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CBDT notifies CIT(E) for granting Sec. 10(23C) approval to trusts
Posted Date : 04-Dec-2014 , 08:23:25 am | Posted By: CASANSAAR
CBDT notifies CIT(E) for granting Sec. 10(23C) approval to trusts...
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CBDT notifies CIT(E) for granting Sec. 10(23C) approval to educational institutions/hospitals
Posted Date : 04-Dec-2014 , 08:22:33 am | Posted By: CASANSAAR
CBDT notifies CIT(E) for granting Sec. 10(23C) approval to educational institutions/hospitals...
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AOs not to frame high pitched assessments on taxpayers of J&K State if their books were destroyed in floods: CBDT
Posted Date : 02-Dec-2014 , 09:49:36 pm | Posted By: CASANSAAR
It has come to the notice of the Board that due to recent devastation caused by the floods inthe State of Jammu & Kashmir, the income-tax assessees of that State are facing difficulties inensuring compliance either with the requirements under ongoing scrutiny assessment proceedingsor with respect to notices u/s 143(2) of the Income Tax Act, 1961 ('Act') issued recently.
2. In such cases, where an assessee under scrutiny claims that he is unable to make certaincompliances due to destructio...
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I-T department designed a new functionality for generating MIS of Auditable cases under Secs 143(3), 144 and 147
Posted Date : 01-Dec-2014 , 09:51:22 pm | Posted By: CASANSAAR
AST Instruction No.132
DIRECTORATE OF INCOME TAX (SYSTEMS)
ARA Centre, Ground Floor, E-2, Jhandewalan Extension,
New Delhi-110055
F. No. AST/Inst. No. 132/Auditable cases-MIS/78/2014-15
Dated: 27.11.2014
To,
The Principal Chief Commissioner of Income-tax /CCsIT(By Name)
Ahmedabad/ Allahabad/ Amritsar/ Bangalore/ Baroda/ Bhopal/ Bhubaneshwar/ Bareilly/ Chandigarh/ Chennai/ Cochin/ Coimbatore/ Dehradun/ Delhi/ Durgapur/ Guwahati/ Hubli/ Hyderabad/ Indore/ jaipur/ Jalpaiguri/ Jodhpur/ K...
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Due date for Filing Return in Jammu & Kashmir extended to 31.03.2015
Posted Date : 30-Nov-2014 , 09:32:09 am | Posted By: CASANSAAR
F.No. 225/268/2014/ITA.II
Dated- 28th of November, 2014
Order under Section 119 of the Income-tax Act, 1961
Considering the devastation due to floods in the State of Jammu & Kashmir, the Central Board of Direct Taxes, in exercise of powers conferred under section 119 of the Income-tax Act, 1961 (`Act’) and in continuation to the earlier order under section 119 of the Act dated 16.09.2014, hereby further extends the ‘due date’ of furnishing return of income from 30th ...
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Settlement Application - Assessment deemed to be concluded when order is made and not when served; CBDT clarifies
Posted Date : 18-Nov-2014 , 08:04:52 am | Posted By: CASANSAAR
Chapter XIX-A of the Income-tax Act, 1961 contains provisions relating tosettlement of cases by the Income-tax Settlement Commission (ITSC). Theprovisions contained in the said chapter were amended by Finance Act, 2007and a Revised Settlement Scheme was put in place. Explanatory Circular No.3/2008 dated 12.03.2008 issued by CBDT vide para 61 (comprising sub paras61.1 to 61.17) deals with Revised Settlement Scheme....
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Income Tax Department to remain open on 15th November, 2014
Posted Date : 12-Nov-2014 , 07:40:23 am | Posted By: CASANSAAR
F.No.225/298/20114/ITA.II
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
New Delhi, the 11th of November, 2014
Order under Section 119(1) of the Income-tax Act, 1961
The Income-tax Offices throughout the country shall remain open on 15th November (Saturday), during normal office hours, for conducting the administrative work related to implementation of the restructuring of jurisdictions across the country which is coming into effect...
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Press Release regarding instruction issued to ensure a non-adversarial tax regime within the Income-tax Department
Posted Date : 08-Nov-2014 , 07:55:39 am | Posted By: CASANSAAR
In its constant endeavour towards a non-adversarial tax regime, the CentralBoard of Direct Taxes(CBDT) has issued instruction dated 7th November, 2014 to itsfield offices. Emphasis has been laid on cleanliness in office, punctuality, timelinessin appointment and avoiding unnecessary adjournments. Though less that 1% ofreturns filed are selected for scrutiny, this area of work has often drawn adversarialcomments. Supervisory officers, have been directed to play a more pro-active role inmonitoring...
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U/S 144C Income Tax Act 1961 - Jurisdiction of DRP for cases and class of cases amended by CBDT
Posted Date : 03-Nov-2014 , 07:56:26 am | Posted By: CASANSAAR
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
FT &TR-II Division
F. No. 500/12/2013-SO/FT&TR-2(1)
New Delhi, dated 30thOctober, 2014
ORDER NO. 12/FT&TR/2014
In partial modification toOrder No. 7/FT&TR/2013 dated 14thNovember, 2013and in exercise of the powers conferred undersection 144Cof theIncome-tax Act, 1961(43 of 1961)read withIncome-tax (Dispute Resolution Panel) Rules, 2009as amended from time to time and keeping in...
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Measures for Revenue Augmentation - calling for returns of income in the case of non-filers for AY 2014-15 regarding
Posted Date : 31-Oct-2014 , 06:42:40 pm | Posted By: CASANSAAR
DIRECTORATE OF INCOME TAX (SYSTEMS)
ARA Centre, Ground Floor, E-2, Jhandewalan Extension,
New Delhi-110055
F. No. DIT(S)-II/Non-filers/2014-15/4011
Dated: 29.10.2014
To,
The Principal Chief Commissioner of Income-tax / Chief Commissioner of Income-tax (By Name)
Ahmedabad / Allahabad / Amritsar / Bangalore / Baroda / Bhopal / Bhubaneswar / Bareilly/ Chandigarh / Chennai / Cochin / Coimbatore / Dehradun / Delhi / Durgapur / Guwahati / Hubli / Hyderabad / Indore/ Jaipur / Jalpaiguri / Jo...
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Framing of scrutiny assessments in cases of fish farmers involved in running inland fresh water fish tanks-regarding
Posted Date : 30-Oct-2014 , 08:22:15 am | Posted By: CASANSAAR
INSTRUCTION NO. 8/2014
F. No. 225/271/2014-ITA.II
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF REVENUE
CENTRAL BOARD OF DIRECT TAXES
Room No. 143E, North Block, New Delhi
Dated the 27thOctober, 2014
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
Sir/Madam
Subject:- Framing of scrutiny assessments in cases of fish farmers involved in running inland fresh water fish ...
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