The Government of India is pleased to notify the extension of the following scheme of Central Grant or Subsidy under Special Package - II for Industrial units in the states of Himachal Pradesh and Uttarakhand with a view to accellerating the industrial development in these States. Short Title 1.This scheme may be called the Central Capital Investment Subsidy Scheme, 2013.It will be a Central Sector Scheme. Commencement and duration of the Scheme 2.It will come into effect from the 7th Januar...

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SECTION 139D OF THE INCOME-TAX ACT, 1961 - FILING OF RETURN IN ELECTRONIC FORM - EXTENSION OF FACILITY TO TAXPAYERS TO VERIFY IF DEMAND IN THEIR CASE IS DUE TO TAX CREDIT MISMATCH ON ACCOUNT OF INCORRECT FURNISHING OF SPECIFIED PARTICULARS AND SUBMIT RECTIFICATION REQUESTS WITH CORRECT PARTICULARS OF TDS/TAX CLAIMS FOR CORRECTION OF THESE DEMANDS PRESS NOTE NO.402/92/2006-MC,DATED 17-4-2014 Detailed instructions have been issued by the CBDT to all the assessing officers laying down a Stand...

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RBI/2013-14/553A.P. (DIR Series) Circular No.117 April 4, 2014 To All Category – I Authorised Dealer Banks Madam / Sir, Foreign Exchange Management Act, 1999 (FEMA)Foreign Exchange (Compounding Proceedings) Rules, 2000 (the Rules) -Compounding of Contraventions under FEMA, 1999 Attention of all the Authorised Dealer Category - I (AD Category - I) banks is invited toA.P. (DIR Series) Circular no. 57 dated December 13, 2011and the Foreign Exchange (Compounding Proceedings) Rules, 2000 ...

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CBDT has videNotification No. 24/2014 dated 01.04.2014amendedrule 12 of Income Tax Rules 1962. Prior toamendmentof Rule 12 and upto A.Y. 2013-14 All Political Parties were allowed to Furnish ITR 7 in any of the following mode :- (i) furnishing the return in a paper form; (ii) furnishing the return electronically under digital signature; (iii) transmitting the data in the return electronically and thereafter submitting theverificationof the returnin FormITR-V; But withamendmenti...

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NOTIFICATIONNO. 24/2014, Dated: April 1, 2014 S.O.997(E). -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 (4th Amendment) Rules, 2014. (2) They shall come into force witheffectfrom the 1st day of April, 2014. 2. In the Income-tax Rules, 1962 (hereinafter referred to as the sa...

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GOVERNMENT OF INDIAMINISTRY OFFINANCEDEPARTMENT OF REVENUECENTRAL BOARD OF DIRECT TAXESNEW DELHI OFFICEMEMORANDUM Dated: March 20, 2014 Sub: Highlights of theVideo Conferenceheld on 20.03.2014-reg- 1. In order to achievethe target, a further net collection of Rs. 50,204 crore is required. An analysis with reference to collections in respect of each CCIT(CCA),the growthtrendtill dateandthe growthtrend with reference to minor heads suggested thatthe targetcould be reached provided there is...

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Category : Income Tax | Comments : 0 | Hits : 959

INCOME TAX APPELLATE TRIBUNAL MEMBERS (RECRUITMENT AND CONDITIONS OF SERVICE) AMENDMENT RULES, 2014 - AMENDMENT IN RULE 9 NOTIFICATION NO. GSR 174(E) [F.NO.A-12018(1)/02/2013-ADMN.III(LA)],DATED 10-3-2014 In exercise of the powers conferred by the proviso to article 309 of the Constitution, the President hereby makes the following rules further to amend the Income Tax Appellate Tribunal Members (Recruitment and Conditions of Service) Rules, 1963, namely :— 1.(1) These rules may be calle...

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Category : Income Tax | Comments : 0 | Hits : 1001

CBDT INSTRUCTION NO 3/2014, Dated: March 14, 2014 Issues relating to exportof computer software-Direct taxbenefits- Clarification-reg A clarificatoryCircular No. 01/2013 dated 17.01.2013was issued by CBDT to address various contentious issues leading to tax disputes in cases of entities engaged in exportof computer softwarewhich are availing tax-benefits under sections 10A, 10AA and 10B of the Income-tax Act, 1961. 2. Thereafter,Instruction No.17/2013was issued on 19.11.2013 to the field auth...

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SPECIAL DEPOSIT SCHEME FOR NON-GOVERNMENT PROVIDENT, SUPERANNUATION AND GRATUITY FUNDS - NOTIFIED RATE OF INTEREST ON DEPOSITS MADE UNDER SAID SCHEME W.E.F. 1-4-2014 UNTIL FURTHER ORDERS NOTIFICATION NO.5(4)-B(PD)/2014,DATED 4-3-2014 It is hereby notified that the deposits made under the Special Deposit Scheme for non-Government Provident, Superannuation and Gratuity funds, announced in the Ministry of Finance (Department of Economic Affairs) Notification No.F.16(1)-PD/75 dated 30th June, 1975...

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The CBDT has issued Instruction No. 02/2014 dated 26.02.2014 in which it has referred tothe judgements of the Supreme Court in Transmission Corp of A. P. 299 ITR 587 and GE India Technology Pvt. Ltd 327 ITR 456 on the issue of deduction of tax at source u/s 195 while making payments to non-residents. The CBDT has directed AOs u/s 119 that in a case where the assessee fails to deduct TDS u/s 195, the AO cannot treat the whole sum remitted to the non-resident as being chargeable to tax but he has ...

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The Central Board of Direct Taxes (‘the Board’) has received several petitions fromdeductors/collectors, being an office of the Government (‘Government deductors’), regardingdelay in filing of TDS/TCS statements due to late furnishing of the Book Identification Number(BIN) by the Principal Accounts Officers (PAO) / District Treasury Office (DTO) / ChequeDrawing and Disbursing Office (CDDO). This has resulted in consequential levy of fees undersection 234E of the Income-Ta...

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SECTION 10(15), ITEM (h) OF SUB-CLAUSE (iv) OF THE INCOME-TAX ACT, 1961 - EXEMPTIONS - INTEREST ON BONDS/DEBENTURES - SPECIFIED COMPANIES AUTHORIZED TO ISSUE TAX-FREE, SECURED, REDEEMABLE, NON-CONVERTIBLE BONDS DURING F.Y. 2013-14 SUBJECT TO SPECIFIED CONDITIONS - AMENDMENT IN NOTIFICATION NO. 61/2013 [F.NO.178/37/2013-(ITA-I)/SO 2424(E), DATED 8-8-2013 NOTIFICATION NO. 11/2014[F.NO.178/9/2014-(ITA-I)],DATED 13-2-2014 In exercise of the powers conferred by item (h) of sub-clause (iv) of cl...

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Section 115R of the Income-tax Act, 1961 - Tax on distributed income to unit holders – Clarification on scope of additional income-tax on distributed......

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Sec. 14A disallowance can be triggered even if exempt income isn’t earned during the year; CBDT clarifies ...

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Category : Income Tax | Comments : 0 | Hits : 846

CircularNo.. 04/2014, Dated : February 10, 2014 Subject – Non-Filing of ITR-Vin returnswith refund claims-relaxationof time- limit for filing ITR-V and processing of such returns -regarding. Several instances of grievances have come to the notice of the Board stating that a large number of returns-of-income for Assessment Year (‘AY’) 2009-2010, which were electronically filed without a digital signature in accordance withprocedurelaid down under the Income-tax Act, 1961(&lsqu...

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With effect from February 1, 2014, it is mandatory tosubmit Form27A generated by TDS/TCS FVU (File Validation Utility) duly signed, along the TDS/TCS statement/(s). Any other Form 27A submitted will be treated as invalid submission and the same will be rejected by TIN-FC branches....

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Category : Income Tax | Comments : 1 | Hits : 2564

CBDT has videCIRCULARNO.03/2014 Dated, the 24th January, 2014 issued EXPLANATORY NOTES TO THE PROVISIONS OF THE FINANCE ACT, 2013. Explanatory Notes cover the following Topics / Provision :- Section 2-Change in thedefinition of capitalasset Section 10 Change in the definition of keyman insurance policy, exemptionto income of investor Protection Fund of depositors, pass through status to certainAlternative InvestmentFunds exemptionof income received in India in Indian currency by a foreig...

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Category : Income Tax | Comments : 0 | Hits : 1594

The procedure for PAN allotment process will undergo a change w.e.f.03.02.2014. From this date onwards, every PAN applicant has to submit selfattestedcopies of Proof of Identity (POI), Proof of Address (POA) and Date ofBirth (DOB) documents and also produce original documents of suchPOI/POA/DOB documents, for verification at the counter of PAN FacilitationCentres. The copies of Proof of Identity (POI), Proof of Address (POA) and Dateof Birth (DOB) documents attached with PAN application form, wi...

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CREATION OF DIRECTORATE OF INCOME-TAX (ASSESSMENT) AT NEW DELHI NOTIFICATION NO.GSR 22(E) [F.NO.HRD/CM/196/1/2013-14/26/2014-AD.VII],DATED 16-1-2014 The President of India is pleased to give his assent to the creation of Directorate of Income Tax (Risk Assessment), Central Board of Direct Taxes, Department of Revenue, Ministry of Finance, with immediate effect. 2.The Directorate of Income Tax (Risk Assessment) will be headed by a Director General of Income Tax who will be an officer of ...

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To All the Chief Commissioners & Directors General of Income Tax, Certificate of Lower deduction or non-deduction of tax at source undersection 197 of the Income-tax Act, 1961 - matter regarding. As per the Citizens Charter the time line prescribed for a decision on application forno deduction of tax or deduction of tax at lower rate is one month. Instances havebeen brought to the notice of the Board, about considerable delay in issuing thelower/non deduction certificate under section...

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Category : Income Tax | Comments : 0 | Hits : 935

NSDL vide itscircularNo.: NSDL/TIN/2014/004 dated 15th January 2014 has informed that the Income Tax Department (ITD) hasrevisedPANapplication feesas follows :- From Rs. 96 to 105/- (For dispatch of PAN card in India) From Rs. 962 to 971/- (For dispatch of PAN card outside India) Both the above charges are inclusive of service tax....

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Category : Income Tax | Comments : 0 | Hits : 1260

The Board had issued aCircularNo.4/2008 dated 28-04-2008 wherein it was clarified that tax is to be deducted at source under section 194-I of the Income-tax Act, 1961 (hereafter referred to as 'the Act'), on the amount ofrent paid/payable without including theservice taxcomponent. Representations/letters has been received seeking clarification whether such principle can be extended to other provisions of the Act also. 2. Attention of CBDT has also been drawn to the judgement of theHon'ble ...

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NOTIFICATION NO. 4/2014 [F.NO.196/80/2012-ITA.I]/SO 78(E),DATED 10-1-2014 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 Orissa State AIDS Control Society, a body constituted by the Government of Orissa in respect of the following specified income arising to that Society, namely:— (a) amount received in the form of grants-in-aid from the Cen...

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Where as the Central Government is of the opinion that it is necessary to do so inic interestf'and, therefore, in pursuance of sub-clause (ii) of clause (a) of sub-1) of Section 138 of the Income-tax Act, 1961, the Central Government herebythe officer of the rank of Secretary in various States(s) /Union territories inlndi o is respo4sible for implementation of the National Food Security Act, 2013...

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Category : Income Tax | Comments : 0 | Hits : 824

CircularNo: NSDL/TIN/2014/001 January 1, 2014 Subject: Release of File Validation Utility (FVU) version 4.1 and2.13 7 for e-TDS/TCSStatements. All TIN FacilitationCenters(TIN-FCs) are hereby informed that the following new versions of File Validation Utility (FVU) are being released. 1. FVU version 4.1 – ForStatementspertaining to FY 2010-11 onwards. 2. FVU version 2.137 – ForStatementspertaining to FY 2007-08 to FY 2009-10. ThesetwoFVU versions are applicable with eff...

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Category : Income Tax | Comments : 0 | Hits : 1206

S.O. 3794 (E)- In exercise of the powers conferred by section 295 of the Income-taxAct, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rulesfurther to amend the Income-tax Rules, 1962, namely:- 1. (1) These rules may be called the Income –tax (19th Amendment) Rules, 2013. (2) They shall come into force on the date of their publication in the Official Gazette....

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Category : Income Tax | Comments : 0 | Hits : 1705

CBDT notifiedRajiv Gandhi Equity Savings Scheme for 2013; taxpayers with gross income up to Rs. 12 lakhs eligible, dated 18/12/2013. S.O. _3693 (E).— In exercise of the powers conferred by sub-section (1) of section 80CCG ofthe Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the followingScheme, namely:- 1. Short title, commencement and application. - (1) This Scheme may be called theRajiv Gandhi Equity Savings Scheme, 2013. (2) It shall come into force on the dat...

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Category : Income Tax | Comments : 0 | Hits : 1209

InstructionNo. 18th/ 2013,dated the 17th of December, 2013 Subject: – Issue of Intimation under section 143(1) of Income-tax Act, 1961 beyond time-regarding. Several instances have come to the notice of the Board Where due to certain technical or other reasons (which inter-alia included wrongmigrationof PAN and delayed release ofreturnsby the Centralized Processing Cell to the jurisdictional authorities), intimation in refund cases could not be sent to the concerned assessees within ...

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CIRCULARNo 10/DV/2013 (Departmental View) F. No. 279/Misc./M-61/2012-ITJ (Vol.-II) Government of India Ministry of Finance Department of Revenue CentralBoard ofDirect Taxes New Delhi, the December 16th 2013 Subject:Circularon Section 40(a)(ia) of theIncome TaxAct, 1961-reg. It has been brought to the notice ofthe Boardthat there are conflicting interpretations by judicial authorities regarding the applicability of the provisions of section 40(a)(ia) of the Income-taxAct, 1961 (`the A...

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OFFICE ORDER [F.NO.500/59/2003-FTD-I],DATED 10-12-2013 In consequence to the officeorder dated 6th December, 2013regarding revision of work distribution between Joint Secretary (FT&TR-I) and Joint Secretary (FT&TR-II), the work distribution among the Director (FT&TR-I), Director (FT&TR-III) and Director (APA) under the Central Board of Direct Taxes (CBDT) is revised as under:— Officer Work Allocated Director (FT&TR-I) 1. All matters relating to...

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Category : Income Tax | Comments : 0 | Hits : 879