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Notifications/Circulars Category : Income Tax
AOs to identify taxable portion out of sum paid to NR to fix possible liability for TDS default under Sec. 195
Posted Date : 08-Mar-2014 , 04:14:54 pm | Posted By: HARPAL SINGH CHEEMA

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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Category : Income Tax | Comments : 0 | Hits : 423

Due date of filing TDS/TCS returns by Govt. deductor extended to 31-03-2014; no refund of fee paid under sec. 234E
Posted Date : 05-Mar-2014 , 09:35:22 pm | Posted By: CASANSAAR

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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Category : Income Tax | Comments : 0 | Hits : 694

CBDT bans AAI from issuing tax-free bonds, raises cap on issuing tax-free bonds for certain entities
Posted Date : 17-Feb-2014 , 07:08:57 am | Posted By: CASANSAAR

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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Category : Income Tax | Comments : 0 | Hits : 310

Sums paid on redemption of units or allotment of bonus units won’t attract DDT under sec.115R
Posted Date : 13-Feb-2014 , 08:54:12 pm | Posted By: CASANSAAR

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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Category : Income Tax | Comments : 0 | Hits : 214

Sec. 14A disallowance can be triggered even if exempt income isn’t earned during the year - CBDT
Posted Date : 13-Feb-2014 , 08:52:04 pm | Posted By: CASANSAAR

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 : 258

CBDT extends due date for filing of ITR-V for returns filed with refund claims for AY 2009-10, 2010-11 and 2011-12
Posted Date : 13-Feb-2014 , 08:49:35 pm | Posted By: CASANSAAR

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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Category : Income Tax | Comments : 0 | Hits : 414

Submit Form 27A generated by FVU withTDS/TCS statement wef 01.02.2014
Posted Date : 29-Jan-2014 , 07:54:09 am | Posted By: CASANSAAR

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 : 1849

CBDT releases Explanatory notes on Finance Act, 2013
Posted Date : 29-Jan-2014 , 07:53:00 am | Posted By: CASANSAAR

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 : 996

PAN applicants to furnish original docs at PAN centres for verifications from February 3, 2014: CBDT
Posted Date : 24-Jan-2014 , 09:05:14 pm | Posted By: CASANSAAR

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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Category : Income Tax | Comments : 0 | Hits : 404

President gives his assent to creation of Directorate of Income-tax (Risk Assessment)
Posted Date : 22-Jan-2014 , 08:19:47 am | Posted By: CASANSAAR

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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Category : Income Tax | Comments : 0 | Hits : 332

CBDT adheres to Citizens Charter; directs disposal of TDS certificates application under Sec. 197 within 1 month
Posted Date : 17-Jan-2014 , 05:22:57 pm | Posted By: CASANSAAR

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 : 365

PAN Application fees revised upward
Posted Date : 17-Jan-2014 , 09:37:07 am | Posted By: CASANSAAR

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 : 699

CBDT exempts deduction of tax from service tax component if it\'s charged separately
Posted Date : 16-Jan-2014 , 07:42:11 pm | Posted By: CASANSAAR

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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Category : Income Tax | Comments : 0 | Hits : 1703

CBDT notifies ‘Orissa State AIDS ControlSociety’ for sec. 10(46) exemptions
Posted Date : 14-Jan-2014 , 08:28:07 pm | Posted By: CASANSAAR

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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Category : Income Tax | Comments : 0 | Hits : 281

CBDT deploys officer to disseminate info for facilitating implementation of Food Security Act
Posted Date : 07-Jan-2014 , 05:44:26 pm | Posted By: CASANSAAR

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 : 251

File Validation Utility version 4.1 and 2.13 7 for e-TDS/TCS Statements wef 04.01.2014
Posted Date : 03-Jan-2014 , 10:32:23 am | Posted By: CASANSAAR

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 : 635

CBDT revises list of docs to be enclosed with PAN request; notifies certification formats for address & ID proof
Posted Date : 26-Dec-2013 , 05:52:51 pm | Posted By: CASANSAAR

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 : 1154

Rajiv Gandhi Equity Savings Scheme notified for 2013; taxpayers with gross income up to Rs. 12 lakhs eligible
Posted Date : 19-Dec-2013 , 04:54:10 pm | Posted By: CASANSAAR

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 : 635

CBDT allows issue of Refund Intimation U/s. 143(1) beyond time
Posted Date : 18-Dec-2013 , 09:12:09 am | Posted By: CASANSAAR

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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Category : Income Tax | Comments : 0 | Hits : 495

CBDT issues clarificatory circular on Section 40(a)(ia) -TDS Disallowance
Posted Date : 17-Dec-2013 , 06:42:42 pm | Posted By: CASANSAAR

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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Category : Income Tax | Comments : 0 | Hits : 1177

CBDT redistributes work amongst directors in Foreign Tax & Tax Research and APA divisions
Posted Date : 11-Dec-2013 , 07:11:32 pm | Posted By: CASANSAAR

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 : 288

CBDT calls for speedy disposal of electoral trust applications; releases check-list for electoral trust
Posted Date : 10-Dec-2013 , 06:56:32 pm | Posted By: CASANSAAR

Standardizing the process of filing application for approval of an Electoral Trust. ...

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Category : Income Tax | Comments : 0 | Hits : 251

CBDT seeks info on assessee opting for Safe Harbour from returns filed till November 30, 2013
Posted Date : 29-Nov-2013 , 04:56:01 pm | Posted By: CASANSAAR

The Safe Harbour rules have been made publicvidenotification dated 18th September, 2013. In order to analyze the number of taxpayers opting for the Safe Harbour, you are requested to provide the following information from the return of income filed till 30th November, 2013: ♦ Name, address, PAN and Assessing Officer of the taxpayer filing Form 3CEFA ♦ Details of eligible international transaction for which benefit under Safe Harbour Rules has been opted 2.You...

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Category : Income Tax | Comments : 0 | Hits : 313

CBDT directs I-T Officers to adhere to Circular 1/2013 issued in relation to deductions under Secs. 10A, 10AA and 10B
Posted Date : 20-Nov-2013 , 04:49:22 pm | Posted By: CASANSAAR

A clarificatoryCircular No. 01/2013, dated 17-1-2013(hereinafter referred to as 'Circular') was issued by CBDT to address various contentious issues leading to tax disputes in cases of entities engaged in export of computer software which are availing tax-benefits under sections 10A, 10AA and 10B of the Income-tax Act, 1961. 2.Instances have been reported where the Assessing Officers are not following the clarifications so issued and are taking a divergent view even in cases where the clari...

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Category : Income Tax | Comments : 0 | Hits : 477

Clarification in respect of Circular No.5/2010 – F. No. 142/13/2010 –SO (TPL) dated 03.06.2010- regarding.
Posted Date : 20-Nov-2013 , 10:27:21 am | Posted By: CASANSAAR

Section 144C, providing for reference to Dispute Resolution Panel (DRP), was inserted in the Income-tax Act, 1961 by Finance (No.2) Act, 2009. Sub-section (1) of section 144C reads as under: "The Assessing Officer shall, notwithstanding anything to the contrary contained in this Act, in the first instance, forward a draft of the proposed order of assessment (hereinafter in this section referred to as the draft order) to the eligible assessee if he proposes to make, on or after the 1st day of...

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Category : Income Tax | Comments : 0 | Hits : 316

I-T Department lays down procedure to deal with e-returns held as ‘defective’ due to unpaid self-assessment tax
Posted Date : 18-Nov-2013 , 02:55:44 pm | Posted By: CASANSAAR

Kindly refer to the above (Ref : System Letter of even no., dated 22-10-2013), the first batch of PAN-wise data for AY 2013-14 for assessees who have not paid self-assessment-tax (Rs. 100/- or more) on the day of filing of their e-returns was placed on i-Taxnet (http://10.152.2.10/) in the following path : Resources → Downloads → DIT_SYSTEMS → Unpaid Self-Assessment-Taxes in e-Returns of AY 2013-14 2.I have been directed to inform you that in view of the confusion regarding issu...

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Category : Income Tax | Comments : 0 | Hits : 574

CBDT notifies ‘Archery Association of India’ for purposes of sec. 80G for three assessment years
Posted Date : 07-Nov-2013 , 06:35:07 pm | Posted By: CASANSAAR

In exercise of the powers conferred by clause (c) of sub-section (2) of section 80G of the Income-tax Act, 1961(43 of 1961), the Central Government hereby specifies 'Archery Association of India', New Delhi as an association for the purposes of said clause for the assessment years 2013-14, 2014-15 and 2015-16 provided that the conditions specified in said rule 18AAAAA shall remain fulfilled....

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Category : Income Tax | Comments : 0 | Hits : 234

CBDT Instruction on Receipt/Revenue Audit Objections
Posted Date : 06-Nov-2013 , 08:49:35 am | Posted By: CASANSAAR

Instruction No. 16/2013 F. No.246/95/2013-A&PAC-I Government of India Ministry of Finance Department of Revenue CentralBoard ofDirect Taxes New Delhi, the 31st October, 2013 To All CCsIT (CCA), CCsIT/DGsIT Subject: Revision of Instruction No. 09 of 2006 on Receipt/Revenue Audit Objections Sir/Madam, Reference is invited to Board’s Instruction No.9 of 2006 dated 7.11.2006 on Receipt/Revenue Audit Objections (hereinafter Instruction). It is a matter of concern that despi...

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Category : Income Tax | Comments : 0 | Hits : 521

CBDT Technically Extends due date of Tax Audit & Income Tax Return from 30-9-13 to 31-10-13.
Posted Date : 24-Oct-2013 , 03:16:07 pm | Posted By: CASANSAAR

F.No. 225/117/2013/ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes Dated- 24th October, 2013 Order under Section 119 of the Income-tax Act. 1961. In exercise of powers conferred under section 119 of the Income-tax 1961, the Central Board of Direct Taxes, in continuation to order u/s 119 dated 26.09.2013 in F.No. 225/117/2013/1TA.II, hereby directs that in cases where the 'due date' of furnishing reports of audit and corresponding ...

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Category : Income Tax | Comments : 0 | Hits : 2788

CBDT issues circular on income-tax deduction from salaries for financial year 2013-14
Posted Date : 14-Oct-2013 , 08:48:22 am | Posted By: CASANSAAR

Reference is invited to Circular No.08/2012 dated 05.10.2012 whereby the rates ofdeduction of income-tax from the payment of income under the head "Salaries" underSection 192 of the Income-tax Act, 1961(hereinafter ‘the Act’), during the financial year2012-2013, were intimated. The present Circular contains the rates of deduction of income-taxfrom the payment of income chargeable under the head "Salaries" during the financial year2013-2014 and explains certain related provisions ...

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