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Notifications/Circulars Category : Income Tax
Prevention of Money-laundering (Maintenance of Records) Amendment Rules, 2019
Posted Date : 14-Feb-2019 , 10:50:55 am | Posted By: CASANSAAR

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 13th February, 2019 G.S.R. 108(E).—In exercise of the powers conferred by sub-section (1), read with clauses (i), (j), (jj),(jjj) and (k) of sub-section (2) of section 73 of the Prevention of Money-laundering Act, 2002 (15 of 2003),the Central Government hereby makes the following rules further to amend thePrevention of Money laundering (Maintenance of Records) Rules, 2005, namely:— 1. (1) These rule...

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Category : Income Tax | Comments : 0 | Hits : 136

Govt notifies Special Courts under Benami Property Act
Posted Date : 18-Oct-2018 , 08:03:45 am | Posted By: CASANSAAR

MINISTRY OF FINANCE (Department of Revenue) Notification No. 67/2018-Income Tax New Delhi, the 16th October, 2018 S.O. 5323(E).-In exercise of powers conferred by sub-section (1) of section 50 of the Prohibition of Benami Property Transactions Act, 1988 (45 of 1988) and in consultation with the Chief Justices of the respective High Courts, the Central Government hereby designates the court(s) of Session, as mentioned in Table below, as Special Court(s) for the area(s) specified in th...

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Category : Income Tax | Comments : 0 | Hits : 482

Last Date for filing Income Tax Return extended to 31/08/2018
Posted Date : 26-Jul-2018 , 07:16:46 pm | Posted By: CASANSAAR

F. No. 225/242/2018/ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (ITA.II division) North-Block, New Delhi, the 26th July, 2018 Order under Section 119 of the Income-tax Act, 1961 For certain categories of taxpayers, the ‘due-date’ of filing income-tax return for assessment-year 2018-2019 is 31.07.2018. Upon consideration of the matter, the Central Board of Direct Taxes, in exercise of its powers under section 11...

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Applications for appointment to the posts of Member (Judicial/ Accountant) in ITAT
Posted Date : 14-Jul-2018 , 07:48:45 am | Posted By: CASANSAAR

GOVERNMENT OF INDIA MINISTRY OF LAW AND JUSTICE DEPARTMENT OF LEGAL AFFAIRS **** CIRCULAR Subject: Applications for appointment to the posts of Member (Judicial/ Accountant), Income Tax Appellate Tribunal. **** In exercise of the powers conferred by section 252 of the Income-Tax Act, 1961, the Central Government has constituted the Income Tax Appellate Tribunal to hear appeals against the orders passed by various authorities stated in section 253 of the Act. 2. Applications a...

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Category : Income Tax | Comments : 0 | Hits : 945

Due date to link Aadhaar with PAN extended till 31st March 2019
Posted Date : 02-Jul-2018 , 07:48:21 am | Posted By: CASANSAAR

F.No.225/270/2017/ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North-Block, ITA.II Division New Delhi, dated the 30th of June, 2018 Order under Section 119 of the Income-tax Act, 1961 Vide its orders dated 31.07.17, 31.08.17, 08.12.17 & 27.03.18, in file of even number, CBDT had allowed time till 30th June, 2018 to link PAN with Aadhaar while filing the tax-returns. Upon consideration of the matter, the CBDT further extend...

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Category : Income Tax | Comments : 0 | Hits : 436

Transport allowance of Rs.1,600 pm withdrawn by CBDT
Posted Date : 10-Apr-2018 , 07:58:23 am | Posted By: CASANSAAR

S.O. 1517(E).—In exercise of the powers conferred by section 295, read with sub-clause (ii) of clause (14) of section 10 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:-...

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President assents Finance Act, 2018 (Applicable for FY 2018-19)
Posted Date : 31-Mar-2018 , 09:08:39 am | Posted By: CASANSAAR

The following Act of Parliament received the assent of the President on the 29th March, 2018, and is hereby published for general information:— THE FINANCE ACT, 2018, NO. 13 OF 2018...

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Second Amendment (2018) to CGST Rules
Posted Date : 07-Mar-2018 , 04:11:40 pm | Posted By: Manya

[To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i)] Government of India Ministry of Finance (Department of Revenue) Central Board of Excise and Customs Notification No.12/2018 – Central Tax New Delhi, the 7th March, 2018 G.S.R……(E). - In exercise of the powers conferred by section 164 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government hereby makes the following rule...

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Rescinding notification No. 06/2018 - CT dated 23.01.2018
Posted Date : 07-Mar-2018 , 04:08:32 pm | Posted By: Manya

[To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i)] Government of India Ministry of Finance (Department of Revenue) Central Board of Excise and Customs Notification No. 13/2018 – Central Tax New Delhi, the 7th March, 2018 G.S.R…. (E).- In exercise of the powers conferred by section 128 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on the recommendations of the Council,...

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Process ITRs of all Non-scrutiny cases for A Y 2016-17 by 31.03.2018 - DIT
Posted Date : 09-Feb-2018 , 09:49:50 am | Posted By: CASANSAAR

DIRECTORATE OF INCOME TAX (SYSTEMS) ARA Center, Ground Floor, E-2, Jhandewalan Extension F.No: DGIT(S)-3/AST/Processing of CASS Cases/101/2016-17/2 Date: 07.02.2018 Sir/Madam, Subject: Pendency of processing u/s 143(1) for ITR paper and E-filed Returns-regarding As you may be aware, the time barring date for processing of paper ITRs for AY 2016-17 and few belated ITRs of AY 2015-16 is 31.03.2018. Same applies to all e-filed Returns for the AY 2016-17 and belated ITRs of AY 2015-16 ...

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24 FAQs on Taxation of Long Term Capital Gain on Shares
Posted Date : 06-Feb-2018 , 09:52:42 am | Posted By: CASANSAAR

F.No. 370149/20/2018-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, Dated 4th February, 2018 Subject: Frequently Asked Questions (FAQs) regarding taxation of long-term capital gains proposed in Finance Bill, 2018-reg. Under the existing regime, long term capital gains arising from transfer of long term capital assets, being equity shares of a company or a unit of equity oriented fund or a unit of business trust, is exempt f...

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Extension of due date of deposit of TDS/ TCS for the month of October to 08.11.2017
Posted Date : 15-Dec-2017 , 08:55:49 am | Posted By: CASANSAAR

F. No. 275/38/2017-IT(B) GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES North Block, New Delhi Date: 13th December, 2017 ORDER UNDER SECTION 119 OF THE INCOME-TAX ACT, 1961 Due to certain technical issues faced by NSDL’s gateway for e-payment of tax on 7th November, 2017, some taxpayers/ deductors were unable to make e-payment of tax deducted/ collected for certain period on that date. In order to redress genuine hardsh...

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Clarification on Indirect Transfer provisions in case of redemption of share or interest outside India
Posted Date : 09-Nov-2017 , 11:52:11 am | Posted By: May I Help You.

Under the provisions contained in section 9(1 )(i) of the Income-tax Act, 1961 ('Act'), all income accruing or arising, whether directly or indirectly, through or from any business connection in India, or through or from any property in India, or through or from any asset or source of income in India or through the transfer of a capital asset situate in India, shall be deemed to accrue or arise in India. Explanations 5, 6 and 7 of section 9(1 )(i) further define the scope of said provisi...

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Submit note in respect of each high-pitched assessment case - RS
Posted Date : 21-Aug-2017 , 08:49:07 am | Posted By: CASANSAAR

F.No. 225/ 287 /2017/ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, the 18th August, 2017 To All Pr. Chief Commissioners of Income Tax, Sir, Subject: Functioning of Regional Committees to deal with Tax Payer Grievances from High Pitched Assessments-reg. Kindly refer to the above mentioned subject. 2. In April, 2017, Board had called for all India information regarding functioning of Regional Committees to dea...

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Clarifications on computation of book profit for the purposes of levy of MATunder section 115JB of the Income-tax Act, 1961
Posted Date : 26-Jul-2017 , 12:33:39 pm | Posted By: Md Irsad Alam

Central Government notified the Indian Accounting Standards (Ind AS) which are converged with International Financial Reporting Standards (IFRS) vide Companies (Indian Accounting Standards) Rules, 2015. Consequently, the Finance Act, 2017, has amended the provisions of section 115JB of the Income-tax Act, 1961 (‘the Act’) for Ind AS compliant companies w.e.f. 1st day of April, 2017 (A.Y. 2017-18). The Central Board of Direct Taxes ('the Board ') has received representations f...

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Applicability of Explanation 2 to Section 132B of the Income Tax Act 1961 - CBDT
Posted Date : 12-Jun-2017 , 09:42:21 pm | Posted By: CASANSAAR

Section 132B of the Income Tax Act 1961, provides for adjustment of seized assets/requisitioned assets against the amount of any existing liability under the Income Tax Act, 1961, (the Act), the Wealth-tax Act, 1957, the Expenditure-tax Act, 1987, the Gift-tax Act, 1958 and the Interest-tax Act, 1974, and the amount of the liability determined on completion of the assessment under section 153A of the Act and the assessment of the year relevant to the previous year in which search is initiated or...

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No deemed dividend U/s. 2(22)(e) on trade advances in the nature of commercial transactions - CBDT
Posted Date : 12-Jun-2017 , 09:40:21 pm | Posted By: CASANSAAR

Section 2(22) clause (e) of the Income Tax Act, 1961 (the Act) provides that “dividend” includes any payment by a company, not being a company in which the public are substantially interested, of any sum by way of advance or loan to a shareholder, being a person who is the beneficial owner of shares (not being shares entitled to a fixed rate of dividend whether with or without a right to participate in profits holding not less than ten per cent of the voting power, or to any concern ...

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Due date to furnish form 16 (Salary Certificate) extended to 15th June
Posted Date : 06-Jun-2017 , 07:45:42 am | Posted By: CASANSAAR

GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 42/2017 New Delhi, dated the, 2nd June 2017 INCOME-TAX G.S.R 546(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 (10th Amendmen...

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Clarification regarding Liability to income tax in India for a non Resident seafarer receiving salary in NER ACCOUNT
Posted Date : 27-Apr-2017 , 10:08:33 am | Posted By: CASANSAAR

Circular No. 17/2017 F. No: 500/07/2017-FT & TR-V Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes Foreign Tax & Tax Research – II Ft & TR-V Division New Delhi, dated 26.04.2017 CORRIGENDUM Subject: Corrigendum to Circular No 13/2017 dated 11.04.2017 on the Clarification regarding liability to income-tax in India for a non-resident seafarer receiving salary in NRE (Non Resident External) account maintained with an I...

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Extension of time for filing declaration under the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016
Posted Date : 24-Apr-2017 , 03:32:23 pm | Posted By: Md Irsad Alam

The Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 (PMGKY) had commenced on 17.12.2016 and was open for declarations upto 31.03.2017. Considering the representations received from stakeholder, CBDT, vide Circular No.12 dated 31st March, 2017, extended the date for filing of declaration in Form No.1 till 10th of April, 2017, in cases where due tax, surcharge, penalty and deposit under the Pradhan Mantri Garib Kalyan Deposit Scheme, 2016 (Deposit Scheme) had been recei...

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Clarification on removal of cyprus from the list of notified jurisdictional area under section 94A of the lncome'tax Act. 1961.
Posted Date : 24-Apr-2017 , 03:20:51 pm | Posted By: Md Irsad Alam

Cyprus was specified as a "notified jurisdictional area" (NJA) under section 94A of the lncome-iax Act, 1961 vide Notification N0.86/2013 dated 01.11.2013. The said Notification No. 86/2013 was subsequently rescinded vide Notification No. 114 dated 14.12.2016 and Notification No. 1 19 dated 16.12.2016 with effect from the date of issue of the notification. 2. lt has been brought to notice of the Central Board of Direct Taxes that in some cases a view has been taken by the Income-tax authorities...

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CBDT issues clarifications on ICDS notified u/s 145(2) of the Income Tax Act, 1961
Posted Date : 24-Mar-2017 , 08:28:48 am | Posted By: CASANSAAR

Clarifications on Income Computation and Disclosure Standards (ICDS) notified u/s 145(2) of the Income Tax Act, 1961 - Circular No. 10/2017, Dated 23-03-2017. CLICK HERE FOR CIRCULAR ...

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Online Verification of Cash Transactions, 2016 in ITBA
Posted Date : 23-Feb-2017 , 08:01:38 am | Posted By: CASANSAAR

EFS Instruction No. 61 Tel: 0120-2770029, Fax: 0120-2770452 Email:adg2.systems@incometaxindia.gov.in DIRECTORATE OF INCOME TAX (SYSTEMS) ARA Centre, Ground Floor, E-2, Jhandewalan Extension, Delhi-110055 F. No. DGIT(S)-ADG(S)-2/Online verification of Cash Transactions/157/2016 Dated 21.02.2017 To The Pr. Chief Commissioner of Income Tax (CCA), Ahmedabad/Bangalore/Bhopal/Bhubaneswar/Chandigarh/Chennai/Delhi/Guwahati/ Hyderabad/Jaipur/Kochi/Kolkata/Kanpur/Luc...

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Clarifications on the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016
Posted Date : 23-Jan-2017 , 04:47:42 pm | Posted By: May I Help You.

The Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 (hereinafter ‘the Scheme’) provides an opportunity to persons having undisclosed income in the form of cash or deposit in an account maintained with a specified entity to declare such income and pay tax, surcharge and penalty totaling in all to 49.9 per cent. of such declared income and make a mandatory deposit of not less than 25% of such income in the Pradhan Mantri Garib Kalyan Deposit Scheme, 2016.The...

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Last date of Dispute Resolution Extended to 31st January,2017
Posted Date : 30-Dec-2016 , 06:14:22 pm | Posted By: CASANSAAR

The Central board of Direct Taxes (CBDT) vide Notification No 124/2016 dated 29th December, 2016 extends the deadline for Direct Tax Dispute Resolution Scheme by one month i.e. from31st December, 2016 to 31st January, 2017....

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Govt. to reduce Presumptive Tax Rate to 6% for digital receipts during FY 2016-17
Posted Date : 19-Dec-2016 , 10:11:44 pm | Posted By: CASANSAAR

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 19th December, 2016. Press Release Measures for Promoting Digital Payments & Creation of Less-Cash Economy Under the existing provisions of section 44AD of the Income-tax Act, 1961 (the Act), in case of certain assesses (i.e. an individual, HUF or a partnership firm other than LLP) carrying on any business (other than transportation, agency, brokerag...

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Procedure for furnishing and verification of form 26A
Posted Date : 05-Dec-2016 , 08:39:24 am | Posted By: CASANSAAR

Notification 11/2016 : Procedure for the purposes of furnishing and verification of Form 26A for removing of default of Short Deduction and/or Non Deduction of Tax at Source...

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Section 115BA - Depreciation restricted to 40%
Posted Date : 09-Nov-2016 , 10:06:43 pm | Posted By: CASANSAAR

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 103/2016 New Delhi, the 7th November, 2016 Income Tax S.O. 3399(E).-In exercise of the powers conferred by section 32, section 115BA and 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) These rules may be called the Income-tax (29th Amendme...

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Chapter VIA deduction on enhanced profits after disallowance eligible
Posted Date : 03-Nov-2016 , 07:57:04 am | Posted By: CASANSAAR

F.No.279/Misc./140/2015/ITJ Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi Circular No. 37/2016- Income Tax, Dated: November 2, 2016 Subject: Chapter VI-A deduction on enhanced profits – Reg. Chapter VI-A of the Income-tax Act, 1961 (“the Act”), provides for deductions in respect of certain incomes. In computing the profits and gains of a business activity, the Assessing Officer may make certa...

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​Prohibition of Benami Property Transactions Rules, 2016
Posted Date : 27-Oct-2016 , 08:16:56 am | Posted By: CASANSAAR

G.S.R. 1004(E).—In exercise of the powers conferred by section 68 of the Prohibition of Benami Property Transactions Act, 1988 (45 of 1988), the Central Government hereby makes the following rules, namely:-...

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