Category Archives: Income Tax

Amendment to Pradhan Mantri Garib Kalyan Deposit Scheme -Notification

As per the following Notification now Co operative Banks can not accept Deposits under Pradhan Mantri Garib Kalyan Deposit Scheme 2016 MINISTRY OF FINANCE (Department of Economic Affiairs) NOTIFICATION New Delhi, the 19th January, 2017 Amendment to Pradhan Mantri Garib Kalyan Deposit Scheme,Notification No S.O. 4061 (E) S.O. 204(E).— In exercise of the powers conferred by… Read More »

PMGKDS 2016- Co-operative Banks not authorised to accept deposits – Notification

Amendment in Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016 The Government of India, in consultation with the Reserve Bank of India, had notified Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016 vide Notification No. S.O.4061(E) dated December 16, 2016. The deposit under this Scheme shall be made by any person who declared undisclosed income… Read More »

Statement of financial transactions -Procedure for registration& submission

Procedure for registration and submission of statement of financial transactions (SFT) as per section 285BA of Income-tax Act, 1961 read with Rule 114E of Income-tax Rules, 1962 DGIT(S)-ADG(S)-2/e-filing notification/106/2016 Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income Tax (Systems) Notification No. 1 of 2017 New Delhi, 17th January, 2017… Read More »

Transaction Codes for Preparation of SFT (Financial Transactions) u/s 285BA Rule 114E

Transaction Codes for Preparation of SFT u/s 285BA Rule 114E Transaction Specific Guidelines for Preparation of Statement of Financial Transactions (SFT) Transaction specific guidelines for preparation of Statement of Financial Transactions (SFT) are given in following paragraphs. SFT- 001: Purchase of bank drafts or pay orders in cash SFT- 002: Purchase of pre-paid instruments in… Read More »

SFT Report Generation Utility Quick Reference Guide

SFT Report Generation Utility Quick Reference Guide [Statement of Financial Transaction (SFT) Report ] 1 Downloading the utility 1. Go to e-filing portal at https://incometaxindiaefiling.gov.in/ 2. Click on the Forms (other than ITR) tab under the Downloads section. 3. Click on the Download link against Form 61A to download the Utility. It allows the user… Read More »

Clarifications on Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016

Clarifications on the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 The Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 (PMGKY) has commenced on 17th December, 2016 and is open for declarations up to 31st March, 2017. CBDT has received queries from stakeholders seeking clarifications about various provisions of… Read More »

12 FAQ’s on PMGKY 2016 released by CBDT

Circular No.2 of 2017 F.No.142/33/2016-TPL(Part) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) Dated: 18th of January, 2017 Clarifications on the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 The Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 (hereinafter ‘the Scheme’)… Read More »

Tax sparing credit

Tax sparing credit The Hyderabad Bench of the Income-tax Appellate Tribunal held that: (1) the “ tax sparing ” credit is allowed on the interest income under the India-Cyprus income tax treaty; (2) payment for clinical trials is not taxable as “fees for technical services” under the India-United States income tax treaty; and (3) post-merger,… Read More »

PANs and reporting of cash transactions

PANs and reporting of cash transactions The Central Board of Direct Taxes issued guidance with respect to permanent account numbers (PANs) reflecting the links to bank accounts with PAN/Form No. 60. The rules were also amended to provide details of bank accounts in which cash deposits were made during the demonetisation period and making this… Read More »

Foreign tax credit allowed gross receipts basis

Foreign tax credit allowed on basis of gross receipts The Ahmedabad Bench of the Income-tax Tribunal held that the foreign tax credit is applicable with respect to “ income ”—and not “gross receipts.” However, the tribunal allowed the taxpayer’s claim for foreign tax credit on the basis of “ gross receipts. ” The case is:… Read More »

GST Video- Important Legal Maxims (With Examples) can be used in GST

Important Legal Maxims (With Examples) Published on Jan 16, 2017 Related Post on GST Free Video GST Video- Brief Concept of Model GST Law ( CGST, SGST & IGST) (1st Technical session) GST Video – Levy & Composition (2nd Technical Session) GST Video- Valuation of Taxable Supply & Valuation Rules (3rd technical session) GST Video… Read More »

IDS 2016- Condonation of delay in Payment of Tax

Instruction No. 2 of 2017 F.No.142/8/2016-TPL(Part) Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) *** New Delhi, the 16th January, 2017 To, All Principal Chief Commissioners of Income-tax Sub.: The Income Declaration Scheme 2016 – reg. Representations have been received from field authorities and stakeholders that there has been… Read More »

Video- Latest Developments in Assessment, Reassessment and Revision of income tax

Latest Developments in Assessment, Reassessment and Revision on 11.01.2017 by CA. Narendra Jain Related Post on Reassessment under Income Tax Territorial jurisdiction issue can’t be raised after 30 days issuance of reassessment notice Assessment u/s 143(1), Reason to believe must for reassessment Audit objection satisfied by AO canot base for reassessment Rationalisation of time limit… Read More »

Income tax dept targets of cash collection out of current Tax demand

GOVERNMENT OF INDIA Ministry of Finance / Department of Revenue Central Board of Direct Taxes North Block, New Delhi-110001 E-mail: chairamancbdt@nic.in Tele : 23092648 & Telefax : 23092544 SUSHIL CHANDRA Chairman, CBDT & Special Secretary to the Government of India F. No. 385/17/2016-IT (B) Dated: 6th January, 2017 Dear Principal Chief Commissioner of Income Tax,… Read More »

FORM N0. 61A -Download /Print

FORM N0. 61A -Download /Print FORM N0. 61A [ Substituted by the IT(Twenty-second Amdt.) Rules, 2015, w.e.f. 1-4-2016 and after Notification No G.S.R. 14(E) Dated 06.01.2017]] [See rule 114E] Statement of Specified Financial Transactions under section 285BA(1) of the Income-tax Act, 1961 PART A: STATEMENT DETAILS (This information should be provided for each Statement submitted together) Download FORM N0.… Read More »

Direct Tax and Indirect tax collection April 2016 to December 2016

Direct Tax and Indirect tax collection April 2016 to December 2016 Tax collection figures for the period April -December 2016 show a positive trend as Direct Taxes grow by 12.01% and Indirect Taxes grow by 25% over the corresponding period last year i.e. April-December 2015 Direct Tax and Indirect tax collection figures for the period… Read More »

Income Tax Dept. Report Card FY 2016-17 – Udisclosed income + Black Money

Achievements of CBDT during Financial Year 2016-17 Major Achievements of CBDT in Current Financial Year 2016-17 so far include among others Enactment of The Benami Transactions (Prohibition) Amendment Act, 2016, Implementation of The Direct Tax Dispute Resolution Scheme, 2016 and of GAAR from Assessment Year 2018-19; Signing of contract for implementation of Project Insight to… Read More »

Income from flowers & petals in pots is agriculture income : exempt from Tax u/s 10

HIGH COURT OF MADRAS Commissioner of Income-tax, Chennai v. K.N. Pannirselvam S. MANIKUMAR AND D. KRISHNAKUMAR, JJ. TAX CASE (APPEAL) NO. 617 OF 2016 SEPTEMBER  1, 2016 T. RaviKumar for the Appellant. JUDGMENT D. Krishnakumar, J. – The present appeal has been filed by the Revenue under Section 260A of the Income Tax Act 1961… Read More »

Income Tax asked Cash Deposit reporting from 1st April 2016 from Banks in New format under Rule 114E

As per the Following Notification , Income tax department has asked the Details of Cash Deposits from Bank from 01.04.2016 to 09.11.2016 in respect of following Bank Accounts :- MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 6th January, 2017 G.S.R. 14(E).—In exercise of the powers conferred by… Read More »

FORM NO. 10BA -Declaration for Claiming Deduction u/s 80GG

FORM NO. 10BA n(See rule 11B) DECLARATION TO BE FILED BY THE ASSESSEE CLAIMING DEDUCTION U/S 80 GG I/We……………………………………………………………………………………………………………………. ( Name of the assessee with permanent account number) do hereby certify that during the previous Year………….I/We had occupied the premise………………………….(full address of the premise) for the purpose of my/our own residence for a period of…………………..months and… Read More »

India and Kazakhstan sign to amend Double Taxation Avoidance Convention

India and Kazakhstan sign Protocol to amend the Double Taxation Avoidance Convention (DTAC) India and Kazakhstan signed here today  in the national capital a Protocol to amend the existing Double Taxation Avoidance Convention (DTAC) between the two countries  which was earlier signed on 9thDecember, 1996 for the avoidance of double taxation and for the prevention… Read More »

TDS on Salary for Financial Year 2016-17 (Assessment Year 2017-18) : CBDT Circular

 TDS on Salary for Financial Year 2016-17                ( Assessment Year 2017-18 ) Following Circular explains how much TDS to be deducted and valuation of perquisites, Allowances etc. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) CENTRAL BOARD OF DIRECT TAXES DEDUCTION OF TAX AT SOURCE- INCOME-TAX DEDUCTION FROM… Read More »

Loan to HUF is deemed dividend when shareholder-Karta has substantial interest in HUF

Facts of the Case The assessee is a Hindu Undivided Family (HUF). During the previous year to the Assessment Year, the assessee had received certain advances from one M/s. G.S. Fertilizers (P) Ltd.   In the audit report and annual return for the relevant period, which was filed by it before the Registrar of Companies… Read More »

Form 61 and Form 61A – ITDREIN Registration and Upload -User Manual

User Manual : ITDREIN Registration and Upload of Form 61 and Form 61A Version 1.0. Introduction……………………………………………………………………………………………………………………….4 ITDREIN Services ……………………………………………………………………………………………………………..4 Steps to Generate ITDREIN …………………………………………………………………………………5 Steps to Add Authorised Person………………………………………………………………………….6 Steps to Upload Forms………………………………………………………………………………………….8 Steps to View Forms ……………………………………………………………………………………………10. Download Complete User Manual : ITDREIN Registration and Upload of Form 61 and Form 61A Related Post ITDREIN… Read More »

Menu Restructuring on Incometaxindiaefiling.gov.in – Income Tax Website of India

Menu Restructuring on Income Tax India E filing Income tax Return The Functionalities under menus available post login to e-Filing portal are restructured for making better user experience. After restructuring, the functionalities available under “My Account” are explained below: 1. View Form 26AS (Tax Credit ) 2. View e-Filed Returns/Forms: a) e-Filed Returns/Forms b) Form… Read More »

Benami Property Explained via Video Tutorial

Benami Property in India Related Post Particulars Reference Date Benami Transactions (Prohibition) Amendment Act, 2016 (BTP Amendment Act). NO. 43 OF 2016 11th August, 2016  Rules and all the provisions of the BTP Amendment Act shall come into force on 1stNovember, 2016 S.O. 3289(E) 25th October, 2016 Prohibition of Benami Property Transactions Rules 2016 G.S.R.… Read More »

Redressal of Income Tax grievances within 30 days : CBDT

Addl. DIRECTOR GENERAL OF INCOME TAX (Tax Payer Services)-II, Ministry of Finance, Govt. of India E-2, ARA Centre, Jhadewalan Ext., New Delhi-110055 Phone No. 011-23519117, Fax No. 011-23593268 F. No. ADG(TPS-II)/CPGRAMS/2016-17/334 Dated: 29.12.2016 To, The Pr. Chief Commissioners (CCA) / Chief Commissioners of Income Tax, Ahmedabad/ Allahabad/ Amritsar /Bangalore/Baroda/Bhopal/Bhubneshwar / Bareily / Chandigarh/ Chennai/ Cochin/… Read More »

26 FAQ’s on Employees Enrolment Campaign 2017

 Employees Enrolment Campaign 2017 EMPLOYEES’ PROVIDENT FUND ORGANISATION (Ministry of Labour Employment, Govt. of India) Head Office Bhavishya Nldhi Bhaawan, 14, Bhikaji Came Place, New Delhi – 110 066. No. Coord/3(1)2016/EPF Member Enrolment Scheme, 2017  Date: 04.01.2017 To, All ACCs in charge of Zones All RPFC-I/RPFC-II In-charge of Regional/Sub-Regional Offices Sub:- Employees  Enrolment Campaign, 2017-… Read More »

CBDT signs 3 more Advance Pricing Agreements relating to Engineering Goods & Shipping sectors.

Central Board of Direct Taxes signs three more Advance Pricing Agreements pertaining to the Engineering Goods and Shipping sectors. With this, the total number of APAs entered into by the CBDT reaches 120. The Central Board of Direct Taxes (CBDT) has started the year 2017 by entering into three unilateral Advance Pricing Agreements (APAs) today.… Read More »

Assessee acquires new house on credit , Benefit of Section 54 is available

Held Even if an assessee acquires a new house on credit i.e. the payment for which may be made in future, the assessee cannot be denied the benefit of deduction u/s 54 because what is required by sub-clause (i) is that cost of new house should be equal to or more than the amount of… Read More »