Category Archives: Income Tax Press Release

SoP for issue of notice for inquiry of cash deposit during demonetisation : Income Tax department

By | November 16, 2017

F.No. 225/363/2017-ITA.II Government of India Ministry of Finance Department of Revenue (CBDT) North Block, N.Delhi, dated the 15th November, 2017 To All Principal Chief-Commissioners of Income-tax/All Principal Directors-General of Income-tax Sir/Madam, Subject: SoP for issue of notice u/s 142(1) of Income-tax Act in cases related to substantial cash deposit during the demonetisation period-regd.- On the basis… Read More »

India’s Direct Tax Collections for F.Y. 2017-2018 : 15.2% Growth up to October, 2017 at Rs. 4.39 lakh crore 

By | November 7, 2017

Direct Tax Collections for F.Y. 2017-2018 show Growth of 15.2% up to October, 2017 at Rs. 4.39 lakh crore  The provisional figures of Direct Tax collections up to October, 2017 show that net collections are at Rs. 4.39 lakh crore which is 15.2% higher than the net collections for the corresponding period of last year. Net Direct Tax collections… Read More »

Panama Papers Leaks : CBDT Investigation in full swing 

By | November 6, 2017

Cases pertaining to ‘Panama Papers’: Investigation in full swing Pursuant to revelations made by the International Consortium of Investigative Journalists (ICIJ), a Washington based organization in April 2016 about certain Indians having linkages with entities in offshore no tax/low tax jurisdictions, the Government constituted a Multi-Agency Group (MAG) on 4th April 2016, inter alia, to facilitate co-ordinated… Read More »

Paradise Papers Leaks : CBDT reconstituted Multi Agency Group,

By | November 6, 2017

Investigations in cases of ‘Paradise Papers’ to be monitored through reconstituted Multi Agency Group  Revelations made today in the media under the name ‘Paradise Papers’ [based upon expose done by the International Consortium of Investigative Journalists (ICIJ)] indicate that out of 180 countries represented in the data of offshore entities held by persons of different nationalities, India… Read More »

Country-by-Country reporting : CBDT notifies rules

By | November 1, 2017

CBDT notifies rules in respect of Country-by-Country reporting and furnishing of Master File In keeping with India’s commitment to implement the recommendations of 2015 Final Report on Action 13, titled “Transfer Pricing Documentation and Country-by-Country Reporting”, identified under the OECD Base Erosion and Profit Shifting (BEPS) Project, section 286 of the Income-tax Act, 1961 (‘the Act’) was… Read More »

Circular No 25 of 2017 : POEM Guidelines : CBDT Clarifications

By | October 23, 2017

Circular No 25 of 2017 F No 142/11/2015-TPL (Part-I) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 23rd October, 2017 Subject: Clarification related to guidelines for establishing ‘Place of Effective Management’ (PoEM) in India-reg. The concept of ‘Place of Effective Management’ (PoEM) for deciding residency status of… Read More »

Income tax on Charitable or Religious Trusts : Rules to be Amended : Comments invited

By | October 20, 2017

Comments and Suggestions Invited for Amendment of Income-tax Rules wrt Registration of Charitable or Religious Trusts  Vide Finance Act, 2017, a new clause (ab) was inserted in sub-section (1) of section 12A of the Income-tax Act, 1961 (‘the Act’) w.e.f 01.04.2018 to the effect that where a trust or an institution, which has been granted… Read More »

Sovereign Gold Bond Scheme : Now to be Issued Weekly

By | October 11, 2017

RBI/2017-18/71 IDMD.CDD.No.929/14.04.050/2017-18 October 06, 2017 The Chairman & Managing Director All Scheduled Commercial Banks, (Excluding RRBs) Designated Post Offices Stock Holding Corporation of India Ltd.(SHCIL) National Stock Exchange of India Ltd. & Bombay Stock Exchange Ltd. Dear Sir/Madam, Sovereign Gold Bond Scheme Government of India has vide its Notification F.No. 4(25)-B/(W&M)/2017 dated October 06, 2017 announced… Read More »

Direct Tax Collections for F.Y. 2017-2018 increased by 15.8% upto Sep 2017

By | October 11, 2017

Direct Tax Collections for F.Y. 2017-2018 show Growth of 15.8% up to September, 2017 The provisional figures of Direct Tax collections up to September, 2017 show that net collections are at Rs. 3.86 lakh crore which is 15.8% higher than the net collections for the corresponding period of last year. Net Direct Tax collections represent 39.4% of the total Budget Estimates… Read More »

New TDS/TCS RPU and FVU versions at NSDL e-Gov : Q2 FY 2017-18

By | October 10, 2017

Dear Deductor/Collector, It’s time to file the quarterly TDS/TCS statement. The quick steps are as follows: Due Date: . To submit the statement: You need to know about Quick links e-TDS/TCS Return Preparation Utility (RPU) and File Validation Utilities (FVUs) https://www.tin-nsdl.com/ downloads/e-tds/eTDS-download- regular.html TIN Facilitation Centers (TIN-FCs) nearest to your location https://www.tin-nsdl.com/tin- facilities.html In case… Read More »

Draft Guidelines for furnining TP documents in Master file & CBC report : CBDT

By | October 6, 2017

F. No. 370142/25/2017-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, Dated 6th October, 2017 Subject: Framing of rules in respect of Country-by-Country reporting and furnishing of master file – comments and suggestions-reg In keeping with India’s commitment to implement the recommendations of 2015 Final Report on… Read More »

Migration from e-mail based communication to E-Proceeding : Format

By | October 4, 2017

Annexure-A: Migration of email based E-Assessment to E-Proceedings in ITBA Dear Taxpayer, Subject: Migration of ongoing scrutiny proceedings from ‘e-mail based communication’ to ‘E-Proceeding’ on Income-Tax Business Application (ITBA) platform of Income-tax Department for PAN_________, Assessment Year ________ -regd.- Greetings from the Income-tax Department. We thank you for your co-operation and look forward to bring… Read More »

Income Tax Officers to notify demand due from Sick Companies

By | October 3, 2017

MISCELLANEOUS – LODGING OF TAX ARREAR CLAIMS AND IMPLEADING AS A PARTY BEFORE NCLTs LETTER [F.NO.ADDL.DIT(R)/BIFR/2017-18/8/733], DATED 20-9-2017 Kindly refer to the above captioned matter. 2. The Directorate looks after the cases of sick companies which require rehabilitation/resolution of sickness. Previously the sick companies used to move Board for Industrial and Financial Reconstruction (BIFR) under the Sick… Read More »

Do e Assessment in time barring scrutiny cases : CBDT clarify

By | September 29, 2017

Instruction No. 8/2017 Government of India Ministry of Finance Department of Revenue (CBDT) North Block, N.Delhi, dated the 29′” of September, 2017 Subject: Conduct of Assessment Proceedings electronically in time-barring scrutiny cases-Order under section 119 of the Income-tax Act, 1961 (‘Act’)-regd.- As a part of Government’s initiative towards E-governance, Income-tax Department has brought digital transformation… Read More »

No Income Tax scrutiny for First Time Non-Business Tax Payers < 5 Lakh Income

By | September 29, 2017

FM: Income Tax Department takes various initiatives to bring about efficiency, transparency, and fairness in Tax Administration; Government is committed to widen the tax base by encouraging and incentivising the new tax payers; Number of tax payers increased significantly from 4.72 crore in financial year 2012-13 to 6.26 crore during the Financial Year 2016-17;  Direct… Read More »

PKGKY 2016 challan corrections allowed by CBDT

By | September 29, 2017

CBDT allows PKGKY 2016 challan corrections specifies type of errors which can be corrected. Compulsory deposits challan under PMGKD are not under CBDT power as the Scheme was handled by the DEA F. No. 225/231/2017-ITA-II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi, the 27th of September,… Read More »

Check Identities of Income Tax Search Officers : Govt of India Mobile No

By | September 26, 2017

Tax Payers Advised To Confirm Identities Of Income Tax Search Authorities The Income Tax Department in the Delhi region regularly conducts search/survey/verification exercises in case of suspected tax evaders to uncover concealment of undisclosed income/assets as per the law. However, instances have been brought to the notice of department wherein, certain unscrupulous elements have conducted… Read More »

Draft Rules for reporting estimated Advance Income Tax Liability : CBDT

By | September 26, 2017

F.No.370142/27/2017-TPL Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) New Delhi, September 19, 2017 Sub: Draft Notification for insertion of new rule 39A in the Income-tax Rules, 1962– comments and suggestions-reg. It is proposed to create a mechanism for self-reporting of estimates of current income, tax payments and advance… Read More »

Taxmann Law & Practice Relating to Income Computation & Disclosure Standards 3rd Edition 2017

By | September 21, 2017

Taxmann’s Law & Practice Relating to Income Computation & Disclosure Standards by B D Chatterjee Chintan N. Patel (Author) Description Tax Audit Reporting requirement with illustrative ICDS disclosures in Form 3CD Paragraph-wise comparison of ICDS with AS and Ind AS Judicial Pronouncements explaining provisions Separate chapter on Transition requirement Relevant Income Tax Provisions mapped with each ICDS… Read More »

MOU between Income Tax Dept & Companies Dept for Exchange of Information

By | September 19, 2017

MISCELLANEOUS – MOU BETWEEN MINISTRY OF CORPORATE AFFAIRS AND CENTRAL BOARD OF DIRECT TAXES (CBDT) FOR AUTOMATIC AND REGULAR EXCHANGE OF INFORMATION PIB PRESS RELEASE, DATED 14-9-2017 Taking forward the initiative launched by the Government of India to curb the menace of shell companies, money laundering and black money in the country and prevent misuse of… Read More »

Notification No 8/2017 : Capital Gain FDR – TDS certificate by Banks to legal heir

By | September 14, 2017

Banks to issue TDS certificate in name of legal heir after death of deposit holder of Capital Gain Account: CBDT SECTION 194A OF THE INCOME-TAX ACT, 1961, READ WITH RULES 31A AND 37BA, OF THE INCOME-TAX RULES, 1962 – DEDUCTION OF TAX AT SOURCE – INTEREST OTHER THAN INTEREST ON SECURITIES – TDS ON INTEREST… Read More »

Govt approved increase in Gratuity Limit of Employees

By | September 12, 2017

Cabinet approves introduction of the Payment of Gratuity (Amendment) Bill, 2017 in the Parliament  The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for introduction of the Payment of Gratuity (Amendment) Bill, 2017 in the Parliament. The Amendment will increase the maximum limit of gratuity of employees, in the… Read More »

21000 people disclose Rs 4900 cr black money under PMGKY

By | September 8, 2017

21k people disclose Rs 4,900 cr black money under PMGKY Black money worth Rs 4,900 crore was disclosed by 21,000 people under the Pradhan Mantri Garib Kalyan Yojna (PMGKY), the stash money declaration window announced by the government post demonetisation, an official said today. The Income Tax Department, a top government official told PTI, has… Read More »

Due date for Tax Audit and Return Extended to 31.10.2017 : CBDT Order

By | September 4, 2017

Due date for Tax Audit and Return Extended to 31.10.2017 : CBDT Order SECTION 139, READ WITH SECTION 119, OF THE INCOME-TAX ACT, 1961 – INCOME, RETURN OF – EXTENSION OF DUE DATE FOR FILING RETURN OF INCOME AND VARIOUS REPORTS OF AUDIT ORDER [F.NO.225/270/2017/ITA.II], DATED 31-8-2017 The Goods and Services Tax (‘GST’) has come into… Read More »

Demonetisation Impact on Black Money & Direct Tax of India

By | August 31, 2017

Impact of Demonetisation on Black Money, Widening of Tax Base and Direct Tax Collections The Government of India launched a concerted drive against black money with Demonetisation being an important step in that direction. Among the main objectives of Demonetisation was the flushing out of black money and also conversion of the non-formal economy into… Read More »

Stay of demand guidelines before CIT (A) have prospective Effect : CBDT

By | August 26, 2017

Revised guidelines for stay of demand before CIT(A) have prospective effect; CBDT clarifies [ Refer Pay 20% of disputed demand for Stay of Demand at CIT (A) of Income Tax :DATED 31-7-2017 ] F.No.404/72/93-ITCC Dated 25th August 2017 Subject Partial modification of Instruction No 1914 dated 21.03.1996 to provide for guidelines for stay of demand at the… Read More »

New Form 29B Notified for MAT audit by CBDT : Download

By | August 21, 2017

MINISTRY OF FINANCE (Department of Revenue) [CENTRAL BOARD OF DIRECT TAXES] NOTIFICATION New Delhi, the 18th August, 2017 INCOME-TAX G.S.R. 1028(E).—In exercise of the powers conferred by sub-section (4) of section 115JB read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules… Read More »

Income Tax payers added after Demonetization

By | August 19, 2017

Clarification regarding number of Taxpayers added after Demonetization  Various news reports/articles have appeared in the media regarding inconsistency in the estimates of the number of taxpayers added after demonetization. It has been commented that the following different figures have been given at different forums by different authorities: (i) The Prime Minister mentioned in his Independence… Read More »

Income Tax Offices to remain open on Saturday 5th August 2017 for filing ITR

By | August 4, 2017

Income Tax Offices to remain open on Saturday,5th August, 2017 for filing of income tax returns  In view of the difficulties faced by taxpayers, the due date for filing of Income Tax Returns for F.Y. 2016-2017 i.e. Assessment Year A.Y. 2017-2018 was extended to 5th August, 2017(for certain categories of taxpayers). In order to facilitate… Read More »

Increase in number of Income Tax payers after demonetisation 

By | August 2, 2017

Increase in number of Income Tax payers after demonetisation  The number of income tax payers has increased after demonetization. During the period of 09.11.2016 to 31.03.2017, 1.96 crore returns were filed as compared to 1.63 crore returns filed during corresponding period of FY 2015-16 and 1.23 crore returns filed during corresponding period of FY 2014-15.… Read More »

11 Lakh PAN card deactivated by Income Tax Department

By | August 2, 2017

Mandating Aadhaar linkage to PAN cards  Permanent Account Number (PAN) is the key identifier of taxable entity and aggregator of all financial transactions undertaken by one person. One PAN for one person is the guiding principle for allotment of PAN. However, for achieving the objective of one PAN to one assessee it is required to… Read More »

Foreign bank account by NRI in Income tax Return for Refund Allowed

By | July 24, 2017

Optional reporting of details of one foreign bank account by the non-residents in refund cases  Refund generated on processing of return of income is currently, credited directly to the bank accounts of the tax-payers. Availability of the detail of bank accounts in which the refund is to be credited is a precondition for direct credit… Read More »

No TDS on GST Paid / Payable on Services if Shown Seprarately in Tax Invoice : CDBT Circular No 23/ 2017 Dated 19h July 2017

By | July 21, 2017

Circular No 23/ 2017 Dated 19h July 2017 Subject : modification of Circular No 1 of 2014 in view of Substitution of Service tax by Goods and Service tax ( GST ) The Central Board of Direct Taxes (the Board) had earlier issued Circular No. 1/2014 dated 13-1-2014 clarifying that wherever in terms of the agreement or… Read More »

High Cash Deposits : 5.56 lakh new persons identified by Income Tax Dept.

By | July 14, 2017

Income Tax Department pushes additional cases of High Cash Deposits in Second Phase of Operation Clean Money.  The Income Tax Department (ITD) has used information received under the Statement of Financial Transactions (SFT) to identify 5.56 lakh new persons in the second phase of “Operation Clean Money” (OCM). These are persons whose tax profiles were… Read More »

Revised format for issue of Notice u/s 143(2) of Income Tax

By | June 27, 2017

F.No. 225/157/2017/ITA.II Government of India Ministry of Finance Department of Revenue (CBDT) North Block, New Delhi, dated the 23rd of June, 2017 To All Pr. CCsIT/Pr. CCIT(International-tax)/CCIT(Exemptions)/Pr. DsGIT Sir/Madam Subject: – Issue of notices under section 143(2) of Income-tax Act, 1961 in revised format-regd.- With reference to the above, I am directed to state that… Read More »

CBDT Notifies Rule 10CB for Secondary Adjustments under Section 92CE of IT Act, 1961.

By | June 19, 2017

CBDT Notifies Rule 10CB for Secondary Adjustments under Section 92CE of IT Act, 1961. Rule 10CB for operationalising the provisions of secondary adjustment has been notified by the Central Board of Direct Taxes on 15th June, 2017. It prescribes the time limit for repatriation of excess money and the rate of interest to be applied… Read More »