Category Archives: IT Circular

CBDT Circular No 6/2018 : GAAR & GST Compliance disclosure in Tax Audit Report Deferred

By | August 17, 2018

Circular No 6/2018 Govt Deferred General Anti-Avoidance Rules ( GAAR)  & GST Compliance disclosure in Tax Audit Report (Form 3CD) F. No. 370142/9/2018-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes TPL Division New Delhi, Dated the 17th of August, 2018 Order under section 119 of the Income-tax Act, 1961 Section 44AB of… Read More »

CBDT CIRCULAR No 4/2018 : Income Tax Return Due date will not be extended

By | July 21, 2018

CBDT CIRCULAR No 4/2018 Summary of CBDT CIRCULAR No 4/2018 (CBDT), clarified on 21.07.2018  that the rumors spreading across in social media regarding extension in due date for non-tax audit cases is fake. The Income Tax department further clarified that there are no such plans to extend this deadline beyond 31st July, 2018. Read  CBDT CIRCULAR No 4/2018 F. No.… Read More »

CBDT Circular No 3/2018 threshold limit for filing of appeal before ITAT, High Courts & Supreme Court : Download/ Print

By | July 12, 2018

CBDT raises threshold limit for filing of appeal before ITAT, High Courts and Supreme Court CBDT Circular No 3/2018 Summary of CBDT Circular No 3/2018 With a motive to reduce the litigation on Income-tax matters the CBDT Circular No 3/2018 has sharply increased the threshold limit for filing of appeal before judicial authorities. The revised limit… Read More »

CBDT released Explanatory Notes to the Provisions of the Finance Act 2017 : CIRCULAR No 2/2018

By | February 16, 2018

CIRCULAR No. 2/2018 EXPLANATORY NOTES TO THE PROVISIONS OF THE FINANCE ACT, 2017 F. No. 370142/15/2017-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes Dated, 15th of February, 2018 CIRCULAR NO.2/2018 [F.NO.370142/15/2017-TPL], DATED 15-2-2018 Section/Schedule Particulars/Paragraph number Finance Act, 2017 First Schedule Rate Structure, 3.1-3.4 Chapter III Income-tax Act, 1961 2… Read More »

Circular No 01/2018 : Processing of income-tax returns under section 143(1) :Mismatch 26AS /16A

By | January 11, 2018

Circular No 01/2018 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi, the 10th of January, 2018 Order under section 119 of the Income-tax Act, 1961 Subject: Processing of income-tax returns under section 143(1) of the Income-tax Act which were filed in Forms ITR-1 to 6 &… Read More »

TDS on Salaries for FY 2017-18 : CBDT Circular No 29 /2017

By | January 7, 2018

CIRCULAR NO 29 /2017 Deduction of Tax at Source from Salaries u/s 192 of the Income Tax Act, 1961 for FY 2017-18-CBDT Circular Under section 192 of the Income Tax Act, 1961, every person responsible for paying any income chargeable under the head “Salaries” is liable to deduct income-tax on the estimated income of the… Read More »

Circular No 28/2017 : Redemption of share or interest outside India : Indirect Transfer does not apply : CBDT

By | November 8, 2017

Circular No 28/2017 F. No. 500/1 0/201 7-FT&TR-lV Government of lndia Ministry of Finance Department of Revenue Central Board of Direct Taxes Dated, the 7th of November, 2017 Sub: Clarification on Indirect Transfer provisions in case of redemption of share or interest outside India under the lncome-tax Act. 1961 Under the provisions contained in section 9(1Xi)… Read More »

Circular No 27/2017 : Cash sale of agricultural produce by cultivators/ agriculturist

By | November 6, 2017

Circular No 27/2017 F. No. 370149/213/2017 -TPL Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) ***** New Delhi, Dated 3rd November, 2017 Clarification on Cash sale of agricultural produce by cultivators/ agriculturist Representations have been received from the stakeholders. regarding applicability of income-tax provision to cash sale of agricultural… Read More »

Tax Audit date Extension till 07.11.2017 for AY 2017-18 : CBDT Order

By | November 1, 2017

Tax Audit date Extension till 07.11.2017 : CBDT Order F.No 225/270/2017/ITA.II Dated 31st October 2017 CBDT further extends the due date for filing Income Tax Returns and reports of Audit for AY 2017-18 from 31st October 2017 to 7th November 2017. CBDT Order for Tax Audit date Extension for FY 2016-17   Download TaxHeal Mobile… 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 »

Computation of book profit for MAT u/s 115JB for Ind AS : CBDT FAQ : Circular Number 24/2017 Dated 25th July 2017

By | July 26, 2017

Circular Number 24/2017 F. No 133/23/2015-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) Dated 25th July, 2017 Subject: Clarifications on computation of book profit for the purposes of levy of Minimum Alternate Tax (MAT) under section 115JB of the Income-tax Act, 1961 for Indian Accounting Standards… 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 »

Tax effect of filing appeal in case of section 115JB / 115JC : CBDT Modified Circular 21/2015 dated 10.12.2015

By | July 15, 2017

F.No.279/Misc-142/2007-ITJ-(Pt) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, the 14th July, 2017 To, All Principal Chief Commissioners of Income Tax Sub: Modification of Circular No. 21/2015 dated 10.12.2015 Madam/Sir, References are being received by the Board that in certain cases appellate authorities are dismissing appeals without going… Read More »

Ban on Cash receipt of Rs 2 Lakhs Shall apply on one Instalment of Loan for NBFC – Circular No. 22 of 2017 [ Income Tax ] Dated 03rd July, 2017

By | July 4, 2017

Circular No. 22 of 2017 [ Income Tax ] Dated 03rd July, 2017 Summary : The receipt of one instalment of loan repayment in respect of a loan shall constitute a ‘single transaction’ as specified in clause (b) of section 269ST of the Act and all the instalments paid for a loan shall not be aggregated for… Read More »

CIRCULAR 9/2015 Income Tax : Condonation of Delay in Filing refund Claim

By | June 9, 2015

SECTION 119 OF THE INCOME-TAX ACT, 1961  CONDONATION OF DELAY IN FILING REFUND CLAIM AND CLAIM OF CARRY FORWARD LOSSES UNDER SECTION 119(2)(b) CIRCULAR 9/2015 [F.NO.312/22/2015-OT], DATED 9-6-2015 In supersession of all earlier Instructions/Circulars/Guidelines issued by the Central Board of Direct Taxes (the Board) from time to time to deal with the applications for condonation of delay… Read More »