Category Archives: IT Notification

Ex-Servicemen Contributory Health Scheme notified for 80D deduction under Income Tax

By | September 27, 2018

Notification No. 55 /2018 Income Tax Summary of Notification No. 55 /2018 Income Tax The Central Board of Direct Taxes (CBDT) has notified the ‘Ex-Servicemen Contributory Health Scheme’ of the Department of Ex-Servicemen Welfare, Ministry of Defence, for the purpose of Section 80D deduction under Income Tax Act . The deduction is available for the assessment… Read More »

CBDT final Rules for Computation of FMV of Inventory converted into Capital Asset

By | September 1, 2018

The Central Board of Direct Taxes has released final Rule 11UAB prescribing the manner of determination of fair market value of the inventory converted into capital asset. shall come into force from the 1st day of April, 2019 and shall apply in relation to assessment year 2019-20 and subsequent years. Earlier the draft rule was… Read More »

Notification No 34/2018 : Information received from foreign jurisdiction can’t be share without CBDT permission

By | August 2, 2018

TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUBSECTION (ii) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, the 25th of July, 2018 NOTIFICATION In pursuance of sub-clause (ii) of clause (a) of sub-section (1) of section 138 of the Income-tax Act,… Read More »

Notification No 33/2018 : Tax Audit Report Form 3CD Amended by CBDT

By | July 24, 2018

Notification No 33/2018 Dated 20.07.2018 Summary of Notification No 33/2018 : Tax Audit Report Form 3CD Amended The Central Board of Direct Taxes (CBDT) has revised the Form no. 3CD. Various changes have been made in the form such as reporting of gifts chargeable to tax, particulars of payment in amount exceeding limit specified in… Read More »

CBDT Notification No 31/2018 ask unique number for identification of non-resident, amends advance ruling forms

By | July 17, 2018

Notification No 31/2018 Summary of Notification No 31/2018 The Central Board of Direct Taxes (CBDT) has released final notification amending Rule 44E of the Income-tax Rules, 1962 and Form 34C, 34D, 34DA as per Base Erosion and Profit Shifting (BEPS) Action 5. The new Forms 34C & 34D seek unique number used for identification of non-resident.… Read More »

Taxation of Foreign company held to be resident in India as per POEM : CBDT Notification

By | June 26, 2018

MINISTRY OF FINANCE MINISTRY OF FINANCE DEPARTMENT OF REVENUE DEPARTMENT OF REVENUE [CENTRAL BOARD OF DIRECT TAXES] [CENTRAL BOARD OF DIRECT TAXES] Notification Notification New Delhi, the 22nd June, 2018 (INCOME (INCOME-TAX) S.O. 3039 (E).—In exercise of the powers conferred by sub-section (1) of section 115JH of the Income-tax Act, 1961 (43 of 1961) (hereinafter… Read More »

No TDS u/s 193 on ‘ IRFC 54EC Bonds ’ & ‘ PFC 54EC Bond ’ : CBDT Notification

By | June 22, 2018

The Central Board of Direct Taxes (CBDT) has notified ‘Indian Railway Finance Corporation Limited 54EC Capital Gains Bond’ & ‘Power Finance Corporation Limited 54EC Capital Gains Bond’ for the purpose of non-deduction of tax at source under section 193 of Income Tax Act MINSTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION… Read More »

Chartered Accountants can’t determine FMV of unquoted equity shares : CBDT Notification

By | May 26, 2018

CA’s Chartered Accountants not to determine FMV of unquoted equity shares received by a company without adequate consideration-CBDT Notification Section 56(2) of the Income tax Act, 1961. creates a deeming fiction for bringing certain receipts/transactions within the scope of taxable income. (b) Under the provisions of clause (viia) to section 56(2), where a firm or… Read More »

PAN Card Application form 49A Amended to have Transgender option : CBDT Notification

By | April 11, 2018

PAN Card Application 49A amended to have Transgender option MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 18/2018 New Delhi, the 9th April, 2018   Income-tax G.S.R. 352(E).—In exercise of the powers conferred by section 139A read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central… Read More »

Transport allowance of Rs 1600 pm withdrawn : Notification by CBDT

By | April 9, 2018

The Central Board of Direct Taxes (CBDT) has omitted provision related to exemption of transport allowance of Rs. 1,600 per month granted to an employee to meet his expenditure for the purpose of commuting between the place of his residence and the place of his duty. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF… Read More »

Process for Statement of financial transaction -SFT u/s 285BA modified by CBDT

By | April 7, 2018

Procedure for registration and submission of SFT u/s 285BA under Rule 114E modified DGIT(S)/ADG(S)-2/Reporting Portal/2017/180 Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income Tax (Systems) Notification No. 3 of 2018 New Delhi,5th April, 2018 Procedure for registration and submission of statement of financial transactions (SFT) as per section 285BA… Read More »

Form No 61 registration and submission procedure u/r 114D : CBDT

By | April 7, 2018

Procedure for registration and submission of Form No. 61 as per Rule 114D  DGIT(S)/ADG(S)-2/Notification/106/2018 Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income Tax (Systems) Notification No. 2 of 2018 New Delhi, 5th April, 2018 Procedure for registration and submission of Form No. 61 as per Rule 114D of Income-tax… Read More »

CBDT modified procedure for Form 61B registration & submission u/s 285BA

By | April 7, 2018

Procedure for Form 61B registration, submission u/s 285BA by reporting financial institutions modified  DGIT(S)/ADG(S)-2/Notification/106/2018 Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income Tax (Systems) Notification No. 4 of 2018 New Delhi, 5th April, 2018 Procedure for registration and submission of Statement of Reportable Account as per section 285BA of… Read More »

DTAA between India and Kenya : Notification No 11/2018

By | March 1, 2018

AGREEMENT BETWEEN THE GOVERNMENT OF THE REPUBLIC OF INDIA AND THE GOVERNMENT OF THE REPUBLIC OF KENYA FOR THE AVOIDANCE OF DOUBLE TAXATION AND THE PREVENTION OF FISCAL EVASION WITH RESPECT TO TAXES ON INCOME THE GOVERNMENT OF THE REPUBLIC OF INDIA AND THE GOVERNMENT OF THE REPUBLIC OF KENYA NOTIFICATION NO.SO 731(E) [NO.11/2018 (F.NO.503/01/2005/FTD-II)], DATED… Read More »

CBDT notified Centralised Communication Scheme 2018 for issue of Notices

By | February 26, 2018

MINISTRY OF FINANCE (Department Of Revenue ) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 22nd February, 2018 S.O. 771(E).—In exercise of powers conferred by sub-section (3) of section 133C of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following scheme for centralised issuance of notice,… Read More »

CBDT notifies revised Rule 17A & Form 10A seeking more details from trust applying for registration

By | February 26, 2018

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 19th February, 2018 INCOME-TAX [Notification No. 10/2018/F. No. 370142/14/2017-TPL] G.S.R. 176(E).___In exercise of the powers conferred by clause (aa) and clause (ab) of sub-section (1) of section 12A read with section 295 of the Incometax Act, 1961 (43 of 1961),… Read More »

Maharashtra Electricity Regulatory Commission Notified u/s 10(46) of Income Tax

By | February 16, 2018

 SECTION 10(46) OF THE INCOME-TAX ACT, 1961 – EXEMPTIONS – STATUTORY BODY/AUTHORITY/BOARD/COMMISSION – NOTIFIED BODY OR AUTHORITY NOTIFICATION NO. SO 696(E) [NO.8/2018 (F.NO.196/38/2015-ITA-I)], DATED 16-2-2018 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… Read More »

Health Service Scheme of Department of Atomic Energy notified u/s 80(D)(2)(a) of Income Tax Act

By | February 16, 2018

SECTION 80D OF THE INCOME-TAX ACT, 1961 – DEDUCTION UNDER SECTION 80D (2)(a) – NOTIFIED HEALTH SERVICE SCHEME NOTIFICATION NO. SO 697(E) [NO.9/2018 (F.NO.178/29/2017-ITA-I)], DATED 16-2-2018 In exercise of the powers conferred by clause (a) of sub-section (2) of section 80D of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the Contributory… Read More »

TAX RETURN PREPARER (AMENDMENT) SCHEME, 2018 – CORRIGENDA

By | February 16, 2018

TAX RETURN PREPARER (AMENDMENT) SCHEME, 2018 – CORRIGENDA TO NOTIFICATION NO. GSR 44(E) [NO.4/2018 (F.NO.142/16/2010 (SO)-TPL (PART)], DATED 19-1-2018 NOTIFICATION NO. GSR 171(E) [NO.7/2018(F.NO.142/16/2010 (SO)-TPL (PART)], DATED 16-2-2018 In the notification of the Government of India, Ministry of Finance, Department of Revenue (Central Board of Direct Taxes), dated the 19th January, 2018, published in the Gazette… Read More »

Notification No 98/2017 : Income Tax Notice can be served on address available on the records of govt, , bank, post office, insurance companies etc.

By | December 23, 2017

Income Tax Notice Summary of Notification No 98/2017 : Income Tax notice can be served as per rule 127 (2) of Income Tax Act Rules. Now the Govt has added 2nd proviso to this rule by Notification No 98/2017  and added more places where income tax notice can be served Rule 127 (2) of Income Tax Rules :-… Read More »

Income tax (Twenty fourth Amendment) Rules 2017

By | November 1, 2017

Income tax (Twenty-fourth Amendment) Rules 2017 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 31st, October, 2017 INCOME-TAX S.O. 3497(E).— In exercise of the powers conferred by proviso to sub-section (1) of section 92D and subsection (8) of section 286 read with section 295 of the Income-tax Act,… Read More »

Foreign Tax Credit – Procedure to file Form No 67 Notified by CBDT

By | September 25, 2017

Notification No 9/2017  Dated 19th September 2017 Central Board of Direct Taxes Procedure for filing Statement of Income From Country or specified Territory outside India and Foreign Tax Credit NOTIFICATION NO.9 [DGIT(S)-ADG(S)-3/E-FILING NOTIFICATION/FORM 67/2017 , DATED 19-9-2017 ] Foreign Tax Credit. — An assessee, being a resident shall be allowed a credit for the amount 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 »

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 »

121 Countries Eligible for Investment Funds u/s 9A of Income Tax : CBDT Notification No 78/2017 Dated 3rd August, 2017

By | August 5, 2017

[ Notification No 78/2017 /F. No. 142/15/2015-TPL MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 3rd August, 2017 (INCOME-TAX) S.O. 2456(E).—In exercise of the powers conferred by clause (b) of sub-section (3) of section 9A of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies… Read More »

Final Rules for Valuation of unquoted Equity shares released by CBDT : Notification No. 61 /2017 Dated 12th July 2017

By | July 13, 2017

Notification No. 61 /2017 Dated 12th July, 2017 Method for Fair market value of unquoted equity share prescribed vide Notification No. 61 /2017 Dated 12th July, 2017 MINISTRY OF FINANCE (Department of Revenue) [CENTRAL BOARD OF DIRECT TAXES] NOTIFICATION New Delhi, the 12th July, 2017 INCOME-TAX G.S.R. 865(E).—In exercise of the powers conferred by section 50CA and sub-section… Read More »

Disclose Property Advance > Rs 20000 in Tax Audit Form 3CD w.e.f 19.07.2017 Via Notification No. 58/2017 Dated 3rd July, 2017

By | July 7, 2017

Notification No. 58/2017 [ Income Tax ] Dated 3rd July, 2017 Summary : CBDT i.e  Rule making body of Income tax Department of India has amended the Tax Audit Report Format w.e.f 19.07.2017 vide Notification No. 58/2017 Dated 3rd July, 2017 . This Notification requires to make additional disclosure in Tax Audit Report i.e Form No 3CD in… Read More »

Procedure for Informing Aadhaar Number to Income Tax Department – Notification No 7/2017 Dated 29th June 2017

By | July 7, 2017

Procedure for Informing Aadhaar Number to Income Tax Department vide Notification No 7/2017 Dated 29th June 2017 issued by CBDT i) Procedure for Informing Aadhaar Number to Income Tax Department has been specified ii) Procedure for Quoting Aadhaar number in PAN Application form  49A has been specified Download Notification No 7/2017 Dated 29th June 2017 Related… Read More »

CORRIGENDUM to Notification No 58/2017 dated the 3rd July 2017,

By | July 6, 2017

Notification No 58/2017 dated the 3rd July 2017, Amended Vide Notification No. 60/2017 / F. No. 370142/10/2017–TPL Dated 6th July, 2017 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) CORRIGENDUM New Delhi, the 6th July, 2017 INCOME-TAX G.S.R. 841(E).—In the notification of the Government of India, Ministry of Finance, Department of Revenue (Central… Read More »

Receipt of interest on securities without TDS by Foreign Company -Notification No. 59/2017 Dated 4th July, 2017

By | July 6, 2017

Notification No. 59/2017 Dated 4th July, 2017 Summary : Following Notification made amendment in Rule 29B of Income Tax Rules i.e Application for certificate authorising receipt of interest and other sums without deduction of tax. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 4th July, 2017 INCOME-TAX G.S.R. 826(E).—In… Read More »

List of Persons who can receive Cash Payment of Rs 2 Lakh or more – 269ST : CBDT Notification No. 57 /2017/F. No. 370142/10/2017-TPL 3rd July, 2017

By | July 4, 2017

Notification No. 57 /2017 /F. No. 370142/10/2017-TPL Dated 3rd July, 2017 Summary : CBDT Notify person on whom provisions of Section 269 ST of Income Tax does not apply Vide Notification No. 57 /2017/F. No. 370142/10/2017-TPL Dated 3rd July, 2017 given below  . MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 3rd July, 2017 S.O.… Read More »

3CED Form revised by CBDT for APA – Notification -Download

By | June 19, 2017

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 16th June, 2017 INCOME-TAX S.O. 1927(E).—In exercise of the powers conferred by section 295 read with sub-section (9) of section 92CC of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules… Read More »

Computation of interest income on secondary adjustments : CBDT Notification

By | June 16, 2017

Rule 10CB of Income Tax Rules relating to Computation of interest income pursuant to secondary adjustments.Notified by CBDT  – [ Notification No. 52/2017, F.No.370142/12/2017 -TPL ] MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 15th June, 2017 G.S.R. 590(E).— In exercise of the powers conferred by sub-section (2) to… Read More »

Foreign company resident in India u/s 115JH : Draft Notifcation

By | June 15, 2017

F No 370142/19/2017-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, Dated 15th June, 2017 Subject: Draft Notification of exception, modification and adaptation in respect of foreign company said to be resident in India under Section 115JH of the Income-tax Act, 1961– comments and suggestions-reg. Finance Act, 2016, inter… Read More »

E Proceedings- CBDT notifies rules for electronic communication with taxpayers

By | April 5, 2017

CBDT notifies rules for electronic communication with taxpayers DGIT/(s)/DIT(s)-3/AST/Paperless Assessement Proceedings/96/2015-16 Dated 03rd April 2017 Subject : Procedure , formats and Standards for ensuring secured Transmission of electronic Communication – Introduction of E – Proceeding for Communication between the Income tax Departemnt and Assessee Download Complete PDF