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PTI notified as a news agency for the purposes of Section 10(22B)
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATIO...
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Special IT Return Counters for Salaried Tax Payers (Including Pensioners)
Special it Return Counters to be Organised for Salaried Tax Payers (Including Pensioners) to File Paper Returns Between 24th August to 31st August, 2015 at Pratyaksha Kar Bhawan in National Capita Spe...
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Signing and Ratification of agreement between India and Seychelles for the exchange of information with respect to taxes
The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved the signing and ratification of the agreement between India and Seychelles for exchange of information with respect to...
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Advisory from CPC (TDS) regarding spurious emails
This is to inform that a few emails received by the Deductors and Taxpayers have been brought to the attention of the Centralized Processing Cell (TDS), which claim to have been originated from CPC (T...
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CBDT notifies 21 districts of the State of Bihar as backward areas u/s 32 and 32AD
GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES Notification No. 71/2015 New Delhi, Dated- 17th August, 2015 S.O. (E) – In exercise of the powers conferred...
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List of pending Rectifications u/s 154 of Income Tax Act in demand cases as on 22.07.2015-reg
Directorate of Income tax (Systems) Aaykar Bhawan, Sector-3 Vaishali , Ghaziabad (U.P.) – 201010 F. No. DGIT(S)/DIT(S)·3/AST/Pending Rectifications/922015-16/135-7408 Dated : 10-08-2015 To, All the Pr...
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ICAI - EVC – Electronic Verification of Income Tax Returns for AY 2015-16
Dear Professional Colleague, Subject: EVC – Electronic Verification of Income Tax Returns for AY 2015-16. To facilitate the taxpayers and to provide end-to-end e-enabled services, the Income Tax Retur...
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Extension of due date for filing Income Tax Returns- ICAI ask for suggestions
Dear Professional Colleague, Sub: Extension of due date for filing Income Tax Returns – Soliciting views/ suggestions reg. As you are kindly aware, the CBDT has notified the ITR forms vide Notificatio...
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Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015: A Ready Reckoner
Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 is an Act to make provisions to...
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Analysis of CBDT Circular No. 14/2015 dated 17th August 2015
Exemption U/S. 10(23C)(VI) Can be Claimed without having Registration U/S. 12A CBDT Circular No. 14/2015 dated 17th August 2015 is self explanatory and clarify the vital points covering scope of enqui...
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Clarification on grant of approval to & claim of exemption by university or educational institutions
CIRCULAR No. 14/ 2015 F.No.197/38/2015-ITA-I Government of India, Ministry of Finance, Department of Revenue Central Board of Direct Taxes North Block, New Delhi, Dated- August 17th, 2015 Sub: Clarifi...
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Tax Treatment of share premium received by closely held companies in excess of FMV
Section 56(2)(viib) of the Income Tax Act, 1961, provides that there shall be chargeable to income-tax under the head “Income from other sources” the following: “……………(viib) where a company, not being...
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OECD takes further steps to putting an end to offshore tax evasion
07/08/2015 – The OECD today releases three new reports to help jurisdictions and financial institutions implement the global Standard for automatic exchange of financial account information. Common Re...
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CA Certificate not required for certain remittances: Govt
Press Information Bureau Government of India Ministry of Finance 07-August-2015 17:45 IST Modifications in Foreign Exchange Regulations Government has recently modified the Foreign Exchange Management...
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Rules for the purpose of FATCA entered into between India & USA
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES NEW DELHI, NO...
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CBDT Signs Advance Pricing Agreements (APAs) to Usher in Certainity in Taxation
As a part of a major initiative to usher in certainty in taxation, the Central Board of Direct Taxes (CBDT) entered into two unilateral Advance Pricing Agreements (APAs) on 3 August, 2015 with two Mul...
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Analysis of CBDT’s Explanatory Circular on Provisions of the Black Money Act, 2015
(Circular No. 12 of 2015 dated 02.07.2015) Introduction:- THE BLACK MONEY (UNDISCLOSED FOREIGN INCOME AND ASSETS) AND IMPOSITION OF TAX ACT, 2015 (referred to here as ‘the Act’) as passed by the Parli...
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Payment of royalty for the use of intellectual property and Transfer Pricing Issues
1. Background Royalty means payment of any kind received as consideration for the use of or right to use any intangible property like patent, copyright, design or model, secret formula or process, tra...
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Government Makes Filing Taxes Less Complicated
If your income is more than Rs 5 lakh per annum then you must file your ITR electronically or online. Like all other things, internet has drastically changed the way you file your ITR. According to IT...
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CBDT releases e-filing utility for ITR 3, ITR 4 and ITR 7 for A.Y. 2015-16
CBDT has finally enabled released e-filing utility for ITR 3, ITR-4 and ITR-7 for Assessment Year 2015-16. CBDT has released Excel and Java Utility for ITR-3 and only Java Utility for ITR-4 and ITR-7....