Category Archives: Income Tax Press Release

Link PAN with Aadhaar by 31.03.2019 : CBDT

By | February 14, 2019

Aadhaar-PAN linking is mandatory now which has to be completed till 31.3.2019 by the PAN holders requiring filing of Income Tax Return. Constitutional validity of Aadhaar has been upheld by the Hon’ble Supreme Court of India in September 2018. Consequently, in terms of Section 139AA of Income Tax Act., 1961 and order dated 30.6.2018 of the Central Board of… Read More »

Govt approved Abolition of Income-Tax Ombudsman and Indirect Tax Ombudsman

By | February 7, 2019

Cabinet Abolition of Institution of Income-Tax Ombudsman and Indirect Tax Ombudsman Posted On: 06 FEB 2019 The Union Cabinet chaired by Prime Minister  Narendra Modi has approved the proposal for Abolition of Institution of Income-Tax Ombudsman and Indirect Tax Ombudsman.  The approval comes in the wake of alternative complaint redressal mechanisms chosen by public and… Read More »

CBDT request non filer of ITR to submit online response within 21 days

By | January 22, 2019

Ministry of Finance CBDT identifies non-filers through Non-filers Monitoring System (NMS) by using Data Analytics and request the Non-filers to assess their tax liability for AY 2018-19 and file the Income Tax Returns (ITR) or submit online response within 21 days Posted On: 22 JAN 2019 The Non-filers Monitoring System (NMS) aims to identify and… Read More »

Income-tax Refund in 1 Day might be a reality

By | January 17, 2019

Filing of Income-tax returns and its processing is going to be hassle-free and much faster with the introduction of Rs. 4,241 crore project for integrated e-filing and centralized processing resulting in ‘One day’ Income-tax refund. The project is to be executed by Infosys Ltd. and is estimated to be completed within 18 months and would… Read More »

Manual Filing of application for Low TDS Certificate u/s 197 & 206C for NRI and Resident Applicants allowed

By | December 25, 2018

Ministry of Finance Exception from Online Filing of Application under Section 197 and 206C (9) in the cases of NRIs and Resident Applicants Posted On: 24 DEC 2018 The Central Board of Direct Taxes (CBDT) has decided to allow exception from online filing of application under Section 197 and 206C (9) in the cases of… Read More »

TDS on Rent of Property : Section 194IB: FAQs : Form 26QC & Form 16C

By | December 12, 2018

TDS on Rent Section 194IB of Income Tax Act What is TDS on Rent? The Finance Act, 2017 has introduced section 194-IB providing that Tenant of a property making monthly rent payment exceeding Rs 50, 000 is required to deduct tax at the rate of 5% from the rent payable to a resident landlord. Who… Read More »

Income Tax refunds of Rs.70,000 crore issued with special drive : CBDT

By | July 4, 2018

Ministry of Finance Special drive for expeditious clearance of pending appeal effect and rectification matters and issue of refunds Posted On: 04 JUL 2018 3:36PM by PIB Delhi The Income Tax Department observed a dedicated fortnight from 1st to 15th June, 2018 to expeditiously clear pending matters of appeal effect and rectification. More than 20,000 such matters… Read More »

CBDT invites suggestions on new Rule 11UAB of IT Rules 1962

By | May 4, 2018

Ministry of Finance CBDT invites suggestions on draft notification pertaining to new Rule 11UAB of IT Rules, 1962 Posted On: 03 MAY 2018 8:39PM by PIB Delhi Finance Act, 2018 has inserted clause (via) to section 28 of the Income-tax Act, 1961 (‘the Act’) so as to provide that any profit and gains from conversion… Read More »

Claiming Exemption u/s 10 & 11 in ITR-7 is Pre-requisites for accurate processing of ITR

By | April 29, 2018

Guidelines issued by CPC for claiming Exemption u/s 10 & 11 As per the provisions of Income Tax Act, the exemption of income under sections 10 and 11 is governed by certain statutory conditions and procedures. In order to assist you in complying with these conditions and procedures, your attention is drawn to the following… Read More »

Income Tax Informants Reward Scheme 2018 

By | April 25, 2018

Income Tax Informants Reward Scheme 2018  Under Income Tax Informants Reward Scheme 2018 A person can get reward up to Rs. Five crore by giving specific information about evasion of Income tax on income and assets in India and abroad. Identity of the informant shall be kept confidential. Full details of Under Income Tax Informants Reward… Read More »

Tax on long term gain on Transfer of equity share : Govt invites Comment

By | April 24, 2018

Government invites comments on draft Notification under section 112A as inserted by Finance Act, 2018 by 30th April, 2018 Posted On: 24 APR 2018 5:17PM by PIB Delhi The Finance Act, 2018 has withdrawn the exemption under clause (38) of Section 10 of the Income-tax Act, 1961 (the Act) and has introduced a new section… Read More »

Income Tax Department advisory for salaried taxpayers

By | April 19, 2018

Centralized Processing Center, Bengaluru Income Tax Department Advisory Bengaluru, 16th April, 2018 Sub: Cautionary Advisory on Reports of tax evasion by under-reporting income or inflating deductions/Exemptions by salaried taxpayers. The Income Tax Department has from time to time issued advertisements requesting taxpayers to report their correct income in their Income Tax Returns. In this connection, the… Read More »

CBDT Proposed amendment to Rule 44E, Form 34C, 34D & 34DA as per BEPS

By | April 14, 2018

Ministry of Finance CBDT invites comments on draft notification proposing amendment to Rule 44E, Form 34C, 34D and 34DA as per BEPS Action 5, for improving transparency in tax rulings Posted On: 14 APR 2018 10:45AM by PIB Delhi Under Base Erosion and Profit Shifting (BEPS) Action 5, exchange of rulings on Permanent Establishment (PE)… Read More »

Sovereign Gold Bond 2018-19 : Series-I.

By | April 14, 2018

Ministry of Finance ​The ​Government of India, in consultation with the Reserve Bank of India, decide​s​ to issue Sovereign Gold Bond, 2018-19-Series-I​;​ Applications for the ​B​ond​(s)​ will be accepted from 16th to 20th April, 2018​;​ The Certificate of Bond (s)​ to be issued on May 04, 2018​; ​The Bonds ​to be sold through banks, Stock… Read More »

Processing of Income Tax Return u/s 143(1) pushed to AO by CPC

By | April 7, 2018

SECTION 143 OF THE INCOME-TAX ACT, 1961 – ASSESSMENT – GENERAL – PROCESSING OF RETURNS UNDER SECTION 143(1) WHICH ARE PUSHED TO ASSESSING OFFICERS BY CPC LETTER NO.F.NO.225/53/2018/ITA.II], DATED 28-3-2018 Section 143(1D) of the Income-tax Act, 1961 (Act) was brought in the statute from 1-7-2012 which provided that processing of the returns shall not be necessary… Read More »

Govt clarify standard deduction to pension received from former employer

By | April 6, 2018

Ministry of Finance Clarification regarding applicability of standard deduction to pension received from the former employer Posted On: 05 APR 2018 1:55PM by PIB Delhi The Central Board of Direct Taxes (CBDT) has clarified that the pension received by a taxpayer from his former employer is taxable under the head “Salaries”. The Finance Act, 2018… Read More »

CBDT notifies Income Tax Return Forms for AY 2018-19

By | April 6, 2018

Ministry of Finance CBDT notifies Income Tax Return Forms for Assessment Year 2018-19 Posted On: 05 APR 2018 7:47PM by PIB Delhi The Central Board of Direct Taxes(CBDT) has notified Income Tax Return Forms (ITR Forms) for the Assessment Year 2018-19. For Assessment Year 2017-18, a one page simplified ITR Form-1(Sahaj) was notified. This initiative… Read More »

Provisional Direct Tax Collections & Number of Income Tax Returns filed for F.Y. 2017-2018

By | April 2, 2018

Ministry of Finance Provisional Direct Tax Collections and Number of Income Tax Returns filed for F.Y. 2017-2018 Posted On: 02 APR 2018 6:11PM by PIB Delhi The provisional figures of Direct Tax collections for FY 2017-18 show that net collections are at Rs.9.95 lakh crore which is 17.1% higher than the net collections for FY… Read More »

Due date for linking Aadhaar with PAN Extended till June 30, 2018 by CBDT

By | March 27, 2018

The Central Board of Direct Taxes (CBDT) has extended the last date for linking of Aadhaar with PAN from March 31, 2018 to June 30, 2018. This is the 3rd time, CBDT has extended the due date for linking Aadhaar number with PAN. F. No.225/270/2017 /ITA.II Government of India Ministry of Finance Department of Revenue… Read More »

Income-tax offices to remain open on 29th to 31 March 2018

By | March 27, 2018

 Income-tax offices to remain open on 29th, 30th and 31st March, 2018 to facilitate filing of belated ITR F. No. 225/270/2017-ITA-II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, the 26th March, 2018 Order under Section 119(1) of the Income Tax Act, 1961 The last date for… Read More »

Country-by-Country (CbC) reporting u/s 286(4) of Income tax Act

By | March 25, 2018

Twitter from Income Tax Department on 23.03.2018 :- CBDT issues clarification reg requirement for furnishing of Country-by-Country (CbC) reporting u/s 286(4) of the IT Act,1961. It is clarified that due dt of 31st March,2018 applies for furnishing of CbC report for constituent entities of international groups u/s 286(2) only & not u/s 286(4) of IT… Read More »

Task Force on Income Tax releases questionnaire for Public Comments

By | March 21, 2018

A Task Force consisted of 6 members have been constituted by Govt., dated 22-11-2017, in order to review the existing Income-tax Act, 1961. The deliberations of the Task Force are in progress and has decided to interact with various stakeholders. Task Force has released list of questionnaire inviting suggestions and feedbacks from stakeholders and general… Read More »

Income Tax Notice u/s 142 in New Format

By | March 21, 2018

आयकर निदेशालय (पद्धनि) DIRECTORATE OF INCOME TAX (SYSTEM) ए आर ए सेंटर, भू-िल, ई-2 झंडेवालाि एक्स ARA Center, Ground Floor, E-2, Jhandewalan Extension, New Delhi – 110055 F.No. System/ITBA/Assessment/Notice 142(1)/2017-18 Dated: 19-03-2018 To, All Principal Chief Commissioners of Income-tax/ PrDGsIT/ CCsIT/ DGsIT , All Principal Commissioner of Income-tax/ PrDsIT/ DsIT/ CsIT/CsIT (Admin&TPS), All Assessing Officers… Read More »

New Form 10A available online for registration of charitable or religious trust or institution

By | March 14, 2018

New Form 10A available online for registration of charitable or religious trust The substituted Form 10A – Application for registration of charitable or religious trust or institution etc. is now available for e-Filing on www.https://incometaxindiaefiling.gov.in/home . [For details Click here]

Value of unquoted equity shares of ‘Start Up’ companies rejected : No action : CBDT

By | February 7, 2018

F.No. 173/14/2018-ITA.1 Government of India Ministry of Finance Department of Revenue (CBDT) North Block, New Delhi, dated the 6′” of February, 2018 To All Principal Chief-Commissioners of Income-tax Madam/Sir Subject: Determination of fair market value of unquoted equity shares of ‘Start Up’ companies under section 56(2)(viib) of the Income-tax Act read with Rule llUA(2) of… Read More »