The Income Declaration Scheme, 2016 incorporated as Chapter IX of the Finance Act 2016 provides an opportunity to all persons who have not declared income correctly in earlier years to come forward and declare such undisclosed income(s). Under the Scheme, such income as declared by the eligible persons, would be taxed at the rate of…
Form 12BB — Rule 26C CBDT amended Income Tax Rules, 2016 vide Notification No.3o/2016, F.No.142/29/2o15- TPL. These Rules shall come into force from 1st day of June, 2016 CBDT introduced Form 12BB for furnishing of evidence of claims by employee for deduction of tax under 5.192 by inserting Rule 26C. Accordingly, assessee (employees) shall furnish…
Circular No. 10/2016 F.No.279/Misc./M-140/2015-ITJ Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 26th April, 2016 Subject:- Limitation for penalty proceedings under sections 271D and 271E of the Income tax Act, 1961 — reg. The issue whether the limitation for imposition of penalty under sections 271D and 271E…
F.No.279/Misc./M-140/2015-ITJ Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 26th April, 2016 Subject:- Payment of interest on refund under section 244A of excess TDS deposited under section 195 of the Income tax Act, 1961— reg. The procedure for refund of tax deducted at source under section 195…
The guidelines and procedure for attending to objections raised in the course of audit of assessment work by the Comptroller and Auditor General of India (Revenue Audit) are laid down in the Instruction No of 2006 issued by the Central Board of Direct Taxes (CBDT). The Instruction inter-alia mandates the initiation of remedial action in…
The Central Board of Direct Taxes had issued directions to the field offices that taxpayers whose tax has been deducted at source but not deposited to the Government’s account by the deductor, will not be asked to pay the demand to the extent tax has been deducted from his income. A letter to this effect…
Taxation of consortium of contractors formed to implement Engineering, Procurement and Construction (EPC) contracts/turn key projects has been a subject matter of dispute between Income-tax Department and the consortium. This has been particularly so in cases where each member of the consortium has a clear and district role in scope of work, responsibilities and liability…
With a view to bring about clarity in the interpretation of certain contentious issues relating to Tax Deduction at Source (TDS) on payments made by television channels, broadcasters and newspapers, Central Board of Direct Taxes has issued two Circulars. Circular No.4/2016 dated 29.02.2016 deals with TDS on payments by broadcasters or television channels to production…
Grievance redressal is a major aspect of citizen centric governance and is an important feature of the activities of the Income Tax Department. The Income-tax Department is addressing grievances through a multi-layered grievance redressal machinery including Centralised Public Grievance Redress and Monitoring System (CPGRAMS), Aayakar Seva Kendras (ASK), online grievance redressal through Central Processing Centre…
Circular No. 1 /2016 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi, the 13th February, 2016 Subject: Clarification of the term ‘initial assessment year in section, 80IA (5) of the Income-tax Act, 1961 Section 801A of the Income-tax Act, i961 (‘Act’}, as substituted by the…