Measurement of the distance for the purpose of section 2(14)(iii)(h) of the Income-tax Act for the period prior to Assessment year 2014-15

Circular No. 17/2015 F.No.279/Misc./140/2615-ITJ Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes ****** New Delhi, 6th October, 2015 Subject:- Measurement of the distance for the purpose of section 2(14)(iii)(h) of the Income-tax Act for the period prior to Assessment year 2014-15 “Agricultural Land” is excluded from the definition of…

Now deaf and dumb are also entitled to Transport Allowance exemption upto INR 3200/- per month

Earlier only blind people were entitled to Transport Allowance exemption upto INR 3200/- per month and other were entitled to exemption upto INR 1600/- per month. Now CBDT vide notification no. 75/2015/F. No.142/02/2015-TPL dt. 23rd Sep-2015 has increased the limit of exemption upto INR 3200/- per month for deaf and dump people also. Exemption Table…

Simplification of procedure for Form No.15G & 15H

Tax payers seeking non deduction of tax from certain incomes are required to file a self declaration in Form No. 15G or Form No.15H as per the provisions of Section 197A of the Income-tax Act, 1961 (‘the Act’). In order to reduce the cost of compliance and ease the compliance burden for both, the tax…

Clarifications on Tax Compliance for Undisclosed Income and Assets

The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (Black Money Act’) has introduced a tax compliance provision under Chapter-VI of the Act. The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Rules, 2015 (the Rules) were notified vide Notification no. G.S.R. 529 (E) dated 2nd July,…

Procedure for registration and submission of report for entities covered under Section 285BA (1)(k)

F. No. DGIT(S)/DIT(S)-2/ITWG on Financial Sector Reporting/12/2015 Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income Tax (Systems) Notification No 3/2015 New Delhi, 25th August, 2015 Procedure for registration and submission of report as per clause (k) of sub section (1) of section 285BA of Income-tax Act, 1961 read with…

21 district notified for section 32 and 32AD

Central Government have notified the following districts of the State of Bihar as backward areas under the first proviso to clause (iia) of sub-section (1) of section 32 and sub-section (1) of section 32AD, namely:—   1. Patna 2. Nalanda 3. Bhojpur 4. Rohtas 5. Kaimur 6. Gaya 7. Jehanabad 8. Aurangabad 9. Nawada 10.…

Income-Tax Act 1961 Amended Through Finance Act 2015 to Provide Certain Tax Benefits to Notified Backward Areas in Specified States

Income-Tax Act 1961 Amended Through Finance Act 2015 to Provide Certain Tax Benefits to Notified Backward Areas in Specified States Including State of Bihar to Give these Areas an Opportunity to Grow Faster;21 Districts of Bihar Notified as Backward Areas; Any Manufacturing Undertaking or Enterprise Set-Up During the Period From 01.04.2015 to 31.03.2020 in the…