Income Tax Circulars/ Notification Archives - Page 4 of 5

India and United States Signs Inter Governmental Agreement (IGA) to Implement the Foreign Account Tax Compliance Act (FATCA) to Promote Transparency on Tax Matters

Income Tax, Income Tax Circulars/ Notification, Income Tax UpdatesBy Himanshi July 9, 2015

Mr. Shaktikanta Das, Revenue Secretary of India and Mr. Richard Verma, U.S. Ambassador to India signed here today , an Inter Governmental Agreement (IGA) to implement the Foreign Account Tax Compliance Act (FATCA) to promote transparency between the two nations on tax matters. The agreement underscores growing international co-operation to end tax evasion everywhere. The…

CBDT asks its officers to appeal in court on the basis of merit of case

Income Tax, Income Tax Circulars/ NotificationBy Himanshi July 8, 2015

CBDT asked its compliance officers to file appeal in court only on merit basis. It also mentioned some of the cases where court did not found any merit in case and finally decided in favour of assessee. It mentioned that besides financial costs, litigation also entails tarnishing the image of the Department and straining…

Central Govt. authorised 7 entities to issue Bonds in FY 2015-16

Income Tax, Income Tax Circulars/ NotificationBy Himanshi July 8, 2015

Central Govt. has authorised 7 entities to issue tax-free, secured, redeemable, non-convertible debentures bonds during Financial Year 2015-16. Govt. has also mentioned the conditions as to eligibility, tenure of bonds, rate of interest, issue terms manner of repayment of bonds. Complete details of notification are given below: CONDITIONS 1. Eligibility – The following…

TDS not applicable on Investment Fund Income other than PGBP

Income Tax, Income Tax Circulars/ NotificationBy Himanshi July 8, 2015

Vide notification no. 51/2015 dt. 25th Jun-15, TDS is not applicable on the payments of following nature in regard to investment fund: any income of an investment fund other than the income chargeable under the head —”Profits and gains of business or profession” “Investment fund” means any fund established or incorporated in India in the…

Clarifications on Tax Compliance for Undisclosed Foreign Income and Assets

Income Tax, Income Tax Circulars/ NotificationBy Himanshi July 6, 2015

Circular No. 13 of 2015 F. No. 142/18/2015-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) *** Dated 6th of July, 2015 Clarifications on Tax Compliance for Undisclosed Foreign Income and Assets The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (hereinafter…

Notification of Black Money Rules and issue of Explanatory Circular for Compliance Window under Black Money Act

Income Tax, Income Tax Circulars/ NotificationBy Himanshi July 3, 2015

The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Rules, 2015 (the Rules) have been notified vide notification no. G.S.R. 529 (E) dated 02-07-2015. These Rules provide the method of determination of Fair Market Value of an undisclosed foreign asset. The declaration under Section 59 of the Act may be filed on…

Instructions to Subordinate Authorities – Condonation of Delay in filing Refund Claim and Claim of Carry Forward Losses Under Section 119(2)(b)

Income Tax, Income Tax Circulars/ NotificationBy Himanshi June 20, 2015

CIRCULAR 9/2015 [F.NO.312/22/2015-OT], DATED 9-6-2015 In supersession of all earlier Instructions/Circulars/Guidelines issued by the Central Board of Direct Taxes (the Board) from time to time to deal with the applications for condonation of delay in filing returns claiming refund and returns claiming carry forward of loss and set-off thereof under section 119(2)(b) of the Income-tax…

No Direct demand from deductee in case of Non deposit of TDS by Deductor

Income Tax, Income Tax Circulars/ NotificationBy Himanshi June 12, 2015

275/29/2014-IT-(B) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes Dated New Delhi, the 1st June, 2015 To, The CCsIT (CCA) Subject: Non-deposit of Tax Deducted at Source – regarding. Sir/Madam, Grievances have been received by the Board from many taxpayers that in their cases the deductor has deducted tax at source from…

Extension of Due Date for filing of Income Tax Return for AY 2015-16

Income Tax, Income Tax Circulars/ NotificationBy Himanshi June 12, 2015

SECTION 119 OF THE INCOME-TAX ACT, 1961 – INCOME-TAX AUTHORITIES – INSTRUCTIONS TO SUBORDINATE AUTHORITIES – EXTENSION OF DUE DATE OF FILING RETURN OF INCOME FOR ASSESSMENT YEAR 2015-16 ORDER [F.NO.225/154/2015/ITA.II], DATED 10-6-2015 The Central Board of Direct Taxes, in exercise of powers conferred under section 119 of the Income-tax Act, 1961, hereby extends the…

India joined the Multilateral Competent Authority Agreement (MCAA) on Automatic Exchange of Information (AEOI)

Income Tax, Income Tax Circulars/ NotificationBy Himanshi June 12, 2015

India joined the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information on 3rd June, 2015, in Paris, France, alongwith Australia, Canada, Costa Rica, Indonesia and New Zealand. On our behalf, the Declaration to comply with the provisions of the MCAA was signed by H.E. Mr. Mohan Kumar, Ambassador of the Republic of…