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

Income Tax, Income Tax Circulars/ Notification

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…

Protocol amending the Convention and the Protocol between India and Israel for the avoidance of double taxation

Income Tax

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi, has approved the protocol amending the Convention and the Protocol between India and Israel, for avoidance of double taxation and for prevention of fiscal evasion with respect to taxes on income and on capital.The Protocol provides for internationally accepted standards for effective exchange of…

Validation of Previous years’ tax-returns through Electronic Verification Code

Income Tax, Income Tax Return

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi, the 6th of October, 2015 Order under section 119(1) of Income-tax Act, 1961 Subject: Validation of tax-returns through Electronic Verification Code-reg.- The Central Board of Direct Taxes (CBDT’) vide Notification No. 41/2015 dated 15.04.2015 in cases of…

Govt. received 638 declarations declaring undisclosed Foreign Assets amounting to Rs 3770 Crore under The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015

Black Money, Income Tax

638 number of declarations have been received under the compliance window declaring undisclosed foreign assets amounting to Rs 3770 crore under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (the Act). These figures are subject to final reconciliation. The officer designated to receive the declarations worked till midnight on…

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

Income Tax, Income Tax Circulars/ Notification

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…

Circulation of Fake order for extension of due date for filing of Audit report and return of Income for Assessment Year 2015-16- regarding

Income Tax, Income Tax Return

It has been brought to the notice of the Government that a fake order dated 26th September 2015 supposedly under section 119 of the Income-tax Act 1961 under the signature of one Upmanyu Reddy, Under Secretary to the Government of India is in circulation. The fake order extends the due date for filing of audit…

Govt. to amend 115JB w.e.f. 1st Apr-2001

Income Tax

Government Decides to Amend Income-Tax Act 1961 so that with Effect from 1st April, 2001, the Provisions of Section 115JB Shall Not be Applicable to a Foreign Company If the Foreign Company is a Resident of a Country Having DTAA with India and Such Foreign Company Does Not have a Permanent Establishment within the Definition…