Following the Supreme Court order last year, Govt. of India had constituted the SIT in the matter of Black money. SIT has submitted its (third) report to Govt. of India. Recommendations of SIT on Black Money is being given below: Misuse of exemption on Long Term Capital gains tax for money laundering (Reference p. 82-84…
F.No. 225/141/2015/ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi, the 20th of July, 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…
ITR Forms are developed using the latest in JAVA technology and effort has been made to make it user friendly, simpler and faster preparation of tax returns. This utility can be run on operating systems like Windows 7.0 or above and latest Linux, where Java Runtime Environment Version 7 Update 6 (jre 1.7 is also…
F No 213/CIT(OSD)(S)12014-15/CPC-ITRV Issues Government of India, Ministry of Finance Central Board of Direct Taxes Directorate of Income Tax (Systems) Notification No. 112015 under the CPC Scheme 2011 New Delhi Dated the 10th of July 2015 Extension of time limit for submitting ITR-V for electronically filed returns for A.Y. 201314 and A.Y. 2014-15. In exercise…
CBDT has introduced new mechanism to verify ITR on the basis of following method: 1. Net Banking 2. ATM 3. Aadhaar No. 4. Email ID and Mobile No. For verification of ITR, this year “Electronic Verification Code” (EVC) has been introduced. “Electronic verification code” means a code generated for the purpose of electronic verification…
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 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. 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…
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…
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…