Assessment Year (AY), Financial Year (FY), and Previous Year (PY) are the terms which we have heard a lot specially during the day when Income Tax Return is to be filed. People from non-finance background find it difficult to understand these terms. But this post will be helpful for them. Before going directly to these…
Residential status of assessee other than an Individual & HUF In case of an assessee, other than an individual and HUF, the residential status depends upon the place from which its affairs are controlled and managed. These assessees can only be either resident or non-resident. There is no concept of ordinarily resident in case of…
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…
Residential status of an assessee is important in determining the scope of income on which income tax has to be paid in India. Broadly, an assessee may be resident or non-resident in India in a given previous year. Residential status of an Individual & Hindu Undivided Family Under Section 6(1), an individual is said to…
Finance Minister has approved the formation of 2 Committees for facilitating implementation of Goods and Services Tax from 1.4.2016. A Steering Committee been formed under the Co-Chairmanship of Additional Secretary, Department of Revenue and Member Secretary, Empowered Committee of State Finance Ministers. This Committee has Members from Department of Revenue, Central Board of Excise & Customs,…
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…
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 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…
The Advance Pricing Agreement provisions were introduced in 2012 through insertion of sections 92CC and 92CD in the Income-tax Act, 1961 by the Finance Act, 2012. Subsequently, the Advance Pricing Agreement Scheme was notified vide S.O. 2005 (E), dated 30/8/2012, thereby inserting Rules 10F to 10T and Rule 44GA in the Income-tax Rules, 1962. Rollback…
An Increase of 37.3 % Registered During the Month of May 2015 over the Corresponding Period in the Previous Year; Central Excise Collections Registered an Increase of 84.2%; Customs Collections Registered an Increase of 16% While Service Tax Collections Registered an Increase of 13.2% During the Same Period; FM: The Underlying Momentum in the Economy is Improving…