Income Tax News

Rationalisation of With-Holding Tax (WHT) to Encourage Greater Subscription in Indian Debt Securities by Foreign Investors

22 May 2013 at 13:50

Rationalisation of With-Holding Tax (WHT) to Encourage Greater Subscription in Indian Debt Securities by Foreign Investors, Encourage Development of the Indian Debt Market and Accelerate the Pace of Growth of the Indian Economy To enhance resour

Posted in Income Tax | 13515 Views

Government urges all tax Payers to Disclose their True income and pay Appropriate taxes within the Current Financial Year

21 May 2013 at 12:20

A Compliance Management Cell has been set-up to Ensure Follow-up Action and Track Return Filing and Tax Payment of the Target Segment; 70,000 Letters are being sent in 2 Batches to High Priority Cases in this Month The Union Finance Minister Shr

Posted in Income Tax | 2 comments | 12120 Views

New ITR forms for 2012-13 released

04 May 2013 at 14:36

INCOME-TAX (THIRD AMENDMENT) RULES, 2013 - AMENDMENT IN RULE 12 & SUBSTITUTION OF FORMS SAHAJ (ITR-1), ITR-2, ITR-3, SUGAM (ITR-4S), ITR-4 AND ITR-V NOTIFICATION NO. 34/2013 [F.NO.142/5/2013-TPL]/SO 1111(E), DATED 1-5-2013 In exercise of t

Posted in Income Tax | 11 comments | 55374 Views

Clarification on Amendment to Section 206-C of Income Tax Act dealing with Tax Collection at Source (TCS) on Sale of Bullion or Jewellery in Cash

02 May 2013 at 09:43

Currently, sale in cash of bullion (excluding coin or any other article weighing 10 grams or less) in excess of Rs 2 lakh or jewellery in excess of Rs.5 lakh is subject to Tax Collection at Source (TCS) @ 1%. As coins were neither included in bull

Posted in Income Tax | 4 comments | 33792 Views

ITOUs set up in Indian Missions abroad to unearth black money

27 April 2013 at 11:50

Income Tax Overseas Units have been set up in Indian Missions abroad as part of efforts to unearth black money. Tax Officers at the level of First Secretary are being posted to Income-tax Overseas Units (ITOUs) in Indian Missions abroad to maint

Posted in Income Tax | 1 comments | 12465 Views

Tax Foregone Statement

27 April 2013 at 11:48

The salient features of the Tax Forgone Statement issued by the Government are as under: • This Statement seeks to list the revenue impact of tax incentives or tax subsidies that are a part of the tax system of the Central Governm

Posted in Income Tax | 11001 Views

Issuance of certificate for tax deducted at source in Form No. 16 in accordance with the provisions of section 203 of the Income-tax Act, 1961 read with the Rule 31 of the Income-tax Rules 1962 - reg

23 April 2013 at 11:53

CIRCULAR NO. 04/2013 F.No 275/34/2011-IT(B) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, the 17th April, 2013 Sub: Issuance of certificate for tax deducted at source in Form No. 16 in acc

Posted in Income Tax | 2 comments | 12405 Views

Guidance Note on Report u/s 92E of the Income Tax Act, 1961 (Transfer Pricing)

11 April 2013 at 10:25

Dear Members, It gives me immense pleasure to inform you that ICAI has recently released the Guidance Note on Report Under Section 92E of the Income Tax Act, 1961 (Transfer Pricing). The law relating to transfer pricing is dynamic and the membe

Posted in Income Tax | 1 comments | 91791 Views

CBDT Circular on application of profit split method

29 March 2013 at 11:55

CBDT Circular on application of profit split method Dated 26-3-2013 Circular No 2/2013

Posted in Income Tax | 1 comments | 17034 Views

Revision of Interest Rates for Small Savings Schemes With Effect from 1ST APRIL,2013

25 March 2013 at 16:42

Based on the decisions taken by the Government on the recommendations of the Shyamala Gopinath Committee for Comprehensive Review of National Small Savings Fund (NSSF), the interest rates for small saving schemes are to be notified every financial

Posted in Income Tax | 15099 Views