Income Tax News

Ministry of Finance Notifies Advance Price Agreement (APA) Scheme

01 September 2012 at 13:42

The Ministry of Finance has notified an “Advance Pricing Agreement Scheme” (Rules 10F to 10T of Income Tax Rules, 1962) vide notification No. 36/2012 dated 30-8-2012. The Finance Act, 2012 had inserted sections 92CC and 92CD in the Inc

Posted in Income Tax | 4 comments | 9072 Views

Institutional Mechanism for forming Departmental view on Contentious Legal Issues

01 September 2012 at 13:42

OFFICE MEMORANDUM [F.NO. 279/M-61/2012-ITJ] DATED 28-8-2012 It has been observed that a large part of litigation in the Direct Taxes matters involves interpretation of legal provisions. Lack of desired clarity on a contentious legal issue, amo

Posted in Income Tax | 5265 Views

Income-tax (Dispute Resolution Panel) (First Amendment) Rules, 2012- Amendment in Rule 3

29 August 2012 at 17:18

NOTIFICATION NO. 33/2012 [F.NO.133/13/2012-SO(TPL)]/SO 1967(E) DATED 24-8-2012 In exercise of the powers conferred by sub-section (14) of section 144C of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the

Posted in Income Tax | 13521 Views

Transfer Pricing -Computation of arm's length price -Notified percentage under second proviso to section 92c(2)

21 August 2012 at 11:33

Transfer Pricing - Computation of arm's length price - Notified percentage under second proviso to section 92c(2) -Section 92 of the Income-Tax Act, 1961 NOTIFICATION NO. 31/2012 [F.NO. 500/185/2011-FTD I] DATED 17-8-2012 In exercise of

Posted in Income Tax | 15246 Views

Constitution of A Committee Redressal of the Demands/Issue raised by ITGOA and ITEF

21 August 2012 at 11:33

OFFICE MEMORANDUM [F.NO. 12020/6/2012-AD.IX] DATED 16-8-2012 Representations have been received that quarterly review meetings taken by Chairman with the representatives of ITGOA and ITEF are not always held in time with the result that issues

Posted in Income Tax | 6126 Views

Training for Fresh Batch of Tax Return Preparers to begin Soon

17 August 2012 at 12:47

The Income Tax Department is in the process of training a fresh batch (Batch-II) of 5000 graduates as Tax Return Preparers (TRPs) across the country. The TRPs are authorized to prepare Income Tax Returns for individual and HUF taxpayers. The Tax

Posted in Income Tax | 5 comments | 25674 Views

FAQ on e-filing of return and its processing at CPC

06 August 2012 at 17:22

The Direct Taxes Committee of ICAI in its endeavor to enable our members to e-file the income-tax returns easily, had requested the CPC to provide the Frequently Asked Questions (FAQs) on matters relating to e-filing, CPC and refund. In res

Posted in Income Tax | 1 comments | 9444 Views

Inadmissibility of Expenses Incurred in Providing Freebees to Medical Practitioner by Medical Practitioner y Pharmaceutical and Allied Health Sector Indusry

04 August 2012 at 11:54

CIRCULAR NO. 5/2012 [F. NO. 225/142/2012-ITA.II] DATED 1-8-2012 It has been brought to the notice of the Board that some pharmaceutical and allied health sector Industries are providing freebees (freebies) to medical practitioners and their pr

Posted in Income Tax | 7770 Views

Due date of Return filing extended to 31st August 2012

31 July 2012 at 15:45

F.No.225/163/2012/ITA.I1 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, the 31st july 2012. Order under Section 119 of the Income Tax Act. 1961 On consideration of the reports of disturba

Posted in Income Tax | 15 comments | 32640 Views

Relaxation from compulsory e-filing of return of income for assessment year 2012-13

31 July 2012 at 15:08

Relaxation from compulsory e-filing of return of income for assessment year 2012-13 - for representative assesses of non-residents and in the case of private discretionary trusts -reg Rule 12 of the Income-tax Rules, 1962 mandates that an indiv

Posted in Income Tax | 26685 Views