Income Tax News

Final Report of the Committee constituted for formulating Accounting Standards for the purposes of notification u/s 145(2) of the Income-tax Act, 1961

27 October 2012 at 11:58

Section 145 (1) of the Income-tax Act, 1961 (‘the Act’) provides that the income chargeable under the head “Profits and gains of business or profession” or “Income from other sources” shall [subject to the provi

Posted in Income Tax | 2 comments | 11670 Views

Pendency in PAN transfer request

18 October 2012 at 12:45

LETTER [F.NO. DIT(S)-I/AIS/NODAL/12-13], DATED 8-10-2012 Kind reference is invited to AIS instruction No. 81(copy enclosed-Annexure-I) vide which facility of auto route of PAN transfer in individual cases was withdrawn by the Directorate and new

Posted in Income Tax | 14235 Views

Migration of PAN lying in Orphan jurisdiction to the jurisdictional AOs by Nodal officers appointed under CsIT(CO)

18 October 2012 at 12:45

LETTER [F.NO. DIT(S)-I/AIS/NODAL/12-13] DATED 8-10-2012 Kind reference is invited to AIS instruction No. 80 and AST instruction no. 97 on the above subject(copies enclosed for ready reference - Annexures I & II) where in procedure for migr

Posted in Income Tax | 3 comments | 7662 Views

Analysis of e-Filed Returns filed in current financial year

18 October 2012 at 12:45

NO. 402/92/2006-MC (25 OF 2012) DATED 8-10-2012 Analysis of e-filed returns filed in the current Financial Year reveals that nearly 29,000 taxpayers, where committed tax payable was in excess of Rs. 50,000, have defaulted on the payments aggre

Posted in Income Tax | 15621 Views

Income-tax (14th Amendment) Rules, 2012- Insertion of Rule 112F

10 October 2012 at 17:09

NOTIFICATION NO. 42/2012 [F.NO.282/22/2012-IT (INV. V)] DATED 4-10-2012 In exercise of the powers conferred by section 153A and 153C of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the Act), the Central Government hereby

Posted in Income Tax | 1 comments | 22899 Views

Rs. 2,72,133 Crore Direct Tax Collections during First Half of 2012-13

10 October 2012 at 16:20

Gross direct tax collection during April-September of the F.Y. 2012-13 was up by 5.87 percent at Rs. 2,72,133 crore as against Rs. 2,57,042 crore in the same period last year. While gross collection of corporate taxes showed an increase of 1.60 pe

Posted in Income Tax | 2 comments | 5955 Views

Draft Report on Retrospective Amendments Relating to Indirect Transfer

10 October 2012 at 11:18

Draft Report on Retrospective Amendments Relating to Indirect Transfer

Posted in Income Tax | 5547 Views

Income-tax deduction from salaries u/s 192 during the Financial year 2012-13

10 October 2012 at 11:13

SECTION 192 OF THE INCOME-TAX ACT, 1961 - DEDUCTION OF TAX AT SOURCE - SALARY - INCOME-TAX DEDUCTION FROM SALARIES UNDER SECTION 192 DURING THE FINANCIAL YEAR 2012-13 CIRCULAR NO. 8/2012 [F.NO. 275/192/2012-IT(B)], DATED 5-10-2012 Reference is inv

Posted in Income Tax | 6 comments | 173412 Views

View your arrear demand

04 October 2012 at 11:50

As a Taxpayer friendly initiative, a facility to view details of Arrear Demand of taxpayers as communicated by their Jurisdictional Assessing Officers (A.O.) to the Central Processing Centre (CPC) is now enabled on the e-filing website i.e. https

Posted in Income Tax | 1 comments | 13590 Views

Final guidelines on GAAR by month end: Chidambaram

03 October 2012 at 12:28

The Income Tax department will come out with final guidelines by the end of this month on implementation of General Anti Avoidance Rules (GAAR), Finance Minister P Chidambaram said in New Delhi on Monday. The guidelines will be based on the su

Posted in Income Tax | 9111 Views