Income Tax News

Extending due date for filing Form 49C for the Financial Year 2011-12 - regarding

25 June 2012 at 11:31

F.No.225/124/2012/ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, the 20thJune 2012. Order under Section 119 of the Income Tax Act, 1961- extending due date for filing Form 49C for th

Posted in Income Tax | 14775 Views

Adjustment Of Refunds Against Arrears: CBDT Circular

25 June 2012 at 11:31

SECTION 119 OF THE INCOME-TAX ACT, 1961 - INCOME-TAX AUTHORITIES - INSTRUCTIONS TO SUBORDINATE AUTHORITIES - AUTHORIZATION OF AOs IN CERTAIN CASES TO RECTIFY/RECONCILE DISPUTED ARREAR DEMAND CIRCULAR NO. 4 OF 2012 DATED 20-6-2012 The Board has

Posted in Income Tax | 12021 Views

Special Deposit Scheme (SDS), 1975 - Revision of Rate of Interest

16 June 2012 at 14:59

CIRCULAR DGBA. CDD. NO. H-7815/15.01.001/2011-12 DATED 6-6-2012 The Government of India has vide Notifications, as detailed below, notified revision in the interest rates on the deposits under the Special Deposit Scheme for Non-Government Pr

Posted in Income Tax | 1 comments | 13926 Views

No TDS in certain cases u/s 197A- Software Acquisition

15 June 2012 at 11:28

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART-II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 21/2012 [F.No.142/10/

Posted in Income Tax | 2 comments | 17223 Views

Gross Direct Tax Collection Figures for April-May 2012-13 is Up by 3.62 Percent at Rs. 52,232 Crore as Against Rs. 50,407 Crore in the Same Period in F.Y.2011-12

13 June 2012 at 17:57

Gross Direct Tax collections during April-May of the F.Y. 2012-13 was up by 3.62 percent at Rs. 52,232 Crore as against Rs. 50,407 Crore in the same period in F.Y.2011-12. While Gross Collection of Corporate Taxes showed a decline of (-) 2.82 pe

Posted in Income Tax | 2 comments | 6303 Views

Supplementary Memorandum Explaining the Official Amendments moved in the Finance Bill, 2012 as reflected in the Finance Act, 2012

13 June 2012 at 17:16

CIRCULAR NO. 3/2012, DATED 12-6-2012 FINANCE ACT, 2012 - PROVISIONS RELATING TO DIRECT TAXES The Finance Bill, 2012 was introduced in Parliament on 16-3-2012. Certain official amendments have been carried out during the passage of the Bill in Pa

Posted in Income Tax | 9555 Views

FM Speech at 28th Annual Conference of the Chief Commissioners and Director Generals of Income Tax yesterday

12 June 2012 at 11:13

Please find below the text of the Speech of the Union Finance Minister Shri Pranab Mukherjee delivered at the 28th Annual Conference of Chief Commissioners and Director Generals of Income Tax at Vigyan Bhawan here today: “I am very happy to

Posted in Income Tax | 1 comments | 5481 Views

Direct Tax Collections During FY 2011-12 Up by 13.02 Percent at Rs. 5,90,077 Crore as Against Rs 5,22,104 Crore During Financial Year 2010-11

07 June 2012 at 16:05

Direct Tax Collections During Financial Year 2011-12 Up by 13.02 Percent at Rs. 5,90,077 Crore as Against Rs 5,22,104 Crore During Financial Year 2010-11 Gross direct tax collections during April-March of the F.Y. 2011-12 was up by 13.02 percent

Posted in Income Tax | 3 comments | 8367 Views

Clarification Regarding Reopening of Completed Assessments on Accounts of Clarificatory Amendments Introduced by Finance Act, 2012

01 June 2012 at 11:37

The Finance Act, 2012 has introduced certain clarificatory amendments in section 2 clause (14), Section 2 clause (47), Section 9 and Section 195, of the Income Tax Act, 1961 ("Act"), with retrospective effect from 01.04.1962 or 01.04.197

Posted in Income Tax | 7563 Views

Pranab Mukherjee Issues clarification on Retrospective Amendment and Transfer Pricing

30 May 2012 at 15:43

Statement of Union Finance Minister, Shri Pranab Mukherjee Regarding Issues of Retrospective Amendment and Transfer Pricing On the issue of retrospective amendment, Union Finance Minister, Shri Pranab Mukherjee has said that he had given a commi

Posted in Income Tax | 12129 Views