Income Tax News

Guidelines for weighted deduction u/s 35ccd

19 July 2013 at 13:11

To Promote Skill Development Direct Taxes Incentives Given; Guidelines for Weighted Deduction @ 150% of the Expenditure Incurred on skill Development Under Section 35ccd of the Income-Tax Act, 1961 Issued The National Manufacturing Policy (NMP)

Posted in Income Tax | 2 comments | 18738 Views

FM Shri P. Chidambaram to inaugurate conference of Chief Commissioners/Directors General of Indirect Taxes

16 July 2013 at 17:05

Union Finance Minister, Shri P. Chidambaram to inaugurate conference of Chief Commissioners/Directors General of Indirect Taxes. To deliberate on steps for revenue mobilisation & tax administration reforms. The All I

Posted in Income Tax | 9159 Views

Corrigendum for Implementation of the approved Restructuring of the Income Tax Department

16 July 2013 at 12:24

Corrigendum for Implementation of the approved Restructuring of the Income Tax Department. For full news find the attached file.

Posted in Income Tax | 1 comments | 7779 Views

CBDTs Instruction No. 5/2013 [F.No.275/03/2013-IT(B)], dated 8.07.2013

15 July 2013 at 12:29

1. The CBDT issues instructions with respect to processing of Income-tax returns and giving credit for TDS thereon in the case of TDS mismatch. A few of the instructions on this subject issued in previous years are Instruction No. 1/2010 (25-2-2010)

Posted in Income Tax | 1 comments | 17415 Views

Members requested to share difficulties faced in efiling of tax audit reports

15 July 2013 at 12:28

As the members are aware, the Direct Taxes Committee of ICAI makes suitable representations to the Central Board of Direct Taxes or other appropriate bodies on various issues arising out of direct tax laws from time to time which are brought to the

Posted in Income Tax | 2 comments | 11775 Views

Direct Tax Collection for June Quarter

10 July 2013 at 11:29

Gross direct tax collection during April-June of the F.Y. 2013-14 is up by 11.52 percent at Rs. 1,23,993 crore as against Rs. 1,11,183 crore in the same period last year. While gross collection of Corporate taxes has shown an increase of 7.82 percen

Posted in Income Tax | 4 comments | 11697 Views

Clarification Regarding Applicability of SA 700 on Tax Audit Report under Section 44AB of The Income-Tax Act, 1961

06 July 2013 at 12:24

As the members are aware that all audit reports in respect of audits of financial statements for period beginning on or after 1st April 2012 are to be issued in accordance with the requirements of SA 700(Revised) - Forming an Opinion and Reporting

Posted in Income Tax | 7 comments | 29073 Views

Implementation of the approved Restructuring of the Income Tax Department

04 July 2013 at 17:14

Government has approved Cadre Restructuring of the Department for the creation of 20,751 additional posts and for carrying out various measures to increase the effectiveness of the Department. Please find the attached file for full news.

Posted in Income Tax | 2 comments | 15666 Views

New Circulars on Transfer Pricing of Development Centres

01 July 2013 at 12:14

It has been decided to rescind Circular2/2013 dated 26.03.2013 and amend Circular 3/2013 dated 26.03.2013 pertaining to transfer pricing issues. Please find attached - Press Release by FM Amended Circular No.3 Circular No.5

Posted in Income Tax | 8973 Views

Income-Tax (Eighth Amendment) Rules, 2013 - Insertion of Rule 21AC and Form no. 10FC

28 June 2013 at 16:22

[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 New Delhi, the 26th day of June, 2013 INCOME-TAX

Posted in Income Tax | 21930 Views