Income Tax News

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 | 11016 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 | 12411 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 | 91809 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 | 17043 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 | 15132 Views

Special Measures to Facilitate Collection of Tax Receipts by the Banks on 29th, 30th and 31st March, 2013

23 March 2013 at 14:04

Keeping in view that 29th and 31st March, 2013 are notified Gazetted holidays and 30th March, 2013 is falling on a Saturday and the likely rush of tax payers towards the end of march, 2013, which could have inconvenienced the tax payers in deposit

Posted in Income Tax | 2 comments | 12162 Views

Drive Against Fake Pan Cards

16 March 2013 at 12:41

The Government has launched drive against fake Permanent Account Number (PAN) cards. As a continuous process, in order to know the genuineness of Know Your Customer (KYC) documents on Proof of Identity (POI) and Proof of Address (POA), third party

Posted in Income Tax | 5 comments | 26484 Views

Seizure of Illegal Assets under the Income-tax Act, 1961

16 March 2013 at 12:39

Seizure of Illegal Assets In the searches conducted by the Income Tax Department during F.Ys 2009-10, 2010-11, 2011-12 and 2012-13 (up to December, 2012), unexplained assets of about Rs. 963.50 crore, Rs.774.98 crore, Rs. 905.60 crore and Rs.453

Posted in Income Tax | 1 comments | 11565 Views

New ITR Filing Procedure

15 March 2013 at 16:55

The Government proposes to introduce new procedures/forms for filling Income Tax returns. Every year government notifies forms for filing of income-tax returns after incorporating the changes brought out by the Finance Act of the previous year and

Posted in Income Tax | 5 comments | 37401 Views

Filing of IT returns by tax payers for a.y. 2012-13 on 30th & 31st march

15 March 2013 at 10:47

SECTION 119 OF THE INCOME TAX ACT, 1961 INCOME TAX AUTHORITIES INSTRUCTIONS TO SUBORDINATE AUTHORITIES ORDER FOR FACILITATING FILING OF IT RETURNS BY TAX PAYERS FOR F.Y. 2012-13 ON 30th & 31st MARCH, 2013 ORDER [F. NO.

Posted in Income Tax | 5 comments | 21159 Views