AMENDMENT IN RULE 12 N. NO. 42/2013 Dated 11-6-2013

INCOME-TAX (SEVENTH AMENDMENT) RULES, 2013 – AMENDMENT IN RULE 12 & SUBSTITUTION OF FORMS ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 AND ITR-7 NOTIFICATION NO. 42/2013 [F.NO.142/5/2013-TPL]/SO 1513(E), DATED 11-6-2013 In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rulesContinue reading “AMENDMENT IN RULE 12 N. NO. 42/2013 Dated 11-6-2013”

Prescribed docs and form in respect of transactions with notified jurisdictional area u/s 94A

INCOME-TAX (EIGHTH AMENDMENT) RULES, 2013 – INSERTION OF RULE 21AC AND FORM NO. 10FC NOTIFICATION NO. 47/2013 [F.NO. 142/12/2013-TPL]/SO 1856(E), DATED 26-6-2013 In exercise of the powers conferred by sub-section (3) of section 94A read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the followingContinue reading “Prescribed docs and form in respect of transactions with notified jurisdictional area u/s 94A”

Banks to acknowledge receipt of nil TDS declaration from customers, RBI directs banks

ACKNOWLEDGEMENT BY BANKS AT THE TIME OF SUBMISSION OF FORM 15-G/15-H CIRCULAR DBOD.NO.LEG.BC.100/09.07.005/2012-13, DATED 31-5-2013 As you are aware banks are not required to deduct TDS from depositors who submit declaration in Form 15-G/15-H under Income Tax Rules, 1962. However, it has been brought to our notice that despite submission of Form 15-G/15-H by customers, banksContinue reading “Banks to acknowledge receipt of nil TDS declaration from customers, RBI directs banks”

New changes in tax return forms for the A/Y 2013-14(N/ NO. 34/2013 [F.NO.142/5/2013-TPL]/SO 1111(E), DATED 1-5-2013)

New changes in tax return forms for the A/Y 2013-14(N/ NO. 34/2013 [F.NO.142/5/2013-TPL]/SO 1111(E), DATED 1-5-2013) CBDT vide NOTIFICATION NO. 34/2013 [F.NO.142/5/2013-TPL]/SO 1111(E), DATED 1-5-2013 Incorporated new changes in  Income tax return filing forms for the A/Y 2013-14 as below:  – Return in ITR 1 can’t be filed if assessee incurs losses under the head ‘Income from otherContinue reading “New changes in tax return forms for the A/Y 2013-14(N/ NO. 34/2013 [F.NO.142/5/2013-TPL]/SO 1111(E), DATED 1-5-2013)”

AMENDMENT BY LOK SABHA TO FINANCE BILL, 2013 (30 APRIL 2013)

AMENDMENT BY LOK SABHA TO FINANCE BILL, 2013 (30 April 2013) Existing Position Position as amended by the Lok Sabha Scope of Sec. 10(48) widened to include other prescribed income also and not just income arising from sale of crude oil The Finance Act 2012 inserted a new clause (48) in Section 10 to provideContinue reading “AMENDMENT BY LOK SABHA TO FINANCE BILL, 2013 (30 APRIL 2013)”

Form 16:Part A (details of tax deduction and deposit ) generated from TRACES portal only

Now Form 16:Part A (details of tax deduction and deposit ) will be generated from  TRACES portal only. Please find below reference of CIRCULAR NO. 4/2013 [F.NO.275/34/2011-IT(B)], DATED 17-4-2013 (SECTION 203 OF THE INCOME-TAX ACT, 1961, READ WITH RULE 31 OF THE INCOME-TAX RULES, 1962 – DEDUCTION AT SOURCE – CERTIFICATE FOR TAX DEDUCTED – ISSUANCE OFContinue reading “Form 16:Part A (details of tax deduction and deposit ) generated from TRACES portal only”

RBI Guidelines have been issued for FEMA purposes. No additions for violation of RBI’s norms on valuation of shares sold by non-resident to resident

IT : RBI Guidelines have been issued for FEMA purposes. No additions for violation of RBI’s norms on valuation of shares sold by non-resident to resident Facts The assessee, M/s Zeppelin Mobile Systems GmbH -a tax resident of Germany. It has an Indian subsidiary called Zeppelin Mobile Systems India Ltd., which is a closely heldContinue reading “RBI Guidelines have been issued for FEMA purposes. No additions for violation of RBI’s norms on valuation of shares sold by non-resident to resident”

COMPILATION OF QUALITY SCRUTINY ASSESSMENT CASES COMPLETED DURING FINANCIAL YEAR 2012-13

COMPILATION OF QUALITY SCRUTINY ASSESSMENT CASES COMPLETED DURING FINANCIAL YEAR 2012-13 LETTER [F.NO. 225/65/2013/ITA-II], DATED 11-4-2013 I am directed to draw your kind attention towards Board’s decision to review the Quality of assessments completed by the Assessing Officers during financial year 2012-13 in each CCIT/DGIT charge. The same finds mention in clause 2(k) of “Guidelines forContinue reading “COMPILATION OF QUALITY SCRUTINY ASSESSMENT CASES COMPLETED DURING FINANCIAL YEAR 2012-13”

Section 54F provides exemption only construction of a new house not renovation or modification of an existing house

IT : Section 54F does not provide for exemption in case of renovation or modification of an existing house and what gains exemption is only construction of a new house ■■■ [2013] 31 taxmann.com 33 (Kerala) HIGH COURT OF KERALA Pushpa v. Income tax Officer* THOTTATHIL B. RADHAKRISHNAN AND K. VINOD CHANDRAN, JJ. IT APPEAL NOS. 30Continue reading “Section 54F provides exemption only construction of a new house not renovation or modification of an existing house”

Budget 2013: important things for the middle class

Budget 2013: important things for the middle class 1) You can look forward to more tax-free bonds in the coming days, as some institutions are expected to raise around Rs 25,000 crore via tax-free bonds in 2012-13. The finance minister has also permitted some institutions to issue tax free bonds in 2013-14 up to Rs 50,000 crore.2) The hikeContinue reading “Budget 2013: important things for the middle class”