TDS on service tax component comprised in the payments made to residents – clarification regarding

TDS  on service tax component comprised in the payments made to residents – clarification regarding NO. CIRCULAR NO. 1/2014 [, DATED 13-1-2014 Subject: TDS under Chapter XVII-B of the Income-tax Act, 1961 on service tax component comprised in the payments made to residents – clarification regarding The Board had issued a CircularNo.4/2008 dated 28-04-2008 wherein it was clarified that tax is to be deducted at sourceContinue reading “TDS on service tax component comprised in the payments made to residents – clarification regarding”

Revised Forms 15CA & 15CB (N/N 58/2013 dated 5-08-2013)

INCOME-TAX (TWELFTH AMENDMENT) RULES, 2013 – SUBSTITUTION OF RULE 37BB AND FORM NOS. 15CA AND 15CB NOTIFICATION NO. 58/2013 [F.NO.149/119/2012-SO(TPL)]/SO 2363(E), DATED 5-8-2013 In exercise of the powers conferred by sub-section (6) of section 195 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes theContinue reading “Revised Forms 15CA & 15CB (N/N 58/2013 dated 5-08-2013)”

DUE DATE FOR FILING OF TAX RETURN EXTENDED TO AUGUST 5, 2013

DUE DATE FOR FILING OF TAX RETURN EXTENDED TO AUGUST 5, 2013 As a Measure of Taxpayers Convenience, Last Date of Filing of Returns Extended to 5th August, 2013  There is an unprecedented surge in number of returns being e-filed during this year. 92.03 lakh returns have been e-filed up to 30th July, 2013 whichContinue reading “DUE DATE FOR FILING OF TAX RETURN EXTENDED TO AUGUST 5, 2013”

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”