In terms of Section 46 (2) and Section 46 (3) of the Andhra Pradesh Reorganisation Act, 2014, the Union Government is committed to support Andhra Pradesh, providing Special development package to backward areas and Rayalaseema and North coastal region of the State. It has now been decided that funds amounting to Rs.350 crore (@ Rs.50 … Read more
Introduction: 1.1 As per the Income Tax Act, all cases where TDS/TCS is deducted but not deposited within the due date, as prescribed, are punishable u/s 276B/276BB or 278A. The selection of cases & their processing is further governed by Instruction F.No. 285/90/2008-IT(Inv-I)/05 dated 24.04.2008 which has been modified by the CBDT [vide F.No.285/90/2013-IT(Inv.)] … Read more
The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, in a major decision, has decided to accept the order of the High Court of Bombay in the case of Vodafone India Services Private Limited (VISPL) dated 10.10.2014. This is a major correction of a tax matter which has adversely affected investor sentiment. Based … Read more
1. Introduction 1.1 The Finance (No.2) Act, 2014 (hereafter referred to as ‘the Act’) as passed by the Parliament, received the assent of the President on the 6th day of August, 2014 and has been enacted as Act No. 25 of 2014. This circular explains the substance of the provisions of the Act relating to … Read more
New Delhi, the 19th January, 2015 S.O. 180 (E). – In exercise of the powers conferred by section 295 read with sub-section (4) of section 115 UA of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-
Levy of Income Tax of an assessee depends on his residential status as per Indian Income-tax Act, 1961. In the case of Indian citizen, whether an income earn by a person outside India, is taxable in India depends upon the residential status of the person in India. Similarly, whether an income earned by a foreign … Read more
DIRECTORATE OF INCOME TAX (SYSTEMS) ARA Centre, Ground Floor, E-2, Jhandewalan Extension, /New Delhi-110055 F.No. Tech/Misc/2014-DGIT(S) 17396 Dated: 06.01 .2015 To, The Director of Income Tax (Systems)-IV, New Delhi. Respected Madam, Sub: Guidelines for Compounding of Offences under Direct Tax Laws, 2014 -reg. I have been directed to enclose herewith a letter F.No. 285/35/2013-IT (Inv. … Read more
What is the provision section 245? Section 245 of Income Tax Act empowers the Assessing Officer to adjust the amount of refund against tax remaining payable. If a refund is due to taxpayer, the Assessing Officer, in lieu of payment of the refunds, set off the amount against previous outstanding dues. But Assessing Officer can … Read more
GOVERNMENT OF INDIADEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES NEW DELHI INSTRUCTION NO 01/2015, Dated: January 13, 2015 Subject: – Clarification regarding applicability of section 143(1D) of the Income-tax Act, 1961 – reg. Sub-section (1D) of section 143 of the Income-tax Act, 1961 (‘Act’) provides that where a notice has been issued to a … Read more
The due date for filing income tax return is 31st July (for individual & HUF to whom tax audit is not applicable). However, some taxpayers failed to file Income tax return before the due date, now they can file belated return. But tax-payers can file belated returns for two financial years at a time. As per … Read more