Electronic furnishing of information of remittance of payment to a non-resident or to a foreign company in Form 15CA

Facility for electronic furnishing information relating to foreign remittances in Form 15CA in accordance with section 195 (6) of the Income-tax Act, 1961 read with rule 37BB of the Income-tax Rules, 1962 is available. Kindly see the Foreign remittance (Form 15CA) button on the Home page. More.

CBDT Press Release on deferment of implementation of Notification No.31 of 2009

The CBDT have further decided that the Notification No. 31 of 2009 dated 25.3.2009 amending or substituting Rules 30, 31, 31A and 31AA of the Income Tax Rules, 1962 shall be kept in abeyance for the time being. Press Release

Remittances to non-residents under section 195 of the Income-tax Act – Circular of CBDT

CBDT has issued a circular on remittances to non-residents under section 195 of the Income-tax Act. Circular

CBDT circular

The Central Board of Direct Taxes have issued a vide notification S.O. No.866 (E) dated 27th, March, notified the new forms ITR-1,ITR-2,ITR-3,ITR-4,ITR-5,ITR-6,ITR-7 and ITR-8 for Assessment Year 2009-10. Circular

Growth in Direct Tax collection during the Financial Year 2008-09

Net direct tax collections during first two months of the current fiscal (2009-10) stood at Rs.24,158 crore, up from Rs.22,840 crore, registering a growth of 5.77%. Growth in Corporate Taxes was 5.56% (Rs.8,578 crore as against Rs.8,126 crore), while Personal Income Tax (including FBT, STT and BCTT) grew at 5.92% (Rs.15,559 crore as against Rs.14,690 crore). Overall refund outgo during the period increased by 26.19% (Rs.11,375 crore as against Rs.9,014 crore) while refunds to non-corporate taxpayers grew by 61.7% (Rs.2,149 crore against Rs.1,329 crore), spurred by faster processing of returns on the new national computer network. Press Release

Growth in Direct Tax collection during the Financial Year 2008-09

Net direct tax collection during the fiscal 2008-09 stands at Rs.338,212 crore, up from Rs.312,202 crore during 2007-08, registering a growth of 8.33 percent. Growth in Corporate Taxes was 10.84% , while Personal Income Tax (including FBT, STT and BCTT) grew at 9.09%. Despite economic slow-down and substantial relief to non-corporate taxpayers, direct tax collections exceeded the previous year's collection by about Rs.26,000 crore. Press Release

Circular regarding the new Return Forms for Assessment Year 2009-10

CBDT has issued Circular No.3 dated 21st May, 2009 explaining the provisions regarding filing of new ITRs for Assessment Year 2009-10. Circular

Circular on new TDS and TCS payment and information reporting system

CBDT has issued a circular clarifying the new provisions related to TDS and TCS payment issued vide Notification No. 858(E), dated 25th March, 2009. Circular

The CBDT has decided to defer the implementation of Notification No.31/2009 dated 25.3.2009

The CBDT has decided to defer the implementation of Notification No.31/2009 dated 25.3.2009 amending or substituting Rules 30, 31, 31A and 31AA of the Income Tax Rules, 1962. The amended / substituted Rules will now come into effect on 1st July 2009 instead of 1st April 2009. Press Release

Notification of CBDT

CBDT has notified for general information that the organization The South Indian Education Society, Mumbai has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax Rules, 1962 (said Rules), with effect from 1.4.2009 in the category of ‘other Institution’. Notification