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DTAA with Myanmar
The Government of the Republic of India signed a Double Taxation Avoidance Agreement (DTAA) with the Government of the Union of Myanmar for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income on 2nd April, 2008. Press Release
Clarification on amendment to penalty proceedings
Clause 48 of the Finance Bill, 2008 proposes to insert a new sub-section (1B) in section 271 of the Income-tax Act to clarify the proposed amendment to penalty proceedings. Press Release
Chairman CBDT
Shri Rabender Singh Mathoda has taken over as Chairman of the Central Board of Direct Taxes with effect from 1st May, 2008. Circular
Explanatory Notes to the Finance Act, 2007
The CBDT has issued Circular No. 3 containing explanatory notes to the provisions of Finance Act, 2007. Circular
Union Budget 2008-2009
To view the webcast of the budget presentation, download the Budget documents, and Economic Survey 2007-08, click here.
Mandatory quoting of PAN in TDS/TCS returns
The threshold limit for PAN quoting without which TDS/TCS returns will not be accepted has been enhanced to 95% from 90% in case of Form 24Q and to 85% from 70% in case of Forms 26Q and 27EQ. The enhanced limits will be applicable for and from the quarter ending 31.03.2008. More
E- Payment of Taxes made mandatory
Electronic payment of taxes has been made mandatory for all corporate assesses and all assesses to whom provisions of section 44AB of the Income Tax Act are applicable from 1st April, 2008. Press Release
Guidelines for valuation of ESOPs further clarified
CBDT has issued a notification inserting a new Rule 40D amending Rule 40C of the Income Tax Rules clarifying the guidelines for valuation of ESOPs. Notification
Changes in CBDT
Shri Prasanna Kumar Misra has taken over as Chairman and Shri S. S. Khan as Member of the Central Board of Direct Taxes with effect from 01 April 2008. Press Release
Direct Tax Collections
Net direct tax collections stood at Rs.2,28,745 crore, up from Rs.1,61,776 crore during the same period last fiscal, registering a growth of 41.40 percent and achieving over 85 percent of budgeted direct tax target of Rs.2,67,490 crore. Press Release
Extension of Time for Filing of TDS/TCS Returns
CBDT has extended the due date for filing of quarterly statements of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) for the quarter ending 30th September 2007 to 29th February 2008. More...    Press Release
Direct Tax Collections
Direct tax collections continued to record a growth of over 40 percent for the period April to January 15 in the current fiscal. Net tax collections stood at Rs.2,17,149 crore, up from Rs.1,52,993 crore during the same period last fiscal, registering a growth of 41.93 percent and achieving over 81 percent of budgeted direct tax target of Rs.2,67,490 crore. Press Release
FM compliments Income Tax Department
In his first live videoconference, the Finance Minister addressed the Chief Commissioners of Income Tax and complimented them for the remarkable performance of the Income Tax department, particularly on the revenue side. Press Release
Industrial Park Scheme, 2008
CBDT has notified the Rules relating to Industrial Park Scheme, 2008. More..
Directorate of Human Resources
Directorate of Income Tax (Human Resources Development) has been constituted under the Central Board of Direct Taxes. Its role and functions may be seen in the notification
Due date extended in certain category of cases
Central Board of Direct Taxes has extended by an Order under section 119 of the Income-tax Act extended the due date for filing returns of income for all categories of assesses to 29.2.2008, if the assessee has,- (i)filed the return on or after 14th May, 2007; and (ii) filed the return in a form other than one of the forms notified for assessment year 2007-08.
Deposit instruments included in Section 80C
Investment by an individual or a Hindu undivided family (HUF) in Five Year Post Office Time Deposit Account and Senior Citizens Savings Scheme during the previous year 2007-08 and subsequent years, shall be eligible for deduction under section 80C of the Income-tax Act. Press Release
Finance Minister releases FAQs on Fringe Benefit Tax on ESOPs
Finance Minister, Shri P.Chidambaram, released a Circular titled "Fringe Benefit Tax on Employee Stock Option Plans - Frequently Asked Questions", at Mumbai. The Circular clarifies in a question and answer format the queries raised by industry associations, chambers of commerce and tax practitioners on issues relating to levy of FBT on ESOPs. Circular
Guidelines on Standing Counsels
CBDT has prescribed the revised schedule of fees payable to Standing Counsels of the Income-tax Department before various High Courts. The procedure for appointment of counsels and renewal of their terms has also been prescribed by specifying the requisite qualification and terms and conditions of their engagement. Instruction
Amendment to Rule 3 of the Income-tax Rules
Rule 3 of the Income-tax Rules, 1962 has been amended to give consequential effect to the amendment to section 17 of the Income-tax Act made by the Finance Act, 2007. Press Release   Notification
Direct Tax Collections
Direct tax collections continued to record a growth of over 40 percent for the first nine months of the current fiscal. Net tax collections stood at Rs.2,06,029 crore, up from Rs.1,44,286 crore during the same period last fiscal, registering a growth of 42.79 percent and achieving over 77 percent of budgeted direct tax target of Rs.2,67,490 crore. Press Release
Income Tax Refunds
The Income Tax department has already issued over 30 lakh refunds in the first 7 months of this fiscal involving a total amount of Rs.18,448 crore. Refund payouts in non-corporate personal income tax category are ahead by 47.16 percent as compared to the first 7 months of last fiscal (Rs.6,135 crore against Rs.4,169 crore). Press Release
Extension of Due Dates
The Central Board of Direct Taxes has extended the due date for filing the Returns due by 31st October in the case of electronic returns (companies, and firms requiring tax audit u/s 44AB) to 15th November 2007; and for paper returns (other than those required to file electronic returns) to 2nd November 2007. Press Release
Rules for valuation of shares for FBT on ESOPs notified
Rule 40C, relating to rules for valuation of shares for Fringe Benefit Tax on ESOPs has been inserted in the Income Tax Rules, 1962. This Rule will take effect from assessement year 2008-09 and subsequent assessement years. Notification
Updated FVU for e-TDS
Updated version of the File Validation Utility (FVU) to prepare e-TDS/e-TCS returns has been released. The FVU is to be used for all e-TDS/e-TCS returns to be filed after 30/9/2007. More...
PAN quoting in TDS/TCS returns
TDS returns for salaries, with less than 90% of PAN, and TDS returns for payments other than salaries and TCS returns, with less than 70% of PAN data will not be accepted for the quarter ending on 30.9.2007 and thereafter. More...
Scope of e-TDS expanded
Scope of mandatory filing of e-TDS returns has been expanded to include deductors who are required to get their accounts audited under section 44AB and those having fifty or more deductee records. Notification   Press Release
CBDT Member passed away
Shri R. N. Upadhyay, Member, Central Board of Direct Taxes, passed away on 20th November 2007. He was an IRS officer of 1971 batch. He is survived by his wife, a son and two daughters. Press Release
Direct Tax Collections
Direct tax collections maintained a growth of over 40 percent up to the period ended October 2007. Net tax collections stood at Rs.1,28,864 crore, up from Rs.90,180 crore during the same period last fiscal registering a growth of 43.15 percent. Press Release
Return filing date extended for Bihar
The Central Board of Direct taxes had extended the last date of filing of income tax returns due by 31st October 2007 to 31st December 2007 in the state of Bihar in view of the disruption caused by floods in the state. Press Release
Income Tax Search
The Income Tax department has conducted a search on a business family on the basis of information that it is involved in unaccounted draft discounting. Press Release
Growth rate of over 40% in Direct tax collections
Direct tax collections maintained a growth of over 40 percent for the six-month period ended September 2007. Net tax collections stood at Rs.1,11,055 crore, up from Rs.79,208 crore during the same period last fiscal. Press Release
Due date extended for Bihar
The Central Board of Direct taxes have extended the last date of filing of income tax returns due by 31-October-2007 to 31-December-2007 in the state of Bihar in view of the disruption caused by floods in the state. Notification
Direct Tax Collections
Direct tax collections recorded a growth of 42% for the five-month period ending August 2007. Press Release
Allocation of recommended Tax Assistants
Staff Selection Commission has recommended 207 PH/OH & Ex-servicemen for appointment to the post of Tax Assistants in the Pay-scale of Rs. 4000-6000/-.  More...
Allocation of selected Tax Assistants
The list of allocation of tax assistants selected by the Staff Selection Commission to various regions and the waiting list of candidates has been released.  More...
Cash of Rs.4.92 Crore recovered
Based on specific intelligence inputs, the Investigation wing of the Income Tax department recovered Rs.4.92 crore cash in a search conducted on persons / concerns engaged in mobilizing deposits for investment schemes and auto finance in Thane. The cash was found stacked in the residence of an employee of the main concern.  Press Release
Direct Tax Collections Up
Direct tax collections during fiscal 2007-08 have recorded a growth of 44.39% up to 15th August, 2007. Tax collections stood at Rs.59,210 crore, up from Rs.41,006 crore during the same period last fiscal.
 Press Release
Further extension of return filing date for Bihar
The Central Board of Direct Taxes have further extended the last date of filing of income tax returns due by 31 July 2007 to 15 September 2007 in the state of Bihar in view of the continued disruption caused by floods in the state.
Income Tax Welfare Fund
Government has notified the rules governing the administration of Income-tax Welfare Fund established for the benefit of the officers and staff of the Income-tax department.  More...
Cost Inflation Index for financial year 2007-08
CBDT has notified Cost Inflation Index for financial year 2007-08.  More...
Taxpayer Education Program Launched
To provide quality taxpayer service, the Income Tax Department has initiated a Taxpayer Education Programme where the taxpayers are trained in filling up the new Income Tax Return forms ITR 1, 2 and 4. It involves a tutorial which provides step by step information on how to fill up these forms. There is a voice over in English which explains the contents of the slide. The officers of the Department will train the taxpayers with the help of this tutorial. ITR1 , ITR2 , ITR4 , Challan280
For timely delivery of refunds, ensure correct address and account number on your Return of Income
From 1.10.07 onwards, all income tax refunds in Bangalore, Chennai, Delhi, Kolkata and Mumbai will be delivered by the Refund Banker directly at the communication address mentioned on the Return of Income. Taxpayers are requested to fill in the correct address (available during working hours for delivery) to ensure speedy delivery of refunds. In the case of taxpayers who opt for refunds through ECS, it will be credited directly to the bank account for which correct MICR code/ Bank Account Number has to be furnished on the Return.
Circular No.4
The Central Board of Direct Taxes has issued Circular No. 4 dealing with distinction between shares held as investment (capital asset) and shares held as stock-in-trade (trading asset). Circular
Digital Signatures on Form 16
The Central Board of Direct Taxes has allowed the deductors, at their option, in respect of the tax to be deducted at source from income under the head Salaries to use their digital signatures to authenticate the certificates of deduction of tax at source in Form No.16. More...
Return Forms
CBDT has notified new Income Tax Return Forms. More...
Taxation Laws (Amendment) Act, 2006: Explanatory Notes
CBDT has issued Circular No1 of 2007 explaining the nature and effect of the amendments carried out by Taxation Laws (Amendment) Act, 2006 with reference to provisions existing before these amendments to the Income-tax Act, 1961. Circular
Clarification regarding TDS Certificates
Central Board of Direct Taxes had prescribed new Form No.16 and Form No.16A vide Notification S.O. 455 (E) dated 26th March, 2007. The Board has issued certain clarifications in this regard. More...
Income Tax Refunds
It has been reported in some sections of the media that a large number of taxpayers are awaiting refunds from the Income Tax department for up to three years. These reports are factually incorrect and based on incomplete appraisal of facts. Press Release
FM inaugurates Video Conference Facility
The videoconference facility of the income tax department, connecting the senior most functionaries was inaugurated by the Finance Minister Sri. P. Chidambaram. This is expected to facilitate faster communication, quick decision making and better customer service. In his address, the FM stated that direct taxes are the taxes of the future."In a growing economy, more taxes should be direct taxes, therefore, role of the CBDT and Income Tax department will become more and more important".
Refund Banker Scheme Launched
Finance Minister P. Chidambaram has launched the pilot of Refund Banker Scheme under which the Income Tax refunds determined by the department will be sent by the State Bank of India directly to the taxpayers. More...
Acceptance of returns on 31-03-2007 upto 8.00PM
In exercise of powers conferred under section 119 of the Income Tax Act, CBDT has directed income tax authorities to accept returns of income on 31-03-2007 upto 8.00 PM. Order...
Income Tax Ombudsmen
Process has been initiated for appointment of Income Tax Ombudsmen for Bangalore, Hyderabad, Ahmedabad, Pune, Bhopal and Kolkata, etc. More...
Union Budget 2007-2008
To view the webcast of Finance Ministers speech and to download the budget documents, click here.
Economic Survey 2006-07
Vigorous growth with strong macroeconomic fundamentals has characterized developments in the Indian economy in 2006-07 so far. Economic Survey 2006-2007
Surrender Your Duplicate PAN
Persons who possess more than one PAN are required to surrender all extra PAN numbers that may have been allotted to them. The extra PAN numbers have to be surrendered latest by 23rd February 2007. Press Release
Direct Taxes Collections Up
The net direct tax collections as on 31st January stood at Rs.1,56,429 crore, up by 41.2% over the collection of Rs.1,10,780 crore in the corresponding period last year. Press Release
Income Tax Ombudsman for Delhi
Ms. Baljeet Matiyani has taken over as Income Tax Ombudsman for Delhi. The Ombudsmans address is Office of Income Tax Ombudsman, Room No. 251, CR Building, IP Estate, Delhi, 110002. For details on Ombudsman Scheme Click here...
Drive against tax evasion
In its ongoing drive against tax evasion, the Income Tax department has detected tax evasion of over Rs.1,700 crores. Press release
Direct Tax Collections Up
The net direct tax collections as on 18th December, 2006 stood at Rs.1,33,461 crores, up by 42.5% over the corresponding period last year. Press release
The Income Tax Ombudsman Guidelines 2006
The guidelines are to enable the resolution of complaints relating to public grievances. Press release
Annual TDS Circular
CBDT has issued Circular No. 11 containing the rates of deduction of income-tax from the payment of income chargeable under the head Salaries during the financial year 2006-2007 and explaining certain related provisions. Press release
Amendment to the Transfer Policy of IRS Officers
The Department of Revenue has announced a revised deputation policy for IRS Officers. Press release
Tax Return Preparers Scheme
The Finance Minister has launched a Tax Return Preparers Scheme to train unemployed and partially employed persons to assist small and medium taxpayers in preparing their returns of income. Press release
Approvals to scientific research institutions
CBDT streamlines procedure for approvals to scientific research institutions under section 35(1)(ii) & 35(1)(iii) of the Income Tax Act. Press release
Issue of refunds
CBDT tightens procedure for issue of refunds. Press release
PAN for Non-residents
Guidelines have been issued to the service providers (M/s UTITSL & NSDL) to facilitate allotment of PAN to citizens of India residing outside India, foreign citizens and other persons (like companies/trusts/firms) having no office of their own in India. Complete particulars are available on their websites.
Waiver of interest
CBDT has empowered Chief Commissioners and Director Generals of Income Tax to reduce or waive off the interest charged under section 234A, 234B and 234C of the income tax Act in certain classes of cases or classes of income. order...
New Scheme launched for reporting of multiple PAN(s)
The Income Tax department is writing letters to persons who have more than one PAN. If you have received such a letter, please follow the instructions and contact your assessing officer. If you have more than one PAN but have not received such a letter, please click here or furnish necessary particulars through any of the following modes:
Aaykar Sampark Kendra (ASK)
0124-2438000
Send your mails to pan@incometaxindia.gov.in
Income Tax Department
at P.O.Box No. 5, Gurgaon –122016, Haryana
Broad Criteria for Selection of Cases for Scrutiny Announced
The CBDT has announced broad criteria for selecting cases for scrutiny.More
Due date for TRPS extended till 30 November 2006
In view of the heavy rush of applications for Tax Return Preparer Scheme (TRPS), CBDT has extended the last date for graduates to submit their applications from 24 November 2006 to 30 November 2006. Order...
Vacancies in Department of Revenue
Department of Revenue has announced vacancies for the post of Members CBDT and Member Settlement Commission
Due Date Extended
The CBDT has extended due date for obtaining the report of audit under section 44AB of the Income Tax Act and furnishing the Return of Income and the Return of Fringe Benefits in case of companies for the assessment year 2006-2007 from 31st October to 30th November, 2006. Order...
eFiling of returns for Corporate assesses
Electronically filing of returns in Form 1 is mandatory for companies. More...
Form 3CD modified
CBDT has modified Form No. 3CD, which is prescribed under the Income-tax Rules, 1962 for audit report in respect of the accounts of certain specified persons carrying on business or profession. Press Release Notification
Due date for non-corporate taxpayers is 31-October-2006
CBDT has extended the due date for furnishing of return of income and/ or return of fringe benefits for the assessment year 2006-07 from 31-July-2006 to 31-October-2006 in all cases of non-corporate taxpayers (including partners of the firms and charitable trusts and institutions). Order...
Due date for individuals and HUFs is 31-July-2006
In case of individuals and HUFs not having income under the head Profits and gains from business or profession, the due date for filing of return of income shall continue to be 31st July, 2006. Order...
Income-tax (7th Amendment) Rules, 2006 notified
CBDT has notified amendments in the existing Rule 12 of the Income-tax Rules, 1962 vide Notification S.O. No. 1163(E) dated 24-July-2006, substituting the existing forms (Form No. 1, Form No. 2, Form No. 3) with three new Forms (Form No. 1, Form No. 2, Form No. 3) and introducing a new Form No. 3B for furnishing return of income and return of fringe benefits. Notification    Press Release
File Your Returns even at Post Offices
From July 26, 2006, Returns of Income may be filed either at the Income Tax office or at the designated post offices in the city where the taxpayer is assessed. Government has designated 2000 Post Offices for this purpose. To file through a Post Office, Returns may be prepared in duplicate and one copy should be submitted in an unsealed envelope of size 10x12 without folding. Details of i) PAN, ii) Name of the Taxpayer, iii) Address of the Taxpayer, iv) Assessment Year and v) Ward/Circle where assessed should be written on the envelope. Post Offices will give a duly stamped acknowledgement in the second copy. Search Post Offices
Non-auditable firms can file tax returns up to October 31
The Central Board of Direct Taxes (CBDT) has extended the deadline for filing tax returns to October 31 from July 31, for those filing non-auditable accounts, but the salaried tax payers will have to file returns by July 31.
Taxation Laws(Amendment)Act, 2006
The Taxation Laws (Amendment) Act, 2006 (29 of 2006) carries out amendments in the Income-tax Act, 1961, with the object of rationalizing and simplifying procedures, widening of tax base and plugging loopholes leading to leakage of revenue. It received the assent of the President of India on 13 July, 2006. More
Bonds of REC and NHAI notified
The Central Board of Direct Taxes has notified the bonds of Rural Electrification Corporation Ltd. (REC) and National Highways Authority of India (NHAI) for exemption under section 54 EC of the Income Tax Act, 1961. It has also issued an order under section 119(2) (c) extending the time limit for making the investments under section 54EC. Notification, Order, Press Release
Help Centres set up to assist taxpayers in preparing returns
Income Tax Department is setting up Help Centres to assist the tax-payers in preparing returns of income, challans and filing PAN applications. The Help Centres will also assist tax-payers in computing taxable income and income tax payable. They will be open on working days and will start working from 15th June to 14th August 2006. Help Centers...
Due date extended for electronic filing of form 24Q for last quarter
CBDT has extended the due date for electronic filing of quarterly statement of TDS in form 24Q for the last quarter to 31-July-2006. Order
New Income-tax Return- Form No.2F
With a view to make return filing easier the Central Government has notified a new income-tax return form, Form 2F, for Assessment Year 2006-07.
Form 2F
Acknowledgement
Notification
Updated data structure for Form 24Q for the last quarter
Updated data structure for preparation of quarterly statements of TDS from Salaries in form 24Q for the quarter ending 31-March (fourth quarter). Data structure
Form 24Q modified
Form 24Q for filing return of TDS from salaries has been amended. Notification
Download Revised Form 16
Form 16 which is the certificate issued by employers, under section 203 of the Income Tax Act, for TDS on salaries has been revised. Download Form 16
Amended Rule 31AC, Rule 31ACA and Forms 26QA and 26QAA
CBDT has notified amended Rule 31AC and introduced Rule 31ACA and also amended form 26QA and introduced Form 26QAA for the quarterly return to be furnished under
Section 206A (1). Notification
Data Structures- 26QA & 26QAA
Finance Act, 2005 Explanatory Notes
Finance Act, 2005 Explanatory Notes on provisions relating to Direct Taxes (other than Banking Cash Transaction Tax and Fringe Benefit Tax). More
Biometrics for PAN
The Income Tax department seeks inputs from organizations engaged in providing biometric solutions to ensure uniqueness of Permanent Account Number (PAN).More
Comments sought regarding removal or continuance of exemptions and deductions
In its commitment to simplify the tax laws, minimize the distortions within the tax structure and broaden the tax base, the Government is reviewing various exemptions and deductions under the Income Tax Act, 1961. The Government is keen to involve all stakeholders in this exercise. Accordingly, the comments regarding removal or continuance of exemptions and deductions are sought from general public by 05-July-2006.More
Date extended to 25-June-2006 for comments on draft instructions on tests to distinguish between shares as stock-in-trade and as investment
CBDT in its instruction no.1827 dated 31-08-1989 had laid down certain tests to distinguish between shares held as stock-in-trade and shares held as investment. CBDT proposes to issue supplementary instructions in this regard. Before issuing the instructions, CBDT invites comments of all stakeholders on the proposed instructions by 25-June-2006.More
Large Taxpayer Units set up
Large Taxpayer Units set up Government has decided to set up Large Taxpayer Units (LTUs), which would act as a single window facilitation centre for all large entities paying excise duty, corporate tax/income tax and service tax. More
View Your Tax Statement
Taxpayers can now view their Annual Tax Statement (Form 26AS) online. Form 26AS displays details of tax deducted/collected on behalf of the taxpayer by deductors and advance tax/self assessment tax /regular assessment tax etc., deposited in the bank by the taxpayer. This facility can be availed by following the prescribed registration procedure at the Tax Information Network (TIN) website (www.tin-nsdl.com). This registration is a onetime activity. To register click here
Dos and Donts for preparation of Quarterly eTDS and eTCS Returns
For taxes deducted or collected on or after 1st April, 2005, Quarterly Returns of TDS and TCS are to be filed in computer media by Corporate and Government deductors. To ensure that the returns are prepared correctly and proper credit of pre-paid taxes is given to the deductees, a set of Dos and Donts have been prepared to help the tax deductors in preparing and filing their Returns and Challans. More
Circular No.2 issued
Section 80 HHC has been amended by the Taxation Laws (Amendment) Act, 2005 to provide that the profits on sale of Duty Entitlement Pass Book Scheme (DEPB) credits or Duty Free Replenishment Certificate (DFRC) will be treated at par with duty drawback for the purposes of proportionate increase of profits derived from exports. This amendment has been brought into the statute with retrospective effect. Therefore, it has been decided that no penalty shall be levied or interest charged in respect of any fresh demand raised consequent to the enactment of Taxation Laws (Amendment) Act, 2005, on account of variation in the returned/assessed income attributable to profits on sale of DEPB credits or DFRC.Order
Due date extended for filing of quarterly return of payment of interest to residents without TDS
The Central Board of Direct Taxes has extended the due date for filing of quarterly returns under sub-section (1) of section 206A of the Income-tax Act, 1961 for the quarters ending 30-June-2005, 30-September-2005 and 31-December-2005 to 30-April-2006. Order
Annual Circular on TDS on Income from Salaries
CBDT has issued Circular No.9 explaining the law relating to deduction of tax at source on income from salaries for financial year 2005-06. Circular
Data Structure for making corrections in Quarterly Statements of e-TDS / e-TCS has been   notified. Data Structure
Pay advance tax by 16-March-2006
The due date for payment of the last installment of advance tax for Corporation Tax, Income Tax and Fringe Benefit Tax for financial year 2005-06 and for payment of Banking Cash Transaction Tax collected during February 2006 is 16-March-2006 as 15-March-2006 is a public holiday. Press release.
Due dates extended for filing of quarterly returns under Section 206A.
CBDT has extended the due date for filing of quarterly returns under Section 206A for the quarters ended 30-June-2005 and 30-September-2005 to 31-January-2006. More...
Do's and Don'ts on filling of challan 281.
Under the Online Tax Accounting System (OLTAS), proper credit of taxes paid hinges on correct filling of challan 281 and correct quoting of TAN/PAN. A set of Do's and Don'ts have been prepared to help the tax deductors in filling the challan correctly. More...
Assessments and recovery in respect of DEPB claims u/s 80HHC to be kept in abeyance
The CBDT has directed all assessing officers to keep in abeyance till 30-November-2005, all assessment and recovery proceedings relating to assessments reopened specifically to reassess the claim for deduction u/s 80HHC, in respect of profits from sale of DEPB scrips. More...
Data Structure for Supplementary Information Under AIR Notified
The data structure for preparation of supplementary information for Annual Information Return in computer media under section 285 BA has been notified. Data Structure...
Due date for return filing extended for Jammu and Kashmir
Considering the devastation caused by the earthquake in the state of Jammu and Kashmir, the CBDT has extended the due date for obtaining the tax audit report u/s 44AB and for filing of returns of income required to be furnished by 31-October-2005 to 31-March-2006. ( Notification )
Campaign targeting non filers launched
The Income Tax Department has launched a massive publicity campaign to target the stop filers and non-filers i.e. persons who have taxable income but are not paying the taxes and filing their returns. More...
Non-levy of penalty on delayed furnishing of Annual Information Returns
CBDT has directed not to levy penalty on delayed furnishing of Annual Information Returns under section 285BA, in respect of specified financial transactions registered or recorded during the financial year 2004-2005, furnished on or before 30-november-2005. More...
Due date extended for quarterly returns under section 206A