Easy Office
LCI Learning

Income Tax News


New ITR forms for 2012-13 released

   04 May 2013 at 14:36

INCOME-TAX (THIRD AMENDMENT) RULES, 2013 - AMENDMENT IN RULE 12 & SUBSTITUTION OF FORMS SAHAJ (ITR-1), ITR-2, ITR-3, SUGAM (ITR-4S), ITR-4 AND ITR-V NOTIFICATION NO. 34/2013 [F.NO.142/5/2013-TPL]/SO 1111(E), DATED 1-5-2013 In exercise of t

Posted in Income Tax  11 comments |   55338 Views


Clarification on Amendment to Section 206-C of Income Tax Act dealing with Tax Collection at Source (TCS) on Sale of Bullion or Jewellery in Cash

   02 May 2013 at 09:43

Currently, sale in cash of bullion (excluding coin or any other article weighing 10 grams or less) in excess of Rs 2 lakh or jewellery in excess of Rs.5 lakh is subject to Tax Collection at Source (TCS) @ 1%. As coins were neither included in bull

Posted in Income Tax  4 comments |   33765 Views


ITOUs set up in Indian Missions abroad to unearth black money

   27 April 2013 at 11:50

Income Tax Overseas Units have been set up in Indian Missions abroad as part of efforts to unearth black money. Tax Officers at the level of First Secretary are being posted to Income-tax Overseas Units (ITOUs) in Indian Missions abroad to maint

Posted in Income Tax  1 comments |   12438 Views


Tax Foregone Statement

   27 April 2013 at 11:48

The salient features of the Tax Forgone Statement issued by the Government are as under: • This Statement seeks to list the revenue impact of tax incentives or tax subsidies that are a part of the tax system of the Central Governm

Posted in Income Tax |   10959 Views


Issuance of certificate for tax deducted at source in Form No. 16 in accordance with the provisions of section 203 of the Income-tax Act, 1961 read with the Rule 31 of the Income-tax Rules 1962 - reg

   23 April 2013 at 11:53

CIRCULAR NO. 04/2013 F.No 275/34/2011-IT(B) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, the 17th April, 2013 Sub: Issuance of certificate for tax deducted at source in Form No. 16 in acc

Posted in Income Tax  2 comments |   12363 Views


Guidance Note on Report u/s 92E of the Income Tax Act, 1961 (Transfer Pricing)

   11 April 2013 at 10:25

Dear Members, It gives me immense pleasure to inform you that ICAI has recently released the Guidance Note on Report Under Section 92E of the Income Tax Act, 1961 (Transfer Pricing). The law relating to transfer pricing is dynamic and the membe

Posted in Income Tax  1 comments |   91773 Views


CBDT Circular on application of profit split method

   29 March 2013 at 11:55

CBDT Circular on application of profit split method Dated 26-3-2013 Circular No 2/2013

Posted in Income Tax  1 comments |   17022 Views


Revision of Interest Rates for Small Savings Schemes With Effect from 1ST APRIL,2013

   25 March 2013 at 16:42

Based on the decisions taken by the Government on the recommendations of the Shyamala Gopinath Committee for Comprehensive Review of National Small Savings Fund (NSSF), the interest rates for small saving schemes are to be notified every financial

Posted in Income Tax |   15057 Views


Special Measures to Facilitate Collection of Tax Receipts by the Banks on 29th, 30th and 31st March, 2013

   23 March 2013 at 14:04

Keeping in view that 29th and 31st March, 2013 are notified Gazetted holidays and 30th March, 2013 is falling on a Saturday and the likely rush of tax payers towards the end of march, 2013, which could have inconvenienced the tax payers in deposit

Posted in Income Tax  2 comments |   12144 Views


Drive Against Fake Pan Cards

   16 March 2013 at 12:41

The Government has launched drive against fake Permanent Account Number (PAN) cards. As a continuous process, in order to know the genuineness of Know Your Customer (KYC) documents on Proof of Identity (POI) and Proof of Address (POA), third party

Posted in Income Tax  5 comments |   26439 Views