Income Tax News


Income-tax (10th Amendment) Rules, 2012

   04 September 2012 at 12:54

TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE [CENTRAL BOARD OF DIRECT TAXES] Notification New Delhi, the 30th day of August, 2012

Posted in Income Tax |   14397 Views


Full text of the committee report on GAAR

   03 September 2012 at 12:33

Full text of the committee report on GAAR

Posted in Income Tax  1 comments |   9306 Views


Ministry of Finance Notifies Advance Price Agreement (APA) Scheme

   01 September 2012 at 13:42

The Ministry of Finance has notified an “Advance Pricing Agreement Scheme” (Rules 10F to 10T of Income Tax Rules, 1962) vide notification No. 36/2012 dated 30-8-2012. The Finance Act, 2012 had inserted sections 92CC and 92CD in the Inc

Posted in Income Tax  4 comments |   9087 Views


Institutional Mechanism for forming Departmental view on Contentious Legal Issues

   01 September 2012 at 13:42

OFFICE MEMORANDUM [F.NO. 279/M-61/2012-ITJ] DATED 28-8-2012 It has been observed that a large part of litigation in the Direct Taxes matters involves interpretation of legal provisions. Lack of desired clarity on a contentious legal issue, amo

Posted in Income Tax |   5271 Views


Income-tax (Dispute Resolution Panel) (First Amendment) Rules, 2012- Amendment in Rule 3

   29 August 2012 at 17:18

NOTIFICATION NO. 33/2012 [F.NO.133/13/2012-SO(TPL)]/SO 1967(E) DATED 24-8-2012 In exercise of the powers conferred by sub-section (14) of section 144C of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the

Posted in Income Tax |   13527 Views


Transfer Pricing -Computation of arm's length price -Notified percentage under second proviso to section 92c(2)

   21 August 2012 at 11:33

Transfer Pricing - Computation of arm's length price - Notified percentage under second proviso to section 92c(2) -Section 92 of the Income-Tax Act, 1961 NOTIFICATION NO. 31/2012 [F.NO. 500/185/2011-FTD I] DATED 17-8-2012 In exercise of

Posted in Income Tax |   15249 Views


Constitution of A Committee Redressal of the Demands/Issue raised by ITGOA and ITEF

   21 August 2012 at 11:33

OFFICE MEMORANDUM [F.NO. 12020/6/2012-AD.IX] DATED 16-8-2012 Representations have been received that quarterly review meetings taken by Chairman with the representatives of ITGOA and ITEF are not always held in time with the result that issues

Posted in Income Tax |   6129 Views


Training for Fresh Batch of Tax Return Preparers to begin Soon

   17 August 2012 at 12:47

The Income Tax Department is in the process of training a fresh batch (Batch-II) of 5000 graduates as Tax Return Preparers (TRPs) across the country. The TRPs are authorized to prepare Income Tax Returns for individual and HUF taxpayers. The Tax

Posted in Income Tax  5 comments |   25677 Views


FAQ on e-filing of return and its processing at CPC

   06 August 2012 at 17:22

The Direct Taxes Committee of ICAI in its endeavor to enable our members to e-file the income-tax returns easily, had requested the CPC to provide the Frequently Asked Questions (FAQs) on matters relating to e-filing, CPC and refund. In res

Posted in Income Tax  1 comments |   9453 Views


Inadmissibility of Expenses Incurred in Providing Freebees to Medical Practitioner by Medical Practitioner y Pharmaceutical and Allied Health Sector Indusry

   04 August 2012 at 11:54

CIRCULAR NO. 5/2012 [F. NO. 225/142/2012-ITA.II] DATED 1-8-2012 It has been brought to the notice of the Board that some pharmaceutical and allied health sector Industries are providing freebees (freebies) to medical practitioners and their pr

Posted in Income Tax |   7770 Views