Income Tax News

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

Due date of Return filing extended to 31st August 2012

31 July 2012 at 15:45

F.No.225/163/2012/ITA.I1 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, the 31st july 2012. Order under Section 119 of the Income Tax Act. 1961 On consideration of the reports of disturba

Posted in Income Tax | 15 comments | 32652 Views

Relaxation from compulsory e-filing of return of income for assessment year 2012-13

31 July 2012 at 15:08

Relaxation from compulsory e-filing of return of income for assessment year 2012-13 - for representative assesses of non-residents and in the case of private discretionary trusts -reg Rule 12 of the Income-tax Rules, 1962 mandates that an indiv

Posted in Income Tax | 26694 Views

Taxation of Portfolio Investments referred to GAAR Committee

30 July 2012 at 16:07

The Prime Minister had constituted an Expert Committee on GAAR under the Chairmanship of Dr. Partho Shome to engage in a widespread consultation process and finalise the GAAR Guidelines. There is an additional issue relating to the taxation of p

Posted in Income Tax | 6264 Views

Income-tax ( 8th Amendment) Rules, 2012 - Substitution of Form ITR-7

28 July 2012 at 11:55

GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE [CENTRAL BOARD OF DIRECT TAXES] NOTIFICATION New Delhi, the 26th day of July, 2012 Income-tax S.O. 1705 (E).- In exercise of the powers conferred by section 295 of the Income-tax Ac

Posted in Income Tax | 19335 Views

Verification Certificate under provisions of Rules 114(4) of IT Rules, 1962 of PAN (Individual / HUF)

26 July 2012 at 11:03

A format has been prescribed for verification certificate under provisions of Rules 114(4) of IT Rules, 1962. An individual / HUF PAN Applicant who files certificate of MP / MLA / MC / Gazetted officer as proof of his / her identity or address is

Posted in Income Tax | 88206 Views