Income Tax News


Net Direct Tax Collections During April-August 2012-13 Up by 28.15 Per Cent and Stood at Rs.1,23,969 Crore as Against Rs. 1,54,361 Crore in the Same Period Last Year

   10 September 2012 at 17:25

Gross Direct Tax collections during April-August of the F.Y. 2012-13 was up by 6.51 per cent at Rs. 1,64,413 crore as against Rs. 1,54,361 crore in the same period last year. While gross collection of Corporate Taxes showed an increase of 0.15 per

Posted in Income Tax  1 comments |   6369 Views


Multilateral Convention in Tax Matter

   07 September 2012 at 11:29

India signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters (Multilateral Convention) on 26th January, 2012 and ratified it as on 2nd February, 2012. The Multilateral Convention has come in to effect for India on 1s

Posted in Income Tax |   5541 Views


Income Tax Overseas Units

   06 September 2012 at 11:26

Income-tax Overseas Units (ITOUs) manned by tax officers at the level of First Secretary have been established in Mauritius and Singapore. Further, posting orders in respect of officers to be posted to newly created ITOUs in Indian missions at Cyp

Posted in Income Tax |   5307 Views


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 |   9309 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