Income Tax News


Government Sets-up Tax Administration Reform Commission Under Dr. Parthasarathy Shome

   26 August 2013 at 16:16

In his Budget Speech 2013-14 in the Parliament on 28.02.2013, the Finance Minister had announced as under: “An emerging economy must have a tax system that reflects best global practices. I propose to set-up a Tax Administration Reform

Posted in Income Tax |   6264 Views


Draft Safe Harbour Rules for Comments

   16 August 2013 at 11:25

[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 …….day of August, 2

Posted in Income Tax |   10956 Views


CBDT Invites Suggestions from Stakeholders on Safe Harbour Rules

   16 August 2013 at 11:24

In order to reduce the increasing number of transfer pricing audits and prolonged disputes, the Finance (No.2) Act, 2009 w.r.e.f 1.4.2009 inserted a new section 92CB to provide that determination of arms length price under section 92C or Sect

Posted in Income Tax |   6474 Views


Under the provisions of Chapter XX-C of the Income Tax Act 1961 -Proposal for exemption of prior approval of Cabinet for disposal of immovable properties acquired by the Central Government

   14 August 2013 at 11:19

The Union Cabinet today approved the proposal for exemption of prior approval of Cabinet for disposal/auction of immovable properties acquired by the Central Government under the provisions of Chapter XX-C of the Income Tax Act 1961. Earlier a gov

Posted in Income Tax |   11604 Views


Cabinet approves Setting up of Tax Administration Reform Commission

   14 August 2013 at 11:07

The Union Cabinet today approved the proposal for setting up of the Tax Administration Reform Commission (TARC). The Commission will consist of a Chairman, two full time members and four part-time members, of which at least two part-time members w

Posted in Income Tax  1 comments |   6126 Views


Gross Direct Tax Collection Figures for April-July of the F.Y. 2013-14 is UP by 13.27 Percent

   07 August 2013 at 15:11

Gross Direct Tax Collection Figures for April-July of the F.Y. 2013-14 is UP by 13.27 Percent and Stand at Rs. 1,57,169 Crore as Against Rs. 1,38,751 Crore in the same Period Last Year Gross direct tax collections during April-July of the Financia

Posted in Income Tax  2 comments |   8874 Views


Overwhelming Response to e-Filing of Itr: 123.03 Lakh Returns e-Filed till 5th August, 2013 Which is 68.3%

   07 August 2013 at 15:10

Higher than the Returns e-Filed in the Corresponding Period During Last Year: 6.92 Lakh Returns e-Filed on 5th August, 2013 Itself The due date for filing of Income Tax Return for Individuals, HUFs and non-auditable cases for A.Y. 2013-14 was exte

Posted in Income Tax  5 comments |   9201 Views


Procedure and criteria for selection of scrutiny cases under compulsory manual during the financial year 2013-2014

   07 August 2013 at 10:28

Procedure and criteria for selection of scrutiny cases under compulsory manual during the financial year 2013-2014

Posted in Income Tax  2 comments |   22362 Views


Income-tax (11th Amendment) Rules, 2013- Amendment in Rule 21AB and Insertion of Form 10F

   07 August 2013 at 09:52

NOTIFICATION NO. 57/2013 [F.NO.142/16/2013-TPL]/SO 2331(E) DATED 1-8-2013 In exercise of the powers conferred by section 90 and section 90A read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby

Posted in Income Tax |   13941 Views


Tax Deductors Who Default In Depositing TDS by Due Date Shall be Liable for Prosecution: CBDT

   06 August 2013 at 14:51

It has come to the notice of Income Tax Department that many times the tax deductors, after deducting TDS from specified payments, are deliberately not depositing the taxes so deducted in Government account and continue to deploy the funds so retain

Posted in Income Tax  6 comments |   19959 Views



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