Income Tax News
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 09:43Currently, 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
ITOUs set up in Indian Missions abroad to unearth black money
27 April 2013 at 11:50Income 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
Tax Foregone Statement
27 April 2013 at 11:48The 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
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 11:53CIRCULAR 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
Guidance Note on Report u/s 92E of the Income Tax Act, 1961 (Transfer Pricing)
11 April 2013 at 10:25Dear 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
CBDT Circular on application of profit split method
29 March 2013 at 11:55CBDT Circular on application of profit split method Dated 26-3-2013 Circular No 2/2013
Revision of Interest Rates for Small Savings Schemes With Effect from 1ST APRIL,2013
25 March 2013 at 16:42Based 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
Special Measures to Facilitate Collection of Tax Receipts by the Banks on 29th, 30th and 31st March, 2013
23 March 2013 at 14:04Keeping 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
Drive Against Fake Pan Cards
16 March 2013 at 12:41The 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
Seizure of Illegal Assets under the Income-tax Act, 1961
16 March 2013 at 12:39Seizure of Illegal Assets In the searches conducted by the Income Tax Department during F.Ys 2009-10, 2010-11, 2011-12 and 2012-13 (up to December, 2012), unexplained assets of about Rs. 963.50 crore, Rs.774.98 crore, Rs. 905.60 crore and Rs.453
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