Income Tax News
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
New ITR Filing Procedure
15 March 2013 at 16:55The Government proposes to introduce new procedures/forms for filling Income Tax returns. Every year government notifies forms for filing of income-tax returns after incorporating the changes brought out by the Finance Act of the previous year and
Filing of IT returns by tax payers for a.y. 2012-13 on 30th & 31st march
15 March 2013 at 10:47SECTION 119 OF THE INCOME TAX ACT, 1961 INCOME TAX AUTHORITIES INSTRUCTIONS TO SUBORDINATE AUTHORITIES ORDER FOR FACILITATING FILING OF IT RETURNS BY TAX PAYERS FOR F.Y. 2012-13 ON 30th & 31st MARCH, 2013 ORDER [F. NO.
IT Department Urges Taxpayers to Pay all Self-Assessment Tax Dues by 31ST March
13 March 2013 at 15:28The Income-tax Act requires that the tax payable on the returned income after taking into account prepaid taxes, should be paid before furnishing the return. An analysis of returns filed electronically in the current Financial Year (2012-13) revea
Notice inviting proposals for selection of an implementation agency for a National Judicial Reference System (NJRS)
27 February 2013 at 11:52The Income Tax Department intends to setup a web based „National Judicial Reference System (NJRS)‟ with the objective of improved litigation management. The NJRS will consist of a centralized, indexed and searchable repository of all direct
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