Posted On: 4 months ago
CBDT: Honest taxpayers will be treated with dignity and courtesy
It is the collective vision of the Income Tax Department to partner in the nation building process through progressive tax policy, efficient and effective administration and improved voluntary compliance. A taxpayer friendly service delivery mechanism provided by a disciplined, motivated and enthused workforce is one of corner stones to achieve this vision. When seen in the back drop of the overarching agenda of “Transform, Energise and Clean India” as conveyed by the Hon. Finance Minister during his budget speech , 2017, it becomes all the more necessary to integrate our
One Roof Consultant
Posted On: 4 months ago
Framing of Quality assessments-request for submission of report
As a mechanism to monitor quality of scrutiny assessment orders, it was laid down in para 4 of Instruction No. 4 of 2016 of CBDT dated 13.07.2016 that Pr. CCsIT/CCIT(Central)/Pr. CCIT (International-tax)/CCIT(Exemptions)/DsGIT(Inv.) would submit a report containing details of at least 25 quality assessment orders from their respective charge by 31st January, 2017. In this regard, I am directed to state that no such report has been received from any of the charge till now. In the past also, many of the quality assessments reported by the field, in fact, did not reflect
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Posted On: 4 months ago
E-mail based communication for Paperless Assessment proceedings – review of performance
Please refer to the earlier communications of this Division dated 03.02.2016, 16.02.2016 & 27.07.2016 on the above subject. 2. The scheme for Paperless Assessment Proceedings is under implementation in seven metro cities namely Ahmedabad, Bengaluru, Chennai, Delhi, Mumbai, Hyderabad & Kolkata.
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Posted On: 4 months ago
Interest rates for Small Savings Schemes
Please refer to our circular DGBA.GAD.881/15.02.005/2016-17 dated October 13, 2016 on the above subject. The Government of India, had vide their Office Memorandum (OM) No.F.No.1/04/2016–NS.II dated December 30, 2016 advised the rate of interest on various small savings schemes for the fourth quarter of the financial year 2016-17 (copy enclosed).
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Posted On: 4 months ago
How forming a Company instead of LLP or Partnership can save tax for you after Budget 2017 ?
Budget 2017 has given companies an advantage over partnership and Limited Liability Partnership in terms of Income Tax. The maximum marginal tax rates including surcharge will be following
CA Chirag Chauhan
Posted On: 4 months ago
Amendment in Company Law Notification Number S.O. 1935 (E) dated 01.06.2016
In exercise of the powers conferred by sub-section (1) of section 419 of the Companies Act, 2013 (18 of 2013), the Central Government hereby amends the notification of the Ministry of Corporate Affairs number S.O. 1935 (E) dated the 1st day of June, 2016, namely
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Posted On: 4 months ago
Launch of Appeal Register & CSR module of Income Tax Business Application (ITBA)
This is in reference to the subject mentioned above. The functionality for generating the Central Scrutiny Report (CSR) on orders of CIT(A)/ITAT/High Court is now available in Appeal Register & CSR module of ITBA. 2. The Appeal Register & CSR module of the ITBA can be accessed by entering the following URL in the browser: https://itba.incometax.gov.in
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Posted On: 4 months ago
Amendment to Pradhan Mantri Garib Kalyan Deposit Scheme, Notification No S.O. 4061 E
In exercise of the powers conferred by clause (c) of section 199B of the Finance Act, 2016 (28 of 2016) (hereinafter referred to as the Act), the Central Government hereby amends the conditions specified in clause 4 of the Pradhan Mantri Garib Kalyan Deposit Scheme notified vide Notification No. S.O.4061 (E). dated December 16, 2016 and amendment vide Notification No. S.O. 204(E) dated January 19, 2017.
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Posted On: 4 months ago
RBI keeps policy repo rate unchanged at 6.25 percent
Global growth is projected to pick up modestly in 2017, after slowing down in the year gone by. Advanced economies (AEs) are expected to build upon the slow gathering of momentum that started in the second half of 2016, led by the US and Japan. However, uncertainty surrounds the direction of US macroeconomic policies with potential global spillovers. Growth prospects for emerging market economies (EMEs) are also expected to improve moderately, with recessionary conditions ebbing in Russia and Brazil, and China stabilising on policy stimulus. Inflation is edging
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Posted On: 4 months ago
The Specified Bank Notes (cessation of liabilities) bill, 2017
to provide in the public interest for the cessation of liabilities on the specified bank notes and for matters connected therewith or incidental thereto. BE it enacted by Parliament in the Sixty-eighth Year of the Republic of India as follows:— 1. Short title and commencement. (1) This Act may be called the Specified Bank Notes (Cessation of Liabilities) Act, 2017. (2) It shall be deemed to have come into force on the 31st day of December, 2016.
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Posted On: 4 months ago
Passing of order under Section 110 of the Customs Act, 1962
It has been brought to the notice of the Board that in several cases, goods arc being held-up/seized by the field formations only under panchnama and separate orders for seizure of goods are not being passed. The Hon’ble Delhi High Court, in a recent order, has held that a panchnama is a statement by panchas (witnesses) and cannot be taken to be an order passed by the proper officer under Section 110 of the Customs Act, 1962.
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Posted On: 4 months ago
Involvement of bank officials in money laundering during post monetization
Enforcement Directorate has intimated that bank employees have been found indulging in money laundering and other unfair practices during the phase of demonetisation and that the investigations have been initiated under the provisions of Prevention of Money Laundering Act (PMLA), 2002 against certain bank officials of various banks during post demonetization. The act provides for attachment of property as well as prosecution of the accused involved in money laundering.
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Posted On: 4 months ago
CBDT issues Certificates of appreciation to nearly 3.74 lakh tax payers for their contribution towards Nation building
In continuation of the initiative of the Government to acknowledge the contribution of tax payers by paying taxes towards nation building and promptness in filing of Income Tax Returns, CBDT has issued the third round of Certificates to nearly 3.74 Lakh tax payers. With this, the total number of certificates issued by CBDT now stands at approximately 23 Lakh.
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Posted On: 4 months ago
Another Four Advance Pricing Agreements signed by CBDT
The Central Board of Direct Taxes (CBDT) has entered into four more unilateral Advance Pricing Agreements (APAs) on 6th February, 2017. The four APAs signed pertain to the Manufacturing, Financial and Information Technology sectors of the economy. The international transactions covered in these agreements include Contract Manufacturing, IT Enabled Services and Software
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Posted On: 4 months ago
ITBA module for Issue of Summon , Notices and Reference for Audit
This is in reference to the subject mentioned above. The following processes forming a part of the Assessment module are now available to the users in ITBA: (A) Issue of Summon u/sec 131. (B) Issue of Notice u/sec 133 and (C) Reference for Audit u/sec 142(2A). This is the next step, if required, after any case is selected in ITBA for Scrutiny/Reopening etc and issue of hearing notice u/s 143(2) , as part of the assessment process.
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Posted On: 4 months ago
Claim of reliefs under BIFR Schemes by sick companies in their ITRs
The BIFR Unit of Directorate of Income Tax(Recovery) looks after the work relating to sick companies who had have filed references under the erstwhile Sick Industrial Companies (Special Provisions) Act, 1985(SICA) which has now been repealed w.e.f. 01-12-2016. On the date of repeal, the processing of reliefs envisaged in the Rehabilitation Schemes approved by BIFR is
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Posted On: 5 months ago
New cost Inflation Index Base Year 2001-2002 as per Budget 2017
Where a capital asset became the property of the assessee before 1-4-1981, the assessee is having an option to substitute the FMV of the Capital asset as on 1-4-1981 as its cost of acquisition. In budget 2017 it is now has been changed that in respect of such capital asset acquired prior to 1-4-2001, the assessee has now an option to use the fair market value as on 1-4-2001 as its
CA Chirag Chauhan
Posted On: 5 months ago
Steps Taken to Encourage Use of Digital Payment at Petrol Stations
The Minister of State (I/C) for Petroleum & Natural Gas Shri Dharmendra Pradhan informed the Lok Sabha in a written reply today that the Ministry of Petroleum and Natural Gas has taken the following steps/actions to encourage consumers for use of digital payment methods at various
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Posted On: 5 months ago
How to submit online response to Income Tax for Cash Deposit in Bank Account
Income Tax Department (ITD) intends to leverage technology and data analytics for effective utilization of demonetisation data i.e. transactions related to cash deposits during 9th Nov to 30th Dec 2016.
CA Chirag Chauhan
Posted On: 5 months ago
Income Tax Department (ITD) launches Operation Clean Money [स्वच्छ धन अभियान]
Income Tax Department (ITD) has initiated Operation Clean Money, today. Initial phase of the operation involves e-verification of large cash deposits made during 9th November to 30th December 2016. Data analytics has been used for comparing the demonetisation data with information in ITD databases. In the first batch, around 18 lakh persons have been identified in whose
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