Chartered Accountants

   Income Tax




Income Tax

Option For Filing Income Tax Returns In Form 2E-Naya Saral (May 2003) Extension of due date for filing income tax return electronically Addition to Appendix 1 of Income tax Rules, 1962 Extension of date for filing of TDS return Note on Tax Collection At Source From Sale of Scrap ...more

Substitution of Form 15G and Omission of Form 15H & Form 15I(June 2003) Substitution of Form 49A (Permanent Account Number) and insertion of sub rule (4) to Rule 114 Extension of the due date for filing income tax return under section 139(1) Postponement of implementation of scheme of tax collection at source on liquor and scrap ...more

Software for return preparation (July 2003) Cost Inflation Index ...more

Changes in Provisions relating to Deduction of Tax at Source(August 2003) Filing of TDS Returns on Computer Media Under Section 206(2) Scheme Of E-Filing Of Returns Authorised e-Return Intermediaries Taxation Laws (Amendment) Ordinance 2003: Main Amendments Special Economic Zones – Deduction under section 10A ...more

Extension of due date for filing of Income Tax Return, Tax Audit Report and Transfer Pricing Report (September 2003) Tax Collection at Source (TCS) – Amendment in Rules Certificate for deduction in respect of Royalty Income of authors of certain books u/s 80QQB Certificate for deduction in respect of Royalty Income of Patentee u/s 80RRB Revised Procedure For Encashment Of Income Tax ...more

Extension of due date of filing of TDS Returns (October 2003) New Form 13 prescribed Form no. 12C – Form of sending particulars to the employer omitted Form no. 22 for return of tax deduction at source in case of Superannuation Fund omitted ...more

Form of Audit Report under section 44DA (November 2003) Forms prescribed under section 230 : Tax Clearance Certificate ...more

Amendment in rules relating to valuation of benefit from interest free or concessional loan granted to employee(January 2004) Modification in Form 16 Option of filing return of income in form 16AA to individual assesses Scheme for Filing of Returns by Salaried Employees through Employer, 2004 Guidelines for approval under section 10(23G) amended One by Six Scheme for filing of returns not applicable to pensioners Taxation of Business Process Outsourcing Units in India Extension of Date for Filing of e-TDS Returns ...more

Obtaining of Income Tax Clearance Certificate for submission of tenders(February 2004) ...more

Refund Orders(March 2004) Note On Income Tax Clearance In Respect Of Persons Leaving India ...more

Form Of Audit Report Prescribed Under Section 10ba (April 2004) Introduction Of Rule 18dc And Form 10ccbb For Assessees Claiming Deduction Under Section 80ib New Online Tax Accounitng System (Oltas) To Be Introduced By Income Tax Department From 1 June 2004 ...more

Budget Special- Finance (No. 2) Bill, 2004-Highlights- New Levy, Direct Taxes-dividual / HUF Tax,Corporate Tax, Capital Gains(Applicable to individuals /HUF/Companies etc.),Tax deduction at source (TDS) /Tax collection at source(TCS), Indirect Taxes-Customs & Excise, Service Tax, Indian Stamp Act, 1899(June 2004) ...more

Extension of date of filing of Income Tax Return for Assessment Year 2004-05(July 2004) Cost Inflation Index Amendments in Forms for Filing Return of Income Expanding PAN Services Aaykar Sampark Kendra (0124-2438000) for Taxpayer Information and Services Online PAN Application ...more

Finance (No. 2) Act & 2004(Sep 2004) ...more

Salaried Tax payers in 12 cities can get refunds directly credited in respective bank accounts Notification - Securities Transaction Tax Rules, 2004 Tatkal Pan(Oct 2004) ...more

Online Accounting System(Nov 2004) Amendments To Rule 114B Application for allotment of Tax Deduction and Tax Collection Account Number Furnishing of Annual Information Return Valuation of Rent Free Accommodation Provided by an Employer Valuation of Free Meals Provided by Employer Small Amendment in Form 16 Amendments in Form 13 and Form No. 27D DTA With Malaysia DTA With Sudan, Notified DTA With Uganda ...more

DTAA between India & Armenia(December 2004) Electronic Furnishing of Return of Income Furnishing of Return of Income on Internet Taxation of Business Process Outsourcing Units in India ...more

Certificate for claiming deduction under section 80G(January 2005) Clarification Regarding Tax Holiday to 100% EOU’s under section 10B Form No. 10CCB Amendment in Form 7 Rebate in respect of Securities Transaction Tax ...more

Valuation of Perquisite under Rule 3 of Income Tax Rules 1962(March 2005) Electronic Filing of TCS Returns Form of Report for claiming deduction u/s 80IB (11B) Amendment in DTAA between India & Philippines DTAA between India & Hungry, Notified New Forms for TDS/TCS Annual Returns and Quarterly Statements ...more

Finance Act, 2005(April 2005) Fringe Benefit Tax Scheme Banking Cash Transaction Tax (BCTT) ...more

Amendments in Tax Return Forms(May 2005) DTAA between India & Slovania, Notified Section 80HHC – Clarifications ...more

Amendments in Form 2E(June 2005) New Challan No. 283 Introduced Introduction of New Rule 29D Amendment in TDS/TCS Rules Substitution of Rule 11A ...more

Annual Information Return (AIR)(August 2005) Fringe Benefit Tax – Non Levy of interest Fringe Benefit Tax – Clarificatory Circular Extension of stay on assessment and recovery proceedings u/s 80HHC(Sep-Oct 2005) Revision of Monitory limits for filing appeals Non levy of penalty on delay in furnishing AIR ...more

Taxation Laws (Amendment) Act 2005(December 2005) No penalty / Interest due to amendment in Section 80HHC Data Structure for making corrections in quarterly statements of TDS/TCS filed on computer media notified Due date for filing of quarterly returns u/s 206A(1) extended National Tax Tribunal Act, 2005 ...more

BUDGET, 2006-Income Tax- Individual / HUF Tax, Corporate Tax, Tax Deduction at Source (TDS) / Tax Collection at Source (TCS), Miscellaneous Provisions, Capital Gains, Service Tax, Customs, Central Excise(January & February 2006) Section 80IA – Clarification regarding effluent treatment and Conveyance System National Tax Tribunal Rules, 2005 Extension of due date for filing of quarterly return of payment of interest to residents without deduction of at source ...more

New Form No. 16 Notified(March 2006) Instruction for selection of cases for “scrutiny” FAQ’s on Form 26AS Large Taxpayer Units (LTUs) Meaning of the term “the producer of animal husbandry” used n Rule 6DD read with Section 40(A)(3) Clarification regarding deduction u/s 10A Acquision of Foreign securities by resident individuals under ESOP Scheme(April 2006) Form 24Q Amended ...more

Issue of TDS Certificate in cases of Truck/Goods carriage operators(June 2006) Long Term Capital Gains – Exemption ...more

DTAA between India & Japan(July 2006) New Income Tax Forms Introduced Due Date for Filing of Return of Income Extended File your return even at Post Offices Clarification on deduction of interest u/s 43B Taxation Laws Amendment Act, 2006 Bank Term Deposit Scheme, 2006 ...more

New Form 3CD Introduced (August 2006) ...more

Due date for filing of corporate income-tax returns extended(Sep-Oct 2006) Clarification on new income-tax return forms PAN for non-residents Clarification regarding the meaning of “Produce of Animal Husbandry” used in sub clause (ii) of clause (f) of rule 6DD of the Income-tax Rules, 2006 Cost Inflation Index for Financial Year 2006-07 notified DTAA between India & Saudi Arabia Income-tax (Eleventh Amendment) Rule, 2006 Recent Rulings & Judgements ...more

Tax Return Preparer Scheme (Nov 2006) Income Tax Ombudsman Guideline 2006 Recent Rulings & Judgments ...more

Amendment to Income Tax Rules, 1962(January 2007) Clarifactory circular on Section 194C of Income tax Act, 1961 Amendment to DTAA between India & Norway Recent Rulings & Judgments ...more

Direct & Indirect Tax (April 2007)?-February & March 2007 Recent Rulings & Judgments Budget Note-Income Tax-Income Tax Rates, Changes in Withholding Tax Rates, Fringe Benefit Tax (FBT), Clarification on scope of Total Income of Non resident, Deduction under Chapter VIA, Capital Gain Tax, Income From Other Sources, Setoff & Carry forward of Losses, Profit & Gain from Business or Profession, Assessment of Income, Tax Appeals, Transfer Pricing, Exemptions, Service Tax- Rates of Service Tax, New Services Covered, Enlargement of Scope of existing Services, Other Proposals, Central Sales Tax Act (CST), Excise Duty, Customs Duty ...more

Revision of Tax Forms(April 2007) Changes in Form 16, Form 16A & 27D Lok Sabha Passes the Finance Bill, 2007 Recent Case Laws- Madhumilan Syntax Ltd. [2007] 160 Taxman 71 Supreme Court of India, Modicon Network (P) Ltd. ITAT Delhi bench ‘C’ , IBM India Ltd. 105 ITD 1 ITAT (Bangalore) Treaty News-Double Taxation Avoidance Pact With Luxembourg Likely, New India Tax Worries NRIs In UAE ...more

New Income Tax Return Form A.Y. 2007-08(May 2007) Digital signatures on TDS certificate ...more

Rule 3 of Income Tax: Rules Dealing with valuation of perquisites notified on 7th November, 2007(November 2007) Supreme Court Ruling on (AS 22) Important Case:CIT vs Vinay Cement Ltd ( Supreme Court) Press Report:I-T Department urges SC to revisit BPO tax ruling in the case of Morgan Stanley ...more

Refund Orders(March 2004) Note On Income Tax Clearance In Respect Of Persons Leaving India ...more

E-Payment Of Taxes Made Mandatory(January 2008) Introduction Of Rule 40d In The Income-Tax Rules By 1962 Case Review-Rolls Royce PLC Vs. DDIT-ITAT New Delhi (113 ITJ 446) RBF RIG Corporation LLC (RBFRC) Vs. ACIT [(2008) 113 TTJ (Del)(SB) 143] Income Tax Act-Extension of date for filing of TDS/TCS Returns for 2nd Quarter of F.Y. 2007-08 ...more

Mandatory E-Payment Of Taxes(March 2008) Income Tax Return Forms Notified For Assessment Year 2008-09 Method For Determining Amount Of Expenditure In Relation To Income Not Includible In Total Income Quoting Pan In TDS Returns Encashment Of Earned Leave – Whether It Is Salary? DTAA Between Government Of India And The Government Of Iceland CASE LAW- 1. CIT vs Xpro India Ltd. [Decided by the Supreme Court of India on 4th March 2008] 2. High Court of Uttarakhand-CIT, DCIT vs ONGC as representative assessee of Rolls Royce (P) Ltd. ...more

Amendment to proposals made in the Finance Bill 2008(April 2008) Supreme Court Judgment on the Fringe Benefit Tax-R&B Falcon (A) Pty Ltd. v. CIT ...more

India signs DTAA with Luxembourg(May 2008) ...more

Advance ruling given by the Advance Ruling Authority in the case of an Australian Company- Worley Parsons Services Pty, Ltd In Re* AAR No. 750 of 2007 April, 30, 2008 (June 2008) ...more

Advance Ruling in the case of M/s. Cushman and Wakefield Pte Ltd, (CWS) Singapore(July 2008) ...more

Advance Ruling in the case of M/s. GEOCONSULT ZT GmbH, Austria - Joint venture held to be assessable in the status of AOP(August 2008) ...more

Supreme Court Decision - Section 115JA – Computation of Book Profits (September 2008) Exemption from Capital Gains Tax

Decision on Arms’ Length Pricing(November 2008) Income-Tax Notification-Clarification on term “May be Taxed” as contained in DTAAs ...more

The Vodafone Case- Mumbai High Court ruling -Taxation of capital gain on the transfer of shares of a foreign company holding shares in an Indian Company(December 2008) Validity of electronic filing of return of income on 30th September 2008 in respect of which the electronic acknowledgement bears the date stamp of 1st October 2008 Definition of ‘Charitable Purpose’ under Section 2(15) of the Income-Tax Act, 1961 ...more

No onus on the employer to collect evidence for expenditure incurred on Leave Travel Allowance(January 2009) Change in rate of depreciation of new commercial vehicles Change in date of quarterly filing of TDS Return (Form 27 Q) ...more...