Category: Income Tax

Verification of cash deposits/withdrawals from bank accounts of struck-off companies particularly during demonetisation-CBDT Instruction Lately, the Registrar of Companies (RoCs), all over the country,  took action against a number of  companies  under  section  248(5)  of  the  Companies Act, 2013  by removing their  names from the Register of Companies. …

Allocation/Reallocation of work in respect of matters and cases relating to the Benami Transactions (Prohibition) Act, 1988 amongst CBDT members  The Central Board of Direct Taxes has allocated/reallocated in respect of all matters and cases or classes of cases relating to the Benami Transactions (Prohibition) Act, 1988 and/or …

No TDS u/s 194A on interest payments to HUDCO. CBDT notifies the Housing and Urban Development Corporation Ltd. u/s 194(3)(iii)(f)  MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No . 26/2019 New Delhi, the 20th March , 2019 S.O. 1399(E).-Tn exercise of the powers conferred by …

CBDT exempts income of Odisha Electricity Regulatory Commission u/s 10(46) of Income Tax Act, 1961 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 26th March, 2019 S.O. 1425(E).—In supersession of Gazette Notification No.1359(E) dated 28.04.2017, the Central Government in exercise of …

Negative growth in regular tax collections-CBDT calls it an alarming situation. Only only 85.10% of FY 2018-19 target collected as on 23.03.2019. In a Departmental Letter (DO), addressed to all Pr. Chief Commissioner of Income Tax, the CBDT has expressed dissatisfaction over the tax collections achieved in financial …

Fund management activity thtough Fund managers registered under SEBI Mutual Funds Regulations 1996 not to constitute business connection in India Under Section 9A of the Income Tax Act, 1961, certain activities not to constitute business connection in India. Under the section,  in the case of an eligible investment …

Compensation made to the flat allottees for surrendering rights allowed as business expenditure of the assessee in view of Completed Contract Method of Accounting ABCAUS Case Law Citation: ABCAUS 2843 (2019) (03) HC Important Case Laws Cited/relied upon by the parties Shahzada Nand & Sons v. CIT, Patiala …

Facility to view Form 2 Declaration filed with DPIIT by startup available in Income tax e-Filing portal Facility to view Form 2 Declaration filed with DPIIT (Department for Promotion of Industry and Internal Trade) by a startup is now available in e-Filing. The path for the access is …

Lack of full declaration in Form 10 of accumulation u/s 11(2) by itself would not be fatal to the claim. Supreme Court dismisses SLP of the Revenue ABCAUS Case Law Citation: ABCAUS 2842 (2019) (03) SC Important Case Laws Cited/relied upon by the parties CIT v. Hostel and …

CBDT authorises Addl. / Joint CIT (e-Verification) Delhi for centralized issuance of notice and for collection and processing of information GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT  OF  REVENUE (CENTRAL BOARD OF DIRECT TAXES) DIRECTOR GENERAL OF INCOME TAX (SYSTEMS) COMMISSIONER OF INCOME TAX (E-VERIFICATION) No: CIT (e-Verification)/Jurisdiction/2019-20/01,47 …