Deferred Tax Liability on Special Reserve created under Section 36(1) (viii) of the Income Tax Act, 1961
RBI/2013-14/412 DBOD. No.BP.BC.77/21.04.018/2013-14 December 20, 2013 The Chairmen and Managing Directors / Chief Executive Officers of all Commercial Banks (excluding Regional Rural Banks) Dear Sir, Deferred Tax Liability on Special Reserve created under Section 36(1) (viii) of the Income Tax Act, 1961 Please refer to our mailbox clarification dated November 6, 2009 with respect to… Read More
Tags: Banks, Government of India, Income tax, Income Tax Act, Income Tax Act 1961, India, Karnataka High Court, United States
Advance Pricing Agreements (S.92CC And 92CD)
ADVANCE PRICING AGREEMENT (S. 92CC & 92CD) BY ANSHUL SEHGAL & ARJUN NIHAL SINGH 1. PROVISIONS Sections 92CC and 92CD [1] read with Rules 10F to 10T and 44GA under the Income Tax Rules, 1962 [2] were introduced in the Finance Act, 2012 have been inserted in the Income Tax Act, 1962 [3] to provide the Advance Pricing… Read More
Tags: Advance pricing agreement, Finance Act, Income tax, Income Tax Act
Income-tax (18th Amendment) Rules, 2013
[TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE (CENTRAL BOARD OF DIRECT TAXES) Notification No. 76/2013 New Delhi, the day of 24th September, 2013 In exercise of the powers conferred by section 245Q read with section 295 of the Income-tax Act, 1961 (43 of 1961),… Read More
Tags: CITES, Gazette of India, Government of India, Income Tax Act, Income Tax Act 1961, India, New Delhi, Taxation in India
IT Exemptions to Chandigarh State Aids Control Society
[TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE (CENTRAL BOARD OF DIRECT TAXES) Notification No. 77/2013 New Delhi, the day of 25th September, 2013 In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of… Read More
Tags: Chandigarh, Gazette of India, Government of India, Income Tax Act, Income Tax Act 1961, India, New Delhi, Taxation in India
IT Exemptions to Meghalaya State Aids Control Society
[TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE (CENTRAL BOARD OF DIRECT TAXES) Notification No. 78/2013 New Delhi, the day of 25th September, 2013 In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of… Read More
Tags: Gazette of India, Government of India, Income Tax Act, Income Tax Act 1961, India, Meghalaya, New Delhi, Taxation in India
Income-tax (18th Amendment) Rules, 2013
[TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE (CENTRAL BOARD OF DIRECT TAXES) Notification No. 76/2013 New Delhi, the day of 24th September, 2013 In exercise of the powers conferred by section 245Q read with section 295 of the Income-tax Act, 1961 (43 of 1961),… Read More
Tags: CITES, Gazette of India, Government of India, Income Tax Act, Income Tax Act 1961, India, New Delhi, Taxation in India
Income-tax ( 15th Amendment) Rules, 2013
[TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE (CENTRAL BOARD OF DIRECT TAXES) Notification No. 68/2013 New Delhi, the day of 4th September, 2013 INCOME-TAX S.O. 2668(E) - In exercise of the powers conferred by sub-section (3) of section 115TAread with section 295 of… Read More
Tags: CITES, Gazette of India, Income Tax Act, Income Tax Act 1961, India, New Delhi, Securities and Exchange Board of India, Taxation in India
CBDT Notification w.r.t. Specified income arising to Karnataka State AIDS Prevention Society
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY PART II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES NOTIFICATION NO. 66/2013 DATED 29-8-2013 S.O. 2642(E) - In exercise of the powers conferred by clause (46) of section 10 of theIncome-tax Act, 1961 (43 of 1961), the Central Government… Read More
Tags: Fiscal year, Gazette of India, Government of India, Income Tax Act, Income Tax Act 1961, India, Karnataka, Taxation in India
Tax Evasion by Foreign Companies
Data on dollars transferred abroad by foreign companies in India is not centrally maintained by the government. However, with a view to prevent shifting of profits out of India and consequent erosion of the Indian tax base, selected international transactions undertaken are analysed every year in accordance with the transfer pricing provisions contained in Chapter X of… Read More
Tags: Finance Act, Fiscal year, Income tax, Income Tax Act, Income Tax Act 1961, India, LokSabha, transfer pricing
Income-tax (12th Amendment) Rules, 2013 – Furnishing of information by the person responsible for making payment to a non-resident, not being a company, or to a foreign company
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY PART II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES NOTIFICATION NO. 58/2013 DATED 5-8-2013 SO 2363(E) - In exercise of the powers conferred by sub-section (6) of section 195 read with section 295 of the Income-tax Act, 1961 (43 of 1961),… Read More
Tags: Foreign Exchange Management Act, Gazette of India, Government of India, Income Tax Act, Income Tax Act 1961, India, ministry of finance, Taxation in India
Amendment in Rule 21AB and Insertion of Form 10F – Income-tax (11th Amendment) Rules, 2013
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY PART II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES NOTIFICATION NO. 57/2013 DATED 1-8-2013 S.O. 2331(E) - In exercise of the powers conferred by section 90 and section 90A read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board… Read More
Tags: CITES, Gazette of India, Government of India, Income tax, Income Tax Act, Income Tax Act 1961, India, Taxation in India
Tax Deductors Who Default In Depositing TDS by Due Date Shall be Liable for Prosecution: CBDT
It has come to the notice of Income Tax Department that many times the tax deductors, after deducting TDS from specified payments, are deliberately not depositing the taxes so deducted in Government account and continue to deploy the funds so retained for business purposes or for personal use. Such retention of Government dues beyond the… Read More
Tags: Competent authority, Due date, Income tax, Income Tax Act, Income Tax Act 1961, Tax, Taxation in India, TDS
Income Tax notification w.r.t. Uttarakhand State AIDS Control Society
GOVERNMENT OF INDIA MINISTRY OF FINANCE ( DEPARTMENT OF REVENUE ) NOTIFICATION No. 55/2013 Dated : July 23, 2013 S.O. 2268(E) - In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, the Uttarakhand State AIDS Control Society… Read More
Tags: Clause, Fiscal year, Government of India, Income Tax Act, Income Tax Act 1961, India, ministry of finance, Uttarakhand
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