Search For "income tax act 1961"
CBDT exempts cash sale of agricultural produce from disallowance of expend
Updated : 8 years, 6 months ago IST
New Delhi [India], Nov. 3 (ANI): The Central Board of Direct Taxes (CBDT) on Friday clarified that cash sale of agricultural produce by its cultivator to the trader for an amount less than Rs. 2 lakh will not result in any disallowance of expenditure under section 40A (3) of the Income-tax A
Read More
CBDT issues draft notification of amendment of rule 17A and form 10A
Updated : 8 years, 7 months ago IST
New Delhi [India], Oct 18 (ANI): Central Board of Direct Taxes on Wednesday stated that the Vide Finance Act, 2017, a new clause (ab) was inserted in sub-section (1) of section 12A of the Income-tax Act, 1961 ('the Act') w.e.f April 1st, 2018 to the effect that where a trust or an institutio
Read More
CBDT notifies operationalising provisions of secondary adjustment under IT
Updated : 8 years, 9 months ago IST
New Delhi [India], June 19 (ANI): The Central Board of Direct Taxes (CBDT) has notified Rule 10CB of Section 92CE under the Income Tax Act, 1961, operationalising provisions of secondary adjustment.
Read More
CBDT notifies condition of chargeability to STT; claims exemption
Updated : 8 years, 9 months ago IST
New Delhi [India], June 6 (ANI): According to the Central Board of Direct Taxes (CBDT) released notifications, under section 10(38) of the Income-tax Act, 1961, prior to its amendment by Finance Act, 2017 it was provided that the income arising by way of a transfer of long term capital asset
Read More
CBDT extends due date for furnishing Statement of Financial Transaction
Updated : 8 years, 9 months ago IST
New Delhi [India], May 31 (ANI): The Central Board of Direct Taxes (CBDT) on Wednesday announced extension of the date of filing for Statement of Financial Transaction (SFT) under Section 285BA of the Income-tax Act, 1961, which requires furnishing under Rule 114E of the Income-tax Rules, 19
Read More
Centre notifies exemption from quoting Aadhaar, enrolment ID for certain i
Updated : 8 years, 9 months ago IST
New Delhi [India], May 12 (ANI): The Centre on Friday issued a notification under which four categories of individals will be exempt from quoting Aadhaar, enrolment ID under Section 139AA of the Income-tax Act, 1961.
Read More
CBDT lays out mandatory quoting of Aadhaar; includes PAN applications, fil
Updated : 8 years, 9 months ago IST
New Delhi [India], Apr 5 (ANI): The Central Board of Direct Taxes on Wednesday notified that under the Section 139AA of the Income-tax Act, 1961 as introduced by the Finance Act, 2017 provides the mandatory quoting of Aadhaar or Enrolment ID of Aadhaar application form for filing of return o
Read More
CBDT seeks suggestion on draft notification of STT chargeability rules
Updated : 8 years, 9 months ago IST
New Delhi [India], Apr. 3 (ANI): The Central Board of Direct Taxes (CBDT) on Monday requested the stakeholders to submit their comments/ suggestions on the draft notification under Section 10(38) of Income Tax Act, 1961.
Read More
CBDT issues clarifications on implementation of GAAR provisions under Inco
Updated : 8 years, 9 months ago IST
New Delhi [India], Jan 27 (ANI): The Central Board of Direct Taxation (CBDT) on Friday issued the provisions of General Anti Avoidance Rule (GAAR) contained in Chapter X-A of the Income Tax Act, 1961, with the provisions effective from assessment year 2018-19 onwards, i.e. financial year 201
Read More
Govt. clarifies status of political parties under Income Tax Act
Updated : 8 years, 9 months ago IST
New Delhi [India], Dec. 17 (ANI): The Ministry of Finance, Department of Revenue, and Central Board of Direct Taxes on Saturday issued a joint statement giving a clarification on status of political parties under Income Tax Act, 1961.
Read More
I.T. department issues clarification of status of political parties under
Updated : 8 years, 9 months ago IST
New Delhi [India], Dec.17 (ANI):There have been some newspaper reports which seem to wrongly suggest that there cannot be any scrutiny of Income-tax returns of political parties registered with the Election Commission in the context of deposits of old currency notes. This inference seems to
Read More
CBDT issues norms for filing of revised 'Income Tax Returns' by
Updated : 8 years, 9 months ago IST
New Delhi [India], Dec 14 (ANI): Under the existing provisions of section 139(5) of the Income-tax Act, 1961 ('Act'), Revised Return can only be filed if any person, who has filed a return under section 139(1) of the Act or in response to notice u/s 142(1), discovers any omission o
Read More