1. The Income Tax Department has issued Circular No. 3/2011 which basically deals with the digital authentication of form 16A for the purposes of Tax Deducted at Source. It was felt important as for 16A is filed quarterly.
2. India has also entered into DTAA's with Ethiopia (Press release & DTAA) and Tanzania (Press release and DTAA). Both the agreements incorporate the provisions of effective exchange of information, based on Article 26 of the OECD Model DTAA.
News, Case Laws, Information, Analysis and every other thing concerning Indian Tax Laws and International Taxation
Showing posts with label Circulars and Notifications. Show all posts
Showing posts with label Circulars and Notifications. Show all posts
Monday, May 30, 2011
Sunday, May 15, 2011
News Updates
1. India has notified the Tax Information Exchange Agreements entered into with Isle of Man and The Bahamas.
2. The CBDT has come out with Circular No. 2 of 2011 which details the procedure for regulating refund of excess amount of TDS deducted and/or paid.
3. It is now mandatory for all stock exchanges to maintain and report monthly data to the Department vide notification 14 dated 9th March, 2011.
4. A new Directorate of Income Tax (Expenditure Budget) has been created under the CBDT by the President vide notification 15 dated 18th March, 2011.
5. The Indian Society of International Law, New Delhi has been exempt under section 35(1)(iii) of the Income Tax Act, 1961 vide notification 22 dated 28th April, 2011.
2. The CBDT has come out with Circular No. 2 of 2011 which details the procedure for regulating refund of excess amount of TDS deducted and/or paid.
3. It is now mandatory for all stock exchanges to maintain and report monthly data to the Department vide notification 14 dated 9th March, 2011.
4. A new Directorate of Income Tax (Expenditure Budget) has been created under the CBDT by the President vide notification 15 dated 18th March, 2011.
5. The Indian Society of International Law, New Delhi has been exempt under section 35(1)(iii) of the Income Tax Act, 1961 vide notification 22 dated 28th April, 2011.
Saturday, April 9, 2011
Circular 1 of 2011
The Income tax department has issued Circular No. 1 of 2011 dated 6th April, 2011.
The Circular is entitled "Explanatory notes to the provisions of the Finance Act, 2010".
The circular is available here.
The Circular is entitled "Explanatory notes to the provisions of the Finance Act, 2010".
The circular is available here.
Friday, February 18, 2011
Notification Alert
The CBDT has issued the following notificaitons on the 7th of February, 2011:
Notification 7 of 2011 on 7th February, 2011
Notification 8 of 2011 on 7th February, 2011
- to grant approval under section 35(1)(i) of the Income Tax Act, 1961 to Fluorosis Research & Rural Development Foundation, Delhi & Kelkar Education Trust, Mumbai, respectively.
Notification 7 of 2011 on 7th February, 2011
Notification 8 of 2011 on 7th February, 2011
- to grant approval under section 35(1)(i) of the Income Tax Act, 1961 to Fluorosis Research & Rural Development Foundation, Delhi & Kelkar Education Trust, Mumbai, respectively.
Sunday, February 6, 2011
Departmental Updates
The Income tax department has come up with the instructions regarding Income limits for assigning cases for Deputy Commissioners / Assistant Commissioners / ITOs.
The instructions are available here.
The instructions are available here.
Thursday, February 3, 2011
News Updates: Avoidance of Double Taxation with SAARC Nations
The Government of India, Ministry of Finance, Department of Revenue has entered and published in the Gazette dated 10th January, 2011 a notification u/s 90 of the Income Tax Act, 1961 to avoid double taxation with SAARC Nations.
The agreement would be enforced from the 1st of April, 2011.
The text of the notification and the DTAA is available here.
The agreement would be enforced from the 1st of April, 2011.
The text of the notification and the DTAA is available here.
Wednesday, February 2, 2011
Notification Alert
The CBDT has granted an exemption to Arogyadham Global Aids Researh Foundation, Muzaffarnagar under Section 35(1)(ii) of the Income-tax Act, 1961 as it partly carries on scientific research expenditure.
Notification 6 of 2011: The notification is available here.
Notification 6 of 2011: The notification is available here.
Monday, January 31, 2011
Notification Alert
The Central Board of Excise and Customs (CBEC) has come out with the following notifications:
06/2011 – Customs (N.T.) (dated 27th January, 2011) - Rate of exchange of conversion of each of the foreign currency with effect from 1st February, 2011
01/2011 – Customs (N.T.) (dated 14th January, 2011) -
06/2011 – Customs (N.T.) (dated 27th January, 2011) - Rate of exchange of conversion of each of the foreign currency with effect from 1st February, 2011
01/2011 – Customs (N.T.) (dated 14th January, 2011) - Amends Notification No. 36/2001 – Customs (N.T.), dated, the 3rd August, 2001.
The Board's Customs Circulars issued so far this year are available here.
Tuesday, January 25, 2011
Notification Alert
Notification in respect of section 35: Expenditure on scientific research for International Advanced Research, Centre for Power Metallurgy and New Materials (ARC-International), Hyd
Notification 4 of 2011
Notification 4 of 2011
Wednesday, January 19, 2011
Notification Alert
The following notifications have been issued by the CBDT:-
1. Notification 1 dated 05/01/2011 u/s 80IB(10)(a) and 80IB(10)(b)
2. Notification 2 dated 05/11/2011 u/s 80IB(10)
1. Notification 1 dated 05/01/2011 u/s 80IB(10)(a) and 80IB(10)(b)
2. Notification 2 dated 05/11/2011 u/s 80IB(10)
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