Category: Income Tax

Draft Notification for insertion of new rule 39A in the Income-tax Rules, 1962-Voluntary declaration of Estimated Income & Advance Tax Liability

Draft Noti­fi­ca­tion for inser­tion of new rule 39A in the Income-tax Rules, 1962– com­ments and sug­ges­tions-reg. It is pro­posed to cre­ate a mech­a­nism for self-report­ing of esti­mates of cur­rent income, tax pay­ments and advance tax lia­bil­i­ty by cer­tain tax­pay­ers viz.…

Tax Audit Date for AY 2017–18 has been Extended

The Goods and Ser­vices Tax (‘GST’) has come into effect on 01.07.2017. In recent days, dates for fil­ing var­i­ous  returns and forms  under  GST  have been  extend­ed  by the  Gov­ern­ment. In this backdrop,representations have been filed by var­i­ous stake­hold­ers request­ing…

CBDT restricted Manual Refund of Income tax by AO

AST Instruc­tion No. 136 Sub: Restric­tion on Issuance of Man­u­al Refunds by Assess­ing Offi­cers: Reg. Kind­ly refer to the above sub­ject. 2. The func­tion­al­i­ties for pass­ing orders u/s 143(1) (a)/ 143(3)/154/ appeal effects/ penal­ty exist on the sys­tem and, pro­gres­sive­ly,…

CBDT issues Information Security Guidelines to stop disclosure of taxpayer’s information

Dat­ed: July 10, 2015 Con­fi­den­tial­i­ty of tax­pay­er infor­ma­tion has always been a fun­da­men­tal cor­ner­stone of tax sys­tems. The tax admin­is­tra­tion is oblig­ed to keep the infor­ma­tion sub­mit­ted by the tax­pay­ers, includ­ing their sen­si­tive finan­cial and per­son­al infor­ma­tion, con­fi­den­tial and is…