India Amends Double Taxation Avoidance Agreement with Kuwait

CBDT on 4th May notified that The Government of India and Government of the State of Kuwait have Amended Double Taxation Avoidance Agreement (DTAA). The Amended Protocol can be downloaded by clicking here

CBDT Doubles Exemption Limit Conveyance Allowance

Vide Notification No. 39/2015/F. No.142/02/2015-TPL, CBDT doubled conveyance allowance from Rs. 800 per month to Rs. 1600 per month for employees to meet his expenditure for the purpose of commuting between the place of his residence and the place of his duty. Continue Reading

Interest rate of Sukanaya Scheme and 5 Year Senior Citizen Saving Scheme increased by 0.1% w.e.f. April 1, 2015

Government of India increased the interest rate on Sukanaya Scheme & 5 year Senior Citizen Saving Scheme by 0.1% w.e.f. 01 April 2015.   Source: PRESS RELEASE, DATED 31-3-2015 The Press Release can be downloaded by clicking here –> Sukanya Samriddhi Scheme Continue Reading

Draft Circular – Section 234A – INTEREST FOR DEFAULTS IN FURNISHING RETURN OF INCOME

DRAFT CIRCULAR NO. 2/2015 [F.NO.385/03/2015-IT(B), DATED 10-2-2015 Based on the Suprement Court Ruling in case of CIT v. Prannoy Roy, 309 ITR 231 (2009), CBDT has decided that interest under Section 234A shall not be levied on the Self Assessment Continue Reading

SAFE HARBOUR RULES FOR SPECIFIED DOMESTIC TRANSACTION NOTIFIED

SAFE HARBOUR RULES FOR SPECIFIED DOMESTIC TRANSACTION NOTIFIED INCOME-TAX (SECOND AMENDMENT) RULES, 2015 – AMENDMENT IN RULES 10D, 10TA AND INSERTION OF RULES 10TH, 10THA, 10THB, 10THC, 10THD AND FORM 3CEFB NOTIFICATION NO. 11/2015 [F.NO.142/7/2014-TPL]/SO 350(E), DATED 4-2-2015 In exercise of Continue Reading

Sukanya Samriddhi Account Notified for Deduction under section 80C(2)(viii)

CBDT notified opening of “Sukanya Samriddhi Account” as eligible investment for the purpose of Deduction under section 80C(2)(viii) of the Income Tax Act, 1961. The Notification can be downloaded by clicking –> Sukanya Samriddhi Account Notified for Deduction under section 80C(2)(viii)

CLARIFICATION AS TO WHETHER PROVISION OF SECTION 143(1D) PERMITS PROCESSING OF RETURNS HAVING A REFUND CLAIM, WHERE NOTICE UNDER SECTION 143(2) HAS BEEN ISSUED

Vide INSTRUCTION NO.1/2015 [F.NO.225/319/2014-ITAT.II], DATED 13-1-2015, CDBT has clarified that the processing of a return cannot be undertaken after notice has been issued under sub-section (2) of section 143 of the Act. CBDT Further clarified that it shall be desirable that scrutiny Continue Reading

Draft Income Computation and Disclosure Standards (ICDS)

Section 145 (1) of the Income-tax Act, 1961 (‘the Act’) provides that the income chargeable under the head “Profits and gain of business or profession” or “Income from other sources” shall be computed in accordance with either cash or mercantile Continue Reading