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)

Explanatory Notes – Finance (No. 2) Act 2014

Finmin has recently released Explanatory Notes to Finance (No. 2) Act, 2014.

The same can be downloaded by clicking here –>CDBT – Explanatory Notes to Finance (No. 2) Act 2014

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 assessments in such cases are completed expeditiously

Source: http://www.taxmann.com/filecontent.aspx?Page=CIRNO&id=104010000000042784&isxml=Y&search=

The said Notification can be downloaded by clicking — > CBDT Clarification for Processing of Returns

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 system of accounting regularly employed by the assessee; subject to the provisions of Section 145(2).

Section 145(2) provides power to Central Government to Notify Income Computation and Disclosure Standards (ICDS) for any class of assessees or for any class of income.

In this relation, draft ICDS has been uploaded on the Finance Ministry website (www.finmin.nic.in) and Income-tax Department website (www.incometaxindia.gov.in) for comments from stakeholders and general public. The comments and suggestions on the draft ICDS may be submitted by 8th February, 2015 at the email address (dirtpl3@nic.in or rkbhoot@gmail.com) or by post at the following address with “Comments on draft ICDS” written on the envelope:

Director(Tax Policy & Legislation)-III

Central Board of Direct Taxes,

Room No.147-G,

North Block,

New Delhi-110001

Draft ICDS for comments can be downloaded by clicking below

–> ICDS_draft_CBDT