An overview and understanding of Section 269ST of the Income Tax Act, 1961

Section 269ST of the Income Tax Act, 1961 was introduced in the Finance Act 2017. The section seeks to minimise or reduce cash receipts. To quote from the press note issued by the Finance Ministry, Various legislative steps have been taken by the Finance Act, 2017 to curb black money by discouraging cash transaction and by promoting digital economy. These prominently include placing restriction on cash transaction by introduction of new sections 269ST & 271DA to the Income-tax Act. The former one provides the restriction and the latter section talks about penalties for contravention of the provisions of section 269ST. The burden of compliance is put on the receiver of cash and not the person who makes the payment The section as introduced is reproduced below: 269ST. No person shall receive

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Asadharan Suraksha Seva Praman Patra to be the new gallantry award by Income Tax

  MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 30th August, 2017 (INCOME TAX) S.O. 2830(E).—In exercise of the powers conferred by sub clause (i) of clause (18) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government, hereby specifies the gallantry awards for the purpose of the said section, mentioned in column (2) of the Table below, awarded in the circumstances mentioned in corresponding column (3) thereof. TABLE SI. No. Name of gallantry award Circumstances for eligibility (1) (2) (3) 1 Asadharan Suraksha Seva Praman Patra When awarded for acts of exceptional courage or conspicuous Gallantry displayed by personnel of Research and Analysis Wing and Director General (Security) and certified to this effect by the Head of the

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Income Tax Audit and Return Date extended to 31st October

F.No. 225/270/2017/ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North-Block, ITA.II Division New Delhi dated the 31st of August, 2017 Order under Section 119 of the Income-tax Act, 1961 (`Act’) 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 for extending the ‘due date’ for filing various reports of audit as well as tax-returns under the Income-tax Act from 30th September, 2017 so as to allow sufficient time to the assessees’ and tax professionals, and thus, facilitate their ease of compliance with statutory responsibilities under various fiscal laws. On consideration of

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I-T plans to pursue property-holders who have never filed income tax returns 

Income tax authorities plan to pursue those who have properties in their name but haven’t ever filed income tax returns on the suspicion that these may be benami holdings on behalf of people looking to conceal their wealth. The exercise is part of the government’s crackdown on black money. The findings have emerged from the analysis of vast amounts of data that the government has collected. “We have a lot of data from various sources including on investments in property by people who have never filed returns,” said an income tax official. This information will be verified to ascertain the source of income used for the purchase of the properties and to see if these are being held by benami owners. Enforcement action will be taken only in cases where there is

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25% growth in number of Income Tax Returns filed in current fiscal Advance Tax (Personal Income Tax) collections up by 41% 

  Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 07th August, 2017. PRESS RELEASE 25% growth in number of Income Tax Returns filed in current fiscal Advance Tax (Personal Income Tax) collections up by 41% As a result of demonetization and Operation Clean Money, there is a substantial increase in the number of Income Tax Returns(ITRs) filed. The number of Returns filed as on 05.08.2017 stands at 2,82,92,955 as against 2,26,97,843 filed during the corresponding period of F.Y. 2016-2017, registering an increase of 24.7% compared to growth rate of 9.9% in the previous year. The growth in returns filed by Individuals is 25.3% with 2,79,39,083 returns having been received upto 05.08.2017 as against 2,22,92,864 returns in the corresponding period of F.Y. 2016-2017.

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Notification of Ministry of Corporate Affairs under section 138 of Income Tax Act, 1961-reg

  TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, the 26th of July, 2017 NOTIFICATION In pursuance of sub-clause (ii) of clause (a) of sub-section (1) of Section 138 of the Income-tax Act, 1961, the Central Government, hereby specifies Joint Secretary, Ministry of Corporate Affairs, Government of India, for purposes of the said clause. This Notification has to be read with order under section 138(1)(a) of Income-tax Act, 1961 dated 26.07.2017 in file of even number, issued by the Central Board of Direct Taxes, notifying Principal Director General of Income-tax (Systems) as the `designated authority’ for furnishing the ‘bulk information’ on certain identified parameters to the above

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Income Tax Reckoner & Planner A.Y. 2018-19

INCOME TAX RECKONER & PLANNER A.Y. 2018-19   HARD BOOK/ PAPER BACK INCOME TAX RECKONER & PLANNER A.Y. 2018-19 TO BE SHIPPED WITHIN 24 HOURS INVOICE TO BE SENT ALONG WITH BOOK SHIPMENT DETAILS TO BE SENT ON EMAIL PRICE: Rs. 500/- RS. 800/- (FREIGHT RS. 150/-) TO PURCHASE: CLICK HERE E-BOOK INCOME TAX RECKONER & PLANNER A.Y. 2018-19 TO BE SENT WITHIN 24 HOURS INVOICE TO BE SENT ALONG WITH BOOK ON EMAIL PRICE: RS. 400/- TO PURCHASE: CLICK HERE

Quoting of the Aadhaar number in applying for PAN as well as for filing of income tax returns

  Honourable Supreme Court in its landmark judgement has upheld Section 139AA of the Income Tax Act as constitutionally valid which required quoting of the Aadhaar number in applying for PAN as well as for filing of income tax returns. Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi,10th June, 2017. SUPREME COURT JUDGEMENT ON AADHAR-PAN LINKAGE 1. Honourable Supreme Court in its landmark judgement has upheld Section 139AA of the Income Tax Act as constitutionally valid which required quoting of the Aadhaar number in applying for PAN as well as for filing of income tax returns. 2. The Court also held that the “Parliament was fully competent to enact Section 139AA of the Act and its authority to make this

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Interest and Dividend reporting under Income Tax of Custodial A/cs

  Securities and Exchange Board of India CIRCULAR CIR/HO/MIRSD/MIRSD2/CIR/P/2017/59 June 15, 2017 To, All Recognized Depositories 2. Depositories Participants (DPs) through Depositories 3. Registrars to an Issue and Share transfer agents (RTAs) Dear Sir/ Madam, Sub: Interest and Dividend information reporting in case of Custodial Accounts- Rule 114G(1)(e) of the Income Tax Rules, 1962 1. This has reference to SEBI Circular No. CIR/MIRSD/2/2015 dated August 26, 2015on implementation of the Multilateral Competent Authority Agreement and Foreign Account Tax Compliance Act. 2. In terms of Rule 114G(1)(e)(i) of Income Tax Rules, 1962 issued under Section 285BA of Income Tax Act, 1961 following information is required to be reported by reporting financial institution in the case of report able custodial account:- (i) the total gross amount of interest, the total gross amount of dividends, and

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Submission of Annual Information Return relating to issue of Bonds for Rs. 5 lakh or more under Section 285 BA of Income Tax Act, 1961-Change thereof

  RBI/2016-17/309 IDMD.CDD.No.3031/13.01.299/2016-17 May 25, 2017 The Chairman/ Managing Director State Bank of India/Associate Banks/ 17 Nationalised Banks/ UTI Bank Ltd., ICICI Bank Ltd., HDFC Bank Ltd., IDBI Bank Ltd./ Stock Holding Corporation of India Ltd. Dear Sir/Madam Submission of Annual Information Return relating to issue of Bonds for ₹ 5 lakh or more under Section 285 BA of Income Tax Act, 1961-Change thereof Please refer to letter DGBA.CDD.13.01.299/H – 739 – 768/2005-06 dated August 5, 2005 on the captioned subject. 2. You have been authorized to issue Savings Bonds Notified by the Government of India on behalf of Reserve Bank of India. In this connection, you may be aware that the offices accepting deposits under these schemes are required to furnish Annual Information Return as contemplated in Section 285 BA of

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