Delegation of Authority- New Circular

SECTION 119 OF THE INCOME-TAX ACT, 1961 - INCOME-TAX AUTHORITIES - INSTRUCTIONS TO SUBORDINATE AUTHORITIES - CONDONATION OF DELAY IN FILING REFUND CLAIM AND CLAIM OF CARRY FORWARD LOSSES UNDER SECTION 119(2)(b)

CIRCULAR 9/2015 [F.NO.312/22/2015-OT], DATED 9-6-2015

1. The Principal Commissioners of Income-tax/Commissioners of Income-tax (Pr.CsIT/CsIT) shall be vested with the powers of acceptance/rejection of such applications/claims if the amount of such claims is not more than Rs.10 lakhs for any one assessment year. The Principal Chief Commissioners of Income-tax/Chief Commissioners of Income-tax (Pr.CCsIT/CCsIT) shall be vested with the powers of acceptance/rejection of such applications/claims if the amount of such claims exceeds Rs.10 lakhs but is not more than Rs. 50 lakhs for any one assessment year. The applications/claims for amount exceeding Rs.50 lakhs shall be considered by the Board.

2. No condonation application for claim of refund/loss shall be entertained beyond six years from the end of the assessment year for which such application/claim is made.This limit of six years shall be applicable to all authorities having powers to condone the delay as per the above prescribed monetary limits, including the Board. A condonation application should be disposed of within six months from the end of the month in which the application is received by the competent authority, as far as possible.

3. In a case where refund claim has arisen consequent to a Court order, the period for which any such proceedings were pending before any Court of Law shall be ignored while calculating the said period of six years, provided such condonation application is filed within six months from the end of the month in which the Court order was issued or the end of financial year whichever is later.

Extension of Due Date for filling ROI order dated 10th June 2015

Romancing the Taxation

The 'due-date' for filing Returns of Income, in terms of clause (c) of Explanation 2 to sub-section (1) of section 139 of the Income-tax Act, 1961, for Assessment Year 2015-16 from 31 61July, 2015 to 31 °August, 2015 in respect of income tax assessees concerned. 

Major Amendment in Wealth Tax

New Return Of Wealth Tax

The Return of the net wealth referred to in section 14 shall be furnished in case of individual, HUF, Companies-

1) In Form BA- for AY 13-14 and earlier assessment years and

2) In Form BB for AY 20214-15 and any other subsequent years

said form shall be verified in the prescribe manner.

For AY14-15  and any other subsequent years the return is to be furnished electronically under digital signature . however for AY 14-15 an individual or huf to whom provision of section 44AB of income tax are not applicable may furnish the return in paper format.

Romancing the Taxation...DCIT VS HERO MOTORS LIMITED

                                                                   DCIT VS HERO MOTORS LIMITED

Fees paid to ROC for increase in Authorised capital (The same was held in GIC VS CIT in connection with bonus issue).

Romancing the Taxation... Double Taxation avoidance agreement with Latvia and India

Agreement for Avoidance of double taxation and prevention of fiscal evasion with foreign countries - Latvia - 12/2014 - Dated 5-3-2014 - Income Tax

Whereas, an Agreement was entered into between the Government of the Republic of India and the Government of the Republic of Latvia for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income which was signed at New Delhi on the 18th day of September, 2013 (hereinafter referred to as the said Agreement);

An whereas, sub-paragraph (a) of paragraph 3 of Article 30 of the said Agreement provides that the provisions of the said Agreement shall have effect in India in respect of income derived in any fiscal year beginning on or after the first day of April next following the calendar year in which the said Agreement enters into force;

Now, therefore, in exercise of the powers conferred by section 90 of the Income- tax Act, 1961 (43 of 1961), the Central Government hereby notifies that all the provisions of said Agreement between the Government of the Republic of India and the Government of the Republic of Latvia for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income, as set out in the Annexure hereto, shall be given effect to in the Union of India with effect from the l^stday of April, 2014.

This Agreement shall apply to persons who are residents of one or both of the Contracting States.

Romancing The Taxation... Railway Budget Highlight 14-15

Railway Minister Mallikarjun Kharge presented the interim Rail Budget in Parliament on Wednesday, amidst uproar over the Telengana Bill and was forced to cut short his speech. The minister said 17 new premium trains and 38 new express trains will be introduced. He left passenger fares and freight rates unchanged. The budget is for the first four months of the of the fiscal year 2014-15 that begins in April. Mr Kharge's maiden budget comes just months away from the general elections.

Here are the highlights from his speech:

• No increase in passenger fares or freight charges
• To introduce 38 new express trains.
• To introduce 17 new premium trains
• To introduce 10 new passenger trains
• Premium air-conditioned special train in Delhi-Mumbai sector with shorter advance reservation period and dynamically varying premium over tatkal fare
• More high-speed trains to be launched
• Passenger rail service to Katra and Vaishnodevi to start shortly
• Arunachal Pradesh, Meghalaya on railway map 2014
• Initiatives for freight corridors on eastern & western routes is an innovation in rail transport in India and will reduce transport time by half
• Railways completed 2207 kilometres of new lines against a target of 2000 km
• Electrification of 4556 km completed
• Three new rail factories now functional
• FY15 annual plan at Rs. 64,300 crore
• IRFC, the financing arm of Railways to borrow Rs. 12,800 crore from market
• Railways operating ratio, measure of expenses as a percentage of revenue, for 2013-14 at 90.8 per cent
• FY15 freight loading target 1101 MT
• FDI being enabled for rail infrastructure

Romancing Thr Taxation....... New exemption Amendment to Sec.10(17A) order dated 28 Jan 2014

Romancing The Taxation....  New exemption Amendment to Sec.10(17A) order dated 28 Jan 2014

As per Section 10(17A)(ii) CG by way of a order dated 28th Jan 2014, hereby approves any payment mode, whether in cash or kind, as a rewrd by CG or SG to the medal winner of
1. Olympics Games. or
2.Common Wealth Games. or
3. Asian Games
w.e.f. 28th Jan, 2014, Income is exempt.