Instruction No. 1914 dated 21-3-1996 contains guidelines issued by the Board regarding procedure to be followed for recovery of outstanding demand, including procedure for grant of stay of demand. Continue reading “Deposit of 15% of disputed demand for Stay for contesting appeal before CIT A increased to 20% : 31-07-2017”
Duplicate and Fake PANs deleted: Press Release dt 01-08-2017
As on 27-7-2017, 11,44,211 PANs have been identified and deleted or de-activated in cases where multiple PANs were found allotted to one person. Similarly, as on 27-7-2017, 1,566 PANs have been identified as ‘Fake’ which were allotted to either non-existent person or in the names of persons with false identities.
Bonds of Indian Railways Finance Corporation redeemable over 3 years notified for purpose of 54EC wef 8-08-2017
NOTIFICATION NO. SO 2529(E) [NO.79/2017 (F.NO.370142/18/2017-TPL)], DATED 8-8-2017
Direct tax collection up to July 2017 is higher by 19.1% but due to fall in refunds : Press Release dt 9-8-17
Information on Increase in Number of Assessees post demonitization: Press Release dt 18-08-2017
- During 9 November 2016 to 31-03-2017, 5.4 lakh new taxpayers have filed returns [Economic survey dt 12-08-2017]
- Additional tax returns filed during 2016-17 are 91 lacs as compared to 2015-16 [FM Speech dt. 17-05-2017]
- During 1st April, 2017 to 5th August, 2017, 2.79 crore e-returns of Individual taxpayers were received as against 2.23 crore e-returns received during 1st April, 2016 to 5th August, 2016. Thus, the additional ITRs received in 2017 works out to be 56 lakh. During the same period of 2015, 2.00 crore e-returns were received, meaning thereby, that in 2016, only 22 lakh (rounded off)) additional e-returns were received by the due date of filing. [PM Speech dt 15-08-2017]
- As per Press Release dt 5-8-2017, 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 5-8-2017 as against 2,22,92,864 returns in the corresponding period of F.Y. 2016-2017
Information on High Pitched Assessment called by Board from Reigonal Committees along with name of AO and Range Head vide letter dt 18/08/2017
LETTER [F.NO.225/287/2017/ITA.II], DATED 18-8-2017
Form of Audit Report 29B for book profits calculation changed by Not 18/08/2017
Audit Report for AMT u/s 115JC to be furnished electronically: proviso to Rule 12(2) Amended: Not. 18/08/2017
Tenure of Sh. G.D. Aggarwal increased as President of ITAT till regular appointment is made: Dt 18/08/2017
NOTIFICATION NO.A-12023(1)/15/2016-ADMN.III (LA), DATED 18-8-2017
Clarification regarding Increase in Disputed Demand from 15% to 20% to be deposited for stay in appeal not to apply to already stayed cases: Dt 25/08/2017
- Vide Board’s O.M. of even number dated 31.7.2017, modifications were made to O.M. NO.404/72/93-ITCC dated 29-2-2016, to the effect that the standard rate prescribed in O.M. dated 29-2-2016 stood revised to 20% of the disputed demand, where the demand was contested before CIT(A).
- It is hereby clarified that the modifications laid down in Board’s O.M. dated 31-7-2017 are prospective in nature and (natters already decided as per Board’s O.M. of even number dated 29-2-2016 before the issue of O.M. dated 31-7-2017 shall not be reviewed merely on the grounds of a the modifications laid down in the said O.M. dated 31-7-2017.
OFFICE MEMORANDUM [F.NO.404/72/93-ITCC], DATED 25-8-2017