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CBDT has made the subject scheme to set out the procedures for filing correction statement, rectifications, appeals, etc in connection with TDS statements filed online.
• Software developed abroad at a client’s place amounting to ‘deemed export’, so long as there exists a direct and intimate nexus or connection of development of software done abroad with the eligible units set up in India pursuant to a contract between the client and the eligible unit.
• Profits earned from deployment of technical manpower at the client’s place abroad specifically for software development work pursuant to a contract between the client and the eligible unit provided such deputation of manpower is for the development of such software and all the prescribed conditions are fulfilled.
• In case of each Statement of Works which is a part of a Master Service Agreement.
• Research and Development activities pertaining to software development would be covered under the definition of ‘Computer Software’.
• In case of a slump sale, the tax holiday can be availed of for the unexpired period at the rates as applicable for the remaining years, subject to fulfilment of prescribed conditions.
• Separate books of account need not be maintained for each eligible unit. However, the assessee should be able to produce the required details called for by the AO.
• When an eligible SEZ unit relocates physically to another SEZ in accordance with the prescribed rules, tax holiday would be available for the unexpired period at the rates applicable to such years.
• Exemption would be available to a freshly set up unit, as long as it is set-up after obtaining necessary approvals from the competent authorities; has not been formed by splitting or reconstruction of an existing business; and fulfils all other conditions prescribed in the relevant provisions of law.
Rules, 2011 with effect from 1st December, 2011 Rule 40BA inserted to provide for special provisions for payment of tax by Limited Liability Partnership (LLP)
LLP shall furnish the report of an accountant as required by section 115JC for the purpose of computation of adjusted total income and minimum alternate tax in Form No. 29C.
Circular No. 1 of 2012 [F.No. 276/34/2011-IT(B)], dated 9th April, 2012 — Copy available for download on www.bcasonline.org
(1) An individual or HUF must file the return of income electronically for the A.Y. 2012-13 and in subsequent years if his/its total income exceeds Rs.10 lakh.
(2) A resident individual or a resident HUF must file the return of income electronically for the A.Y. 2012-13 and subsequent years, if he/it has: (a) assets (including financial interest in any entity) located outside India; or (b) signing authority in any account located outside India.
(3) The prescribed ITR Form SAHAJ — ITR 1 and SUGAM — ITR 4S cannot be used by a resident
Protocol amending the DTAA between India and Netherlands notified with effect from 2nd November 2012 signed – Notification no. 2/2013 dated 14-1-2013
CBDT has notified that w.e.f 1st January 2013, no TDS would be deducted in the below mentioned payments made by a person to a Scheduled bank as per RBI Act (excluding a foreign bank:
• bank guarantee commission
• cash management service charges;
• depository charges on maintenance of DEMAT accounts;
• charges for warehousing services for commodities; • underwriting service charges; • clearing charges (MICR charges);
• credit card or debit card commission for transaction between the merchant establishment and acquirer bank.
The CBDT has made the following amendments vide the Income-tax (Eighth Amendment) Rules, 2011 with effect from 1st November 2011:
CBDT extends the due date for filing income tax returns for assessees who are liable to tax audit u/s. 44aB of the act – Order u/s. 119 of the Act – File no: F.No.153/53/2014-TPL (Pt.I) dated 26th September 2014
The Board has extended the due date for filing return of income for assessees who are subject to tax audit from 30th September 2014 to 30th November 2014 in line with the extension of obtaining the tax audit report. it has been clarified in the order that interest u/s. 234A would be leviable. in all other cases the due date would remain at 30-09-14
Considering the large scale devastation in the State of Jammu and Kashmir due to heavy rains and floods, CBDT has extended the due-date of filing Returns of Income from 30th September, 2014 to 30th November, 2014, in cases of Income-tax assessees in the State of Jammu and Kashmir.
