Notification S.O. 2499(E) regarding National Skill Development Corporation

Notification

Notification S.O. 2861 (E) dt. 11/12/2008 and its Corrigendum dt. 22/12/2008

Notification & Corrigendum

Definition of ‘Charitable purpose’ under section 2(15) of the Income-tax Act, 1961

Central Board of Direct Taxes(Tax Policy & Legislation Division) has issued a circular for the Definition of ‘Charitable purpose’ under section 2(15) of the Income-tax Act, 1961

Cadre Review and Restructuring of Income tax Department

Cadre Review and Restructuring of Income tax Department In light of the DoPT, Government of India, decisions pursuant to the 6th Central Pay Commission recommendation, a Cadre Review exercise has been initiated for restructuring of Income tax Department to enable and equip the Department to meet challenges of today and tomorrow. A Cadre Review committee has been constituted in this regard. Cadre Review Committee Order

Amendments to the Industrial Park Scheme, 2008

Central Government has made some amendments to the Industrial Park Scheme, 2008. See the Notification dated 28th November, 2008 for the details.

TDS Return Preparation Slideshow

A Slide Show (demonstration) has been prepared for the preparation of the TDS Returns. Kindly see the TDS Section on the Home page.

Direct Tax Collections appear to be on course

Net direct tax collections during first eight months of the present fiscal (up to November 2008) stood at Rs. 177,251 crore, up from Rs.145,053 crore, registering a growth of 22.2%. Growth in Corporate Taxes was 26.82%, while Personal Income Tax grew at 15.28%. Direct tax collections have already reached 48.56% of the Budget Estimates of Rs.3,65,000 crore, which is pegged at 16.07% above the actual collection of Rs.3,14,468 (provisional) during the last fiscal (2007-08). Press Release

Signing of Double Taxation Avoidance Agreement between Indian and Tajikistan

A Double Taxation Avoidance Agreement has been signed between India and Tajikistan on 20th November, 2008. The Agreement has also provided for the exchange of information between the tax authorities of the two countries.

Allocation of waiting list candidates for appointment to the post of Tax Assistant

220 candidates, who were in the waiting list for appointment to the post of Tax Assistant, have now been allocated to the various Regions/ Charges in the CBDT. List of candidates

Growth in Direct Tax Collections for the first seven months indicative of improved tax administration

Net direct tax collections during first seven months of the present fiscal (up to October 2008) stood at Rs.166,905 crore, up from Rs.128,864 crore, registering a growth of 29.52%. Growth in Corporate Taxes was 33.49%, while Personal Income Tax grew at 23.14%. The momentum of growth in direct taxes could be maintained, despite present global financial crises / recession and its resultant impact on the Indian economy, mainly on account of a shift in the tax collection strategy of the Central Board of Direct Taxes (CBDT) towards improving the tax deduction at source (TDS) mechanism and encouraging better tax compliance. Press Release

CBDT has issued a new Form of report for claiming deduction u/s 80-IB(11C)

CBDT has issued a new Form of report for claiming deduction under sub-section (11C) of Section 80-IB of the Income-tax Act vide Notification dated 22nd October, 2008.

Option Form for the Steno Grade III in the CBDT

Staff Selection Commission has recommended 118 candidates for appointment to the post of Steno Gr. III in CBDT. The Region/Charge wise allocation of the candidates on merit-cum-preference basis has been issued by the CBDT. List of Successful Candidates. The successful candidates are directed to indicate/exercise his/her preferences in the proforma, duly filled/completed in all respect immediately by speed post or Currier, so as reach it within 21 days from the date of issue of this letter. Memorandum