CBDT extends the due date for filing Income Tax Returns from 31st July 2018 to 31st August 2018. https://www.incometaxindiaefiling.gov.in/eFiling/Portal/StaticPDF_News/due_date-31-August.pdf

The existing Form No. 29B has been substituted vide Notification No.80/2017 dated 18/08/2017

The existing Form No. 29B has been substituted vide Notification No.80/2017 dated 18/08/2017 with immediate effect. Taxpayers and CAs are advised to wait for the release of the new schema and utility to submit in the modified format. In view of the notification of CBDT, Taxpayers and CAs are advised that any upload using the old Form will not be valid with immediate effect. The new schema and updated utility for e-Filing of the same will be deployed shortly. For details Refer Notification No. 80/2017 dated 18/08/2017http://incometaxindiaefiling.gov.in/eFiling/Portal/StaticPDF_News/notification80_2017.pdf 

CBDT extends the time for Linking PAN with Aadhaar

CBDT extends the time for Linking PAN with Aadhaar from 31st August 2017 to 31st December 2017.

CBDT has extended the due date for filing Income Tax Returns and audit report

CBDT has extended the due date for filing Income Tax Returns and audit reports from 30th September 2017 to 31st October 2017. 

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

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 law was not diluted by the orders of this Court.” Therefore, no violation of the earlier Supreme Court orders were found in enacting the provision. 3. The Court has also held that Section 139AA of the Act is not discriminatory nor it offends equality clause enshrined in Article 14 of the Constitution. 4. Section 139AA is also not violative of Article 19(1)(g) of the Constitution in so far as it mandates giving of Aadhaar number for applying PAN and in the income tax returns and linking PAN with Aadhaar number. 5. Section 139AA(1) of the Income Tax Act as introduced by the Finance Act, 2017 provides for mandatory quoting of Aadhaar/Enrolment ID of Aadhaar application form, for filing of return of income and for making an application for allotment of PAN with effect from 1st July, 2017. 6. Section 139AA(2) of the Income Tax Act provides that every person who has been allotted PAN as on the 1st day of July, 2017, and who is eligible to obtain Aadhaar, shall intimate his Aadhaar on or before a date to be notified by the Central Government. The proviso to section 139AA (2) provides that in case of non-intimation of Aadhaar, the PAN allotted to the person shall be deemed to be invalid from a date to be notified by the Central Government. 7. The Supreme Court has upheld Section 139AA(1) which mandatorily requires quoting of Aadhaar for new PAN applications as well as for filing of returns. 8. The Supreme Court has also upheld Section 139AA(2) which requires that the Aadhaar number must be intimated to the prescribed authority for the purpose of linking with PAN. 9. It is only the proviso to Section 139AA(2) where the Supreme Court has granted a partial stay for the time being pending resolution of the other cases before the larger bench of the Supreme Court. The Supreme Court has unequivocally stated as follows: “125. Having said so, it becomes clear from the aforesaid discussion that those who are not PAN holders, while applying for PAN, they are required to give Aadhaar number. This is the stipulation of subsection (1) of Section 139AA, which we have already upheld. At the same time, as far as existing PAN holders are concerned, since the impugned provisions are yet to be considered on the touchstone of Article 21 of the Constitution, including on the debate around Right to Privacy and human dignity, etc. as limbs of Article 21, we are of the opinion that till the aforesaid aspect of Article 21 is decided by the Constitution Bench a partial stay of the aforesaid proviso is necessary. Those who have already enrolled themselves under Aadhaar scheme would comply with the requirement of sub-section (2) of Section 139AA of the Act. Those who still want to enrol are free to do so. However, those assessees who are not Aadhaar card holders and do not comply with the provision of Section 139(2), their PAN cards be not treated as invalid for the time being. It is only to facilitate other transactions which are mentioned in Rule 114B of the Rules. We are adopting this course of action for more than one reason. We are saying so because of very severe consequences that entail in not adhering to the requirement of sub-section (2) of Section 139AA of the Act. A person who is holder of PAN and if his PAN is invalidated, he is bound to suffer immensely in his day to day dealings, which situation should be avoided till the Constitution Bench authoritatively determines the argument of Article 21 of the Constitution. Since we are adopting this course of action, in the interregnum, it would be permissible for the Parliament to consider as to whether there is a need to tone down the effect of the said proviso by limiting the consequences.” 10. Finally the effect of the judgement is as following (i) From July 1, 2017 onwards every person eligible to obtain Aadhaar must quote their Aadhaar number or their Aadhaar Enrolment ID number for filing of income tax returns as well as for applications for PAN; (ii) Everyone who has been allotted permanent account number as on the 1st day of July, 2017, and who has aadhaar number or is eligible to obtain Aadhaar number, shall intimate his Aadhaar number to income tax authorities for the purpose of linking PAN with Aadhaar; (iii) However, for non-compliance of the above point No.(ii), only a partial relief by the Court has been given to those who do not have Aadhaar and who do not wish to obtain Aadhaar for the time being, that their PAN will not be cancelled so that other consequences under the Income Tax Act for failing to quote PAN may not arise.

CBDT removes Cyprus from list of Notified Jurisdictional Area with Retrospective effect from Nov 2013

In a big relief to investors and Indian companies, the Central Board of Direct Taxes (CBDT) yesterday clarified that, it has removed Cyprus from the list of ‘notified jurisdictional area’ with retrospective effect from November 1, 2013. “For removal of doubts, it is hereby clarified that Notification No. g6/2013 has been rescinded with effect from the date of issue of the said notification, thereby, removing Cyprus as a notified jurisdictional area with retrospective effect from 01.11.2013”, the Circular stated. The CBDT had classified the island nation as a notified jurisdictional area (NJA) by way of Notification 86/2013 on grounds that Cyprus was not providing information requested by tax authorities under the taxation treaty. Following the notification, all payments made to Cyprus attracted a 30 per cent withholding tax and Indian entities receiving money from there were required to disclose the source of funds. The said Notification No. 86/2013 was subsequently rescinded vide Notification No. 114 dated 14.12.2016 and Notification No. 119 dated 16.12.2016 with effect from the date of issue of the notification. In some cases a view has been taken by the Income-tax authorities that the rescission of Notification No. 86/2013 was not with retrospective effect from November 1, 2013, the CBDT circular also stated. Recently Finance Ministry has notified revised Agreement between India and Cyprus for the Avoidance of Double Taxation and the Prevention of Fiscal evasion (DTAA) with respect to taxes on income, along with its Protocol. The revised DTAA will enable source based taxation of capital gains on shares, except in respect of investments made prior to 1st April, 2017. In addition, the DTAA will also bring into effect updated provisions as per international standards and in accordance with the consistent position of India.

Linking Aadhaar with PAN

Linking Aadhaar with PAN.
As you are all aware linking of Aadhaar number with PAN is made mandatory for filing of Income Tax Returns now.
Many people are facing difficulty in this regard.As the name appearing on Aadhaar card did not match exactly as appearing on PAN card I also faced difficulty in linking. The best solution is to modify your name on the Aadhaar Crad.
The following procedure on my laptop and successfully changed the name on the Aadhaar card and linked the Aadhaar number and PAN successfully and without any difficulty.
You will be able to generate my eAadhar card.
Every thing was done from home , not visiting any Aadhaar centre. Please note that this is possible only if your mobile number is recorded on your Aadhaar card.
The Procedure/ Steps I followed are as under. You may also try.
1] Take a xerox copy of your PAN card on a full white sheet of paper.
2]Self attest it with your signature.
3]Write your name and Aadhaar number on the Xerox copy.
4]Scan the Xerox sheet.
5]Open the UIDAI website.
6]Enter Aadhaar Number.
7]Enter the OTP you receive n proceed.
8]Select the option change/update Aadhaar Details.
9] Change /modify your name as appearing on PAN.
10]Upload the scanned Xerox copy.
Normally within a day or two the change /modification is effected.
Once the change is effected you can easily link Aadhaar number and PAN.
A new card is issued .It may take a few more days.
If you are in a hurry you you can download eAadhar card .
If you visit UIDAI website only 3-4 steps are needed. Enter Aadhaar number,name as modified, pincode etc.
You get OTP. Enter the OTP. Then Download the eAadhaar.