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Tax Print: Income Tax Updates
No penal action on e-Returns with date stamp of 1st October 2008
PIB Release BSC/SS/GN-338 Dated 22-12-2008
- CBDT has ordered that any return of income for the assessment year 2008-09 filed
electronically on 30th September 2008, in respect of which the electronic
acknowledgement bears the date stamp of 1st October 2008, shall be treated as having
been filed within the due date, i.e. 30th September 2008.
- Accordingly, such returns of income shall be eligible for all benefits of filing of tax returns
by the due date and no penal consequence shall be attracted for failure to file the return by
the due date.
- Comments:Over 2.56 Lakh returns were received on the last date . Out of this 13437 returns were
filed between 11 Pm and 12 mid night. However, this release now clarifies that even if the
st th date stamp is 1 October ,these will be treated as being submitted on 30 September 2008.
Amendments in Rule 114E and Form No. 61A
Notification No. 111/2008 Dated 23-12-2008
Income-tax (Eleventh Amendment) Rules, 2008.
- In Rule 114E, in sub-rule (3), for the words and brackets “Commissioner of Income-tax
(Central Information Branch)” at both the places where they occur, the words and
brackets “Director of Income-tax (Central Information Branch)” shall be substituted.
- In Form No. 61A, in Part-A, in item number 7, for the words and brackets “Commissioner
of Income-tax (Central Information Branch)”, the words and brackets “Director of
Income-tax (Central Information Branch)” shall be substituted.
Comments
- Above rule prescribes Form No 61A for furnishing of Annual Information Return. The
return henceforth is to be submitted to the Director of Income-tax ( Central Information
Branch ).
Insertion of Rule 5F and Form No 3CF-111
Income-tax (Tenth Amendment) Rules, 2008.
- To come into force with effect from the 1st day of April, 2009.
In the Income-tax Rules, 1962, after rule 5E, the following rule shall be inserted, -Rule 5F
"Prescribed authority, guidelines, form, manner and conditions for approval under clause
(iia) of sub-section (1) of section 35.
- In the Income-tax Rules, 1962, in Appendix II, after Form 3CF-II, the following form shall
be inserted, namely FORM NO. 3CF-III
Comments
- The new rule provides guidelines, form and manner for getting approval under clause
(iia) of sub-section (1) of section 35. Amount paid to such registered companies towards
scientific research is entitled to enhanced deduction .
Circular No. 10/2008, Dated 05-12-2008
- Disallowance of expenditure under Section 40A(3) is made in the computation of income
in a case where a payment or aggregate of payments exceeding Rs 20000 is made to a
person in a day, otherwise than by an account payee cheque /bank draft.
- However, payment otherwise than by an account payee cheque /bank draft exceeding
twenty thousand rupees does not attract the aforesaid disallowance in certain
circumstances as prescribed under rule 6DD of the Income-tax Rules, 1962.
- Such exceptions, inter-alia, refer to payment made to the producer for the purchase of
fish or fish products' under sub-clause (iii) of clause (e) of rule 6DD.
- These clarifications are, therefore, being issued for proper implementation of rule 6DD of
the Income-tax Rules, 1962.
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