[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART-II, SEC. 3,
SUB-SECTION (ii)]
MINISTRY OF FINANCE
DEPARTMENT OF REVENUE
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
INCOME-TAX
New Delhi, the 10th November, 2014
S.O. 2874 (E). – In exercise of the powers conferred by section 295 read with sub-clauses (iv),
(v), (vi) and (via) of clause (23C) of section 10, clause (aa) of sub-section (1) of section 12A
and clause (vi) of sub-section (5) of section 80G of the Income-tax Act, 1961 (43 of 1961), the
Central Board of Direct Taxes hereby makes the following rules further to amend the Incometax
Rules, 1962, namely:-
1. (1) These rules may be called the Income-tax (11th Amendment) Rules, 2014.
(2) They shall come into force from the date of their publication in the Official Gazette.
2. In the Income-tax Rules, 1962, -
(A) in rule 2C, -
(i) in sub-rule (1), the following proviso shall be inserted, namely:-
"Provided that on or after the specified date, the prescribed
authority under sub-clauses (iv) and (v) of clause (23C) of section 10
shall be the Principal Commissioner or Commissioner, to whom the
application shall be made as provided in sub-rule (2).";
(ii) for the Explanation, the following Explanation shall be substituted, namely
: -
"Explanation.—For the purposes of this rule,-
(i) "Chief Commissioner or Director General" means the Chief
Commissioner or Director General whom the Central Board of
2
Direct Taxes may, authorise to act as prescribed authority for the
purposes of sub-clause (iv) or sub-clause (v) of clause (23C) of
section 10 in relation to any fund or trust or institution;
(ii) "Principal Commissioner or Commissioner" means the Principal
Commissioner or Commissioner whom the Central Board of Direct
Taxes may, authorise to act as prescribed authority for the
purposes of sub-clause (iv) or sub-clause (v) of clause (23C) of
section 10 in relation to any fund or trust or institution;
(iii) "specified date" means the date which the Central Board of
Direct Taxes may, by notification in the Official Gazette, specify in
this behalf.";
(B) in rule 2CA,-
(i) in sub-rule (1), the following proviso shall be inserted, namely:-
" Provided that on or after the specified date the prescribed authority
under sub-clauses (vi) and (via) of clause (23C) of section 10 shall be
the Principal Commissioner or Commissioner, to whom the application
shall be made as provided in sub-rule (2).";
(ii) for the Explanation, the following Explanation shall be substituted, namely
: -
"Explanation.—For the purposes of this rule,-
(i) "Chief Commissioner or Director General" means the Chief
Commissioner or Director General whom the Central Board of Direct
Taxes may, authorise to act as prescribed authority for the purposes
of sub-clause (vi) or sub-clause (via) of clause (23C) of section 10 in
relation to any fund or trust or institution;
(ii) "Principal Commissioner or Commissioner" means the Principal
Commissioner or Commissioner whom the Central Board of Direct
Taxes may, authorise to act as prescribed authority for the purposes
of sub-clause (vi) or sub-clause (via) of clause (23C) of section 10 in
relation to any fund or trust or institution;
3
(iii) "specified date" means the date which the Central Board of
Direct Taxes may, by notification in the Official Gazette , specify in
this behalf.";
(C) in rule 11AA, in sub-rule (6), for the words "date on", the words "end of the month
in" shall be substituted;
(D) in the Appendix II,-
(I) in Form 10A, for items 1 to 5, the following items shall be substituted,
namely: -
"1.Name of the * trust/institution in full [in block letters] …..
2.Permanent Account Number …..
3.Address …..
4.Name(s) and address(es) of author(s)/founder(s) …..
5.Date of creation of the trust or establishment of the institution …..
6.Name(s) and address(es) of trustee(s)/manager(s) …..";
(II) in Form 56, in the Notes,-
(a) for item 2, the following item shall be substituted, namely: -
"2. The application form,-
(a) filed before the specified date, should be sent to the
Chief Commissioner or Director General whom the Central Board
of Direct Taxes may authorise to act as prescribed authority, for
the purposes of sub-clause (iv) or sub-clause (v) of clause (23C)
of section 10, through the Commissioner of Income-tax or Director
of Income-tax (Exemptions) having jurisdiction over the trust or
institution;
(b) filed on or after the specified date, should be sent to the
Principal Commissioner or the Commissioner whom the Central
Board of Direct Taxes may authorise to act as prescribed authority
for the purposes of sub-clause (iv) or sub-clause (v) of clause
(23C) of section 10.
Four copies of the application form along with the enclosures should
be sent.";
4
(b) for item 4, the following item shall be substituted, namely: -
"4. The applicant shall furnish any other documents or
information as required by the Chief Commissioner or Director
General or Principal Commissioner or Commissioner or any authority
authorised by the Chief Commissioner or Director General or
Principal Commissioner or Commissioner, as the case may be.";
(III) in Form 56D, in the Notes,-
(a) for item 1, the following item shall be substituted, namely: -
"1. The application form,-
(a) filed before the specified date, should be sent to the
Chief Commissioner or Director General whom the
Central Board of Direct Taxes may authorise to act as
prescribed authority for the purposes of sub-clause (vi)
or sub-clause(via) of clause (23C) of section 10
through the Commissioner of Income-tax or Director of
Income-tax (Exemptions) having jurisdiction over the
university or other educational institution or hospital or
other medical institution referred to in serial number 1
of this Form;
(b) filed on or after specified date, should be sent to the
Principal Commissioner or the Commissioner whom
the Central Board of Direct Taxes may authorise to act
as prescribed authority for the purposes of sub-clause
(vi) or sub-clause (via) of clause(23C) of section 10.
Four copies of the application form along with the enclosures should
be sent.";
(b) for item 3, the following item shall be substituted, namely: -
"3. The applicant shall furnish any other documents or
information as required by the Chief Commissioner or Director
General or Principal Commissioner or Commissioner or any
authority authorised by the Chief Commissioner or Director
5
General or Principal Commissioner or Commissioner, as the
case may be.".
[Notification No. 61 /2014/F.No.142/5/2014-TPL]
(Ashish Kumar)
Director (Tax Policy and Legislation)
Note. - The principal rules were published in the Gazette of India vide notification
number S.O. 969 dated the 26th March, 1962 and was last amended by the Income-tax (10th
Amendment) Rules, vide notification S.O. No.2556 (E) dated 30.09.2014.
SUB-SECTION (ii)]
MINISTRY OF FINANCE
DEPARTMENT OF REVENUE
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
INCOME-TAX
New Delhi, the 10th November, 2014
S.O. 2874 (E). – In exercise of the powers conferred by section 295 read with sub-clauses (iv),
(v), (vi) and (via) of clause (23C) of section 10, clause (aa) of sub-section (1) of section 12A
and clause (vi) of sub-section (5) of section 80G of the Income-tax Act, 1961 (43 of 1961), the
Central Board of Direct Taxes hereby makes the following rules further to amend the Incometax
Rules, 1962, namely:-
1. (1) These rules may be called the Income-tax (11th Amendment) Rules, 2014.
(2) They shall come into force from the date of their publication in the Official Gazette.
2. In the Income-tax Rules, 1962, -
(A) in rule 2C, -
(i) in sub-rule (1), the following proviso shall be inserted, namely:-
"Provided that on or after the specified date, the prescribed
authority under sub-clauses (iv) and (v) of clause (23C) of section 10
shall be the Principal Commissioner or Commissioner, to whom the
application shall be made as provided in sub-rule (2).";
(ii) for the Explanation, the following Explanation shall be substituted, namely
: -
"Explanation.—For the purposes of this rule,-
(i) "Chief Commissioner or Director General" means the Chief
Commissioner or Director General whom the Central Board of
2
Direct Taxes may, authorise to act as prescribed authority for the
purposes of sub-clause (iv) or sub-clause (v) of clause (23C) of
section 10 in relation to any fund or trust or institution;
(ii) "Principal Commissioner or Commissioner" means the Principal
Commissioner or Commissioner whom the Central Board of Direct
Taxes may, authorise to act as prescribed authority for the
purposes of sub-clause (iv) or sub-clause (v) of clause (23C) of
section 10 in relation to any fund or trust or institution;
(iii) "specified date" means the date which the Central Board of
Direct Taxes may, by notification in the Official Gazette, specify in
this behalf.";
(B) in rule 2CA,-
(i) in sub-rule (1), the following proviso shall be inserted, namely:-
" Provided that on or after the specified date the prescribed authority
under sub-clauses (vi) and (via) of clause (23C) of section 10 shall be
the Principal Commissioner or Commissioner, to whom the application
shall be made as provided in sub-rule (2).";
(ii) for the Explanation, the following Explanation shall be substituted, namely
: -
"Explanation.—For the purposes of this rule,-
(i) "Chief Commissioner or Director General" means the Chief
Commissioner or Director General whom the Central Board of Direct
Taxes may, authorise to act as prescribed authority for the purposes
of sub-clause (vi) or sub-clause (via) of clause (23C) of section 10 in
relation to any fund or trust or institution;
(ii) "Principal Commissioner or Commissioner" means the Principal
Commissioner or Commissioner whom the Central Board of Direct
Taxes may, authorise to act as prescribed authority for the purposes
of sub-clause (vi) or sub-clause (via) of clause (23C) of section 10 in
relation to any fund or trust or institution;
3
(iii) "specified date" means the date which the Central Board of
Direct Taxes may, by notification in the Official Gazette , specify in
this behalf.";
(C) in rule 11AA, in sub-rule (6), for the words "date on", the words "end of the month
in" shall be substituted;
(D) in the Appendix II,-
(I) in Form 10A, for items 1 to 5, the following items shall be substituted,
namely: -
"1.Name of the * trust/institution in full [in block letters] …..
2.Permanent Account Number …..
3.Address …..
4.Name(s) and address(es) of author(s)/founder(s) …..
5.Date of creation of the trust or establishment of the institution …..
6.Name(s) and address(es) of trustee(s)/manager(s) …..";
(II) in Form 56, in the Notes,-
(a) for item 2, the following item shall be substituted, namely: -
"2. The application form,-
(a) filed before the specified date, should be sent to the
Chief Commissioner or Director General whom the Central Board
of Direct Taxes may authorise to act as prescribed authority, for
the purposes of sub-clause (iv) or sub-clause (v) of clause (23C)
of section 10, through the Commissioner of Income-tax or Director
of Income-tax (Exemptions) having jurisdiction over the trust or
institution;
(b) filed on or after the specified date, should be sent to the
Principal Commissioner or the Commissioner whom the Central
Board of Direct Taxes may authorise to act as prescribed authority
for the purposes of sub-clause (iv) or sub-clause (v) of clause
(23C) of section 10.
Four copies of the application form along with the enclosures should
be sent.";
4
(b) for item 4, the following item shall be substituted, namely: -
"4. The applicant shall furnish any other documents or
information as required by the Chief Commissioner or Director
General or Principal Commissioner or Commissioner or any authority
authorised by the Chief Commissioner or Director General or
Principal Commissioner or Commissioner, as the case may be.";
(III) in Form 56D, in the Notes,-
(a) for item 1, the following item shall be substituted, namely: -
"1. The application form,-
(a) filed before the specified date, should be sent to the
Chief Commissioner or Director General whom the
Central Board of Direct Taxes may authorise to act as
prescribed authority for the purposes of sub-clause (vi)
or sub-clause(via) of clause (23C) of section 10
through the Commissioner of Income-tax or Director of
Income-tax (Exemptions) having jurisdiction over the
university or other educational institution or hospital or
other medical institution referred to in serial number 1
of this Form;
(b) filed on or after specified date, should be sent to the
Principal Commissioner or the Commissioner whom
the Central Board of Direct Taxes may authorise to act
as prescribed authority for the purposes of sub-clause
(vi) or sub-clause (via) of clause(23C) of section 10.
Four copies of the application form along with the enclosures should
be sent.";
(b) for item 3, the following item shall be substituted, namely: -
"3. The applicant shall furnish any other documents or
information as required by the Chief Commissioner or Director
General or Principal Commissioner or Commissioner or any
authority authorised by the Chief Commissioner or Director
5
General or Principal Commissioner or Commissioner, as the
case may be.".
[Notification No. 61 /2014/F.No.142/5/2014-TPL]
(Ashish Kumar)
Director (Tax Policy and Legislation)
Note. - The principal rules were published in the Gazette of India vide notification
number S.O. 969 dated the 26th March, 1962 and was last amended by the Income-tax (10th
Amendment) Rules, vide notification S.O. No.2556 (E) dated 30.09.2014.
Seller wasn't TCS defaulter if buyer had paid taxed after considering purchases made from seller
November 14, 2014[2014] 49 taxmann.com 509 (Ahmedabad - Trib.)/[2014] 66 SOT 33 (Ahmedabad - Trib.)(URO)
IT : Assessee company could not be treated as assessee in default for not collecting TCS from its buyers from whom assessee had received declaration as per section 206C(1A)
IT : Where buyers had paid tax on their income and such income had been assessed after taking into consideration purchases made from assessee, tax could not be again collected from assessee on non-collection or short-collection of TCSum paid by School for transportation of students to attract sec. 194C as buses were under the control of operator
IT : Where assessee-school hired buses from a transport contractor for point to point transportation of its students and staff, it was to be regarded as service contract governed by provisions of section 194C
No denial of sec. 10(23C) relief to educational institution on inclusion of incidental objects in its objects clause
IT : Assessee-society solely engaged in providing education through its nursing institute would be entitled to exemption under section 10(23C)(iiiad) irrespective of fact that its objects also included objects other than education
No penalty on claiming deduction of unpaid leave encashment exp. if full disclosure was made in return
IT : Where assessee-society treated unpaid leave encashment and gratuity as liability and claimed deduction of same and full particulars of income given in return were not found to be incorrect, penalty was to be deleted
A brief assessment order couldn't be held as erroneous even if there was legal requirement to give detailed order
IT : Writing an assessment order in detail may be a legal requirement but order not fulfilling this requirement cannot be said to be erroneous and prejudicial to interest of revenue
IT : Once business had been set up, assessee is lawfully entitled to claim all business expenditure and allowances including depreciation
Share application money couldn't be treated as loan/deposits to trigger provisions of deemed dividend
Share application money couldn't be treated as loan/deposits to trigger provisions of deemed dividend
IT : Merely because shares were issued belatedly in subsequent year, share application money cannot be treated as loan or deposits or advance for invoking provisions of section 2(22)(e)
Gains on renouncement of right of ESOP within 36 months of offer would give rise to short-term capital gains
IT : Where assessee acquired rights to purchase shares under ESOP which was a capital asset and he transferred said right within 36 months of offer, period of holding of right in question being less than 36 months, gain arising from transfer of said right was to be assessed as short-term capital gain
__._,_.___
No comments:
Post a Comment