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Direct Taxes
Statutes, Circulars
and Notifications
Vipin Batavia
CA.
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Income-tax Act, 1961: Order under section
119: Extension of due date for filing returns in the State of
Bihar
F. No. 220/4/2007-ITA-II, Dated 8th October,
2007
Considering the disruption caused by the floods
in the State of Bihar, the Central Board of Direct Taxes, in
exercise of powers conferred under section 119 of the income-tax
Act, 1961, hereby extends the due date for filing returns required
to be furnished by 31st October, 2007 to 31st December, 2007, in
case of Income tax assessees in the State of Bihar.
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Income-tax (11th Amendment) Rules, 2007
Notification number S.O. 1762 (E), dated 16th
October, 2007
In exercise of the powers conferred by section
295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of
Direct Taxes hereby makes the following rules, further to amend
the Income-tax Rules, 1962, namely :
1. (1) These rules may be called the Income Tax
(Eleventh Amendment) Rules, 2007
(2) They shall come into
force from the date of their publication in the Official Gazette.
2. In the Income-tax Rules, 1962, after rule
117B, the following rule shall be inserted:
117 C – The tax recovery officer to exercise or
perform certain powers and functions of an assessing officer.
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Income Tax (12th Amendment) rules, 2007
Notification No. 264/2007
F.No. 142/25/2007-TPL, dated 23-10-2007
In exercise of the powers conferred by section
295 read with explanation (i) to clause (ba) of sub-section (1) of
section 115WC of the Income tax Act, 1961 (430 of 1961), read with
section 22 of the General Clauses Act, 1897 (10 of 1897), the
central board of Direct Taxes hereby makes the following rules
further to amend the Income-tax Rules, 1962, namely
1. (1) These rules may be called the Income Tax
(Twelfth Amendment) Rules, 2007
(2) They shall come into
force with effect from the 1st day of April, 2008
2. In the Income-tax Rules, 1962, after Part
VII B, the following rule shall be inserted:
40C.
Valuation of specified security or sweat equity share being a
share in the company.
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Special Economic Zones (Second Amendment)
Rules, 2007
Notification No. G.S.R 1744(E), dated 12th
October, 2007
In exercise of the powers conferred by section
55 of the Special Economic Zones Act, 2005 (28 of 2005), the
Central Government hereby makes the following rules to further
amend the Special Economic Zones Rules, 2006, namely :
1. (1) These rules may be called the Special
Economic Zones (Second Amendment) Rules, 2007 :
(2) They shall come into
force on the date of their publication in the Official Gazette
In the Special Economic Zone Rules, 2006
(hereinafter referred to as principal rules), in rule 5, in
sub-rule (2), for clause (a) the new rule shall be substituted.
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Income-tax Act, 1961: Order under section 119:
Extension of due date for filing returns
F.No. 225/149/2007-ITA-II dated 31st October,
2007
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E-filing of returns
The returns and reports of audit detailed
below to be filed up to 15th day of November 2007 instead of
31st October 2007 in case of companies and firms which are
required to furnish e-returns for assessment years 2007-08
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Report of audit under section 44AB of Income-tax Act 1961 and
the return of income under sub-section (i) of section 139
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Return of fringe benefits under sub section (i) of section 115
WD
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Filing of returns other than e-filing
The assessees (other than those who are
required to file their returns in electronic format) who are
required to file their returns of income or fringe benefits in
paper (physical) format on or before 31st October, 2007 to do so
by 2nd November 2007.
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