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Direct Taxes
Statutes, Circulars and Notifications
1. The Finance (No. 2) Act, 2004
The Circular explaining the substance of the Provisions of the
Finance (No. 2) Act, 2004 is issued.
[Circular No. 5/2005 dated July 15, 2005 (146
Taxman (St.) 95) (197 CTR (St) 1) (276 ITR (St.) 151)]
2. Cost Inflation Index – Section 48
Cost inflation index for the financial year
2005–06 has been notified at 497.
[Notification No. 189/2005 dated August 12,
2005 (147 Taxman (St) 10) (197 CTR (St.) 80)]
3. Deduction u/s. 80HHC
The time provided in the Board’s letter dated
12th April, 2005 for keeping in abeyance all assessments and
recovery proceedings relating to assessments reopened
specifically to reassess the claim for deduction u/s. 80HHC in
respect of profit from sale of DEPB scrip is extended upto 31st
August, 2005.
[F. No. 178/32/2002-IT (A-1) dated 29th June,
2005 (196 CTR (St.) 125)]
4. Explanatory Notes on the provisions relating to Fringe
Benefit Tax
The Finance Act, 2005-Explanatory Notes on
the provisions relating to Fringe Benefit Tax has been issued.
[Circular No. 8 of 2005 dated August 29,
2005]
5. Non-levy of interest/penalty on delayed
payment of advance fringe benefit tax for the first quarter
The CBDT has decided that interest shall not
be charged on delayed payment of the first instalment of advance
fringe benefit tax upto 15th August, 2005. It may also be
clarified that in any case, penalty is not leviable for delayed
payment of advance fringe benefit tax.
[F. No. 142/24/2005-TPL dated July 18, 2005
(276 ITR (St.) 146) (146 Taxman (St.) 89) (196 CTR (St.) 176)]
The CBDT has decided that interest shall not be charged if
the first instalment of advance fringe benefit tax is paid on or
before 31st August, 2005.
[Press Release dated August 12, 2005 (147
Taxman (St.) 4) (197 CTR (St.) 56)]
6. Due Date for filing of Returns
The CBDT has extended the due date for filing
of returns of income required to be furnished by 31st July, 2005
to 31st August, 2005 in the case of Income-tax assessees in the
state of Goa.
[F.No.220/1/2005-IT.A-II dated July 29, 2005
(276 ITR (St.) 148) (146 Taxman (St.) 144) (197 CTR (St.) 55)]
7. Due Date for filing of Returns
Considering the disruption due to heavy
rains/floods, the CBDT has extended the due date for filing of
returns of income required to be furnished by 31st July 2005 to
31st day of October, 2005 in the cases of Income-tax assessees
in the following districts of Maharashtra and Karnataka :
- Thane
- Raigad
- Pune
- Satara
- Sangli
- Kolhapur
- Nanded
- Parbhani
- Hingoli
Karnataka
- Belgaum
[No. 220/1/2005-IT.A-II dated August 24,
2005]
8. Due date for E Filing of Returns –
Section 139(1B)
The CBDT has extended the due date for
e-filing of returns of income through intermediaries as referred
under section 139(1B) of the Income-tax Act, 1961 to 31st
August, 2005 in the case of assessees for whom the due date is
31st July, 2005.
[F. No. 220/3/2005-IT.A-II, dated July 21,
2005 (276 ITR (St.) 146) (146 Taxman (St.) 94) (196 CTR (St.)
176)]
9. Extension of due date for filing of
Quarterly Statements of TDS/TCS
The CBDT has extended the due date for filing
of quarterly statement of Tax Deduction at Source and Tax
Collecting at Source (whether in computer media or in paper
format) for the quarter ending 30th June, 2005 to 31st August,
2005.
[F.No. 385/35/2005-IT(B) dated July 14, 2005
(196 CTR (St.) 128)]
10. Due Date for filing of Annual
Returns/Quarterly Statements of TDS/TCS
Due date for filing annual returns and
quarterly statements of TDS/TCS for the financial year 2004-2005
and for the first quarter of the Financial year 2005-06
respectively in respect of persons responsible for
deducting/collecting tax and situated or assessed/assessable in
the state of Gujarat is extended to 31st August, 2005.
[Order F. No. 385/35/2005 – IT(B) dated July
8, 2005 (146 Taxman (St.) 91)]
11. Inter Bank Transactions Exempt from
BCTT
The Government has decided that transactions
of withdrawal of cash from an account maintained by a scheduled
bank or non-scheduled bank (including a cooperative bank) with a
scheduled bank will not be liable to BCTT. Similarly, the
transactions of receipt of cash from any scheduled bank on
encashment of term deposits in the name of a scheduled bank or
non-scheduled bank (including a cooperative bank) will also not
be liable to BCTT. Accordingly, all the scheduled banks are
advised not to collect BCTT on such bank-to-bank transactions.
[Circular No.06/2005 dated July 25, 2005 F.No.
142/14/2005-TPL, dated 25-7-2005 (146 Taxman (St.) 94) (196 CTR
(St.) 177) (276 ITR (St.) 150)]
Amendments to the Double Tax Avoidance
Agreement with Singapore have been notified.
[Notification No. 185/2005 dated July 18,
2005) (276 ITR (St.) 142) (146 Taxman (St.) 85) (196 CTR (St.)
177)]
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