Recent Circulars

Recent Circulars & Notifications

Recent Circulars & Notifications
for CA Nov 2011 Exam

Income-tax (Second Amendment) Rules, 2011 [Notification No. 16/2011 dated 29-03-2011]

Where the Assessing Officer, on an application made by a person under rule 28(1) is satisfied that existing and estimated tax liability of a person justifies the deduction of tax at lower rate or no deduction of tax, as the case may be, the Assessing Officer shall issue a certificate in accordance with the provisions of section 197(1) for deduction of tax at such lower rate or no deduction of tax .... more

Income-tax (Third Amendment) Rules, 2011 [Notification No. 18/2011 dated 05-04-2011]

Following Income-tax Return Forms for A.Y. 2011-12 are specified:

ITR - 1 (Sahaj)	For Individuals having Income from Salary / Pension / Income from One House Property (excluding loss brought forward from previous years) / Income from Other Sources (Excluding Winning from Lottery and Income from Race Horses)
ITR - 2	For Individuals & HUFs not having Income from Business or Profession
ITR - 3	For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship
ITR - 4	For Individuals & HUFs having income from a proprietory business or profession
ITR - 4S (Sugam)	For Person having income from presumptive business
ITR - 5	For firms, AOPs and BOIs
ITR - 6	For Companies other than companies claiming exemption under section 11
ITR - 7	For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D)
ITR - V	Indian Income Tax Return Verification Form [Where the data of the Return of Income in Form ITR-1, ITR-2, ITR-3, ITR-4, ITR-4S & ITR-5 transmitted electronically without digital signature]

...... more

Income-tax (Fourth Amendment) Rules, 2011 [Notification No. 19/2011 dated 05-04-2011]

Conditions subject to which approval shall be granted to a research association u/s 35(1)(ii) or (iii) is specified. .... more

Notification No. 24/2011

Rate of Interest on Employees Provident Fund is fixed @ 9.5% ..... more

Income-tax (Fifth Amendment) Rules, 2011 [Notification No. 27/2011 dated 26-05-2011

PAN is required to be quoted in documents pertaining to certain prescribed transactions. Vide Notification No. 27/2011 following transactions are also specified:

payment of an amount aggregating Rs.50,000 or more in a year as life insurance premium to an insurer;
payment to a dealer:

(i) of an amount of Rs.5 lakh or more at any one time; or

(ii) against a bill for an amount of Rs.5 lakh or more,

- for purchase of bullion or jewellery.

for issue of a debit card

Further, in clause (k), for the words "tour operator" the words "tour operator, or to an authorized person" shall be substituted. ..... more

Notification No. 28/2011 dated 27-05-2011
ICC World Cup, 2011 is specified as sporting event u/s 10(39). ...... more

Notification No. 36/2011 dated 23-06-2011

An individual, subject to certain conditions, having income not exceeding Rs.5 lakh from salary/other sources is not required to file return of income u/s 139(1). ...... more

Income-tax (Sixth Amendment) Rules, 2011 [Notification No. 37/2011 dated 01-07-2011]

A firm required to furnish the return in Form ITR-5 or an individual or Hindu Undivided Family (HUF) required to furnish the return in Form ITR-4 and to whom provisions of section 44AB are applicable, shall furnish the return for assessment year 2011-12 and subsequent assessment years electronically under digital signature. ...... more