Western India Regional Council of
The Institute of Chartered Accountants of India

Law Update Details

 
April 2019 CA. Haresh P. Kenia, CA. Deepak Lala, CA. Paras K. Savla & CA. Hemant R. Shah
 

Section 139AA of the Income-tax Act – Quoting of Aadhaar Number


CBDT press release, dated 14/2/2019


As per section 139AA of the Income-tax Act and the order dated 30/6/2018 of CBDT, Aadhaar – PAN linking is mandatory now which has to be completed till 31/3/2019 by the PAN holder requiring filing of Income-tax Return. The constitutional validity of Aadhaar has been upheld by the Hon’ble Supreme Court in September 2018. The procedure for Aadhaar – PAN linking has been published vide Notification No. 7 dated 29/6/2017 by Principal Director General of Income Tax (Systems).


Section 139 of the Income-tax Act – Return of Income – extension of date of filing Return in the State of Kerala For Assessment Year 2018-19


Order F. No. 225/15/2019/ITA.II, dated 27/2/2019


The CBDT vide Order F. No. 225/15/2019/ITA.II, dated 27/2/2019 and in exercise of powers u/s. 119(2) of the Act, hereby directs that in case of taxpayers of Kerala for whom the due date for filing return of Income & report of Audit pertaining to assessment year 2018-19 was 31/10/2018, all returns of income and reports of audit which are filed till 28/2/2019 shall be deemed to have been filed by 31/10/2018.


Further, in partial modification of the orders of the Board dated 24/9/2018 & 8/10/2018 in F. No. 225/35/2018/ITA.II. in accordance with relaxation referred above, all returns of income filed between 1/10/2018 to 31/10/2018 by the taxpayers of KERALA for whom the due date for filing of return of income was 31-10-2018, shall not be liable to levy of interest as per provisions of section 234A of the Act.


It is further clarified by the Board that the returns by taxpayers of KERALA covered in this order, if not processed till now, shall be processed in accordance with the direction contained above. If the return has already been processed, the same would be rectified by the CIT-CPC (Bengaluru) or the concerned jurisdictional Income-tax authority, as the case may be, in exercise of statutory powers u/s. 154 of the Act in accordance with the above direction.


This order is applicable only to those taxpayers of KERALA who were required to file their Income-tax return and report of audit for assessment year 2018-19 by 31/10/2018.


Section 90 – Double Taxation Agreement – India and Brunei signed Agreement for the Exchange of Information and Assistance In Collection with respect to Taxes (TIEA) on 28/2/2019


Press release dated 28/2/2019


The Government of Republic of India and the Government of His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam signed an Agreement for the Exchange of Information and Assistance in Collection with respect to Taxes (TIEA) on
28th February, 2019 at New Delhi. The Agreement was signed by Mr. Pramod Chandra Mody, Chairman, Central Board of Direct Taxes on behalf of India and Dato Paduka Haji Sidek Ali, High Commissioner of Brunei Darussalam to India on behalf of Brunei Darussalam.


The Agreement enables exchange of information, including banking and ownership information between the two countries for tax purposes. It is based on international standards of tax transparency and exchange of information and enables sharing of information on request as well as on automatic basis. The Agreement also provides for mutual assistance in collection of tax revenue claims between both countries.


The Agreement will enhance mutual co-operation between India and Brunei Darussalam by providing an effective framework for exchange of information in tax matters which help curb tax evasion and tax avoidance.


Section 56 – Income from other sources – Notified provisions u/s. 56(2)(viib) of the Act, shall not apply to consideration received by company for issue of shares that exceed Face Value of such Shares subject to specified condition


The CBDT vide Notification No. SO 1131(E) [No. 13/2019 (F. No. 370142/5/2018 – TPL (PT))], dated 5/3/2019 and in exercise of the powers conferred by section 56(2)(viib) of the proviso and in supersession of the Notification of Government of India in the Ministry of Finance, CBDT published vide SO No. 2088(E) dated 24/5/2018 except as respect things done or omitted to be done before such supersession, the Central Government, hereby notifies that the provisions of the section 56(2)(viib) of the Act, shall not apply to consideration received by company for issue of shares that exceed the Face Value of such shares, if the said consideration has been received from a person being resident, by company which fulfils the conditions specified in para 4 of the Notification GSR No. 127(E) dated 19/2/2019 issued by Ministry of Commerce and Industry in the Department of Promotion of Industry and Internal Trade and files the declaration referred to in para 5 of the said Notification of the Department of Promotion of Industry and Internal Trade. This Notification shall be deemed to have come into force retrospectively from 19/2/2019.

 

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