New updated Version of Income Tax Return Statistics for Assessment Year 2012-13 released
New updated Version
of Income Tax Return Statistics for Assessment Year 2012-13 released
Central Board of Direct Taxes (CBDT) had proactively released data relating to
direct tax collections, PAN allocation and distribution of income in the
returns for AY 2012-13 earlier in April,2016.
A new version of the income distribution data for AY 2012-13 has
now been placed in public domain and is available atwww.incometaxindia.gov.in.
Version 2.0 of the tax return data includes additional tables containing
distribution of gross total income in respect of different types of taxpayers
e.g. individuals, HUF, firms, companies, association of persons, etc.
In addition to the additional information provided in respect of
gross total income, the new version also takes care of internal inconsistencies
in the data set released earlier which had crept in due to data quality issues
in some of the returns of income received from the taxpayers.
CBDT hopes that Version 2.0 will be found much more consistent and
relevant for study and analysis by all the stakeholders.
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Approval of Eligible
Projects or Schemes under Section 35AC of the Income Tax Act, 1961
Section 35AC of the Income Tax Act 1961, inter alia provides for a
deduction in computing the business income of an assessee, of the amount paid
by him to a Public Sector company or a local authority or to an association or
institution approved by the National Committee for carrying-out any eligible
project or scheme.
Section 35AC of the Income Tax Act, as amended by the Finance Act, 2016, provides that no deduction under this Section shall be allowed in respect of any assessment year commencing on or after 1st April, 2018. Accordingly, the benefit of deduction under Section 35AC of the I.T. Act is available only up to previous year ending 31-03-2017 (Assessment Year 2017-18) in respect of the payments made to association or institution already approved by the National Committee for carrying-out any eligible project or scheme.
In view of the above, it may be noted that requests received after 31st December, 2016 for the grant/modification/extension of approval beyond 31st March,2017 under Section 35AC of the Income-Tax Act shall not be considered/entertained by the National Committee.
Section 35AC of the Income Tax Act, as amended by the Finance Act, 2016, provides that no deduction under this Section shall be allowed in respect of any assessment year commencing on or after 1st April, 2018. Accordingly, the benefit of deduction under Section 35AC of the I.T. Act is available only up to previous year ending 31-03-2017 (Assessment Year 2017-18) in respect of the payments made to association or institution already approved by the National Committee for carrying-out any eligible project or scheme.
In view of the above, it may be noted that requests received after 31st December, 2016 for the grant/modification/extension of approval beyond 31st March,2017 under Section 35AC of the Income-Tax Act shall not be considered/entertained by the National Committee.
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Clarification regarding the Income Declaration Scheme 2016
Fifth Set of Frequently Asked Questions (FAQs) was issued yesterday clarifying certain issues relating to Income Declaration Scheme,2016 (the Scheme). Clarification has been sought as to whether the answer number 4 of the said FAQ shall apply to all assets declared under the Scheme or it is limited to only immovable property. As explained in the said answer, the clarification was issued considering the fact that investment in an immovable property may be funded partially from undisclosed and partially from disclosed sources. In such cases, if the property is sold in near future, gains from part of the property may be long term and the balance may be short term. This shall cause undue hardship to the declarant. Therefore, the clarification issued relates only for determination of holding period of immovable property.
In view of the above, it is again clarified that answer number 4 of the said FAQ shall only be applicable for determining holding period of an immovable property for which the date of acquisition is evidenced by a deed registered with any authority of the State Government. However, for assets other than immovable property declared under the Scheme, the holding period shall start from 01.06.2016 for purpose of computation of capital gains.
In view of the above, it is again clarified that answer number 4 of the said FAQ shall only be applicable for determining holding period of an immovable property for which the date of acquisition is evidenced by a deed registered with any authority of the State Government. However, for assets other than immovable property declared under the Scheme, the holding period shall start from 01.06.2016 for purpose of computation of capital gains.
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