MINISTRY OF FINANCE

(Department of Revenue)

(Central Board of Direct Taxes)

NOTIFICATION

New Delhi, the 13th June, 2018

INCOME-TAX

S.O. 2413(E).— In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following further amendments in the notification of the Government of India, Ministry of Finance (Department of Revenue), Central Board of Direct Taxes, published in the Gazette of India, Extraordinary, vide number S.O. 1790(E), dated the 5th June, 2017, namely:-

2. In the said notification, in the Table, after serial number 17, the following serial number and entries relating thereto, shall be inserted, namely:-

3. This notification shall come into force with effect from 1st day of April, 2019 and shall accordingly apply to the Assessment Year 2019-20 and subsequent years.

[Notification No.26/2018/F.No.370142/3/2018-TPL]

PRAVIN RAWAL, Director (TPL)

Note:- The principal notification was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section(ii), vide number S.O. 1790(E), dated the 5th June, 2017.

Government of India

Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

New Delhi, 13th June, 2018

PRESS RELEASE

Proposed amendments to Income-tax Rules, 1962 - Inviting comments of stakeholders

Income-tax Rules, 1962 (I.T.Rules) prescribe Form No.36 for filing an appeal to the Income Tax Appellate Tribunal (ITAT). Further, a memorandum of cross-objections to the ITAT can be filed in Form No.36A.

The existing Form No.36 and Form No 36A have not been revised since long.  These Forms are required to be rationalised to make them more informative and also to capture information regarding amount disputed in pending appeals before ITAT, which is vital for formulating the policy of the department for litigation management.

In view of the above, a draft notification proposing amendments in Form No. 36, Form No.36A and Rule 47 of the IT Rules has been uploaded on the website of the Income Tax Department www.incometaxindia.gov.in for comments from stakeholders and general public.

The comments and suggestions on the draft notification may be sent by 2nd July, 2018 electronically at the email address ts.mapwal@nic.in

(Surabhi Ahluwalia)

Commissioner of Income Tax

(Media & Technical Policy)

Official Spokesperson, CBDT.

Government of India

Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

New Delhi, 7th June, 2018

PRESS RELEASE

CBDT dedicates fortnight for pending appeal effect – rectification matters

Redressal of public grievances and taxpayer service is an area of top priority for the CBDT and the Income Tax Department. In this connection, a fortnight from 1st June to 15 th June, 2018 has been dedicated for expeditious disposal of pending appeal effect and rectification matters. The Assessing Officers have been directed to accord top priority to such matters and to give special attention to this area of work so that grievances arising on this count may be resolved at the earliest.

All taxpayers, local chapters of ICAI and Bar Associations are requested to use this opportunity to get their pending issues under appeal effect and rectification resolved during this fortnight.

(Surabhi Ahluwalia)

Commissioner of Income Tax

(Media & Technical Policy)

Official Spokesperson, CBDT

Government of India

Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

New Delhi, 3rd June, 2018

PRESS RELEASE

CBDT issues clarification about loss/damage to records in the Scindia House fire at Income Tax Office, Mumbai

        News reports have been appearing in some sections of the media alleging that  records & documents relating to investigation into the Nirav Modi/Mehul Choksi case have been destroyed in the Scindia House fire in Income Tax Office in Mumbai. It is hereby clarified that the said reports are completely false & misdirected.

        It is further clarified that the records/documents of the ongoing investigations into the Nirav Modi/ Mehul Choksi case had already been transferred to the assessment units housed in different buildings, as part of the assessment process.

        Apprehensions about any loss/ damage to the records/documents relating to the Nirav  Mod / Mehul Choksi case in the said fire at the IT Office, Mumbai are, therefore, misplaced.

(Surabhi Ahluwalia)

Commissioner of Income Tax

(Media & Technical Policy)

Official Spokesperson, CBDT.

Press Information Bureau

Government of India

Ministry of Finance

01-June-2018

Income Tax Department issues Revised Income Tax Informants Reward Scheme, 2018

With the objective of obtaining people’s participation in the Income Tax Department’s efforts to unearth black money and reduce tax evasion, a new reward scheme titled “Income Tax Informants Reward Scheme, 2018” has been issued by the Income Tax Department, superseding the earlier reward scheme issued in 2007.

Under the revised scheme, a person can get reward up to Rs. 50 lakh for giving specific information in prescribed manner to the designated officers of Investigation Directorates in Income Tax Department about substantial evasion of tax on income or assets in India which are actionable under the Income-tax Act, 1961.

Further, Government of India had earlier introduced Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, in order to investigate and assess income and specific assets kept in foreign countries by people taxable in India, recover tax on it and take other actions like penalty and prosecution. With the objective of attracting and encouraging people to give information about such income and assets actionable under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, reward up to Rs. 5 crore has been introduced in the new reward scheme. The amount has been kept high to make it attractive to potential sources in foreign countries. Under this Scheme, a person can get reward for giving specific information in prescribed manner about substantial tax evasion on income and assets abroad which are actionable under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.

Information under this scheme has to be given in prescribed manner to the Director General of Income Tax (Investigation) or an officer whom he may authorize in this behalf. Foreigners will also be eligible for reward under this scheme. Identity of the persons giving information will not be disclosed and strict confidentiality shall be maintained.

Details of the revised reward scheme are available in the Income Tax Informants Reward Scheme, 2018, copy of which is available in Income Tax offices and on the official website of Income Tax Department www.incometaxindia.gov.in .

DSM/RM/KA