Cabinet

Cabinet approves Summoning of Parliament after General Election, 2019

Lok Sabha session during 17th June-26th July

Rajya Sabha during 20th June-26th July

Economic Survey to be presented on 4th July

Union Budget to be presented on 5th July

Dated: 31 MAY 2019

The Union Cabinet, chaired by the Prime Minister Narendra Modi,in its first meeting, has approved the summoning of the 17th Lok Sabha on Monday, the 17th of June, 2019 and subject to the exigencies of Government Business, the Session will conclude on Friday, the 26th of July, 2019.

The Rajya Sabha will be convened on Thursday, the 20th June, 2019 and subject to exigencies of Government Business, the Session will conclude on Friday, the 26th of July, 2019.

The Election of Speaker will be held on Wednesday, the 19th June, 2019.

The President will be requested to address both the Houses of Parliament assembled together in the Central Hall of Parliament at 11.00 am on Thursday, the 20th of June, 2019, in term of article 87(1) of the Constitution.

The Union Budget for 2019-20 will be presented in the Lok Sabha on Friday, the 5th July, 2019 at 11.00 am and after presentation/laying of the Budget, the respective Houses will be adjourned for the day.

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AKT/SH

(Release ID: 1573016)

 

F No 370149/230/2017- Part (3)

Government of India

Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

(TPL Division)

New Delhi, May 27, 2019

OFFICE ORDER

In order to review the existing Income-tax Act, 1961 and to draft a new direct tax law in consonance with economic needs of the country, the Government had constituted a Task Force vide Office Order in F No 370149/230/2017 dated November 22, 2017, the Terms of Reference being drafting an appropriate direct tax legislation keeping in view:

(i) the direct tax system prevalent in various countries,

(ii) the international best practices,

(iii) the economic needs of the country, and

(iv) any other matter connected there to.

2. The Task Force has since been reconstituted under Shri Akhilesh Ranjan, Member (Legislation), CBDT vide Office Order in F No 370149/230/2017 dated November 26, 2018, other terms and conditions of the Office Order dated November 22, 2017 remaining the same except that the Task Force was authorised to co-opt any person as Member, if considered necessary. Accordingly, Ms Pragya S Saksena IRS 87004, Principal Commissioner of Income-tax (OSD), New Delhi has been co-opted as Member vide office order of even number dated December, 21,2018.

3. As per the Order dated November 26, 2018, the Task Force so reconstituted was required to submit its report to the Government by February 28, 2019. Vide Office Order of in F No 370149/230/2017 dated February 28, 2019, the term of the Task Force has been extended by a period of three months, i.e., the Task Force is required to submit its report by May 31, 2019.

4. The term of the Task Force is extended by a period of two months, i.e., the Task Force may be allowed to submit its report by July 31, 2019.

5. This issues with the approval of the Finance Minister.

(Niraj Kumar)

Joint Commissioner of Income-tax (OSD) (TPL)-I

Government of India

Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

24 MAY 2019

CBDT extends due dates of TDS compliance in respect of deductors in the State of Odisha

With a view to redress genuine hardship faced by the deductors due to the severe disruption of normal life and breakdown of communication systems caused by cyclone "Fani" hitting the State of Odisha on 3rd of May, 2019, CBDT has provided the following relief in TDS compliance to the deductors in the State of Odisha. CBDT has:

(i) Extended the due date of depositing tax deducted at source (TDS) for the month of April, 2019 from 7th of May, 2019 to the 20th of May, 2019;

(ii) Extended the due date of filing of Quarterly Statement of TDS for the last quarter of Financial Year 2018-19 from 31st of May, 2019 to the 30th of June, 2019; and

(iii) Extended the due date for issue of TDS certificates in Form 16 and 16A from 15th of June, 2019 to 15th of July, 2019.

Order dated 24.05.2019 issued under section 119 of the Income-tax Act, 1961 to this effect is available on www.incometaxindia.gov.in.

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DSM/RM/KMN

Government of India

Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

24 MAY 2019

CBDT issues notification for amendment of Form No. 15H of the Income-tax Rules, 1962

Sub-section (1C) of section 197A of the Income-tax Act, 1961 (the Act) read with rule 29C of the Rules, inter alia, provides that no deduction of tax shall be made in case of a resident individual, who is of the age of sixty years or more, if he furnishes a declaration in Form 15H to the person responsible for paying any income of the nature referred to in section 192A, 193, 194, 194A, 194D, 194DA, 194EE, 194-I or 194K, to the effect that the tax on his estimated total income will be nil.

Further, Note 10 to Form No 15H provides for non-acceptance of declaration if the amount of income of the nature referred to in section 197A(1C) or the aggregate of the amounts of such income credited or paid or likely to be credited or paid during the previous year in which such income is to be included exceeds the maximum amount which is not chargeable to tax after allowing for deduction(s) under Chapter VIA, if any, set off of loss, if any, under the head “income from house property” for which the declarant is eligible.

Section 87A of the Act has been amended vide Finance Act, 2019 which provides that a resident individual, having total income up to Rs. 5 lakh, shall be entitled to a rebate of an amount being the amount of tax chargeable or Rs. 12,500/-, whichever is less.

However, at present, the note 10 of Form 15H does not take into account the maximum allowable rebate of Rs 12,500/- provided under section 87A as above, which is available to the assessee in respect of the tax calculated on income, there could be cases, where, though income of the assessee would be above the minimum amount chargeable to income-tax, tax liability may be nil after taking into account the rebate available under section 87A. Deduction of tax in such cases may cause undue hardship to senior citizens. 

Accordingly, Income-tax Rules, 1962 have been amended by way of insertion of proviso in Note 10 of Form No 15H and have already been notified vide Notification No G.S.R. 375(E) dated 22nd May, 2019, so as to provide that the person responsible for paying the income referred to in column 15 of Part I shall accept the declaration in the case of the assessee, being a senior citizen, who is eligible for rebate of income-tax under section 87A, and his/her tax liability is nil after taking into account this rebate.

This notification is available on www.incometaxindia.gov.in.

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DSM/RM/KMN

 

Government of India

Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

New Delhi, 21st May, 2019

PRESS RELEASE

CBDT issues draft notification for amendment of Form No 10B of the Income-tax Rules, 1962

Section 12A of the Income-tax Act, 1961 (the Act) provides for conditions for applicability of sections 11 and 12 of the Act. One such condition under  clause (b) of sub-section (1) thereof is that where the total income of the trust or institution computed without giving effect to section 11 and 12 exceeds the maximum amount not chargeable to income-tax in any previous year, its  accounts for that year have been audited by an accountant as defined in the Explanation below sub-section (2) of section 288.

It further provides that the person in receipt of the said income, furnishes alongwith the return of income for the relevant assessment year, the report of such audit in the prescribed form duly signed and verified by such accountant and setting forth such particulars as may be prescribed.

Accordingly, vide Income-tax (2^nd Amendment) Rules, 1973 wef April 1, 1973 Rule 17B and Form 10B were inserted in the Income-tax Rules, 1962 (the Rules) for this purpose. Rule 17B of the Rules provide that said report of audit of the accounts of a trust or institution shall be in Form No. 10B. The Form No 10B besides providing the Audit Report, also provides for filing of “Statement of particulars” as Annexure.

As the rule and form were notified long ago, there is a need to rationalise them to align with the requirements of the present times.

In view of the above, the rule and form are proposed to be amended by way of substituting,-

a) Rule 17B with a new Rule 17B; and

b) Form No 10B with a new Form No 10B.

The draft notification proposing the above amendments has been formulated and uploaded on www.incometaxindia.gov.in for inputs from stakeholders and general public. The inputs on the draft rules may be sent electronically at the email address, niraj.kumar82@nic.in, latest by June 5, 2019.

(Surabhi Ahluwalia)

Commissioner of Income Tax

(Media & Technical Policy)

Official Spokesperson, CBDT.