Significant notifications issued by the Central Board of Direct Taxes during the period 15.06.2010 to 15.07.2010

1.      Notification No. 48/2010 dated 9-07-2010

Notification of long-term infrastructure bonds by the Central Government, subscription to which would qualify for deduction under section 80CCF of the Income-tax Act, 1961

 

Section 80CCF of the Income-tax Act 1961 provides that an assessee, being an individual or a Hindu Undivided Family, shall get a deduction of upto rupees twenty thousand in computing his total income if he subscribes to long-term infrastructure bonds as may be notified by the Central Government for this purpose.

Consequently, the Central Government has, vide this notification, specified the long-term infrastructure bonds, subscription to which would qualify for deduction under section 80CCF.  Accordingly, subscription to  long-term infrastructure bonds to be issued by the Industrial Finance Corporation of India, Life Insurance Corporation of India, Infrastructure Development Finance Company Limited and a non-banking Finance Company  classified as an Infrastructure Finance Company by the Reserve Bank of India would qualify for deduction under section 80CCF.  Further, the notification also prescribes the other conditions to be complied with, namely, the limit on issuance, the tenure of the bond, mandatory requirement to furnish the PAN to the issuer, yield of the bond and the end-use of proceeds and reporting or monitoring mechanism.

 

The complete text of the said notifications can be downloaded from the link below:

http://law.incometaxindia.gov.in/DIT/File_opener.aspx?page=NOTF&schT=&csId=a7aca0ec-4eca-4832-8ec9-8e36fff62212&NtN=&yr=ALL&sec=&sch=&title=Taxmann - Direct Tax Laws

2.         Notification No. 49/2010 dated 9-07-2010

 

Manner of furnishing return of income by companies, firms and individuals and HUFs subject to tax audit

 

Sub-rule (3) of Rule 12 of the Income-tax Rules, 1962 lays down the manner of furnishing the return of income by different persons. Clause (a) of the proviso to sub-rule (3) of Rule 12 has been substituted vide this notification. Accordingly,:

 

(i)      A company required to furnish the return in Form ITR-6 shall furnish the return for the assessment year 2010-11 and subsequent assessment years electronically under digital signature.

(ii)     A firm required to furnish the return in Form ITR-5 and to whom provisions of section 44AB are applicable, shall furnish the return electronically under digital signature or by transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR-V.

(iii)    An individual or HUF required to furnish the return in Form ITR-4 and to whom provisions of section 44AB are applied, shall furnish the return for the assessment year 2010-11 and subsequent assessment years electronically under digital signature or by transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR-V.

 

The complete text of the said notification can be downloaded from the link below:

http://law.incometaxindia.gov.in/DIT/File_opener.aspx?page=NOTF&schT=&csId=4dca4b66-eb2d-4f38-8423-a7dc0e7d7f93&NtN=&yr=ALL&sec=&sch=&title=Taxmann - Direct Tax Laws