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  Recent Circulars & Notifications

Recent Circulars & Notifications
for CA Nov 2011 Exam



Income-tax (Second Amendment) Rules, 2011 [Notification No. 16/2011 dated 29-03-2011]

Where the Assessing Officer, on an application made by a person under rule 28(1) is satisfied that existing and estimated tax liability of a person justifies the deduction of tax at lower rate or no deduction of tax, as the case may be, the Assessing Officer shall issue a certificate in accordance with the provisions of section 197(1) for deduction of tax at such lower rate or no deduction of tax .... more


Income-tax (Third Amendment) Rules, 2011 [Notification No. 18/2011 dated 05-04-2011]

Following Income-tax Return Forms for A.Y. 2011-12 are specified:

ITR - 1 (Sahaj)

For Individuals having Income from Salary / Pension / Income from One House Property (excluding loss brought forward from previous years) / Income from Other Sources (Excluding Winning from Lottery and Income from Race Horses)

ITR - 2

For Individuals & HUFs not having Income from Business or Profession

ITR - 3

For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship

ITR - 4

For Individuals & HUFs having income from a proprietory business or profession

ITR - 4S

(Sugam)

For Person having income from presumptive business

ITR - 5

For firms, AOPs and BOIs

ITR - 6

For Companies other than companies claiming exemption under section 11

ITR - 7

For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D)

ITR - V

Indian Income Tax Return Verification Form [Where the data of the Return of Income in Form ITR-1, ITR-2, ITR-3, ITR-4, ITR-4S & ITR-5 transmitted electronically without digital signature]

 ...... more


Income-tax (Fourth Amendment) Rules, 2011 [Notification No. 19/2011 dated 05-04-2011]

Conditions subject to which approval shall be granted to a research association u/s 35(1)(ii) or (iii) is specified. .... more


Notification No. 24/2011

Rate of Interest on Employees Provident Fund is fixed @ 9.5% ..... more


Income-tax (Fifth Amendment) Rules, 2011 [Notification No. 27/2011 dated 26-05-2011

PAN is required to be quoted in documents pertaining to certain prescribed transactions. Vide Notification No. 27/2011 following transactions are also specified:

  • payment of an amount aggregating Rs.50,000 or more in a year as life insurance premium to an insurer;

  • payment to a dealer: 

(i)  of an amount of Rs.5 lakh or more at any one time; or

(ii)  against a bill for an amount of Rs.5 lakh or more,

- for purchase of bullion or jewellery.

  • for issue of a debit card

Further, in clause (k), for the words "tour operator" the words "tour operator, or to an authorized person" shall be substituted. ..... more


Notification No. 28/2011 dated 27-05-2011
ICC World Cup, 2011 is specified as sporting event u/s 10(39). ...... more


Notification No. 36/2011 dated 23-06-2011

An individual, subject to certain conditions, having income not exceeding Rs.5 lakh from salary/other sources is not required to file return of income u/s 139(1). ...... more


Income-tax (Sixth Amendment) Rules, 2011 [Notification No. 37/2011 dated 01-07-2011]

A firm required to furnish the return in Form ITR-5 or an individual or Hindu Undivided Family (HUF) required to furnish the return in Form ITR-4 and to whom provisions of section 44AB are applicable, shall furnish the return for assessment year 2011-12 and subsequent assessment years electronically under digital signature. ...... more