Applicability of section 56(2)(viib) of Income Tax Act, 1961 i.e. Income from other sources
Provision of section 56(2) (viib) of Income Tax Act, 1961 shall not apply to consideration received by a company for issue of shares that exceeds the face value of such shares in the case of Start-up.
[Source: Notification No. 13/2019 dated 05th March, 2019]
Monetary limits for filing/withdrawal of Wealth Tax appeals by the Department before ITAT, HCs and SLPs/appeals before SC through extending the scope of Circular 3 of 2018 -Measures for reducing litigation
There is no charge under Wealth Tax Act, 1957 w.e.f 1st April, 2016. Therefore, as a step towards litigation management, it has been decided by the Board that monetary limits for filing of appeals in Income tax cases as prescribed in Circular No. 3 of 2018 dated 11.07.2018shall also apply to Wealth Tax appeals through extension to Wealth tax matters in a mutatis mutandis manner and with modifications as prescribed.
[Source: Circular No. 5/2019 dated 05th February, 2019]
Father’s name will not be mandatory in PAN Application- Changes Proposed:
Central Board of Direct Taxes has proposed to amend the Rule 114 of the Income Tax Rules, 1962 by way of which mentioning father’s name for a PAN application will not be mandatory in the cases where the mother is the single parent. Also, the applicant will have an option to get printed the name of either of the parents.
[Source: Draft notification by Ministry of Finance (Department of Revenue) F.No.370142/ 40/2016/TPL(Part I) dated 31stAugust, 2018]
New 3CD- Certain reporting requirement are kept on hold:
A new Form 3CD for tax audit purpose has been made effective from 20th August. However, the implementation of reporting requirement under Clause 30C [Regarding General Anti Avoidance Rule (GAAR)] and Clause 44 [Regarding GST compliances] has been deferred by CBDT till 31st March, 2019.
[Source: Circular No. 06/2018 by Ministry of Finance (Department of Revenue) dated 17th August, 2018]