CBDT Extended Due Date of Furnishing Tax Audit Report to 15 October
New Business Codes For ITR Forms For A.Y 2018-19 | F.Y 2017-18
CBDT had released new business codes for income tax return forms from A.Y. 2018-17 relevant for F.Y 2017-18. While filing Income tax return assess needs to select correct business sector along with correct business code.. List of Business codes for ITR formsfor A.Y. 2018-19 mentioned below:-
Read More →| Sector | Sub-Sector | Code |
|---|---|---|
| AGRICULTURE, ANIMAL HUSBANDRY & FORESTRY | Growing and manufacturing of tea | 01001 |
| Growing and manufacturing of coffee | 01002 | |
| Growing and manufacturing of rubber | 01003 | |
| Market gardening and horticulture specialties | 01004 | |
| Raising of silk worms and production of silk | 01005 | |
| Raising of bees and production of honey | 01006 | |
| Raising of poultry and production of eggs | 01007 | |
| Rearing of sheep and production of wool | 01008 | |
| Rearing of animals and production of animal products | 01009 | |
| Agricultural and animal husbandry services | 01010 | |
| Soil conservation, soil testing and soil desalination services | 01011 | |
| Hunting, trapping and game propagation services | 01012 | |
| Growing of timber, plantation, operation of tree nurseries and conserving of forest | 01013 | |
| Gathering of tendu leaves | 01014 | |
| Gathering of other wild growing materials | 01015 | |
| Forestry service activities, timber cruising, afforestation and reforestation | 01016 | |
| Logging service activities, transport of logs within the forest | 01017 | |
| Other agriculture, animal husbandry or forestry activity n.e.c | 01018 | |
| FISH FARMING | Fishing on commercial basis in inland waters | 02001 |
| Fishing on commercial basis in ocean and coastal areas | 02002 | |
| Fish farming | 02003 | |
| Gathering of marine materials such as natural pearls, sponges, coral etc. | 02004 | |
| Services related to marine and fresh water fisheries, fish hatcheries and fish farms | 02005 | |
| Other Fish farming activity n.e.c | 02006 | |
| MINING AND QUARRYING | Mining and agglomeration of hard coal | 03001 |
| Mining and agglomeration of lignite | 03002 | |
| Extraction and agglomeration of peat | 03003 | |
| Extraction of crude petroleum and natural gas | 03004 | |
| Service activities incidental to oil and gas extraction excluding surveying | 03005 | |
| Mining of uranium and thorium ores | 03006 | |
| Mining of iron ores | 03007 | |
| Mining of non-ferrous metal ores, except uranium and thorium ores | 03008 | |
| Mining of gemstones | 03009 | |
| Mining of chemical and fertilizer minerals | 03010 | |
| Mining of quarrying of abrasive materials | 03011 | |
| Mining of mica, graphite and asbestos | 03012 | |
| Quarrying of stones (marble/granite/dolomite), sand and clay | 03013 | |
| Other mining and quarrying | 03014 | |
| Mining and production of salt | 03015 | |
| Other mining and quarrying n.e.c | 03016 | |
| MANUFACTURING | Production, processing and preservation of meat and meat products | 04001 |
| Production, processing and preservation of fish and fish products | 04002 | |
| Manufacture of vegetable oil, animal oil and fats | 04003 | |
| Processing of fruits, vegetables and edible nuts | 04004 | |
| Manufacture of dairy products | 04005 | |
| Manufacture of sugar | 04006 | |
| Manufacture of cocoa, chocolates and sugar confectionery | 04007 | |
| Flour milling | 04008 | |
| Rice milling | 04009 | |
| Dal milling | 04010 | |
| Manufacture of other grain mill products | 04011 | |
| Manufacture of bakery products | 04012 | |
| Manufacture of starch products | 04013 | |
| Manufacture of animal feeds | 04014 | |
| Manufacture of other food products | 04015 | |
| Manufacturing of wines | 04016 | |
| Manufacture of beer | 04017 | |
| Manufacture of malt liquors | 04018 | |
| Distilling and blending of spirits, production of ethyl alcohol | 04019 | |
| Manufacture of mineral water | 04020 | |
| Manufacture of soft drinks | 04021 | |
| Manufacture of other non-alcoholic beverages | 04022 | |
| Manufacture of tobacco products | 04023 | |
| Manufacture of textiles (other than by handloom) | 04024 | |
| Manufacture of textiles using handlooms (khadi) | 04025 | |
| Manufacture of carpet, rugs, blankets, shawls etc. (other than by hand) | 04026 | |
| Manufacture of carpet, rugs, blankets, shawls etc. by hand | 04027 | |
| Manufacture of wearing apparel | 04028 | |
| Tanning and dressing of leather | 04029 | |
| Manufacture of luggage, handbags and the like saddler and harness | 04030 | |
| Manufacture of footwear | 04031 | |
| Manufacture of wood and wood products, cork, straw and plaiting material | 04032 | |
| Manufacture of paper and paper products | 04033 | |
| Publishing, printing and reproduction of recorded media | 04034 | |
| Manufacture of coke oven products | 04035 | |
| Manufacture of refined petroleum products | 04036 | |
| Processing of nuclear fuel | 04037 | |
| Manufacture of fertilizers and nitrogen compounds | 04038 | |
| Manufacture of plastics in primary forms and of synthetic rubber | 04039 | |
| Manufacture of paints, varnishes and similar coatings | 04040 | |
| Manufacture of pharmaceuticals, medicinal chemicals and botanical products | 04041 | |
| Manufacture of soap and detergents | 04042 | |
| Manufacture of other chemical products | 04043 | |
| Manufacture of man-made fibers | 04044 | |
| Manufacture of rubber products | 04045 | |
| Manufacture of plastic products | 04046 | |
| Manufacture of glass and glass products | 04047 | |
| Manufacture of cement, lime and plaster | 04048 | |
| Manufacture of articles of concrete, cement and plaster | 04049 | |
| Manufacture of Bricks | 04050 | |
| Manufacture of other clay and ceramic products | 04051 | |
| Manufacture of other non-metallic mineral products | 04052 | |
| Manufacture of pig iron, sponge iron, Direct Reduced Iron etc. | 04053 | |
| Manufacture of Ferro alloys | 04054 | |
| Manufacture of Ingots, billets, blooms and slabs etc. | 04055 | |
| Manufacture of steel products | 04056 | |
| Manufacture of basic precious and non- ferrous metals | 04057 | |
| Manufacture of non-metallic mineral products | 04058 | |
| Casting of metals | 04059 | |
| Manufacture of fabricated metal products | 04060 | |
| Manufacture of engines and turbines | 04061 | |
| Manufacture of pumps and compressors | 04062 | |
| Manufacture of bearings and gears | 04063 | |
| Manufacture of ovens and furnaces | 04064 | |
| Manufacture of lifting and handling equipment | 04065 | |
| Manufacture of other general purpose machinery | 04066 | |
| Manufacture of agricultural and forestry machinery | 04067 | |
| Manufacture of Machine Tools | 04068 | |
| Manufacture of machinery for metallurgy | 04069 | |
| Manufacture of machinery for mining, quarrying and constructions | 04070 | |
| Manufacture of machinery for processing of food and beverages | 04071 | |
| Manufacture of machinery for leather and textile | 04072 | |
| Manufacture of weapons and ammunition | 04073 | |
| Manufacture of other special purpose machinery | 04074 | |
| Manufacture of domestic appliances | 04075 | |
| Manufacture of office, accounting and computing machinery | 04076 | |
| Manufacture of electrical machinery and apparatus | 04077 | |
| Manufacture of Radio, Television, communication equipment and apparatus | 04078 | |
| Manufacture of medical and surgical equipment | 04079 | |
| Manufacture of industrial process control equipment | 04080 | |
| Manufacture of instruments and appliances for measurements and navigation |
CBDT exempts income earned by Insolvency and Bankruptcy Board of India. Income Tax Notifies Insolvency and Bankruptcy Board of India U/S 10(36) of Income Tax Act 1961
You May Also refer : Income Tax Notifies Madhya Pradesh Real Estate Regulatory Authority U/S 10(36)
MINISTRY OF FINANCE
(Department of Revenue)
(Cental Board of Direct Taxes)
NOTIFICATION NO. 38/2018
New Delhi, the 10th August, 2018
S.O. 3959(E).—In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, ‘Insolvency and Bankruptcy Board of India’, New Delhi, a board established by the Central Government, in respect of the following specified income arising to that board, namely:-
- Grants-in-aid received from Central Government;
- Fees received under the Insolvency and Bankruptcy Code, 2016 (31 of 2016);
- Fines collected under the Insolvency and Bankruptcy Code, 2016 (31 of 2016); and
- Interest income accrued on (a), (b) and (c) above.
2. This notification shall be effective subject to the conditions that Insolvency and Bankruptcy Board of India, New Delhi-
- shall not engage in any commercial activity;
- activities and the nature of the specified income shall remain unchanged throughout the financial years; and
- shall file return of income in accordance with the provision of clause (g) of sub-section (4C) of section 139 of the Income-tax Act, 1961.
3. This notification shall be deemed to have been applied for the financial year 2017-2018 and shall apply with respect to the financial years 2018-2019, 2019-2020, 2020-2021 and 2021-2022.
Notification No. 38 /2018/F. No. 300196/42/2017-ITA-I] VINAY SHEEL GAUTAM, Under Secy.
Explanatory Memorandum: It is certified that no person is being adversely affected by giving retrospective effect to this notification.
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
(Investigation Division-V)
Notification No. 37/2018
New Delhi, the 8th August, 2018
S.O. 3942(E). - In exercise of the powers conferred by sub-section (1) of section 280A of the Income-tax Act, 1961 (43 of 1961), the Central Government, in consultation with the Chief Justice of the Gauhati High Court hereby designate the Court of Munsiff No. 3 -cum-Judicial Magistrate, 1st Class, Kamrup (M), Guwahati as the Special Court for the North Eastern Region for the purposes of the said sub-section.
[F. No. 285/09/2018-IT (Inv.V) CBDT]
Dr. ZAKIR THOMAS, CIT (OSD)(INV), CBDT
CBDT extends due date for filing ITR for AY2018-19
The income tax law mandates the filing of return by July 31 for individuals and HUF for the assessment year 2018-19. For a certain category of taxpayers, the deadline to file the return is beyond July 31st. This extension has been done for the category of taxpayers who are required to file their return before July 31st.
Announced the extension of income tax return (ITR) filing deadline by a month to August 31, 2018. The tweet says "Upon consideration of the matter, the Central Board of Direct Taxes (CBDT) extends the ‘Due Date’ for filing of Income Tax Returns from 31st July, 2018 to 31st August, 2018 in respect of the said categories of taxpayers."
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