List of Latest Income Tax (IT) Notifications 2018 issued by CBDT

List of latest Income Tax (IT) Notifications 2018 issued by the Central Board of Direct Taxes (CBDT) for amendments in the provisions under the Income Tax Act/ Rules (download pdf copy):

Income Tax Notifications (2017)

Notification No./ Date/ Description
ITR/ Tax Audit (TAR) Due Date further Extended upto 31 Oct. 2018 (AY 2018-19): CBDT
For Latest Circulars/ Notifications, please visit CA Club Updates Page, as this section is updated later
IT Notification 54/2018 dt. 18 Sept.CBDT notifies M/s Indian Council of Medical Research (ICMR) under the category of “other Institution” engaged in research activities for the purpose of Section 35(1)(ii) of the Income-tax Act, 1961 read with IT Rules 5C and 5E, from Assessment year 2019-2020 and onwards, subject to certain conditions.
IT Notification 53/2018 dt. 14 Sept. : CBDT notifies tax exemption for certain specified incomes of ‘State Load Despatch Centre Unscheduled Interchange Fund- West Bengal State Electricity Transmission Company Limited’ u/s 10(46) during FY 2019-20 to 2022-23, subject to certain conditions.
IT Notification 52/2018 dt. 14 Sept.CBDT notifies tax exemption for certain specified incomes of ‘Tamil Nadu Water Supply and Drainage Board’ u/s 10(46) during FY 2019-20 to 2023-24, subject to certain conditions.
IT Notification 51/2018 dt. 14 Sept.CBDT notifies tax exemption for certain specified incomes of ‘Jharkhand State Electricity Regulatory Commission’ u/s 10(46) during FY 2019-20 to 2023-24, subject to certain conditions.
IT Notification 50/2018 dt. 14 Sept.CBDT notifies tax exemption for certain specified incomes of ‘West Bengal State Council of Science & Technology Kolkata’ u/s 10(46) during FY 2016-17 to 2020-21, subject to certain conditions.
IT Notification 49/2018 dt. 14 Sept.CBDT notifies tax exemption for certain specified incomes of ‘Tripura Electricity Regulatory Commission’ u/s 10(46) during FY 2018-19 to 2022-23, subject to certain conditions.
IT Notification 48/2018 dt. 14 Sept.CBDT notifies tax exemption for certain specified incomes of ‘Gujarat Water Supply and Sewerage Board Gandhinagar’ u/s 10(46) during FY 2017-18 to 2021-22, subject to certain conditions.
IT Notification 47/2018 dt. 14 Sept.CBDT notifies tax exemption for certain specified incomes of ‘Kandla Special Economic Zone Authority Kutch’ u/s 10(46) during FY 2018-19 to 2022-23, subject to certain conditions.
IT Notification 46/2018 dt. 14 Sept.CBDT notifies tax exemption for certain specified incomes of ‘Rajasthan State Dental Council Jaipur’ u/s 10(46) during FY 2017-18 to 2021-22, subject to certain conditions.
IT Notification 45/2018 dt. 14 Sept.CBDT notifies tax exemption for certain specified incomes of ‘Petroleum and Natural Gas Regulatory Board New Delhi’ u/s 10(46) during FY 2019-20 to 2023-24, subject to certain conditions.
IT Notification 44/2018 dt. 14 Sept. : CBDT notifies tax exemption for certain specified incomes of ‘Uttar Pradesh Electricity Regulatory Commission Lucknow’ u/s 10(46) during FY 2017-18 to 2021-22, subject to certain conditions.
IT Notification 43/2018 dt. 11 Sept. : CBDT notifies DTAA between India and Portuguese Republic, applicable w.e.f. 8 Aug. 2018.
IT Notification 42/2018 dt. 30 Aug. : CBDT notifies the ‘Income-tax (9th Amendment), Rules, 2018‘, amends meaning of the term ‘balance sheet’ defined under IT Rule 11U(b) and inserts new IT Rule 11UAB on ‘Determination of fair market value (FMV) for inventory’ for the purpose of the IT Setion 28(via) applicable w.e.f. 1 April, 2019 (AY 2019-20 onwards).
IT Notification 41/2018 dt. 30 Aug. : CBDT notifies tax exemption for certain specified incomes of ‘The Press Trust of India Limited New Delhi’ as a news agency set up in India solely for collection and distribution of news u/s 10(22B) during FY 2019-20 to 2021-22, subject to certain conditions.
IT Notification 40/2018 dt. 27 Aug. : CBDT notifies M/s C.B.C.I. Society for Medical Education Bengaluru under the category of “University, College or other Institution” engaged in research activities for the purpose of Section 35(1)(ii) of the Income-tax Act, 1961 read with IT Rules 5C and 5E, from Assessment year 2018-2019 and onwards, subject to certain conditions.
IT Notification 39/2018 dt. 10 Aug. : CBDT notifies tax exemption for certain specified incomes of ‘Madhya Pradesh Real Estate Regulatory Authority‘ u/s 10(46) during FY 2017-18 to 2021-22, subject to certain conditions.
IT Notification 38/2018 dt. 10 Aug. : CBDT notifies tax exemption for certain specified incomes of ‘Insolvency and Bankruptcy Board of India‘ u/s 10(46) during FY 2018-19 to 2021-22.
IT Notification 37/2018 dt. 8 Aug. : Govt. designates 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 Section 280A(1) of the Income-tax Act, 1961.
IT Notification 36/2018 dt. 31 July : CBDT notifies ‘NSE IFSC Limited‘ Gandhinagar, Gujarat for the purpose of Clause (ii) of the Explanation to Section 43(5)(d) of Income Tax Act, 1961 subject to SEBI approval remaining in force.
IT Notification 35/2018 dt. 31 July : CBDT notifies ‘India International Exchange (IFSC) Limited‘ Gandhinagar, Gujarat for the purpose of Clause (ii) of the Explanation to Section 43(5)(d) of Income Tax Act, 1961 subject to SEBI approval remaining in force.
IT Notification 34/2018 dt. 31 July : CBDT notifies ‘Central Economic Intelligence Bureau‘ as income-tax authority for furnishing specified information u/s 138(1)(a)(ii) of Income-tax Act.
IT Notification 33/2018 dt. 20 July : CBDT Notifies Amendments in Form 3CD (Tax Audit Report), applicable from 20 Aug. 2018: Income-tax (8th Amendment) Rules, 2018
IT Notification 32/2018 dt. 17 July : CBDT notifies date of applicability of DTAA Protocol, amending the Convention between the Government of India and State of Qatar for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income.
IT Notification 31/2018 dt. 13 July : CBDT notifies ‘Income Tax (7th Amendment) Rules, 2018’: IT Rule 44E and Forms 34C, 34D, 34DA amended.
IT Notification 30/2018 dt. 5 July : CBDT notifies date of applicability of Protocol, amending the Convention between the Government of India and Armenia for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income.
IT Notification 29/2018 dt. 22 June : CBDT’s Final Notification on Exception, Modification and Adaptation for Taxation of Foreign Companies as Resident in India based on POEM u/s 115JH
IT Notification 28/2018 dt. 18 June : CBDT notifies “Indian Railway Finance Corporation Limited 54EC Capital Gains Bond” for the purpose of Section 193 (No TDS).
IT Notification 27/2018 dt. 18 June : CBDT notifies “Power Finance Corporation Limited 54EC Capital Gains Bond” for the purpose of Section 193 (No TDS).
IT Notification 26/2018 dt. 13 June : CBDT notifies the new “Cost Inflation Index” at 280 applicable for FY/ PY 2018-19 (AY 2019-20), with Base Year 2001-02 (cost inflation index=100), in line with the amendments made in Budget 2017.
IT Notification 25/2018 dt. 30 MayCBDT notifies M/s Indian Institute of Science Education and Research (IISER) Kolkata under the category of “University, College or other Institution” engaged in research activities for the purpose of Section 35(1)(ii) of the Income-tax Act, 1961 read with IT Rules 5C and 5E, from Assessment year 2018-2019 and onwards, subject to certain conditions.
IT Notification 24/2018 dt. 24 May : CBDT notifies relaxation for start-ups by way of exemption from provisions of Section 56(2)(viib) relating to restriction on issue of shares at a price exceeding their fair market value (FMV), in case the consideration is received from certain approved investors.
IT Notification 23/2018 dt. 24 May : CBDT notifies Income Tax (6th Amendment) Rules, 2018, to amend IT Rules 11U(a) and 11UA(2)(b) to debar Chartered Accountants (CAs) from conducting valuation of unlisted shares for determining fair market value (FMV) thereof as per Discounted Free Cash Flow Method.
IT Notification 22/2018 dt. 8 May : CBDT notifies certain companies and agreements for the purpose of Section 10(48A)(ii) of the Income-tax Act, 1961.
IT Notification 21/2018 dt. 4 May : CBDT Notifies the DTAA Protocol amending the Agreement between India and Kuwait for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income, applicable w.e.f. 26th March, 2018.
IT Notification 20/2018 dt. 12 April : CBDT Notifies the DTAA Protocol amending the Agreement between India and Kazakhstan for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income, applicable w.e.f. 12th March, 2018.
IT Notification 19/2018 dt. 11 April : CBDT Notifies the Income-tax (5th Amendment) Rules, 2018 to amend Rule 10VA(2) of Income Tax Rules, 1962.
IT Notification 18/2018 dt. 9 April : CBDT adds an option (i.e. ‘Transgender’) in Gender column of Form 49A/ 49AA (PAN Application), for Individual Applicants, vide Income–tax (Fourth Amendment) Rules, 2018.
IT Notification 17/2018 dt. 6 April : Transport allowance withdrawn by CBDT from 1 April, 2019 (FY 2018-19/ AY 2019-2020), vide Income-tax (Third Amendment) Rules, 2018..
IT Notification 4/2018 (Systems) dt. 5 April : CBDT notifies Revised Procedure for registration and online submission of Statement of Reportable Account (in Form 61B)’ by Prescribed Financial Institutions under IT Section 285BA read with IT Rule 114G.
IT Notification 3/2018 (Systems) dt. 5 April : CBDT notifies Revised Procedure for Registration and online Submission of ‘Statement of Financial Transactions (SFT)’ in Form 61A under IT section 285BA read with IT Rule 114E.
IT Notification 2/2018 (Systems) dt. 5 April : CBDT notifies procedures for Registration/ Submission of Form 61 under IT Rule 114D by any person who has accepted Form 60 for Transactions specified under IT Rule 114B.
IT Notification 1/2018 (Systems) dt. 5 April : CBDT notifies procedures for submission of Form 60 by any person not having Permanent Account Number (PAN) but who enters into any transaction specified under Rule 114B of the Income-tax Rules, 1962.
IT Notification 16/2018 dt. 3 April : CBDT notifies the New Income Tax Return (ITR) forms for FY 2017-18/ AY 2018-19 for simplified manual submission/ e-filing of returns, vide Income-tax (Second Amendment) Rules, 2018.
IT Notification 14/2018 dt. 13 March : CBDT amends IT Notification dt. 22 June, 2015.
IT Notification 13/2018 dt. 1 March : CBDT notifies M/s Abhilash Software Development Centre, Begaluru, as an approved industrial park for the purposes of Section 80IA(4)(iii) of Income Tax Act; subject to certain terms and conditions.
IT Notification 12/2018 dt. 22 Feb. : CBDT notifies the Centralised Communication Scheme, 2018 and has prescribed procedure for issuance of e-notices under Income Tax law, to any person requiring him to furnish information or documents for the purpose of verification of information in his possession.
IT Notification 11/2018 dt. 19 Feb. : CBDT notifies DTAA between India and Kenya, applicable w.e.f. 1 April, 2018.
IT Notification 10/2018 dt. 19 Feb. : CBDT notifies Income Tax (1st Amendment) Rules, 2018, to amend IT Rules 17A relating to the application procedure for registration of charitable or religious trusts under IT Section 12A. Also, Application Form 10A has been amended and the same is to be submitted digitally by the person authorised to submit ITR.
IT Notification 9/2018 dt. 16 Feb. : CBDT notifies the ‘Contributory Health Service Scheme’ of the Department of Atomic Energy for the purposes of section 80D(2)(a) for the assessment year 2018-2019 and onwards.
IT Notification 8/2018 dt. 16 Feb. : CBDT notifies tax exemption for certain specified incomes of ‘Maharashtra Electricity Regulatory Commission’ u/s 10(46) during the period 1 June 2011 to 31 March 2012 and FY 2012-13 to 2014-15.
IT Notification 7/2018 dt. 16 Feb. : CBDT amends IT Notification 4/2018 dt. 19 Jan. 2018 (page 3, line 19) to substitute “the Institute of Certified Management Accountants of India” with “the Institute of Cost Accountants of India”.
IT Notification 6/2018 dt. 12 Feb. : CBDT specifies Chief Executive Officer, Government e-Marketplace (GeM) for purposes of Section 138(1)(a)(ii), as the ‘designated authority’ for furnishing information to the authority being notified.
IT Notification 5/2018 dt. 22 Jan. : CBDT notifies M/s LPG Equipment Research Centre (LERC) as approved ‘Scientific Research Association’ for the purpose of Section 35(1)(ii) of the Income-tax Act, 1961 from AY 2017-2018 onwards, subject to certain conditions.
IT Notification 4/2018 dt. 19 Jan. : CBDT notifies the “Tax Return Preparer (TRP) (Amendment) Scheme, 2018” and has amended Para 3 (eligibility for becoming a Tax Return Preparer), Para 4 (application procedure and age-limit), Para 9 (fee to be disbursed to TRP in First/ second/ Third year along with cap limit), etc.
IT Notification 3/2018 dt. 18 Jan. : CBDT notifies tax exemption for certain specified incomes of ‘Central Registry for Securitization Asset Reconstruction and Security Interest of India’ u/s 10(46) during FY 2013-14 to 2017-18.
IT Notification 2/2018 dt. 18 Jan. : CBDT amends its IT Notification 85/2017 dt. 26 Sept. 2017 relating to exemption of specified income of FIFA under-17 Football World Cup 2017 to be held at India.
IT Notification 1/2018 dt. 18 Jan. : CBDT notifies tax exemption for certain specified incomes of West Bengal Electricity Regulatory Commission, Kolkata (WBERC) u/s 10(46) during FY 2017-18 to 2020-21.

For Official copy of the CBDT’s Income Tax Notifications 2018, please visit the Source website:

http://www.incometaxindia.gov.in/

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