Income Tax News

PM says last chance to declare undisclosed income

27 June 2016 at 10:26

Prime Minister speaks on Income Declaration Scheme in Mann ki Baat The Honourable Prime Minister, Shri Narendra Modi, in his radio programme, Mann ki Baat aired on Sunday, 26th June, 2016, advised his countrymen about the benefits of declaring hithe

Posted in Income Tax | 4053 Views

TCS at 1 percent only applicable on cash portion of sale

25 June 2016 at 12:09

Circular No. 23/2016F.No.370142/17/2016-TPLGovernment of IndiaMinistry of FinanceDepartment of revenueCentral Board of Direct Taxes(TPL Division)Subject: Amendment in Section 206C of the Income-tax Act vide Finance Act 2016 In order to curb the cash

Posted in Income Tax | 15 comments | 10908 Views

Amendment in Rule 114H of Income-tax Rules, 1962

23 June 2016 at 10:45

The Rule 114H of the Income-tax Rules, 1962 (the Rules) has been amended vide Notification No.48/2016 [S.O.2151(E)] dated 20th June 2016. In order to provide sufficient time to the reporting Financial Institutions for completing the due diligence pro

Posted in Income Tax | 5295 Views

Clarification regarding threshold Limit of tax audit under section 44AB and 44AD

22 June 2016 at 10:47

Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesNew Delhi, the 20th June, 2016Sub: Threshold Limit of tax audit under section 44AB and section 44AD – clarification regardingSection 44AB of the Income-tax

Posted in Income Tax | 5 comments | 12357 Views

Clarification regarding News Report of Arrest of Tax Defaulters

22 June 2016 at 10:47

Certain sections of the press have been carrying news reports today that Income Tax Department is going to arrest wilful defaulters of tax. In this regard, it is clarified that no such statement has been authorised by the Income-tax Department. Thoug

Posted in Income Tax | 3069 Views

Major take aways from Annual conference of tax administrators

20 June 2016 at 10:41

"Rajswa Gyansangam- Annual Conference of Tax Administrators-2016”concludes; Major Take Aways from two day “Annual Conference of Tax Administrators-2016” include further improvement in Tax Payers Services by use of technology an

Posted in Income Tax | 2670 Views

Simplification of procedure for Form 15G and 15H

11 June 2016 at 12:00

F.No. DGIT(S)/CPC(TDS)/DCIT/15GH/2016-174539Government of IndiaMinistry of FinanceCentral Board of Direct TaxesDirectorate of Income-tax (Systems)New Delhi.Notification No 1/2016 Dated: 09th June, 2016Subject: Simplification of procedure for Form No.

Posted in Income Tax | 9063 Views

Relaxation of MCA additional fees and extension of time for filing of eforms

01 June 2016 at 10:33

Circular No. 07/2016 F.No. MCA/21/33/2016-e-Gov cell Government of India

Posted in Income Tax | 6429 Views

At 7.6% GDP growth India is the fastest growing large economy

01 June 2016 at 10:33

India continues to remain a bright spot in world economy with robust macro-economic and fiscal parameters; Together with GDP growth of 7.9% in Q 4 of 2015-16 and 7.6% in the whole of 2015-16 The Provisional Accounts for 2015-16 have been released by

Posted in Income Tax | 2 comments | 4359 Views

Equalisation levy of 6 percent will come into force from 1st June

31 May 2016 at 10:46

S.O. 1905(E) � In exercise of the powers conferred by sub-section (1) and sub-section (2) of section 179 of the Finance Act, 2016 (28 of 2016), the Central Government hereby makes the following rules for carrying out the provisions of Chapter V

Posted in Income Tax | 1 comments | 6963 Views