Income Tax News
CBT recommends 8.65% interest on EPF for the year 2016-17
20 December 2016 at 10:41Shri Bandaru Dattatreya chaired the 215th meeting of the Central Board of Trustees (EPF) CBT recommends 8.65% interest on EPF to its subscribers for the year 2016-17 The Minister of State for Labour and Employment (Independent Charge) Shri Bandaru Da
Deemed profit u/s 44 AD reduced from 8% to 6% for digital transaction
19 December 2016 at 17:57Government decides to reduce the existing rate of deemed profit under section 44AD of the Income Tax Act in respect of amounts/receipts through banking channel/digital means Under the existing provisions of section 44AD of the Income-tax Act, 1961 (t
Deposit exceeding Rs 5000 can be made only once per account till 30th Dec 2016
19 December 2016 at 12:52MINISTRY OF FINANCE(Department of Economic Affairs) NOTIFICATIONS.O. 4086(E).�In exercise of the powers conferred by sub-section (2) of section 26 of the Reserve Bank of India Act, 1934 (2 of 1934), the Central Government hereby makes the follo
Govt clarifies status of political party under Income Tax Act
19 December 2016 at 11:36Clarification of Status of Political Parties under Income Tax Act, 1961 There have been some newspaper reports which seem to wrongly suggest that there cannot be any scrutiny of Income-tax returns of political parties registered with the Election Co
Measures to absorb the excess liquidity in the banks post demonetisation
19 December 2016 at 11:36Reserve Bank of India (RBI) has taken several measures to absorb the excess liquidity in the banks post demonetisation. It has introduced incremental CRR of 100% on deposits collected between September 16 and November 11,2016 effective from the fortn
Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016
19 December 2016 at 11:36The Taxation Laws (Second Amendment) Bill, 2016, passed by Lok Sabha on 29.11.2016, interalia seeks to introduce the, ‘Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 (the Scheme)’. A declarant under the Scheme
Undisclosed income of Rs 2600 crore admitted since 8th Nov
19 December 2016 at 11:36Income Tax Searches lead to Admission of Undisclosed Incomes of Rs. 2600 Crore since 8th November, 2016. The Income Tax Department has continuously been carrying out investigations since the de-monetisation of Old High Denomination (OHD) currency ann
Revised DTAA between India and Cyprus to come into effect from 1st April 2017
19 December 2016 at 10:14Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 16th December, 2016. PRESS RELEASE Sub : Notification of Completion of Internal Procedures for Revised Double Taxation Avoidance Agreement between
PMGKY 2016 scheme launched to remain open till 31st March
16 December 2016 at 22:10Taxation Laws (Second Amendment) Act, 2016 came into force yesterday i.e. 15th December, 2016 and rules notified today and placed in public domain; The Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 introduced under the s
IT dept warns against making drastic changes via revised return post demonetisation
15 December 2016 at 11:39Filing of Revised Income Tax Returns by the Tax Payers Post De-Monetisation of Currency Under the existing provisions of Section 139(5) of the Income-tax Act, 1961 (‘Act’), Revised Return can only be filed if any person, who has filed a r
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