Income Tax News
Detection of black money by Government
20 July 2016 at 10:34Recognizing various limitations under the existing legislation [Income-tax Act, 1961, etc.], the Government enacted a new law – ‘The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015’ – to spe
SIT on black money recommends ban of cash transaction above 3 lakh and cash holding more than 15 lakhs
15 July 2016 at 10:45Recommendations of SIT on Black Money as Contained in the Fifth SIT Report The Fifth SIT report has been submitted before the Hon’ble Supreme Court by the SIT. An extract of the report has been uploaded on Department of Revenue website www.dor
Time Schedule revised for making tax payments under IDS Scheme
15 July 2016 at 10:45Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesNew Delhi, 14th July, 2016Sub : The Income Declaration Scheme 2016 - Relaxation of time schedule for making payments under the SchemeDuring the course of meetings
Govt clarifies effective tax rate is 45% and not 31% under income declaration scheme
14 July 2016 at 16:42Circular No. 27 of 2016 F.No.142/8/2016-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) Dated 14th day of July, 2016 Clarifications on the Income Declaration Scheme, 2016 The Income Dec
Direct and indirect tax collection jumps by 25% and 31% respectively
09 July 2016 at 11:24Direct Tax Collections upto June, 2016 indicate net revenue collections of Rs.1.24 lakh crore; registering an increase of 24.79% over the corresponding period last year.The direct tax collections upto June, 2016 indicate net revenue collection of Rs.
Applicability of Income Computation and Disclosure Standards
09 July 2016 at 11:24Applicability of Income Computation and Disclosure Standards notified under section 145(2) of the Income-tax Act, 1961 from Assessment Year 2017-18 The Central Board of Direct Taxes has vide Press Release dated 6.07.2016 (For copy click here) clarifi
ICDS to be applicable from 1st April 2016
07 July 2016 at 11:32Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesNew Delhi, 6th July, 2016Subject: Applicability of Income Computation and Disclosure Standards (ICDS) notified under section 145 (2) of the Income -tax Act, 1961.
CBEC issues a Circular on recovery of confirmed demands during the pendency of stay application of duty
06 July 2016 at 10:50Central Board of Excise and Customs (CBEC) has issued a circular dated 04.07.2016 on the issue of ‘’Recovery of confirmed demand of tax during the pendency of stay application’’ in relation to indirect taxes. Confirmed demand
Govt assures complete confidentiality under income declaration scheme
04 July 2016 at 10:44The Government has assured complete confidentiality to those declaring their income under the Income Declaration Scheme 2016.
Government Notifies Rules regarding Fair market value
01 July 2016 at 11:17Government Notifies Rules regarding Fair market value and reporting requirement for Indian concern - Indirect transfer provisions - section 9(1) of the Income-tax Act, 1961 Under section 9 of the Income-tax Act, 1961 (the Act), any income arising fr
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