Income Tax News

Release of new 15CA and 15CB forms

05 April 2016 at 11:33

In pursuance of the Notification of the Income Tax Returns (ITR) for AY 2016-17 on March 31st, 2016, Central Board of Direct Taxes (CBDT)announces the release of electronic filing of ITRs 1 and 4S on its website https://incometaxindiaefiling.gov.in.

Posted in Income Tax | 1 comments | 13461 Views

CBDT requests Taxpayers to use Online rectification facility

02 April 2016 at 10:40

Income-tax Act provides the taxpayer with an option to seek rectification of mistakes apparent from record under section 154 of the Act. The e-filing portal of the Income Tax Department provides the utility for online filing and tracking of rectifica

Posted in Income Tax | 1 comments | 8808 Views

CBDT notifies new ITR forms for AY 2016-17

01 April 2016 at 08:38

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB- SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE [CENTRAL BOARD OF DIRECT TAXES] NOTIFICATION New Delhi, the 30th day of March, 2016 Income-t

Posted in Income Tax | 5 comments | 14865 Views

Inclusion of interest income in the return

24 March 2016 at 13:49

Information regarding interest earned by individuals and business entities on term deposit is filed with the Income Tax Department by banks including co-operative banks and other financial institutions and State treasuries etc. Form 26AS reflects on

Posted in Income Tax | 4 comments | 15132 Views

Report of the Committee on Taxation of E-Commerce

21 March 2016 at 10:37

Executive SummaryThe Committee on taxation of E-Commerce examined the tax issues arising from the new business models employed in the digital economy, in particular issues relating to tax nexus rules under existing law and tax treaties, characterizat

Posted in Income Tax | 9015 Views

Remedial action on revenue audit objections raised by CAG

18 March 2016 at 10:52

Government of India Ministry of Finance Department of RevenueCentral Board of Direct Taxes Sub: Modification of Instruction No. 9/2006 dealing with remedial action on Revenue Audit Objections not accepted by the Department– reg. The guidelines

Posted in Income Tax | 2 comments | 9534 Views

Rules for Fund Manager Regime under section 9A of IT Act

17 March 2016 at 10:54

Rules in respect of fund manager regime under section 9A of the Income-tax Act, 1961-reg.Section 9A of the Income-tax Act, 1961 (the Act) provides for special taxation regime with effect from 01.04.2016 to facilitate location of fund managers of off

Posted in Income Tax | 7176 Views

TDS on payments by Television channels

09 March 2016 at 10:40

Issue of clarification on contentious TDS issues on payments made by Television channels, Broadcasters and Newspapers With a view to bring about clarity in the interpretation of certain contentious issues relating to Tax Deduction at Source (TDS) on

Posted in Income Tax | 1 comments | 12609 Views

Clarification regarding taxability of consortium members

09 March 2016 at 10:40

Taxation of consortium of contractors formed to implement Engineering, Procurement and Construction (EPC) contracts/turn key projects has been a subject matter of dispute between Income-tax Department and the consortium. This has been particularly so

Posted in Income Tax | 9036 Views

Tax Administration Reforms Commission

09 March 2016 at 10:40

The Government has received the Report of Tax Administration Reforms Commission (TARC) headed by Dr. Parthsarathi Shome. The Report has four volumes containing a number of tax administration reforms. The broad recommendations inter-alia include chang

Posted in Income Tax | 7155 Views