Income Tax News

Govt clarifies effective tax rate is 45% and not 31% under income declaration scheme

14 July 2016 at 16:42

Circular 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

Posted in Income Tax | 1 comments | 5397 Views

Direct and indirect tax collection jumps by 25% and 31% respectively

09 July 2016 at 11:24

Direct 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.

Posted in Income Tax | 3 comments | 4308 Views

Applicability of Income Computation and Disclosure Standards

09 July 2016 at 11:24

Applicability 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

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ICDS to be applicable from 1st April 2016

07 July 2016 at 11:32

Government 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.

Posted in Income Tax | 3 comments | 7644 Views

CBEC issues a Circular on recovery of confirmed demands during the pendency of stay application of duty

06 July 2016 at 10:50

Central 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

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Govt assures complete confidentiality under income declaration scheme

04 July 2016 at 10:44

The Government has assured complete confidentiality to those declaring their income under the Income Declaration Scheme 2016.

Posted in Income Tax | 3210 Views

Government Notifies Rules regarding Fair market value

01 July 2016 at 11:17

Government 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

Posted in Income Tax | 4497 Views

CBEC survey says 45 percent saw improvement in taxpayer services

30 June 2016 at 10:39

Tax payers Survey got conducted by Central Board of Excise & Customs (CBEC) for garnering a feedback on impact that reforms undertaken during the last two years; Responses showed that 45% of the respondents saw an attitudinal change in senior fun

Posted in Income Tax | 3 comments | 2763 Views

New TDS/TCS RPU and FVU versions released

29 June 2016 at 11:41

Due date for filing Quarterly TDS/TCS statement for Q1(April to June) of FY 2016-17 is July 31, 2016 for all the categories of Deductors/Collectors. Do submit quarterly TDS/TCS statement on or before due date to avoid late filing fee under section 23

Posted in Income Tax | 7 comments | 7488 Views

Further clarification issued on Income Declaration Scheme

28 June 2016 at 11:10

Page 1 of 4Circular No. 24 of 2016F.No.142/8/2016-TPLGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes(TPL Division)***Dated 27th of June, 2016Clarifications on the Income Declaration Scheme, 2016The Income Decl

Posted in Income Tax | 1 comments | 4977 Views