Income Tax News

Clarification regarding Notices of defective returns issued to FII/FPIs

11 December 2015 at 10:29

Notices of defective returns were issued under Section 139(9) of the Income-tax Act to Foreign Institutional Investors/Foreign Portfolio Investors (FIIs/FPIs) in cases where Balance Sheet and P&L account were not filled. In order to overcome this

Posted in Income Tax | 9324 Views

New facility of pre-filling TDS data while submitting online rectification

11 December 2015 at 10:29

Central Board of Direct Taxes (CBDT) has simplified the process of online rectification of incorrect TDS details filed in the Income Tax Return. Taxpayers were required to fill-in complete details of the entire TDS schedule while applying for rectifi

Posted in Income Tax | 1 comments | 15207 Views

Improving The Process of E-Filing of Documents

08 December 2015 at 16:59

Ministry of Corporate Affairs provides End to End e-Governance Services on its MCA 21 portal, which may occasionally have software and hardware related issues at either end. To address any difficulty, stakeholders may contact the Corporate Seva Kendr

Posted in Income Tax | 10839 Views

Refund pending below Rs 50000 to be expedited

07 December 2015 at 16:30

Central Board of Direct Taxes (CBDT) issues directions for expediting pending refunds below Rs. 50,000/ for Assessment Year(s) 2013-14 and 2014-15 in all cases except those selected for scrutiny The Income-tax Department is committed to improving ta

Posted in Income Tax | 5 comments | 16764 Views

Extension of tax compliance dates in Tamil Nadu

07 December 2015 at 12:33

For all Central Excise and Service Tax assessees in the State of Tamil Nadu, the date for payment of Central Excise duty and Service Tax for November 2015 is extended to 20th December 2015 while date of filing of the Central Excise return for Novembe

Posted in Income Tax | 11049 Views

IT deduction from salaries during FY 2015-16

04 December 2015 at 10:23

CIRCULAR NO : 20/2015F.No. 275/192/2015-IT(B)Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes******North Block, New DelhiDated the 2nd December, 2015SUBJECT: INCOME-TAX DEDUCTION FROM SALARIES DURING THEFINANCI

Posted in Income Tax | 3 comments | 29037 Views

Shri A.K Jain appointed as new chairman of CBDT

01 December 2015 at 12:23

Shri A.K. Jain, Member, CBDT to discharge the duties and responsibilities of the post of Chairperson, CBDT in addition to his own duties; Ms. Anita Kapur, Chairperson, CBDT who is superannuating today, is appointed as Adviser on Tax Reforms for a per

Posted in Income Tax | 16080 Views

Phasing out plans of deductions under the income tax act

27 November 2015 at 11:54

Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesNew Delhi, 26th November, 2015Subject: Finance Minister�s Budget announcement- phasing out plan of deductions under the Income-tax Act- Extension of time li

Posted in Income Tax | 9780 Views

Govt plan to reduce corporate tax to 25%

23 November 2015 at 11:42

Government Calls for Comments on Proposed Plan of Phasing-Out Exemptions and Deductions under the Income-Tax Act in Order to Bring Down Rate of Corporate Tax from 30% to 25% The Union Finance Minister Shri Arun Jaitley in his Budget Speech 2015 had i

Posted in Income Tax | 2 comments | 13233 Views

Draft interpretation on uncertainty over income tax treatments

09 November 2015 at 11:11

Draft Interpretation published by the IFRS Interpretations Committee for comment only. Comments on the Draft Interpretation need to be received by December 21, 2015. The International Accounting Standards Board�s IFRS Interpretations Committee

Posted in Income Tax | 7869 Views