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India revises DTAA with New Zealand for Info exchange & Tax Collection Assistance
Press Information BureauGovernment of IndiaCabinet23-November-2016 20:30 ISTCabinet approves the third Protocol to the Convention between India and New Zealand for the avoidance of double taxation and...
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Cash Deposit more than 2,50,000, department is sending notices
A capture of a picture of notice sent by Dy. Director of Income tax to M/s Sitaram enterprises that is spreading on social media, has created quite a ruckus in the business and tax consultant communit...
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Admissibility of expense by a firm on Keyman Insurance Policy of Partner
CIRCULAR NO. 38/2016F.No.279/Misc./ 140/2015-ITJGovernment of IndiaMinistry of FinanceCentral Board of Direct TaxesNew Delhi, Dated 22nd November, 2016Subject: Admissibility of expenditure incurred by...
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Revised Guidelines for application of section 9A -Fund manager
Government Of IndiaMinistry Of FinanceDepartment Of RevenueCentral Board Of Direct TaxesNew Delhi, Dated: November 21, 2016Notification No. 106/2016-Income TaxS.O. 3498(E). – In exercise of the powers...
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Automatic information of accounts of Indian residents in Switzerland
India be able to receive from Sept, 2019 onwards,the financial information of accounts of Indian residents in Switzerland on automatic basisGovernment of IndiaMinistry of FinanceDepartment of RevenueC...
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IT Raid & Survey detects undisclosed income of Rs.58568 Crore
As part of enforcement measures, during the period from 01.04.2014 to 31.10.2016, the Income Tax Department (ITD) conducted searches in 1242 groups of assessees, seizing undisclosed assets worth Rs.2,...
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No established mechanism to assess revenue foregone on account of deduction U/s. 80 IA
Report No. 28 of 2016 – Performance Audit on Allowance of deduction to the assessees Direct Tax Union GovernmentDate on which Report Tabled: 22nd Nov,2016Government Type: UnionUnion Department Type: D...
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Black money in Swiss Banks -Rs. 8200 Crore brought to tax
Press Information BureauGovernment of IndiaMinistry of Finance22-November-2016 17:55 ISTAction in retrieval of Black money in Swiss BanksInformation of 628 Indian persons holding bank accounts in HSBC...
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IT dept starts issuing notices for cash deposits on or after 09/11/2016
PM Narendra Modi’s has announced demonetisation of old Rs 1,000 and Rs 500 currency on 8th November 2016 and after that there was lot of ways people started trying to covert their Black Money into Whi...
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India -UK Sign 3 more Bilateral Advance Pricing Agreements
Press Information BureauGovernment of IndiaMinistry of Finance18-November-2016 20:20 ISTIndia and UK Sign three Bilateral Advance Pricing Agreements (B- APAs) taking the total number of APAs signed [b...
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India signs revised DTAA with Cyprus
Press Information BureauGovernment of IndiaMinistry of Finance18-November-2016 20:23 ISTRevised Double Taxation Avoidance and the Prevention of Fiscal Evasion (DTAA) Agreement signed today between Ind...
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Prosecution for allowing use of Bank A/C by others for Black Money Conversion
Press Information BureauGovernment of IndiaMinistry of Finance18-November-2016 16:23 ISTStrict Action against Tax Evaders using other persons’ Bank Accounts to convert their Black Money into New Denom...
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Action on Indians having banks accounts in Liechtenstein & Switzerland
Press Information BureauGovernment of IndiaMinistry of Finance18-November-2016 17:56 ISTAction on the information provided by the foreign Government regarding banks accounts held by Indians in Liechte...
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Action on Black Money by Central Government
Press Information BureauGovernment of IndiaMinistry of Finance18-November-2016 17:50 ISTAction on Black MoneyThere is no official estimation of the amount of black money within the country and stashed...
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Obtain PAN of IDS 2016 Declearant, who has not furnished
Member (L&C) D.O letter dated 17/11/2016 to all Pr.CsIT in respect of issuance of Form-2 under IDS, 2016 – reg.Dear Pr. Commissioners of Income-tax,It has come to my notice that some declarations unde...
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Mythos of Demonetization
Top 10 #Demonetization Myths Busted Myth 1- In next round PM Modi will demonetise Rs. 100 and Rs. notes.Reality- There is no such intention and demonetisation will not be done for any other denominati...
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Penalty u/s 270A and demonetization
Issue of Imposition of Penalty u/s 270A of Income Tax Act, 1961 The demonetization of Indian High Value Currency Notes is creating havoc and sheer chaos in the Indian Markets. Amidst such a scenario,...
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Strict Action against Tax Evaders using other persons’ Bank Accounts to convert their Black Money into New Denomination Notes
Strict Action against Tax Evaders using other persons’ Bank Accounts to convert their Black Money into New Denomination NotesPIB Dated 18-11-2016Person(s) who allows His Or Her Bank Account to be misu...
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IDS 2016- Rectification of typographical or bonafide error & Assessment
Instruction No.12 of 2016F.No.370142/8/2016-TPL (Part)Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes(TPL Division)***New Delhi, the 11th November, 2016To,All...
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CBDT notifies reporting of cash deposit b/w 09.11.2016 to 30.12.2016
Amendment in Rule 114B for compulsory quoting of pan in case of cash deposit exceeding Rs. 50000 in a single day or aggregating to more then Rs. 2.5 lakh during the period from 09.11.2016 till 30.12.2...