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4th FAQs on Income Declaration Scheme, 2016
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 o...
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SIT report: Restrict Cash Transaction/Holding to curb black money
Extract of Fifth SIT Report (updated on 14th-July-2016) CHAPTER: I CASH HOLDINGS 1. Provision for curbing circulation of black money:–– (i) Section 40A(3) of The Income–Tax Act, 1961 (“I.T. Act”):–– U...
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Ban Cash Transactions & Holding above certain limit: SIT
Press Information Bureau Government of India Ministry of Finance 14-July-2016 Recommendations of SIT on Black Money as Contained in the Fifth SIT Report The Fifth SIT report has been submitted before...
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Income Declaration Scheme 2016-CBDT relaxes payment schedule
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 14th July, 2016 PRESS RELEASE Sub : The Income Declaration Scheme 2016 – Relaxation of time sched...
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Tax Rate is 45% not 31% on Income Declaration Scheme 2016: CBDT
Press Information Bureau Government of India Ministry of Finance Dated: 14-July-2016 Income Declaration Scheme 2016 – Government Issues Clarifications in the form of Fourth Set of Frequently Asked Que...
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Income Tax manual /Compulsory scrutiny criteria F.Y. 2016-2017
Instruction No. 4/2016 Government of India Ministry of Finance Department of Revenue (CBDT) North-Block, New Delhi Date: 13th of July, 2016 To All Pr. Chief-Commissioners of Income-tax/Chief-Commissio...
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CBDT on Delay in completion of Inquiry proceedings
GOVERNMENT OF INDIA Ministry of Finance/Department of Revenue Central Board of Direct Taxes North Block, New Delhi-110001 Tele : 011-23093356, Fax : 011-23092071 NISHI SINGH, IRS Member, CBDT & Specia...
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TDS on interest paid by IFSC Banking Units : CBDT Clarifies
F.No. 275/26/2016-IT(B) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi Dated: 4th July, 2016 Circular No 26/2016- Income Tax Subject...
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Generate EVC through AXIS bank ATMs
Now Electronic Verification Code (EVC) can be generated through AXIS bank ATMs also. State Bank was the first Bank to Offer this Facility and AXIS is the second bank to offer this facility. This will...
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No Change in TCS Return Filing Dates
In recent years, CBDT has made efforts to rationalize the provisions and procedures of Tax Deduction at source (TDS) and Tax collected at source (TCS). The recent amendments of relaxing the due date f...
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CBDT revises format of Issue of Income Tax notices U/s. 143(2)
F.No. 225/162/2016/ITA.II Government of India Ministry of Finance Department of Revenue (CBDT) North Block, New Delhi, dated the 11th of July, 2016 To All Pr. CCsIT/Pr. CCIT(International-tax)/CCIT(Ex...
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Ensure 100% entry of IDS Form 1 received in paper format
DIRECTORATE OF INCOME TAX (SYSTEMS) ARA Center, Ground Floor, E-2, Jhandewalan Extension, New Delhi – 110055 F.No. 1/20/CIT(OSD)/efiling/Electronic Verification/2013-14 Dated: 11/07/2016 To The Princi...
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CBDT directs officials to not to disclose info received under IDS, 2016
GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 56/2016-Income Tax ORDER New Delhi,Dated: 6th July, 2016 S.O.2322 (E)– In exercise of the powers conferred by sub-secti...
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CBDT - Extension of TDS exemption to IBUs paying interest to non-residents on borrowings /deposits
CBDT Circular No. 26/2016 Extension of TDS exemption to IBUs paying interest to non-residents on borrowings /deposits Sec 197A(1D) and Sec 10(15)(viii) applicable to interest paid by IFSC Banking Unit...
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CBDT - Revised formats for issuance of notice u/s 143(2) for limited, complete and manual scrutiny
All scrutiny notices, shall henceforth, be issued in these revised formats for which necessary changes shall be effected by the Systems Directorate in the ITD module. 1. Limited/Complete scrutiny noti...
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Identify Potential case for Income Tax Declaration Scheme: CBDT
DIRECTORATE OF INCOME TAX (SYSTEMS) ARA CENTRE, GROUND FLOOR, E-2, JHANDEWALAN EXTENSION, NEW DELHI-110 055 F. No. DGIT(S)/ADG(S)-2/IDS/128/2016-17/Dated 5.07.2016 To The Pr. Chief Commissioner of Inc...
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Growth in Direct/Indirect tax collection of 1st quarter of 2016-17
Press Information Bureau Government of India Ministry of Finance Date: 08-July-2016 Indirect tax collection for the 1st quarter of 2016-17 indicates a growth rate of 30.8% The figures of indirect tax...
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Appointment of ACIT Junior Scale to DCIT Senior Time Scale grade
Notification No. 15 – Appointment of Assistant Commissioners of Income Tax (Junior Scale) to the grade of Deputy Commissioner of Income Tax (Senior Time Scale) – reg. Government of India Ministry of F...
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Applicability of ICDS U/s. 145(2) of Income-tax Act, 1961
Dear Professional Colleagues, Applicability of Income Computation and Disclosure Standards notified under section 145(2) of the Income-tax Act, 1961 It is a pleasure to inform that the Central Board o...
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ICDS to be applicable from 01.04.2016 instead of 01.04.2015
Income Computation and Disclosure Standards (ICDS) notified under Section 145 (2) of the Income -tax Act, 1961 to be applicable from 1st April, 2016 Vide Notification No. SO 892 (E) dated 31st March,...