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Secretarial Standard-1 (Compliances for Meetings of Board of Directors)
Brief Introduction Secretarial standard-1 is related with “Meetings of the Board of Directors” issued by ICSI and further approved by the Central Government. As per provisions of Sec.118 (10) of the C...
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Cyprus agrees on source based capital gain taxation on share transfer
Press Information Bureau Government of India Ministry of Finance Date: 01-July-2016 15:00 IST In-principle agreement reached on all pending issues on Double Taxation Avoidance Agreement between India...
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Form No 12BB - Income tax Declaration by Employees for FY 2016-17
According to the income tax guidelines, income tax is deductible annually for each financial year commencing from 1st of April and ending on the 31st March. The responsibility of the employer has been...
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Section 206AA read with Rule 37BC : Requirement of PAN in case of transaction with DTAA or Non-DTAA countries
All about Section 206AA read with Rule 37BC & recent Changes All about Section 206AA of Income Tax Act, 1961 to be read with Rule 37BC of Income Tax Rules, 1962 alognwith recent changes as applicable...
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Publicity material for Income Declaration Scheme, 2016
F.No. 385/17/2016-IT(B) Government of India Ministry of Finance Central Board of Direct Taxes ******* New Delhi, Dated: 01.07.2016 To, All Principal Chief Commissioners of Income Tax. Sir/ Madam, Subj...
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CBDT issues 3rd FAQs on Income Declaration Scheme, 2016
The Income Declaration Scheme, 2016 provides an opportunity to persons who have not paid full taxes in the past to come forward and declare their undisclosed income and assets. The Scheme came into ef...
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CBDT instructs to maintain confidentiality of IDS, 2016 declarants
F.No. 187/10/2016-ITA-1 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes ******** New Delhi, Dated: 30th June, 2016 OFFICE MEMORANDUM Vide letter F.No. 187/1...
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CBDT notifies rules for FMV of assets & Income attribution
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 CBDT has vide Notification...
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CBDT notifies rules for Foreign Tax Credit
[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] Income-tax...
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Posting of 4 Officers as Additional/Joint CIT(OSD) in Principal CCIT Region
Posting of Officers as Additional/Joint CIT(OSD) in the Principal CCIT Region – reg. Order No. 125 of 2016 – Dated: 27th June,2016 On return from Deputation, the following officers are, hereby, posted...
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CBDT’s Advisory on Canvassing of non-official or other influence
GOVERNMENT OF INDIA, MINISTRY OF FINANCE DEPARTMENT OF REVENUE, CENTRAL BOARD OF DIRECT TAXES DIRECTORATE OF INCOME TAX (HUMAN RESOURCES DEVELOPMENT) F.No. HRD/CM/104/2/2016-17/ Dated:27.06.2016 To, A...
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Publicity Campaign for Income Declaration Scheme-2016 with ICAI
GOVERNMENT OF INDIA Ministry of Finance/Department of Revenue Central Board of Direct Taxes North Block, New Delhi-110001 E-mail : chairmancbdt@nic.in Tele : 23092648 & Telefax : 23092544 ATULESH JIND...
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11 New FAQs on Income Declaration Scheme, 2016
F.No.142/8/2016-TPL Government Of India Ministry Of Finance Department Of Revenue Central Board Of Direct Taxes (TPL Division), New Delhi Circular No. 24/2016-Income Tax, Dated: June 27, 2016 Clarific...
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Revised Procedure for online submission of TDS/TCS statement
F. No. DGIT(S)-ADG(S)-2/e-filing notification/106/2016 Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income Tax (Systems) Notification No. 11/2016 New Delhi, Dat...
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New TDS/TCS RPU 1.6, FVU 5.1 & FUV 2.147 wef 28.06.2016
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...
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List of Aayakar Seva Kendras to be set up & Instructions
List of 65 Aayakar Seva Kendras to be set up & Instructions DIRECTORATE OF INCOME TAX (ORGANISATION & MANAGEMENT SERVICES) EAST BLOCK-II, LEVEL-5, VIVEKANAND MARG R.K. PURAM, NEW DELHI-1 10066 48/1/20...
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Relaxation from deduction of tax at higher rate U/s. 206AA
F. No. 370142/16/2016-TPL GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES Notification No. 53/2016-Income Tax New Delhi, the Dated: 24th June, 2016 INCOME-T...
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Invoice Value Exceeds Rs. 2 Lakh and Tax Provisions
Income Tax Provisions When Invoice Value Exceeds Rs. 2 Lakh LEGAL REQUIREMENTS UNDER INCOME TAX ACT WHEN SELLER OR SERVICE PROVIDER RECEIVED CONSIDERATION MORE THAN Rs. 2 lakh. 1. TAX COLLECTION AT SO...
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TCS on Sale of good/Services only if Cash Receipt exceeds 2 Lakh
F.No.370142/17/2016-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division), New Delhi Circular No. 23/2016 Dated:24th June, 2016 Subject: Amendm...
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Requirement of PAN and TCS on Cash Transaction
In order to curbing the circulation of black money and widening tax base, the government has recently notified changes in the monetary limits that will require mandatory quoting of PAN with effect fro...