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CBI court imprisons ITO & 3 other Public Servants in Bribery case
THREE TO FOUR YEARS RIGOROUS IMPRISONMENT TO THEN INCOME TAX OFFICER AND THREE OTHER PUBLIC SERVANTS IN SEPARATE CASES OF BRIBERY The Special Judge, Anti Corruption, Court No.3, Lucknow (Uttar Pradesh...
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Download TDS Certificates at TRACES within Due date –Reminder
There are many Deductors who have filed TDS Statements for different quarters but not yet downloaded TDS Certificates (Forms 16/ 16A) from TRACES portal should download the same immediately to avoid P...
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People should not fear tax administrators: PM
Press Information Bureau Government of India Prime Minister’s Office Date: 16th June-2016 PM addresses tax administrators at Rajasva Gyan Sangam The Prime Minister, Shri Narendra Modi, today addressed...
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Working Group invites suggestions on India-Mauritius DTAA
Press Information Bureau Government of India Ministry of Finance 15-June-2016 15:06 IST Comments and suggestions of stakeholders invited on relevant issues arising out of amendment to India-Mauritius...
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Applicability of IND AS
In pursuance of the Budget statement, the Ministry of Corporate Affairs, Government of India after wide consultations with various stakeholders and regulators, has drawn-up a revised Road Map for comp...
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Rates of Depreciation as Per Income Tax Act,1961
Article provides Rates of Depreciation as per Income Tax Act, 1961 on Building, Plant & Machinery, Furniture & Fittings, Ships & on Intangibles Assets i.e. Know-how, patents, copyrights, trademarks, l...
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Due-dates for quarterly uploading of Form 15G/15H declarations by payers on e-filing portal notified
CBDT Notification No. 9 dated 9th June 2016 Due-dates for quarterly uploading of Form 15G/15H declarations by payers on e-filing portal notified For FY 2016-17 onwards, 15-days deadline from the quart...
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Simplification of procedure for Form No. 15G & 15H
F.No. DGIT(S)/CPC(TDS)/DCIT/15GH/2016-174539 Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income-tax (Systems) New Delhi. Notification No 1/2016 Dated: 09th Jun...
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TCS on sale of a motor vehicle
7 things to know about TCS on sale of a motor vehicle Circular No. 22/2016 F. No 370142/17/2016-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Div...
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Second Bi-monthly Monetary Policy 2016-17- No Change in Rates
Press Release : 2015-2016/2837 Date : Jun 07, 2016 Second Bi-monthly Monetary Policy, 2016-17: Governor’s Opening Remarks at the Press Conference In our monetary policy statement of April 2016, we sta...
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Imprisonment with fine to Income Tax Inspector in Bribe Case
FOUR YEARS RIGOROUS IMPRISONMENT WITH FINE OF RS. 1.50 LAKH TO THEN INSPECTOR OF INCOME TAX IN A BRIBERY CASE The Special Judge, CBI Cases, Patiala House Courts, New Delhi has convicted Sh. Jai Prakas...
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CBDT notifies Cost Inflation Index for Financial Year 2016-17
CBDT has notified Cost Inflation Index for Financial Year 2016-17 / Assessment Year 2017-18 at 1125 . Cost Inflation Index for Financial Year 2015-16 was 1081 so there is an increase of 44 in Cost Inf...
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Further enhancements in Bulk PAN transfer facility
DIRECTORATE OF INCOME TAX (SYSTEMS) ARA Center, Ground Floor, E-2, Jhandewalan Extension, New Delhi – 110055 F.No. PDGIT(S)/ADG(S)-1/ITBA-PAN Instructions/0001/2016 Dated: 3.6.2016 To, The Principal C...
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Section 14A disallowance cannot exceed total expense: CBDT
GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES NEW DELHI Notification No. 43/2016, Dated: June 2, 2016 S.O. 1949(E)– In exercise of the powers conferred by...
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Designated Authority Under Direct Tax Dispute Resolution Scheme, 2016
LETTER [F.NO.279/MISC/M-61/2016,] Dated 1-6-2016 The Direct Tax Dispute Resolution Scheme 2016 (hereinafter referred to as the Scheme) introduced vide Finance Act, 2016 (28 of 2016), provides to the “...
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CBDT exempts specified Incomes of Pollution Control Board, Assam
MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 40/2016- Income Tax New Delhi, the 2nd June, 2016 S.O. 1944(E).—In exercise of the powers conferred by clau...
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Sec. 10(46) exemption to Uttar Pradesh State AIDS Control Society
MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 41/2016-Income Tax New Delhi, the 2nd June, 2016 S.O. 1945(E).—In exercise of the powers conferred by claus...
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Corrigendum to Income Tax Notification No. 33/2016
MINISTRY OF FINANCE (Department of Revenue) CORRIGENDUM Notification No. 44/2016- Income Tax New Delhi, the 2nd June, 2016 THE INCOME DECLARATION SCHEME, 2016 S.O. 1950(E).—In the notification of the...
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Cost Inflation Index – From 1981-82 to 2016-17
Cost Inflation Index – Meaning & Index from 1981-82 to 2016-17 Article discusses Meaning of Cost Inflation Index (CII) which is used for Computation of Long Term Capital Gain. Cost Inflation index are...
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Uploading of Form 1 for Disclosure of undisclosed income
Process to Upload Form 1 for Disclosure of undisclosed income Introduction As per Income Declaration Scheme, 2016, the declaration of undisclosed income is to be filed using Form for Income Disclosure...