The Finance Minister, in the Parliament today, announced roll-back of the budget proposal to tax contribution made into and withdrawal from Recognised Provident Fund (‘RPF’). The Government has withdrawn following budget proposal: 1. It was proposed to consider employer’s contribution to RPF in excess of INR 150,000 per annum as taxable in the…
Taxation of consortium of contractors formed to implement Engineering, Procurement and Construction (EPC) contracts/turn key projects has been a subject matter of dispute between Income-tax Department and the consortium. This has been particularly so in cases where each member of the consortium has a clear and district role in scope of work, responsibilities and liability…
With a view to bring about clarity in the interpretation of certain contentious issues relating to Tax Deduction at Source (TDS) on payments made by television channels, broadcasters and newspapers, Central Board of Direct Taxes has issued two Circulars. Circular No.4/2016 dated 29.02.2016 deals with TDS on payments by broadcasters or television channels to production…