Central Board of Direct Taxes (CBDT) vide its Order dated 2nd May, 2016 has given direction to its field formations, with a view to avoid disputes/Litigation and to maintain uniform approach that the income arising from transfer of unlisted shares, irrespective of period of holding, would be taxable under the head ‘Capital Gain’ except in…
DetailsForm 12BB — Rule 26C CBDT amended Income Tax Rules, 2016 vide Notification No.3o/2016, F.No.142/29/2o15- TPL. These Rules shall come into force from 1st day of June, 2016 CBDT introduced Form 12BB for furnishing of evidence of claims by employee for deduction of tax under 5.192 by inserting Rule 26C. Accordingly, assessee (employees) shall furnish…
DetailsThe Reserve Bank of India (RBI) has cancelled the certificate of registration of the following non-banking financial companies (NBFCs). The Reserve Bank, in exercise of the powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934. Sr. No. Name of the Company Registered Office Address CoR No. Issued On…
DetailsThe following NBFCs have surrendered the Certificate of Registration granted to them by the Reserve Bank of India. The Reserve Bank of India, in exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has therefore cancelled their Certificate of Registration. Sr. No. Name of the Company…
DetailsA Software also Launched for Centralized Processing to Transfer and Consolidate Accounts with EaseEPFO Greets the Human Engines of Nation – Our Labour Force on International Labour Day Greeting workers on International Workers Day with the: Sh. Bandaru Dattatreya, the Union Minister for Labour & Employment (Independent Charge) launched a special Mission consolidation drive “One…
DetailsCircular No. 10/2016 F.No.279/Misc./M-140/2015-ITJ Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 26th April, 2016 Subject:- Limitation for penalty proceedings under sections 271D and 271E of the Income tax Act, 1961 — reg. The issue whether the limitation for imposition of penalty under sections 271D and 271E…
DetailsF.No.279/Misc./M-140/2015-ITJ Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 26th April, 2016 Subject:- Payment of interest on refund under section 244A of excess TDS deposited under section 195 of the Income tax Act, 1961— reg. The procedure for refund of tax deducted at source under section 195…
DetailsOn the basis of the recommendations of the Committee on MAT-Ind AS, the Central Government has notified 10 ICDS vide Notification No. S.O.892(E) dated 31st March, 2015. With the approval of the Finance Minister , the above said Committee was also requested to suggest the framework for computation of book profit for the purposes of…
DetailsThe Government has proposed the following in the Finance Bill, 2016 with regard to the National Pension System (NPS): i. Allowing 40 per cent of the NPS corpus tax exempt on lump sum withdrawal. ii. Waiving service tax on the NPS corpus utilized for purchase of annuity.iii. The amount receivable by the nominee in case…
DetailsThe Central Government has extended the date of filing of ST-3 returns to 29.04.2016 from 25.04.2016 owing to certain difficulties being faced by the taxpayers in the ACES application. Order 1/2016 — Service Tax dated 25.04.2016 has been issued in this regard.