CBEC has specified the following conditions, safeguards and procedures for issue of invoices, preserving records in electronic form and authentication of records and invoices by digital signatures: 1. Every assessee proposing to use digital signature shall use Class 2 or Class 3 Digital Signature Certificate duly issued by the Certifying Authority in India. 2. (i)…
DetailsVide notification no. 51/2015 dt. 25th Jun-15, TDS is not applicable on the payments of following nature in regard to investment fund: any income of an investment fund other than the income chargeable under the head —”Profits and gains of business or profession” “Investment fund” means any fund established or incorporated in India in the…
DetailsGovernment of India have announced the Sale (re-issue) of (i) “7.35 per cent Government Stock 2024” for a notified amount of Rs. 3,000 crore (nominal) through price based auction, (ii)“7.88 per cent Government Stock 2030” for a notified amount of Rs. 6,000 crore (nominal) through price based auction, (iii) “7.95 per cent Government Stock 2032” for a…
DetailsUniversal Account Number (UAN) – The launch of UAN has enabled PF members to access a bouquet of services like dynamically updated UAN card, updated PF passbook including all transfer-in details, facility to link previous members’ ID with present ID, monthly SMS regarding credit of contribution in PF account and facility for auto-triggering transfer request…
DetailsCircular No. 13 of 2015 F. No. 142/18/2015-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) *** Dated 6th of July, 2015 Clarifications on Tax Compliance for Undisclosed Foreign Income and Assets The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (hereinafter…
DetailsPublic Provident Fund Rules 1. The Public Provident Fund Scheme is a statutory scheme of the Central Government of India. 2. The Scheme is for 15 years. 3. Public Provident Fund Interest Rate is fixed by the Ministry of Finance, Government of India, annually, and at present is 8.7% compounded annually (as of April 1st…
DetailsThe citizens of India are required to pay Income tax as well as other taxes as per law. 1. Some people raise the question ‘Why should I pay tax? They argue: I have to pay for my food, for my house, for my travel, for my medical treatment, for owning a vehicle not only cost…
Details80GG (Individual not receiving HRA) Rent paid for furnished/unfurnished residential accommodation subject to following conditions: Least of the following shall be exempt from tax: a) Rent paid in excess of 10% of total income*; b) 25% of the Total Income; or c) Rs. 2,000 per month. Total Income = Gross total income minus long term…
DetailsThe Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Rules, 2015 (the Rules) have been notified vide notification no. G.S.R. 529 (E) dated 02-07-2015. These Rules provide the method of determination of Fair Market Value of an undisclosed foreign asset. The declaration under Section 59 of the Act may be filed on…
DetailsCompetition Commission of India (CCI) Amends its Combination Regulations; The Proposed Amendments Provide Flexibility to Parties Regarding Signing of the Notice; Form-I Required to be Filed for Notifying Combination Revised As part of its ongoing and regular efforts to make M&A filing requirements simpler and readily acceptable to various stakeholders, the Competition Commission of India…
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