In line with the revision of interest rates of small savings schemes, interest rates for the National Small Savings Fund (NSSF) loan to Centre and States for FY 2016-17 has been revised and fixed at 8.8% in place of 9.5%. The National Small Savings Fund (NSSF) invests its net collection as loan to Centre…
DetailsThe Government of the Republic of India and the Government of the Republic of Maldives signed two Agreements – for the Exchange of Information with respect to Taxes and for the avoidance of double taxation of income derived from international air transport on 11th April, 2016 during the visit of Hon’ble President of Maldives to…
DetailsThe Government of India have announced the Sale (re-issue) of (i) “7.68 per cent Government Stock 2023” for a notified amount of Rs. 3,000 crore (nominal) through price based auction, (ii) “7.59 per cent Government Stock 2026” for a notified amount of Rs. 8,000 crore (nominal) through price based auction, (iii) “7.73 per cent Government…
DetailsIn pursuance of the Notification of the Income Tax Returns (ITR) for AY 2016-17 on March 31st, 2016, Central Board of Direct Taxes (CBDT)announces the release of electronic filing of ITRs 1 and 4S on its websitehttps://incometaxindiaefiling.gov.in. Other ITRs will be e-enabled shortly. Online filing of Appeal before Commissioner (Appeal) using newly notified Form 35…
DetailsThe Income Tax Department has from time to time issued advisories regarding the need to avoid phishing emails and to carefully protect the passwords, OTPs and not share them with others. In order to ensure that taxpayers are able to secure their E-filing account against any fraudulent attempts, the Income Tax Department has introduced a…
DetailsCPC Bengaluru processed more than 4.14 crore Income Tax returns, an increase of over 35% over the previous year; CPC also issued over 1.61 crore refunds above Rs 100 to taxpayers, an increase of more than 47% over the previous year. The Central Board Direct Taxes (CBDT achieved significant success in delivery of taxpayer services…
DetailsThe Central Board of Direct Taxes has notified the forms for filing of Income-tax returns for Assessment Year 2016-17. These return forms, namely ITR-1 (Sahaj), ITR- 2, ITR-2A, ITR-3, ITR-4, ITR-4S (Sugam), ITR-5, ITR-6, ITR-7 are available on the official website of the Department, http://www.incometaxindia.gov.in With the passage of Finance Bill, 2015, wealth-tax is…
DetailsGovernment had launched the Gold Monetisation Scheme (GMS) on 5th November, 2015. Thereafter a number of modifications have been made in the scheme to facilitate monetization of gold by people. The scheme has been further modified on 31st March, 2016. Now, for the gold deposited under Medium and Long Term Government Deposits (MLTGD), the…
DetailsThe Startup India portal http://startupindia.gov.in, and mobile app have been launched by Secretary, DIPP, Mr. Ramesh Abhishek in New Delhi today. The key features of the portal and app are the following: · Information Availability: The portal and mobile app provide up-to- date information on various notifications/ circulars issued by various Government ministries/ departments, towards…
DetailsThe Central Board of Direct Taxes signed 11 unilateral APAs on 28th March, 2016. With this signing, India has entered into 59 bilateral and/or unilateral APAs. The Advance Pricing Agreement (APA) programme was introduced by the Finance Act, 2012 to provide a predictable and non-adversarial tax regime and to reduce litigation in the Indian transfer…
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