Inclusion of Interest Income in the Return of Income filed by Persons liable to Pay Tax

Information regarding interest earned by individuals and business entities on term deposit is filed with the Income Tax Department by banks including co-operative banks and other financial institutions and State treasuries etc. Form 26AS reflects only those payments on which tax has been deducted and it can be viewed by the individual tax payer by…

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Atal Pension Yojana (APY) amended to give an option to the spouse to continue to contribute for balance period on premature death of the subscriber

Atal Pension Yojana (APY) amended to give an option to the spouse to continue to contribute for balance period on premature death of the subscriber; After the death of both the subscriber and the spouse, the nominee of the subscriber shall be entitled to receive the pension wealth, as accumulated till age of 60 years…

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Government clarifies to the Jewellery Industry about the issues relating to imposition of Excise Duty on articles of Jewellery with simplified procedures

In the General Budget for 2016-17, a nominal excise duty of 1% [without input tax credit] and 12.5% [with input tax credit] has been imposed on articles of jewellery with simplified procedures.  Salient features of the simplified procedures for this levy have been explained vide press release issued by the Government on 4th of March,…

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Circular for Modification of Instruction with Fresh Guidelines and Procedures for dealing with Revenue Audit objections issued

The guidelines and procedure for attending to objections raised in the course of audit of assessment work by the Comptroller and Auditor General of India (Revenue Audit) are laid down in the Instruction No of 2006 issued by the Central Board of Direct Taxes (CBDT).  The Instruction inter-alia mandates the initiation of remedial action in…

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What Makes A Financial Website Successful?

Financial services must tie these three factors together – customer experience, best practices and reliability/responsiveness – to have an effective web presence. They can’t go hard into one particular area and ignore the others. They have to understand what’s available versus their competitors, what consumers think of their sites versus competitors’ and how their sites are performing.

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Revised Pensionary benefits under OROP released to over Two Lakh Defence Pensioners

The Defence Pension Disbursing Offices (DPDOs) functioning under Controller General of Defence Accounts (CGDA) in the Ministry of Defence have released revised pensionary benefits to 2,21,224 Defence pensioners drawing service/disability pension. The amount along with first instalment of arrears had been released and credited by the Defence Ministry to the accounts of these pensioners on…

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Tax Incentives for the Maritime Sector

The Government of India has proposed the following tax incentives in the Budget 2016-17 for strengthening and promoting the Indian maritime sector (i)         Exclusion of services of transportation of import cargo by ships on voyage charter from Negative List. Freight charged by  shipping companies for import of goods into India has been excluded from the…

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