The Central Board of Direct Taxes had issued directions to the field offices that taxpayers whose tax has been deducted at source but not deposited to the Government’s account by the deductor, will not be asked to pay the demand to the extent tax has been deducted from his income. A letter to this effect…
DetailsEmployers can get refund upto 10% of administrative charges payable to EPFO under a new incentive scheme EPFO, Head Office, New Delhi: In order to boost the process of seeding the Universal Account Number (UAN) with KYC (e.g PAN, bank account details, Aadhar) that enables enhanced services from EPFO, an “Incentive Refund Scheme” has been…
DetailsThe Ministry for Labour & Employment will launch the Common Registration Facility on e-biz Portal, integration of the Annual Return under Mines Act 1952 and common ECR for EPFO/ESIC with the ShramSuvidha Portal, here tomorrow. The Ministry has decided to integrate the registration process under 5 Labour Acts with the e-biz portal of the Department…
DetailsThe 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 The Government has withdrawn following budget proposal: 1.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…
DetailsTaxation 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…
DetailsWith 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…
DetailsThe third tranche of the Sovereign Gold Bond will be open for subscription from March 8 to 14, 2016. The issue price of the Sovereign Gold Bond for the third tranche has been fixed at Rs.2916/- (Rupees Two Thousand Nine Hundred Sixteen only) per gram of gold. The rate has been fixed on the basis…
DetailsThe Government of India, in consultation with the Reserve Bank of India, has decided to issue third tranche of Sovereign Gold Bonds. Applications for the bond will be accepted from March 8, 2016 to March 14, 2016. The Bonds will be issued on March 29, 2016. The Bonds will be sold through banks, Stock Holding…
DetailsGrievance redressal is a major aspect of citizen centric governance and is an important feature of the activities of the Income Tax Department. The Income-tax Department is addressing grievances through a multi-layered grievance redressal machinery including Centralised Public Grievance Redress and Monitoring System (CPGRAMS), Aayakar Seva Kendras (ASK), online grievance redressal through Central Processing Centre…
DetailsIn this year’s Budget, a nominal excise duty of 1% [without input tax credit] and 12.5% [with input tax credit] has been imposed on articles of jewellery. Even for this nominal 1% excise duty, manufacturers are allowed to take credit of input services, which can be utilised for payment of duty on jewellery. Some…
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