The Central Board of Direct Taxes (CBDT) has taken a number of decisions to clarify the applicability of various provisions of the Income-tax Act with the objective of easing the burden of compliance and reducing litigation. It has been clarified through Circular No. 1/2016 that under Section 80IA, the eligible assessee has the option of…
DetailsWith a view to streamline the process of grant of stay of demand when the case of the taxpayer is pending before Commissioner (Appeals) and to standardize the quantum of lump-sum payment required to be made by the assessee as a pre-condition for stay of demand disputed, the Central Board of Direct Taxes (CBDT) has…
DetailsWhile presenting the General Budget 2016-17 in Lok Sabha here today, the Union Finance Minister Shri Arun Jaitley said that the taxation is a major tool available to Government for removing poverty and inequality and this has to be cautiously exercised. But, he would like to give relief to small tax payers, the Finance Minister…
DetailsNational Dialysis Services Programme to be launched3000 Stores to be opened under Prime Minister’s Jan Aushadhi Yojana during 2016-17 The Minister for Finance and Corporate Affairs and Information and Broadcasitng, Shri Arun Jaitley has announced a New Health Protection Scheme in the Budget 2016-17. In his Budget address in the Parliament today, the Finance Minister…
DetailsThe Plan and Non-Plan classification will be done away with from fiscal 2017-18. This was stated by the Union Finance Minister Shri Arun Jaitley while presenting the General Budget 2016-17 in Lok Sabha today.Shri Jaitley said that successive committees have questioned the merit in having Plan and Non-Plan classification of Government expenditure. A broad understanding…
DetailsWhile presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that litigation is a scourge for tax friendly regime and creates an environment of distrust. Litigation also leads to increasing the compliance cost of the tax payers and administrative cost for the Government. There are 3 lakh…
DetailsWhile presenting the General Budget 2016-17 in Lok Sabha here today, the Union Finance Minister Shri Arun Jaitley proposed a Scheme to declare undisclosed income by paying 45% tax in a given compliance window.Shri Jaitley proposed a limited period Compliance window for domestic taxpayers to declare undisclosed income or income represented in the form of…
DetailsWhile presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that the Government has already accepted many recommendations of Tax Administration Reform Committee. He further proposed to accept a number of recommendations of Justice Easwar Committee in Budget 2016-17. In order to reduce multiplicity of taxes, associated…
DetailsIssue opens on 24th Feb-16, closure on 1st March 2016 or earlier NHAI plans to raise funds through Public Issue of Tax Free, Secured, Redeemable Non-Convertible Bonds with Face Value of Rs 1,000 each for an amount of Rs 500 crore with an option to retain over subscription of upto additional Rs 2800 crore, aggregating…
DetailsWith effect from 10 February 2016, amendment has been made to the Provident Fund Scheme placing following restrictions on the Provident Fund withdrawal: 1. An employee may claim withdrawal of the full balance on retirement after attaining the age of 58 years. 2. An employee may claim early withdrawal of the partial balance (consisting of…
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