The Advance Pricing Agreement provisions were introduced in 2012 through insertion of sections 92CC and 92CD in the Income-tax Act, 1961 by the Finance Act, 2012. Subsequently, the Advance Pricing Agreement Scheme was notified vide S.O. 2005 (E), dated 30/8/2012, thereby inserting Rules 10F to 10T and Rule 44GA in the Income-tax Rules, 1962. Rollback…
Effective and Stringent Action only in known and big cases of Tax Evasion to Demonstrate to the Large Number of Compliant Tax Payers that the Tax Laws are just and Fair and to Encourage Voluntary Tax Compliance It has been noticed that the certain section of media have referred to the Discussion Paper, circulated during…
Income Tax Dept. has issued circular defining the procedure to be following in case demand is received by taxpayer. Procedure also laid down for verification and correction of Demand by AOs. This circular can be downloaded from here. Google Plus Google Community Facebook Twitter
Income tax department has released circular no. 07/2015 dt. 23-04-15 in which it has extended the benefit of Circular no. 4/2002 dt. 16-07-2002 to those corporations which are covered u/s 10(26BBB). Circular 4/2002 dt. 16-07-2002 states that no TDS to be deducted from payments made to such entities if Income of such entities is unconditionally…
CBDT has increased the transport allowance to INR 1600/- per month from 800/- per month as announced in Finance Budget, 2015. Notification no. 39/2015 dt. 13-04-15 has been released by CBDT which is given below and can also be downloaded from here. Google Plus Google CommunityFacebookTwitter
As per Section 234A, interest is chargeable for on late filing of Income Tax Return. This interest is charged on Total Tax Liability as reduced by TDS/ TCS, Advance tax, any relief u/s 90 & 90A, any deduction allowed u/s 91 and tax credit allowed under section 115JAA and 115JD.Since self assessment tax is not…
CBDT (Central Board of Direct Taxes) in its notification no. 38/2015 [F.No.142/15/2013-TPL] / SO 995 dt. 10th Apr-15 has allowed companies to apply for new PAN and TAN in Form no. INC-7. A Company which has not registered under the Companies Act, 2013, can now apply for new PAN & TAN in form no. INC-7 specified…