Paperless assessment/ e-mail based assessment on a pilot basis was commenced in the financial year 2015-16 in non-corporate charges of five cities i.e. Ahmedabad, Bangalore, Chennai, Delhi and Mumbai. The e-mail based assessment scheme has now been extended to two more cities, namely Hyderabad and Kolkata during the Current Financial Year 2016-17. It shall now…
The Income Declaration Scheme, 2016 incorporated as Chapter IX of the Finance Act 2016 provides an opportunity to all persons who have not declared income correctly in earlier years to come forward and declare such undisclosed income(s). Under the Scheme, such income as declared by the eligible persons, would be taxed at the rate of…
The present Government has taken various decisions and steps to curb the menace of black money both within and outside the country in last two years. Some of the major decisions and actions taken in this regard are given below: 1. Sustained steps taken for curbing black money:- (a) A new Black Money Act has…
The Protocol for amendment of the Convention for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and capital gains between India and Mauritius was signed by both countries today at Port Louis, Mauritius. The key features of the Protocol are as under: i. Source-based taxation…
The Revenue Department of the Ministry of Finance takes several steps for boosting-up growth and employment generation: (a) Lowering the Corporate tax rates to 25% for new manufacturing companies (b) Extending tax benefits for housing sector so as to promote construction industry (c) Rate of tax on royalty and fees for technical services reduced from…
Central Board of Direct Taxes (CBDT) vide its Order dated 2nd May, 2016 has given direction to its field formations, with a view to avoid disputes/Litigation and to maintain uniform approach that the income arising from transfer of unlisted shares, irrespective of period of holding, would be taxable under the head ‘Capital Gain’ except in…
Form 12BB — Rule 26C CBDT amended Income Tax Rules, 2016 vide Notification No.3o/2016, F.No.142/29/2o15- TPL. These Rules shall come into force from 1st day of June, 2016 CBDT introduced Form 12BB for furnishing of evidence of claims by employee for deduction of tax under 5.192 by inserting Rule 26C. Accordingly, assessee (employees) shall furnish…
Circular No. 10/2016 F.No.279/Misc./M-140/2015-ITJ Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 26th April, 2016 Subject:- Limitation for penalty proceedings under sections 271D and 271E of the Income tax Act, 1961 — reg. The issue whether the limitation for imposition of penalty under sections 271D and 271E…
F.No.279/Misc./M-140/2015-ITJ Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 26th April, 2016 Subject:- Payment of interest on refund under section 244A of excess TDS deposited under section 195 of the Income tax Act, 1961— reg. The procedure for refund of tax deducted at source under section 195…
On the basis of the recommendations of the Committee on MAT-Ind AS, the Central Government has notified 10 ICDS vide Notification No. S.O.892(E) dated 31st March, 2015. With the approval of the Finance Minister , the above said Committee was also requested to suggest the framework for computation of book profit for the purposes of…