Persons holding undisclosed foreign assets are advised to file their declarations in time well before the 30th September, 2015 as provided under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (the Act). The information contained in the declaration will be kept confidential as Section 138 of the Income-tax Act…
NOTIFICATION New Delhi, the 24th August, 2015 [Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax] S.O. 2299(E).—In exercise of the powers conferred by clause (b) of sub-section (4) of section 120 of the Income-tax Act, 1961 (43 of 1961) read with section 6 of the Black Money (Undisclosed Foreign Income and…
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes 10th September, 2015 Press Release Subject:- Income-tax Department thanks the taxpayers for making e-enabled initiatives a success It has been the constant endeavor of the Income-tax Department to make compliance simpler for the taxpayer through the use of technology. E-filing of…
In the Financial Year (F.Y.) 2015-16, Department of Income Tax Receives 2.06 Crore Returns on the E-Filing Portal as on 07.09.2015 Registering an Increase of 26.12% over the Corresponding Period of the Preceding F.Y. 2014-15; 32.95 Lakh E-Returns Verified Through Electronic Verification Code; As on 07.09.2015 Central Processing Centre Processed 45.18 Lakh Returns Relating to…
Govt. has denied to extend date for Filing of Returns due by 30th September for Assessment Year 2015-16 for Certain Categories of Assessees Including Companies, and Firms and, Individuals Engaged in Proprietary Business/Profession etc whose Accounts are required to be Audited; Taxpayers are Advised to file their Returns Well in Time to Avoid Last Minute…
Section 194A of Income Tax Act, 1961 All Banks are required to deduct TDS on interest payments made to its account holders when the interest amount is in excess of INR 10,000. What is Form 15G and Form 15H? Form 15G & Form 15H are self-declaration forms required to be furnished by a person who…
CBDT has issued following instructions to its officers for compounding of Offences under Income Tax Act, 1961/Wealth tax Act, 1957 in cases of persons holding undisclosed foreign bank accounts/assets: (i) Such cases can be compounded only after filing the Prosecution complaint(s) and shall not be compounded at the stage of show cause notice and/or without…
F.No.328/08/20 5-WT Government of India Ministry of Finance Department of. Revenue Central Board of Direct Taxes (CBDT) New Delhi, dated the 3″I September, 2015 To All Pr. Chief Commissioners of Income-tax Subject: Extension of due date of filing return of wealth for A.Y. 2015-16 clarification A clarification was issued vide letter of even number dated…
The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (Black Money Act’) has introduced a tax compliance provision under Chapter-VI of the Act. The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Rules, 2015 (the Rules) were notified vide Notification no. G.S.R. 529 (E) dated 2nd July,…
Instruction No 9/2015 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, IT (A-II) Division New-Delhi, dated the 2nd of September, 2015 Subject: Report on applicability of Minimum Alternate Tax (MAT) on FIIs/FPIs for the period prior to 01.04.2015 and acceptance of the Government thereof- rep.…