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Lok Sabha Approves bill to tax cash deposit of black Money
Finance Minister Arun Jaitley has presented in Lok Sabha on 28.11.2016 THE TAXATION LAWS (SECOND AMENDMENT) BILL, 2016 to tax at higher rates with penalty, Cash Deposit in Bank accounts out of Black M...
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3 Years Rigorous Imprisonment With Fine to Then JCIT
Press Release New Delhi , 29.11.2016Three Years Rigorous Imprisonment With Fine of Rs. Three Lakh To Then Commissioner of Income TaxThe Special Judge for CBI Cases, Bangalore has convicted Shri V.P.Sh...
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The Taxation Laws (Second Amendment) Bill, 2016
AS INTRODUCED IN LOK SABHABill No. 299 of 2016THE TAXATION LAWS (SECOND AMENDMENT) BILL, 2016A BILLfurther to amend the Income-tax Act, 1961 and the Finance Act, 2016.BE it enacted by Parliament in th...
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Highlihgts of New Income Disclosure Scheme
Proposed Salient Features of New Income Disclosure Scheme for disclosing #blackmoney held as #cash 1. Applicable for undisclosed income in the form of Cash or deposits (including FD/RD,etc) held in in...
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Income Tax 2nd Amendment Bill 2016: Brief Analysis
Income Tax 2nd Amendment Bill 2016 An alternative scheme namely, the ‘Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016‘ (PMGKY) is introduced in the Bill.The salient feature...
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Senior Citizen Savings Schemes – Taxation and Status
Press Information BureauGovernment of IndiaMinistry of Finance25-November-2016 17:20 ISTSenior Citizen Savings SchemesSenior Citizens Saving Scheme, 2004 is a scheme of Department of Economic Affairs,...
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Measures to effectively tackle black money issue
Press Information BureauGovernment of IndiaMinistry of Finance25-November-2016 17:16 ISTMeasures to effectively tackle the issue of black moneyAnalysis of seizure of valuables and admission of undiscl...
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Interest income on Gold Monetisation Deposit Certificates is exempt
Press Information BureauGovernment of IndiaMinistry of Finance25-November-2016 17:25 ISTNorms on gold monetisation schemeGovernment has recently issued norms on gold monetisation scheme. Based on the...
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Insolvency &Bankruptcy Board notifies 2 Insolvency Regulations
Dated: 23-November-2016Insolvency and Bankruptcy Board (IBBI) of India notifies two Regulations; The Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professi...
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CBDT Signs Four Unilateral Advance Pricing Agreements
Press Information BureauGovernment of IndiaMinistry of Finance23-November-2016 18:27 ISTCBDT Signs Four Unilateral Advance Pricing Agreements pertaining to various sectors of the economy including pha...
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India revises DTAA with New Zealand for Info exchange & Tax Collection Assistance
Press Information BureauGovernment of IndiaCabinet23-November-2016 20:30 ISTCabinet approves the third Protocol to the Convention between India and New Zealand for the avoidance of double taxation and...
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Cash Deposit more than 2,50,000, department is sending notices
A capture of a picture of notice sent by Dy. Director of Income tax to M/s Sitaram enterprises that is spreading on social media, has created quite a ruckus in the business and tax consultant communit...
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Admissibility of expense by a firm on Keyman Insurance Policy of Partner
CIRCULAR NO. 38/2016F.No.279/Misc./ 140/2015-ITJGovernment of IndiaMinistry of FinanceCentral Board of Direct TaxesNew Delhi, Dated 22nd November, 2016Subject: Admissibility of expenditure incurred by...
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Revised Guidelines for application of section 9A -Fund manager
Government Of IndiaMinistry Of FinanceDepartment Of RevenueCentral Board Of Direct TaxesNew Delhi, Dated: November 21, 2016Notification No. 106/2016-Income TaxS.O. 3498(E). – In exercise of the powers...
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Automatic information of accounts of Indian residents in Switzerland
India be able to receive from Sept, 2019 onwards,the financial information of accounts of Indian residents in Switzerland on automatic basisGovernment of IndiaMinistry of FinanceDepartment of RevenueC...
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IT Raid & Survey detects undisclosed income of Rs.58568 Crore
As part of enforcement measures, during the period from 01.04.2014 to 31.10.2016, the Income Tax Department (ITD) conducted searches in 1242 groups of assessees, seizing undisclosed assets worth Rs.2,...
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No established mechanism to assess revenue foregone on account of deduction U/s. 80 IA
Report No. 28 of 2016 – Performance Audit on Allowance of deduction to the assessees Direct Tax Union GovernmentDate on which Report Tabled: 22nd Nov,2016Government Type: UnionUnion Department Type: D...
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Black money in Swiss Banks -Rs. 8200 Crore brought to tax
Press Information BureauGovernment of IndiaMinistry of Finance22-November-2016 17:55 ISTAction in retrieval of Black money in Swiss BanksInformation of 628 Indian persons holding bank accounts in HSBC...
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IT dept starts issuing notices for cash deposits on or after 09/11/2016
PM Narendra Modi’s has announced demonetisation of old Rs 1,000 and Rs 500 currency on 8th November 2016 and after that there was lot of ways people started trying to covert their Black Money into Whi...
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India -UK Sign 3 more Bilateral Advance Pricing Agreements
Press Information BureauGovernment of IndiaMinistry of Finance18-November-2016 20:20 ISTIndia and UK Sign three Bilateral Advance Pricing Agreements (B- APAs) taking the total number of APAs signed [b...