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TDS on interest paid by IFSC Banking Units : CBDT Clarifies
F.No. 275/26/2016-IT(B) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi Dated: 4th July, 2016 Circular No 26/2016- Income Tax Subject...
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Generate EVC through AXIS bank ATMs
Now Electronic Verification Code (EVC) can be generated through AXIS bank ATMs also. State Bank was the first Bank to Offer this Facility and AXIS is the second bank to offer this facility. This will...
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No Change in TCS Return Filing Dates
In recent years, CBDT has made efforts to rationalize the provisions and procedures of Tax Deduction at source (TDS) and Tax collected at source (TCS). The recent amendments of relaxing the due date f...
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CBDT revises format of Issue of Income Tax notices U/s. 143(2)
F.No. 225/162/2016/ITA.II Government of India Ministry of Finance Department of Revenue (CBDT) North Block, New Delhi, dated the 11th of July, 2016 To All Pr. CCsIT/Pr. CCIT(International-tax)/CCIT(Ex...
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Ensure 100% entry of IDS Form 1 received in paper format
DIRECTORATE OF INCOME TAX (SYSTEMS) ARA Center, Ground Floor, E-2, Jhandewalan Extension, New Delhi – 110055 F.No. 1/20/CIT(OSD)/efiling/Electronic Verification/2013-14 Dated: 11/07/2016 To The Princi...
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CBDT directs officials to not to disclose info received under IDS, 2016
GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 56/2016-Income Tax ORDER New Delhi,Dated: 6th July, 2016 S.O.2322 (E)– In exercise of the powers conferred by sub-secti...
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CBDT - Extension of TDS exemption to IBUs paying interest to non-residents on borrowings /deposits
CBDT Circular No. 26/2016 Extension of TDS exemption to IBUs paying interest to non-residents on borrowings /deposits Sec 197A(1D) and Sec 10(15)(viii) applicable to interest paid by IFSC Banking Unit...
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CBDT - Revised formats for issuance of notice u/s 143(2) for limited, complete and manual scrutiny
All scrutiny notices, shall henceforth, be issued in these revised formats for which necessary changes shall be effected by the Systems Directorate in the ITD module. 1. Limited/Complete scrutiny noti...
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Identify Potential case for Income Tax Declaration Scheme: CBDT
DIRECTORATE OF INCOME TAX (SYSTEMS) ARA CENTRE, GROUND FLOOR, E-2, JHANDEWALAN EXTENSION, NEW DELHI-110 055 F. No. DGIT(S)/ADG(S)-2/IDS/128/2016-17/Dated 5.07.2016 To The Pr. Chief Commissioner of Inc...
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Growth in Direct/Indirect tax collection of 1st quarter of 2016-17
Press Information Bureau Government of India Ministry of Finance Date: 08-July-2016 Indirect tax collection for the 1st quarter of 2016-17 indicates a growth rate of 30.8% The figures of indirect tax...
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Appointment of ACIT Junior Scale to DCIT Senior Time Scale grade
Notification No. 15 – Appointment of Assistant Commissioners of Income Tax (Junior Scale) to the grade of Deputy Commissioner of Income Tax (Senior Time Scale) – reg. Government of India Ministry of F...
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Applicability of ICDS U/s. 145(2) of Income-tax Act, 1961
Dear Professional Colleagues, Applicability of Income Computation and Disclosure Standards notified under section 145(2) of the Income-tax Act, 1961 It is a pleasure to inform that the Central Board o...
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ICDS to be applicable from 01.04.2016 instead of 01.04.2015
Income Computation and Disclosure Standards (ICDS) notified under Section 145 (2) of the Income -tax Act, 1961 to be applicable from 1st April, 2016 Vide Notification No. SO 892 (E) dated 31st March,...
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Secretarial Standard-1 (Compliances for Meetings of Board of Directors)
Brief Introduction Secretarial standard-1 is related with “Meetings of the Board of Directors” issued by ICSI and further approved by the Central Government. As per provisions of Sec.118 (10) of the C...
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Cyprus agrees on source based capital gain taxation on share transfer
Press Information Bureau Government of India Ministry of Finance Date: 01-July-2016 15:00 IST In-principle agreement reached on all pending issues on Double Taxation Avoidance Agreement between India...
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Form No 12BB - Income tax Declaration by Employees for FY 2016-17
According to the income tax guidelines, income tax is deductible annually for each financial year commencing from 1st of April and ending on the 31st March. The responsibility of the employer has been...
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Section 206AA read with Rule 37BC : Requirement of PAN in case of transaction with DTAA or Non-DTAA countries
All about Section 206AA read with Rule 37BC & recent Changes All about Section 206AA of Income Tax Act, 1961 to be read with Rule 37BC of Income Tax Rules, 1962 alognwith recent changes as applicable...
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Publicity material for Income Declaration Scheme, 2016
F.No. 385/17/2016-IT(B) Government of India Ministry of Finance Central Board of Direct Taxes ******* New Delhi, Dated: 01.07.2016 To, All Principal Chief Commissioners of Income Tax. Sir/ Madam, Subj...
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CBDT issues 3rd FAQs on Income Declaration Scheme, 2016
The Income Declaration Scheme, 2016 provides an opportunity to persons who have not paid full taxes in the past to come forward and declare their undisclosed income and assets. The Scheme came into ef...
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CBDT instructs to maintain confidentiality of IDS, 2016 declarants
F.No. 187/10/2016-ITA-1 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes ******** New Delhi, Dated: 30th June, 2016 OFFICE MEMORANDUM Vide letter F.No. 187/1...