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Simplification of procedure for Form No. 15G & 15H
F.No. DGIT(S)/CPC(TDS)/DCIT/15GH/2016-174539 Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income-tax (Systems) New Delhi. Notification No 1/2016 Dated: 09th Jun...
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TCS on sale of a motor vehicle
7 things to know about TCS on sale of a motor vehicle Circular No. 22/2016 F. No 370142/17/2016-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Div...
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Second Bi-monthly Monetary Policy 2016-17- No Change in Rates
Press Release : 2015-2016/2837 Date : Jun 07, 2016 Second Bi-monthly Monetary Policy, 2016-17: Governor’s Opening Remarks at the Press Conference In our monetary policy statement of April 2016, we sta...
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Imprisonment with fine to Income Tax Inspector in Bribe Case
FOUR YEARS RIGOROUS IMPRISONMENT WITH FINE OF RS. 1.50 LAKH TO THEN INSPECTOR OF INCOME TAX IN A BRIBERY CASE The Special Judge, CBI Cases, Patiala House Courts, New Delhi has convicted Sh. Jai Prakas...
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CBDT notifies Cost Inflation Index for Financial Year 2016-17
CBDT has notified Cost Inflation Index for Financial Year 2016-17 / Assessment Year 2017-18 at 1125 . Cost Inflation Index for Financial Year 2015-16 was 1081 so there is an increase of 44 in Cost Inf...
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Further enhancements in Bulk PAN transfer facility
DIRECTORATE OF INCOME TAX (SYSTEMS) ARA Center, Ground Floor, E-2, Jhandewalan Extension, New Delhi – 110055 F.No. PDGIT(S)/ADG(S)-1/ITBA-PAN Instructions/0001/2016 Dated: 3.6.2016 To, The Principal C...
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Section 14A disallowance cannot exceed total expense: CBDT
GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES NEW DELHI Notification No. 43/2016, Dated: June 2, 2016 S.O. 1949(E)– In exercise of the powers conferred by...
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Designated Authority Under Direct Tax Dispute Resolution Scheme, 2016
LETTER [F.NO.279/MISC/M-61/2016,] Dated 1-6-2016 The Direct Tax Dispute Resolution Scheme 2016 (hereinafter referred to as the Scheme) introduced vide Finance Act, 2016 (28 of 2016), provides to the “...
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CBDT exempts specified Incomes of Pollution Control Board, Assam
MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 40/2016- Income Tax New Delhi, the 2nd June, 2016 S.O. 1944(E).—In exercise of the powers conferred by clau...
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Sec. 10(46) exemption to Uttar Pradesh State AIDS Control Society
MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 41/2016-Income Tax New Delhi, the 2nd June, 2016 S.O. 1945(E).—In exercise of the powers conferred by claus...
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Corrigendum to Income Tax Notification No. 33/2016
MINISTRY OF FINANCE (Department of Revenue) CORRIGENDUM Notification No. 44/2016- Income Tax New Delhi, the 2nd June, 2016 THE INCOME DECLARATION SCHEME, 2016 S.O. 1950(E).—In the notification of the...
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Cost Inflation Index – From 1981-82 to 2016-17
Cost Inflation Index – Meaning & Index from 1981-82 to 2016-17 Article discusses Meaning of Cost Inflation Index (CII) which is used for Computation of Long Term Capital Gain. Cost Inflation index are...
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Uploading of Form 1 for Disclosure of undisclosed income
Process to Upload Form 1 for Disclosure of undisclosed income Introduction As per Income Declaration Scheme, 2016, the declaration of undisclosed income is to be filed using Form for Income Disclosure...
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Income Computation & Disclosure Standard
Brief on Income Computation & Disclosure Standard Existing Scenario – Under Provisions of Sec. 145(2), Two Tax Accounting Standards have been notified on 25th January 1996 – Disclosure of Accounting P...
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Postings / transfers in the grade of Assistant /DCIT of 75 officers
F.No, A-22013/2/2016-Ad-VI (Part-II) Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) North Block, New Delhi-110 001. Date: 02.06.2016. Order No. 104 of 20...
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Due date of filing statement for TDS on Sale of Property extended
Due date of filing statement for deduction of tax at source (TDS) on Sale of Property u/s 194-IA has been extended to 30 days from 7 days CBDT has vide Notification No. 39/2016 dated: 31/05/2016 has e...
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CBDT releases utility for Income Declaration Scheme, 2016
Form 1 is available for e-Filing. To download Form 1, go to Downloads -> Forms (Other than ITR) -> Form1. As per Income Declaration Scheme, 2016, the declaration of undisclosed income is to be filled...
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Bad Debt admissible if written off as irrecoverable in books: CBDT
GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES NEW DELHI CIRCULAR NO. 12/2016, Dated: May 30, 2016 Subject:- Admissibility of claim of deduction of Bad Deb...
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CBDT Notifies Equalisation levy Rules, 2016
GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 38/2016 New Delhi, 27th May, 2016 EQUALISATION LEVY RULES, 2016 S.O. 1905(E) – In exerc...
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CBDT notifies date of Applicability of Equalisation Levy
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE (CENTRAL BOARD OF DIRECT TAXES) NEW DELHI N...