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Introduction to Arm’s Length Price
Definitions; A transaction in which the buyers and sellers of a product act independently and have no relationship to each other. The concept of an arm’s length transaction is to ensure that both part...
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RBI to Banks- Levy Late Payment charges on credit card only after delay of 3 days from due date
RBI/2015-16/126 DBR.No.BP.BC.30/21.04.048/2015-16 July 16, 2015 All Scheduled Commercial Banks/Non-Banking Financial Companies/Primary (Urban) Co-operative Banks Dear Sir, Prudential Norms on Income R...
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RBI allows AD banks to factor export receivables on a non-recourse basis
RBI/2015-16/129 A.P. (DIR Series) Circular No.5 July 16, 2015 To All Authorised Dealers in Foreign Exchange Madam/ Sir, Export factoring on non-recourse basis In order to facilitate exports, Authorise...
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Income Computation and Disclosure Standards (ICDS)
Section-145(2) of Income tax Act, 1961 empowers Central Government to issue Income Computation and Disclosure Standards (ICDS). Features of ICDS Effective Date of ICDS is 01stApril, 2015 AY: 2016-17 o...
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CBDT restricts issue of Manual Refunds by Assessing Officers
AST Instruction No. 136 DIRECTORATE OF INCOME TAX (SYSTEMS) ARA Centre, Ground Floor, E-2, Jhandewalan Extension, New Delhi-110055 F.No. DGIT(S)/DIT(S)-3/AST/Manual Refunds/85/2015-16 Dated: 10/07/201...
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Filing Form 15CA and Form 15CB : Foreign Remittances
Filing Form 15 CA and Form 15 CB – Compliance for Foreign Remittances About Form 15 CA and Form 15 CB: The Income Tax Law of our country requires authentication of foreign remittances (payments) made...
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CBDT issues Information Security Guidelines to stop inappropriate disclosure of taxpayer’s info
F. No. 500/62/2015-FTTR-lll GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES (FOREIGN TAX & TAX RESEARCH DIVISION) CISO INSTRUCTION NO 1 Dated: July 10, 2015...
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Clarification on Reports Appearing on Black Money Act
Over last few days a number of reports have appeared in the media expressing views and concerns regarding the applicability of various provisions of the Black Money (Undisclosed Foreign Income and Ass...
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Verify your Return Electronically- No need to send ITR-V to CPC Bengaluru
Commencement of Electronic Verification of Income Tax Returns for AY 2015-16 To facilitate the taxpayers and to provide end-to-end e-enabled services, the Income Tax Return for A.Y. 2015-16 can now be...
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Electronic Verification Code: A step ahead by CBDT to e-governance
Electronic Verification Code (‘EVC’) is a step ahead by the CBDT in e-governance which has been introduced by CBDT by notifying Notification no. 2/2015 dated July 13, 2015. The EVC process will benefi...
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e-Verification of Income Tax Returns – User Manual
CBDT vide Notification No. 2/2015 prescribes Electronic Verification Code (EVC) for electronically filed Income Tax Return as an alternative mode of verification. EVC would verify the identity of the...
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ITR-V filing date for A.Y. 2013-14 extended to 31st October 2015
The date for filing ITR-V for returns e-Filed for A.Y 2013-14 (filed on or after 1st April 2014 till 31st March 2015) and for A.Y 2014-15 (filed on or after 1st April 2014 till 30th June 2015) extende...
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CBDT guidelines for NGOs seeking exemption U/s. 11 for providing relief to earthquake hit people in Nepal
Dated :- -08-07-2015 Standard Operating Procedure (SOP) for making application for claim of tax exemption u/s 1 1(1)(c) of the Income-tax Act, in respect of remittance of money/relief articles by Indi...
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CBDT notifies list of entities who can issue Tax free, secured, redeemable, non-convertible bonds during financial year 2015-16
[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) Notificatio...
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FAQs on Tax Compliance for Undisclosed Foreign Income and Assets
Circular No. 13 of 2015 F. No. 142/18/2015-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) Dated 6th of July, 2015 Clarifications on Tax...
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Explanatory Circular for Compliance Window under Black Money Act
GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES (TPL DIVISION) NEW DELHI CIRCULAR NO. 12/2015, Dated: July 2, 2015 EXPLANATORY NOTES ON PROVISIONS RELATING...
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Notification of Black Money Rules and issue of Explanatory Circular
for Compliance Window under Black Money Act The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Rules, 2015 (the Rules) have been notified vide notification no. G.S.R. 529 (E...
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CBDT notifies dates for declaration of undisclosed asset located outside India and for Tax Payment
GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) NOTIFICATION NO. 57/2015 Dated- 1st July, 2015 S.O.1791(E).- In exercise of the powers conferred by section 59 and sub-section (1) of se...
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Black Money Act come into force from 1st day of July, 2015
GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 56/2015 ORDER Dated- 1st July, 2015 S.O.1790(E)- Whereas the Black Money (Undisclosed For...
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CBDT notifies dates for compliance window under Black Money Act
Dates For Compliance Window Under Black Money Act Notified; 30th September, 2015 is the date on or before which A Person may make a Declaration in respect of an Undisclosed Asset Located Outside India...