"20 July 2016" Archive

5 Mistakes You Should Avoid in Selecting Tax Saving Investments

The word 'tax’ troubles every salaried individual and business person, equally. Nobody likes when a portion of their income gets deducted in the form of tax. Therefore, individuals that fall in the tax bracket, choose certain tax-saving schemes like PPF, Mutual Funds, and tax-saving FDs, life insurance, Mediclaim policy or property inv...

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Posted Under: Income Tax | ,

Closure of EPCG authorizations in case of supplies to SEZ units

Trade Notice No 10/2016 (20/07/2016)

Closure Of EPCG authorizations in case of supplies to SEZ units which have been made prior to 01.4.2015 and where exports proceeds have not been realized through Foreign Currency Account (FCA) of the SEZ unit....

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CBDT notifies 37 new districts as backward areas

Notification No. 61/2016-Income Tax (20/07/2016)

CBDT notifies 9 districts in the State of Telangana, 11 Districts in the State of West Bengal and 17 Districts in State of Bihar as backward areas under the first proviso to clause (iia) of sub-section (1) of section 32 and sub-section (1) of section 32AD of the Income Tax Act 1961...

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Revised deceleration under Income Declaration Scheme 2016 enabled

Notification No. 60/2016-Income Tax (20/07/2016)

CBDT has amended Income Declaration Scheme Rules, 2016 to amended form 1 related to deceleration of undisclosed Income and incorporated option to file Revised Return under the scheme. In case of revised return the declerant has to mention Receipt No. and Date of filing original Form-1 and Reason for Filing Revised Form 1....

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Revised Payment Schedule: Income Declaration Scheme, 2016

Notification No. 59/2016-Income Tax (20/07/2016)

The date on or before which the tax and surcharge is payable under section 184, and the penalty is payable under section 185 in respect of undisclosed income shall be as follows, namely:- (a) the 30th day of November, 2016, for an amount not less than twenty-five per cent. of such tax, surcharge and penalty;...

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'START-UP INDIA'-Coverage and Eligibility

Startup Recognition: Till date (18.7.2016), 728 applications have been received for Startup Recognition. Out of them, 180 applications are complete and are recognised as a startup by DIPP. For remaining applications, Startup India Hub provides handholding support to facilitate recognition of more and more Startups....

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Posted Under: Income Tax |

Govt defines 'Family' to stop misuse of position by Govt Servants

F.No.11013/4/2016-Estt (A-III) (20/07/2016)

As per rule 4 (1) of CCS (Conduct) Rules, 1964, no Government servant shall use his position or influence directly or indirectly to secure employment for any member of his family in any company or firm....

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Order No. 135 of 2016 – Transfer & Posting in CIT grade

Order No. 135 of 2016 + Corrigendum (20/07/2016)

The following postings / transfers in the grade of Commissioner of Income Tax are, hereby, ordered with immediate effect and until further orders vide Order No. 135 of 2016...

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Order No. 134 of 2016 – Transfer & Posting in PCIT grade

Order No. 134 of 2016 + Corrigendum (20/07/2016)

F.No. A-22011/5/2016-Ad-VI Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) North Block, New Delhi-110 001. Date: 20.07 2016 Order No. 134 of 2016 The following postings / transfers in the grade of Principal Commissioner of Income Tax are, hereby, ordered with immediate effect and until further...

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DD/PO towards appeal/application fee Should be Valid for 60 days

F.No.14/CESTAT/MISC/2013-14 (20/07/2016)

During receipt of Appeal/application in Central Registry, it has been noticed that the DD/PO, submitted towards registration fee, has only few days of validity left on the day of its submission. Keeping above in view, all concerned are requested to ensure that DD/PO submitted towards appeal/application fee must be valid at least for 60 da...

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