Income Tax, Wealth Tax and Direct tax Code Related News

Till date, India has signed Bilateral Investment Promotion and Protection Agreements (BIPAs) with 82 countries, starting with the United Kingdom in 1994. Of these 82 countries, BIPAs with 72 countries have been enforced. The list of 82 countries and texts of 72 enforced BIPAs are available on the Ministry of Finance website http://finmin.nic.in. Besides, India has signed 17 Free Trade Agreements (FTAs)/Comprehensive Economic Partnership Agreement (CEPA)/Comprehensive Eco.. Full Article

The Income-tax Department intends to empanel Senior/ Junior Standing Counsel to represent it before the Nagpur Bench of Bombay High Court and Subordinate Courts/other Judicial forums. Applications are invited from members of Bar Council of Bombay High Court having experience in dealing with Income-tax/ Direct tax matters. Full Article

Income Tax Department has issued “Invitation for Expression of Interest (EOI) for Selection of Managed Service Provider for setting up and maintenance of Tax Information Network Project for ITD” . Interested bidders may like to apply as per the EOI document. Full Article

Constitution is the foundation and source of powers to legislate all laws in India. Parliament, as well as State Legislatures gets the power to legislate various laws from the Constitution only and therefore every law has to be within the vires of the Constitution. Full Article

Newly inserted Section 80CCG provides deduction wef assessment year 2013-14 in respect of investment made under notified equity saving scheme. The deduction under this section is available if following conditions are satisfied: Full Article

Finance Bill, 2012 - No provision was proposed in Finance Bill, 2012 to exempt the income of Prasar Bharati. Finance Bill, 2012 as passed by Lok Sabha - A new clause (23BBH) shall be inserted in Section 10 to exempt the income. Full Article

It is proposed to insert a new clause in section 56(2). The new clause will apply where a company, not being a company in which the public are substantially interested, receives, in any previous year, from any person being a resident, any consideration for issue of shares. In such a case if the consideration received for issue of shares exceeds the face value of such shares, the aggregate consideration received for such shares as exceeds the fair market value of the shar.. Full Article

Section 203 of the Income-tax Act 1961 read with the Rule 31 of the Income-tax Rules 1962 requires the deductor to issue certificate of tax deduction at source (TDS) to the deductee. The relevant form for such TDS certificate is Form No.16 in case of deduction under section 192 and Form No.16A for deduction under any other provisions of Chapter XVII-B of the Act. TDS certificate in Form No.16 is to be issued annually whereas TDS certificate in Form No.16A is to be issue.. Full Article