MINISTRY OF FINANCE (Department of Revenue) (Central Board of Direct Taxes) NOTIFICATION No. 10/2016 New Delhi, the 26th February, 2016 S.O. 613(E).- In exercise of the powers conferred by item (h) of sub-clause (iv) of clause (15) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following […]
Economic Survey 2015-16 highlights need for more investment in Human Capital, expresses concern at declining educational outcomes, emphasizes importance of improving efficiency in delivery of services in the health sector.
This is in reference to the subject mentioned above. The taxpayers are facing problems due to mismatch of TDS/other taxes. These problems may be due to the non-reporting of TDS and uploading the TDS details improperly by their deductors. As a result, demand notices are being sent to the taxpayers due to non-availability of the tax credits for claim ITR.
Press Information Bureau Government of India Ministry of Finance 26-February-2016 17:13 IST Custom Duty on Life Saving Drugs Representations have been received from domestic industry stating, inter alia that the exemption/concessional customs duties on drugs including life saving drugs deters domestic manufacture of these life saving drugs. Accordingly, in consultation with the stakeholders including Ministry […]
The Economic Survey 2015-16 tabled in Parliament today by the Union Finance Minister Shri Arun Jaitley presents an optimistic picture of Indian economy stating that amidst the gloomy landscape of unusual volatility in the international economic environment, India stands as a haven of stability and an outpost of opportunity.
The details of the tax rates of the major countries of Asia have been taken from the KPMG Report on Global Rates, 2015. Indian tax rates for direct taxes are higher than the average tax rate among Asian countries.
CBI FILES CHARGESHEET AGAINST THEN ADDITIONAL COMMISSIONER OF CENTRAL EXCISE IN A DISPROPORTIONATE ASSETS CASE The Central Bureau of Investigation has filed a chargesheet against then Additional Commissioner, Central Excise, Vadodara (Gujarat) for possessing alleged disproportionate assets to the tune of 488.25% (approx) U/s 109, 120-B, 419, 420, 465, 471 of IPC and Sec. 13 […]
It has been brought to the notice of the Board that the provisions of law regarding buy-back of shares since introduction of dividend distribution tax (‘DDT’) under section 115Q of the Act w.e.f. 01.04.2003 till 31.05.2013 are being interpreted in a conflicting manner by the tax authorities and taxpayers, thereby giving rise to disputes on this issue.
The assessee may not have been successful in getting customers or earning the business income, but if the assessee has done requisite preparations and if the assessee can be said to be in a position to cater to its customers
Presently, in terms of Section 66D(a)(iv) of the Finance Act, 1994 read with Rule 2(1)(d) of the Service Tax Rules, 1994, only ‘support services’ provided by Government or a Local authority to a Business Entity are liable to Service tax under Reverse Charge except (1) renting of immovable property
