"February, 2016" Archive - Page 20

Specified Income of CCI exempted under Income Tax: CBDT

Notification No. 8/2016-Income Tax (19/02/2016)

Central Government hereby notifies for the purpose of the said clause, the Competition Commission of India, a Commission established under sub-section (1) of section 7 of the Competition Act, 2002 (12 of 2003), in respect of the following specified income arising to the said Commission, namely:-...

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CBDT Clarifications on implementation of FATCA and CRS

F.No. 504/090/2007-FTD-I (19/02/2016)

For the upcoming reporting in March 2015 and May 2016, all reporting has to be done in INR. For the reporting in 2017, Form 61B and Schema will be suitably modified to include a field for capturing type of currency...

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Top 10 Wishes of Common Man from Budget 2016

1. Re-introduction of Standard Deduction to Salaried / Pensioner Income Tax Payees. 2. Enhancement of deduction u/s 80C to Income Tax Payees from present Rs.1-50 lac / Rs.2.00 lac to Rs.3-00 lac, if not Rs.5-00 lac a year. 3. Enhancement of deduction u/s 24 to Income Tax Payees from present Rs.2-00 lac to Rs.3-00, if not Rs.5-00 lac a yea...

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Posted Under: Income Tax |

Assessment of Firms

Firm is an association of two or more than two persons, who came together to do a business and share profits thereof. Section 4 of the Partnership Act, 1932 defines Partnership as relationship between persons who have agreed to share the profits of business carried on by all or any of them acting for all....

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Posted Under: Income Tax |

CBDT notifies Atal Pension Yojana u/s 80CCD

Notification No. 7/2016-Income Tax (19/02/2016)

Central Government hereby notifies the ‘Atal Pension Yojana (APY)’ as published in the Gazette of India, Extraordinary, Part I, Section 1, vide number F. No. 16/1/2015-PR dated the 16th October, 2015 as a pension scheme for the purposes of the said section....

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CBI arrests Custom & Excise Officer in 10 Lakh Bribe Case

The Central Bureau of Investigation has today arrested an Assistant Director, posted at Directorate General of Customs & Central Excise (Intelligence), Dehradun (Uttarakhand) while demanding & accepting an alleged bribe of Rs. 10 Lakh from a complainant....

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Posted Under: Income Tax |

Tax on services by Govt to businesses with turnover below 10 Lakh

Notification No. 07/2016-Service Tax (18/02/2016)

Government has vide Notification No. 07/2016-ST provided Service Tax exemption wef 01.04.2016 on Services provided by Government or a local authority to a business entity with a turnover up to rupees ten lakh in the preceding financial year....

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All services by Govt to business entities taxable from April 1, 2016

Notification No. 06/2016-Service Tax (18/02/2016)

All services provided by the Government or local authority to a business entity, except the services that are specifically exempted, or covered by any another entry in the Negative List, shall be liable to service tax. The date from which this amendment would come into effect is notified as 01.04.2016 vide Notification No. 06/2016- Servic...

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Rate of foreign currency exchange conversion WEF 19.02.2016

Notification No.29/2016 - Customs (N.T.) (18/02/2016)

Notification No.29/2016 - Customs (N.T.) Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currencies specified in column (2) of each of Schedule I and Schedule II annexed hereto, into Indian currency or vice versa, shall, with effect from 19th February, 2016, be the ra...

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Guiding Principles For Determination of POEM of a Company

In order to curb the erstwhile lacuna in the language of the Act and to prevent formations of various foreign shell companies, which are eventually controlled and managed from India, the Government of India amended the provision of clause (ii) of sub-section 3 of section 6 of the Act vide Finance Act, 2015 to avoid future revenue losses a...

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Posted Under: Income Tax |