"02 March 2016" Archive - Page 2

Legal framework to enable/ expand scope of e-processing

In order to expedite verification and analysis of the information and documents so received, it is proposed to amend section 133C to provide adequate legislative backing for processing of information and documents so obtained and making the outcome thereof available to the Assessing Officer for necessary action, if any....

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Posted Under: Income Tax |

Section 270AA: Immunity from penalty & prosecution

It is proposed to provide that an assessee may make an application to the Assessing Officer for grant of immunity from imposition of penalty under section 270A and initiation of proceedings under section 276C, provided he pays the tax and interest payable as per the order of assessment or reassessment within the period specified in such n...

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Posted Under: Income Tax |

Processing U/s. 143(1) be mandated before assessment

Under the existing provision of sub-section (1 D) of section 143, processing of a return is not necessary where a notice has been issued to the assessee under sub-section (2) of the said section. It is proposed to amend sub-section (1D) of the aforesaid section to provide that before making an assessment under sub-section (3) of section 1...

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Posted Under: Income Tax |

Extension of time limit to Transfer Pricing Officer in certain cases

As per the existing provisions, the Transfer Pricing Officer (TPO) has to pass his order sixty days prior to the date on which the limitation for making assessment expires. It is noted that at times seeking information from foreign jurisdictions becomes necessary for determination of arm's length price by the TPO and at times proceedings ...

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Posted Under: Income Tax |

Option to pay Tax for Companies from assessment year 2017-18

CA Goutham. D. Pipada Domestic Company: New Manufacturing Company to be incorporated Incorporated on or after 1st March 2016 Incorporated between 1st April 2016 upto 31st March 2019 Option 1: To pay tax @ 25%, subject to following conditions namely- a. No Section 10AA benefit b. No additional/accelerated depreciation benefit c. No section...

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Posted Under: Income Tax |

Enablement of 26QB correction facility & role of TDS officers

Letter F.No. CIT/CPC-TDS/2015-16 02/03/2016

Functionality for correction of Form 26QB has been made available online from 29th of Feb. 2016 to the deductors/buyers. Hence, the buyer, whose PAN exists in Form 26QB,can log in to www.tdscpc.gov.in and make the correction request for the following fields....

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Budget 2016: What's in it for the industry

Jaitley presented his third budget on Feb 29, 2016 amidst a global slump with lower commodity prices, slackening of China’s economy, volatile exchange rates and outflow by FIIs. He has been not drastically increased public spending and has been committed to maintaining a fiscal deficit of around 3.5% of India’s GDP....

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Posted Under: Income Tax |

Single Registration facility under Central Excise – condition amended

Earlier, the single registration could be granted only if the two premises were separated by way of public road or canal or railway line. This condition has been done away with now. However, earlier, there was no condition which stated that the manufacturing processes should be interlinked. Thus, even if both the premises undertook entire...

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Posted Under: Income Tax | ,

‘Excise Duty Studded on Jewellery by Budget, 2016

It is the most expensive amendment ever… Yes, now by virtue of amendments made by Budget, 2016; excise duty is being levied on articles of jewellery [excluding silver jewellery, other than studded with diamonds/other precious stones]. Thus, all the jewellery items except pure silver jewellery will now be subject to excise duty w.e.f. 1....

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Posted Under: Income Tax | ,

Draft Companies (Revival and Rehabilitation of Sick Companies) Rules, 2016

Draft Notification 02/03/2016

National Company Law Tribunal (NCLT) and its Appellate Authority is at an advanced stage of constitution. After its constitution, it is proposed to commence the provisions relating to Revival of sick companies (Chapter XIX) of Companies Act, 2013. The draft Rules for the said provisions have been prepared by a Committee consisting of Mini...

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