"03 March 2016" Archive

CBDT notifies 15% depreciation allowance on Oil Wells

Notification 13/2016-Income Tax (03/03/2016)

In the Income-tax Rules, 1962, in New APPENDIX I, in the TABLE OF RATES AT WHICH DEPRECIATION IS ADMISSIBLE, in PART A relating to TANGIBLE ASSETS, under the sub-heading III. MACHINERY AND PLANT, in item (8), in sub-item (xii) relating to Mineral oil concerns, after entry (b), the following entry shall be inserted, namely:-...

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Rate of exchange of conversion of foreign currency WEF 04.03.2016

Notification No. 36/2016 - Customs (N.T.) (03/03/2016)

CBEC 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 04th March, 2016, be the rate mentioned against it in the corresponding entry in column (3) thereof, for...

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Master Direction- RBI (Interest Rate on Advances) Directions, 2016

RBI/DBR/2015-16/20 Master Direction DBR.Dir.No.85/13.03.00/2015-16 (03/03/2016)

There shall be a comprehensive policy on interest rates on advances duly approved by the Board of Directors or any committee of the Board to which powers have been delegated....

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Master Direction- RBI (Interest Rate on Deposits) Directions, 2016

RBI/DBR/2015-16/19 Master Direction DBR. Dir. No.84/13.03.00/2015-16 (03/03/2016)

Scheduled commercial banks shall pay interest on deposits of money (other than current account deposits) accepted by them or renewed by them in their Domestic, Ordinary Non-Resident (NRO), Non-Resident (External) Accounts (NRE) and Foreign Currency (Non-resident) Accounts (Banks) Scheme {FCNR(B)} deposit account on the terms and condition...

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RBI floats Draft Regulatory Framework for Account Aggregator Companies to facilitate Consolidated Viewing of Financial Assets Holdings

Date :March 03, 2016 The Reserve Bank of India has released on its website today, a draft of the directions (Non-Banking Financial Company – Account Aggregator (Reserve Bank) Directions, 2016) to put in place the regulatory framework to allow a new kind of Non-Banking Financial Company (NBFC), which could act as an account aggregato...

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Posted Under: Income Tax |

Grant of EDF Waiver for Export of Goods Free of Cost

RBI/2015-16/332 A.P. (DIR Series) Circular No.53 (03/03/2016)

Government of India vide amendment Notification No. 9/2015-2020 dated June 4, 2015, has notified that the Status Holders shall be entitled to export freely exportable items on free of cost basis for export promotion subject to an annual limit of Rs 10 lakh or 2% of average annual export realization during preceding three licensing years w...

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3 CBDT Circular to reduce litigation & easing compliance burden

The Central Board of Direct Taxes has taken a number of decisions to clarify the applicability of various provisions of the Income-tax Act with the objective of easing the burden of compliance and reducing litigation....

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Posted Under: Income Tax | ,

Revised guidelines for stay of demand at first appeal stage

With a view to streamline the process of grant of stay of demand when the case of the taxpayer is pending before Commissioner (Appeals) and to standardize the quantum of lump sum payment required to be made by the assessee as a pre-condition for stay of demand disputed, the Central Board of Direct Taxes has issued fresh guidelines to the ...

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Posted Under: Income Tax |

20 Important amendments In Direct Tax provision In Budget 2016

1. No Change in Tax Slab for Individual. 2. 40% of the amount payable from NATIONAL PENSION SCHEME (NPS) at a time of its closure will be exempt from tax & Tax will be levied on balance 60% accumulated balance on NPS. Similarly 60% of accumulated interest of EPF contributed on & after 01.04.2016 will be taxable at a time of its withdrawal...

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Posted Under: Income Tax | ,

No equity in taxation of Companies and Dividends

In the budget it is proposed to tax dividends @ 10% in the hands of shareholders if the same exceeds Rs. 10 Lakhs. Already the companies are paying income tax @ 30% with Eduction Cess @ 2% Secondary & Higher Education Cess @ 1% on the tax and in addition Surcharge is payable is @ 7% if the Taxable Income exceeds Rs 1 Crore and @ 12% if th...

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Posted Under: Income Tax |
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