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Archive: 03 March 2016

Posts in 03 March 2016

CBDT notifies 15% depreciation allowance on Oil Wells

March 3, 2016 3247 Views 0 comment Print

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:-

Rate of exchange of conversion of foreign currency WEF 04.03.2016

March 3, 2016 979 Views 0 comment Print

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 the purpose of the said section, relating to imported and export goods.

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

March 3, 2016 3433 Views 0 comment Print

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.

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

March 3, 2016 3151 Views 1 comment Print

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 conditions specified in these directions:

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

March 3, 2016 2179 Views 0 comment Print

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 aggregator. Why […]

Grant of EDF Waiver for Export of Goods Free of Cost

March 3, 2016 7984 Views 0 comment Print

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 whichever is lower. AD Category – I banks may, therefore, consider requests from Status Holder exporters for grant of Export Declaration Form (EDF) waiver, for export of goods free of cost based on the revised norm.

3 CBDT Circular to reduce litigation & easing compliance burden

March 3, 2016 10996 Views 0 comment Print

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.

Revised guidelines for stay of demand at first appeal stage

March 3, 2016 6529 Views 0 comment Print

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 field authorities of the Income Tax Department.

20 Important amendments In Direct Tax provision In Budget 2016

March 3, 2016 24862 Views 2 comments Print

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. Only Investment in PPF remain Tax-free.(EEE)

No equity in taxation of Companies and Dividends

March 3, 2016 4555 Views 1 comment Print

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 the Taxable Income exceeds Rs. 10 Crores.

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