"01 July 2016" Archive

Delhi VAT: Description of goods not covered by any Schedule

Circular No. 10 of 2016-17 01/07/2016

Description of goods/items as per the DVAT Schedules as well as the goods/items which are largely traded in Delhi but are not covered by any of the schedules has been prepared after wide consultation with stakeholders....

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Filing of Delhi VAT returns through Digital Signatures

Notification No. F3 (643)/Policy/VAT/2016/419-31 01/07/2016

Dealers, whose gross turnover (i.e. turnover under the Delhi Value Added Tax Act, 2004 plus turnover under the Central Sales Tax Act. 1956) during the financial year 2015-16 exceeded one crore rupees, shall furnish their returns in Form DVAT 16 or in Form DVAT 17, as the case may be, with digital signatures in accordance with the provisio...

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Probably Last Chance in Near Future to Disclose Untaxed Income

The Central Government has given another tremendous opportunities in the recently launched its two schemes w.e.f. 01.06.2016 under Income Tax Regime. One is The Income Declaration Scheme, 2016 & another is in respect of reducing tax litigations under the Direct Tax Dispute Resolution Scheme, 2016. ...

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Annual Compliances under Foreign Exchange Management Act, 1999 – An Insight

Foreign Exchange Management Act, 1999 (‘FEMA’) is one of the key Indian legislations brought into force with an objective of facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in India. Reserve Bank of India (‘RBI’), which is the Apex Bank, governs FEMA and...

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Cyprus agrees on source based capital gain taxation on share transfer

An official level meeting between India and Cyprus took place in New Delhi on 28 and 29 June, 2016, to finalize the new India Cyprus Double Taxation Avoidance Agreement, wherein all pending issues, including taxation of capital gains, were discussed, and in-principle agreement was reached on all pending issues. It was agreed to provide fo...

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Addition u/s. 68 justified for Capital introduced by partner in assessee firm from sale of agricultural land with No documentary evidence to substantiate sale

R.A. Himmatsinghka & Co. Vs. Asst. CIT (Patna High Court)

AO cannot look into source of source, i.e., of third party only, however assessee’s case was different as the party was closely connected with the assessee. Firm as a partner thereof assessee clearly failed to produce the sale deeds of the sale of agricultural land by partner therefore was justified in making addition under section 68....

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Resident Foreign Currency A/c: Choice of NRI’s returning India

Aa ab lautchalen, (meaning let us now return) is the title of a Bollywood movie which reflects the thought of many NRIs’ yearning to return to India. The decision to return requires planning, especially the finances and Resident Foreign Currency (RFC) Account is an ideal vehicle for NRIs’ to park their funds in foreign currency in Ind...

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Interview of CA Lalit Bajaj, WIRC Regional Council Member of ICAI

We recently got a chance to meet Young & Dynamic CA Lalit Bajaj who has been elected as a Regional Council Member of WIRC, ICAI. CA Lalit Bajaj has more than 18 years of experience in the field of Statutory Compliances, Management Audits, Valuations, Fund Raising and is actively involved in ICAI'S activities since 1998....

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Income Declaration Scheme: Govt assures complete confidentiality

The Government has assured complete confidentiality to those declaring their income under the Income Declaration Scheme 2016. Addressing a press conference in Mumbai today, the Revenue Secretary, Government of India Shri Hasmukh Adhia said no source will be asked and no further proceedings will be initiated against those availing of the...

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Step by Step-Instructions to Forms of Income Declaration Scheme, 2016

IDS Instruction No.2 01/07/2016

Processes of uploading manual/paper Form 1 received by PCIT/CIT, generation of Form 2 for efiled/paper Form 1, viewing of Form 3 submitted online and generation of Form 4 for efiled/paper Form 1 have been implemented on the efiling portal of the Income Tax Department....

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