Krishna, July month has started. It is said that income tax return has to be filed in this month. So whoare required to file income tax return before 31st July and what care they should take before filing it? Arjuna, every person whose annual income exceeds the basic exemption limit i.e. exceeds Rs.2.5 lakhs, then he will be required to file income tax return compulsorily. Income tax return of F.Y. 2015-16 shall be filed before 31st July.
Non-filers with potential tax liabilities- It is seen that a large number of non-filers relating to AY 2010-11 onwards identified in various NMS cycles have not filed return/ submitted response and these cases have not been closed by the field formations. These open cases are available on i-taxnet(NMS cycle 1 and 2) and Actionable Information Monitoring System (AIMS) (NMS cycle 3 and 4).
Department has decided to hire services of an experienced agency, for collecting, processing and creating electronic database in respect of all business establishments, running in Delhi. The agency shall be required to carry out door to door survey of the establishments and preferably collect the following details
Notwithstanding anything contained in this Act to the contrary, the Government may by notification specify the goods on which a person shall pay tax in advance at the rates notified by the Government but not exceeding the rates applicable on such goods under this Act, when he imports such goods into the National Capital Territory of Delhi from a place outside India,
Seeks to amend notification No. 7/2016-Customs (ADD) dated 08.03.2016 so as to exclude Expanded Polypropylene beads and ter-polymer from the description of goods attracting anti-dumping duty GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 29/2016-Customs (ADD) New Delhi, the 5th July, 2016 G.S.R. (E).-In exercise of the powers conferred by sub-section (1) […]
Seeks to impose definitive anti-dumping duty on Purified Terephthalic Acid including its variants Medium Quality Terephthalic Acid (MTA) and Qualified Terephthalic Acid (QTA), originating in or exported from China PR, Iran, Indonesia, Malaysia and Taiwan, for a period of five years from the date of imposition of provisional anti-dumping duty GOVERNMENT OF INDIA MINISTRY OF […]
The existing formats prescribed in SEBI Circular dated November 30, 2015 for Unaudited/Audited quarterly financial results i.e. Statement of Profit and Loss and the Unaudited/Audited Half-Yearly Balance Sheet to be submitted by the listed entities, with the stock exchanges, shall continue till the period ending December 31, 2016.
The Hon’ble Supreme Court in Ram Laxman Sugar Mills vs. CIT [1967] 66 ITR 613 observed that a HUF is undoubtedly a Person with in the meaning of section 2(31), it is however not a juristic person for all purposes and cannot enter in to an agreement of partnership either with another HUF or Individual.
All of the above govern the Foreign Exchange Derivative Contracts, Overseas Commodity & Freight Hedging, Rupee Accounts of Non-Resident Banks and Inter-Bank Foreign Exchange Dealings etc. These Regulations are amended from time to time to incorporate the changes in the regulatory framework and published through amendment notifications.
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Gold and Sliver – 95/2016 -Customs (N. T.) Dated 5-7-2016
