The word ‘tax’ troubles every salaried individual and business person, equally. Nobody likes when a portion of their income gets deducted in the form of tax. Therefore, individuals that fall in the tax bracket, choose certain tax-saving schemes like PPF, Mutual Funds, and tax-saving FDs, life insurance, Mediclaim policy or property investmen
Closure Of EPCG authorizations in case of supplies to SEZ units which have been made prior to 01.4.2015 and where exports proceeds have not been realized through Foreign Currency Account (FCA) of the SEZ unit.
CBDT notifies 9 districts in the State of Telangana, 11 Districts in the State of West Bengal and 17 Districts in State of Bihar as backward areas under the first proviso to clause (iia) of sub-section (1) of section 32 and sub-section (1) of section 32AD of the Income Tax Act 1961
CBDT has amended Income Declaration Scheme Rules, 2016 to amended form 1 related to deceleration of undisclosed Income and incorporated option to file Revised Return under the scheme. In case of revised return the declerant has to mention Receipt No. and Date of filing original Form-1 and Reason for Filing Revised Form 1.
The date on or before which the tax and surcharge is payable under section 184, and the penalty is payable under section 185 in respect of undisclosed income shall be as follows, namely:- (a) the 30th day of November, 2016, for an amount not less than twenty-five per cent. of such tax, surcharge and penalty;
Interest income on investments of Service Co-operative Banks is business income eligible for deduction u/s 80P(2)(a)(1) and not income from other sources. SC decision in Totgar case not applicable in this case.
Startup Recognition: Till date (18.7.2016), 728 applications have been received for Startup Recognition. Out of them, 180 applications are complete and are recognised as a startup by DIPP. For remaining applications, Startup India Hub provides handholding support to facilitate recognition of more and more Startups.
Show cause notice under section 274 not spelling out the specific ground on which penalty under section 271(1)(c) was sought to be imposed, was defective and, therefore, penalty was deleted.
As per rule 4 (1) of CCS (Conduct) Rules, 1964, no Government servant shall use his position or influence directly or indirectly to secure employment for any member of his family in any company or firm.
The following postings / transfers in the grade of Commissioner of Income Tax are, hereby, ordered with immediate effect and until further orders vide Order No. 135 of 2016
