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Income Tax Department to issue 7 lakh letters seeking Information in respect of High Value Transactions- Under the Annual Information Returns (AIR), various types of high-value transactions were being reported to the Income Tax Department. These include reporting of cash deposits of Rs.10,00,000 or more in a saving bank account, sale/purchase of immovable property valued at Rs. 30,00,000 or more, etc.
Whereas Refunds are required to be processed strictly in accordance with the provisions as laid down u/s 38 of DVAT Act and Rule 34 made there under and two circulars have, in this regard, already been issued vide No.6 of 2014-15, and vide No.12 of 2015-16 respectively;
The Dispute Resolution Scheme, 2016 has been introduced through Union Budget, 2016. The scheme has been brought with the object to collect tax arrears, clear pendency of appeals, achieve reduction in administrative costs etc. In most of the cases apart from filing appeal, the demand amount, either partly or fully, is generally deposited by the assesses.
The income that NRI earn abroad is not taxable in India. Nevertheless, some NRIs also have an earning in their aborigine country, India in the form of interest from deposits, property rent, etc. This income has a basic limit of exemption, which is Rs. 2.50 lakhs. If the NRI earnings from such native sources cross the fixed limit of two lakh, then they should file their tax return.
Cash flow statement is applicable to all the companies and there is no exemption available to any type of entity from preparation and presentation of the cash flow statement but as per existing AS this statement is not mandatory for small and medium enterprises.
Now, the Companies which have securities listed on the Designated Stock Exchange i.e. NSE & BSE shall have to make certain disclosures and Compliances under the (LODR) Regulations, 2015. Therefore, I have prepared a Checklist on the Compliances which needs to be complied under these regulations.
Assessee being developer of SEZ was eligible for deduction under section 80-IAB for income earned from operation and maintenance of SEZ.
SIT directs Enforcement Directorate to take necessary action under FEMA with respect to 216 Companies for the period before 1st March, 2016 and against 572 Companies for the period after 1st March, 2016 for which each such Company had export proceeds pending for realisation for more than Rs. 100 crore.
Central Government hereby notifies that all the provisions of the Agreement between the Government of the Republic of India and the Government of Saint Kitts and Nevis for the Exchange of Information relating to taxes, as set out in the said agreement, appended as Annexure hereto, shall be given effect to in the Union of India with effect from the 2nd day of February, 2016
1. Short title and commencement.- (1) These rules may be called the National Company Law Tribunal Rules, 2016. (2)They shall come into force on the date of their publication in the Official Gazette.
