"16 September 2016" Archive

Direct Tax Dispute Resolution Scheme, 2016 can be availed up to 31.12.2016

Litigation is a scourge for a tax friendly regime. In order to reduce the pending litigation, the Direct Tax Dispute Resolution Scheme, 2016 (the Scheme) has come into force from 1st June, 2016 and can be availed up to 31st December, 2016. The Scheme is available to the cases pending with the first appellate authority [i.e. CIT (A)] as on...

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Posted Under: Income Tax |

Beneficial Ownership of Shares VIS-À-VIS Companies Bill 2016

One of the latest buzz of the summers of 2016 have been the Companies (Amendment) Bill, 2016 (Bill, 2016), which was introduced in Lok Sabha on 16th March, 2016 by the Finance Minister in view of several recommendations made in the Company Law Committee report (CLC Report) dated 1st February, 2016....

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Posted Under: Income Tax |

Input Tax Credit under Proposed Goods & Service Tax Laws

Eligibility of input tax credit on inputs held in stock and contained in semi-finished and finished goods held in stock: The credit on inputs held in stock and inputs contained in semi-finished goods and finished goods held in stock is available in the following manner:...

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Posted Under: Income Tax | ,

Operational Activities to be carried out for GST Implementation

As VAT / Excise / Service tax is subsumed into GST,the return is consolidated into one and needs to be filed monthly (Purchase return & Sales return, Final consolidated return). The main activity is narrated as follows. 1) Responsibility for Return filing & tax computation with workings...

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Posted Under: Income Tax |

Why you should focus on Total Interest Outgo instead of Loan EMI?

Your main focus of getting your EMIs reduced can come in way of your financial well-being. It is true that lower EMIs mean a more comfortable and less stressful life. But it also means that you will end up paying higher total interest during the loan tenor. How? Let’s take an example....

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Posted Under: Income Tax |

Why reducing Loan EMI after Rate Cuts is not advisable?

It’s very natural to avoid paying higher EMIs if you have a chance to pay lower ones. Isn't it? After all, who wants to have the additional burden of paying larger EMIs for loans that run for years? But going for lower EMI might not be a financially prudent choice. Let us try to understand why it is so....

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Posted Under: Income Tax |

MVAT Rates Increased To 6% & 13.5% wef 17.09.2016

No. VAT. 1516/CR 123/Taxation-1 (16/09/2016)

Maharashtra Notification Amends Schedule C, D, & E Enhance tax rate to 6% and 13.5% from existing 5.50% and 12.50 w.e.f. 17-9-2016 which in effect Results in 0.50 to 1% increase in VAT Rates, vide Notification No. VAT. 1516/CR-123/Taxation-1- Dated 16th September, 2016. Text of the Notification is as follows :-...

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A checklist for NRIs returning back to India

As an NRI, you have decided to return to India and are wondering how you should go about it. Well, Non-resident Indians, wishing to return to India may get perplexed determining what exactly they should do so as to move back to their homeland seamlessly....

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Posted Under: Income Tax |

ITBA application for Selection of Scrutiny cases under CASS released

CASS Instruction No. 3 (16/09/2016)

Computer Assisted Scrutiny Selection (CASS) for the current year has been finalized. The Board has approved the parameters for selection of cases and cases will be visible to the Assessing Officers from 19.09.2016....

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CBDT revises Form 64A-Income distributed by business trust

Notification No. 84/2016-Income Tax (16/09/2016)

S.O. 2979(E).—In exercise of the powers conferred by section 295 read with sub-section (4) of section 115UA of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:—...

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