The objective of this consultation paper is to seek comments from the public for the purpose of laying down an enabling framework for the registration of Eligible Fund Managers to manage Eligible Investment Funds pursuant to insertion of Section 9A in the Income Tax Act, 1961.
Truth always remains the same unaltered whatever the tricks one may take to conceal. Most of the people think they are smart when they play a double game of hide and seek to serve their selfish motives. Some dress gorgeously and smile elegantly, but sporting enmity and jealousy within.
In terms of Notification No. 11 dated 21/6/2016, revalidation of import authorisations issued under Trade Notice No. 12 dated 8/1/2015 has been allowed with 25% increase in import quantity of Rough Marble & Travertine Blocks. The list of 472 import authorisation holders and the quantity to be increased in respect of each of authorisation holder is attached as Annexure to this Trade Notice.
Additional quota of 25% (of the quota released last year) of Rough Marble and Travertine Blocks have been allowed to authorisation holders as an interim measure to be imported by 30th September, 2016.
Following upon recent amendments in the Act that have advance tax connotations: As per provision of section 43CA of the Income-tax Act, 1961, Real Estate companies have to be assessed on a turnover (based on stamp duty value or circle rate) in respect of all transactions relating to land or building or both. This will have an impact in case of Real Estate developers and traders in India where immovable property is kept as stock-in-trade;
Now, a comprehensive view is available to the corporate entity (at PAN level) that displays TAN-wise defaults / compliance patterns for different years. This view is available to the corporates online under the heading ‘Aggregated TAN compliance’ on the portal of the CPC(TDS) [TRACES]. The F.Y.-wise comprehensive view of defaults is also available in ‘Part G’ of Form 26AS of the PAN of the respective corporate.
The key result areas for widening of tax-base are as under: (i) Improving compliance to TDS/TCS Provisions (ii) Effective collection of information about high value transactions (iii) Efficient handling of information without valid PAN (iv) Ensuring compliance from identified non-filers through various methods
Framing of Quality Assessments is an essential part of any risk management strategy. Quality of Assessments is being used as one of the most important indicator to judge the performance of tax department. Therefore, it is imperative that various authorities in the hierarchy of Income-tax Department discharge their respective roles in the process of assessment […]
Since the very beginning, the focus needs to be on the reduction of Arrear Demand by de-duplication of the entries and cleansing the arrear demand data. Priority should be accorded to reduce entries of amounts less than Rs. 10000/- and those pending for more than 2 years. These steps have already been reiterated in the SOP several times.
STRATEGY FOR APPELLATE FUNCTIONS 1. In accordance with the mandate of national litigation policy, 2010 several steps to reduce litigation have been taken by the Board, with the result, the pendency of appeals with ITAT has significantly been reduced. However, the pendency of appeals with the CIT(Appeals) has been incrementally increasing over last 5 years. […]
