The CBDT has issued Office memorandum F.No.404/72-93-ITCC dated 29.02.2016 by which it has revised Instruction No. 1914 dated 21.03.1996 and issued fresh guidelines for stay of demand at the first appeal stage.
Law Related to Tax Deduction at Source (TDS) on payments by television channels and publishing houses to advertisement companies for procuring or canvassing for advertisements.
Law Relating to Tax Deduction at Source (TDS) on payments by broadcasters or television channels to production houses for production of content or programme for telecasting.
Budget 2016 takeaways for individual taxpayers Here is a quick list of major announcements made that will affect our pocket. 1. INCREASE IN TAX REBATE: Those earning below Rs 5lakhs to save an additional Rs 3,000 in taxes. Tax rebate under Section 87A has been raised from Rs 2,000 to Rs 5,000. Effectively, this means […]
Govt. of India has proposed to introduced 3 major schemes for the farmers. Mainly Pradhan Mantri Fasal Bima Yojna to cover the farmers from the loss of unfavorable weather conditions, calamity changes etc and Rs. 5500 crore is propose to allocate to this scheme.
Revenue has come in appeal before the Hon’ble Tribunal against the order passed by Learned Commissioner (Appeals) setting aside the assessment enhancing the declared value in respect of imported aluminium foil paper from China.
The proposed rationalization in abatements shall come into effect from the 1st day of April, 2016. In cases where the tour operator is providing services solely of arranging or booking accommodation for any person in relation to a tour, abatement of 90% is available with specified conditions.
There is no change in Income Tax Slab, however Finance Minister Arun Jaitley, has made provision for Tax rebate for those earning less than 5 lahk per annum and Under 5 lakh income – the rebate increased from 2000 to 5000 but tax payer has an expectation in increasing the present limit for Individual but no such things found in this budget so Tax Payer has to wait for another year where such things may happen in reality. Finance Minister Arun Jaitley, has increased the Surcharge by 15% on income tax for those with incomes exceeding 1 Crore per annum.
Our Finance Minister, Shri Arun Jaitely had provided for a scheme in name of The Indirect Tax Dispute Resolution Scheme, 2016 in the Finance Bill, 2016, presented before the house of people on 29/02/2016, for bringing down the disputes/litigation pending before Commissioner (Appeals).
Increase in time period for acquisition or construction of self-occupied house property for claiming deduction of interest The existing provision of Clause (b) of section 24 provides that interest payable on capital borrowed for acquisition or construction of a house property shall be deducted while computing income from house property. The second proviso to the […]
