The Central Board of Direct Taxes (CBDT) is responsible for administering various direct taxes through the Commissioners of Income Tax located in different parts of the country. The Commissioners of Income Tax are entrusted with the task of collection as well as refund of Income Tax and Corporation Tax, etc. under the Income Tax Act, 1961.
Notification No. 57/2015 – Income Tax Dated- 1st July, 2015 Central Government hereby appoints — (i) the 30th day of September, 2015 as the date on or before which a person may make a declaration in respect of an undisclosed asset located outside India; (ii) the 31st day of December, 2015 as the date on or before which a person shall pay the tax and penalty in respect of the undisclosed asset located outside India so declared,
Notification No. 56/2015 – Income Tax Dated- 1st July, 2015 Whereas the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (22 of 2015) (hereinafter referred to as the Act) received the assent of the President on 26th May, 2015; And whereas sub-section (3) of section 1 of the Act provides that save as otherwise provided in the Act, the Act shall come into force on the 1st day of April, 2016;
Tax laws are getting complex day by day and also scope for simple tax planning is also getting narrower day by day. In this dynamic environment, knowledge of only tax laws will not help you to sustain the proper tax planning. Knowledge and better understanding of different laws is very much important.
Sales Tax Department of Government of Maharashtra has made available the facility to accept the payments under the Profession Tax, Luxury Tax and Sugarcane Purchase Tax Acts through GRAS vide Trade Circular referred as 1 above. Now the facility to accept payments under The Maharashtra Tax on the Entry of Goods into Local Areas Act, 2002 through the GRAS Portal has been made available from 01/07/2015.
Master Circular No.8 /2011-12 – The compounding of contraventions under Foreign Exchange Management Act (FEMA), 1999 is a voluntary process by which an applicant can seek compounding of an admitted contravention of any provision of FEMA, 1999 under Section 13(1) of the FEMA, 1999.
According to the UNIDO3, Corporate social responsibility is a management concept whereby companies integrate social and environmental concerns in their business operations and interactions with their stakeholders. CSR is generally understood as being the way through which a company achieves a balance of economic, environmental and social imperatives (Triple-Bottom-Line Approach)
Release of Return Preparation Software: Software for preparing ITR 1 & ITR 4S in Java, Excel & Online for AY 2015-16 are now available for e-Filing. ITR 1 & ITR 4S can also be filled and submitted online after logging to the e-Filing website. E-filing of ITRs 2 and 2A will be enabled shortly. ITR […]
The Hon’ble Tribunal held that the property in question was sold by assessee’s late husband before his death and the receipts out of the sale proceeds are deposited in a joint bank account that of assessee and her late husband. Once this is the position the entire receipts are to be assessed in the hands of late husband although through legal heirs by adopting the procedure prescribed u/s. 159 of the Act.
Under the project only product neutral training will be given except a short session on company’s profile and prixiucts. Further, the farmers benefitted under the project will have the privilege of supplying their produce to any other entity.
