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Certain strategies were suggested for implementing the Income Declaration Scheme (IDS), 2016 and it was also advised that the jurisdictional Pr. CIT/CIT would be the one and only point of contact with a declarant so as to maintain the confidentiality of declarants.
CBDT has vide Notification No. 55/2016 dated 28.06.2016 notified rules for Determination of value of assets and apportionment of income in certain cases. It also notified FORM NO. 3CT Under rule 11UC for Income attributable to assets located in India Under section 9 of the Income-tax Act, 1961 and FORM NO. 49D under Rule 114DB for Information and documents to be furnished by an Indian concern under section 285A.
The circular inter alia provides clarifications on issues such as confidentiality of information disclosed in the declaration, allowability of TDS credit against declared income, enquiry in respect source of income and payment of tax and initiation of enquiry against third parties on the basis of information furnished in the declaration.
Due date for filing Quarterly TDS/TCS statement for Q1 (April to June) of FY 2016-17 is July 31, 2016 for all the categories of Deductors/Collectors. Do submit quarterly TDS/TCS statement on or before due date to avoid late filing fee under section 234E of Income Tax Act. In order to locate the nearest TIN Facilitation […]
Vide Finance Act 2016, tax at source is required to be collected by a seller at the rate of 1%, if consideration for goods/services in cash exceeds INR 2,00,000/-. The said provisions have raised a lot of flak considering the ambiguity involved in the drafting and forced CBDT to issue time to time clarification on various issues involved. This article tries to capture and compile all the possible questions revolving the aforesaid provisions and best possible answers to such issues.
An individual is usually accustomed to the tax rates and tax structure of his/her home country. Tax rates are different in different countries. If an employee is deputed from his home country to another country certainly his net income will be impacted because of difference in tax rates. e. g. If an Indian employee (effective tax rate is about 25%) is deputed to Saudi Arabia (zero tax) he will be very happy because his net take home will increase by 25%. But the same employee will be unhappy if he is deputed to some of the European countries where tax rates are very high. The concept of tax equalization came up so that the employee is “neither better off nor worse off” because of deputation to another country.
ITAT Mumbai held that CIT cannot revise assessment for making afresh examination of an issue already examined by the AO who has taken one of the possible views because there has been no erroneous order which could ordered to be revised.
The due date for filing Income Tax return is very close, in this situation everyone must be aware whether they are required to file ITR or not.
Such submission of representations directly to other authorities by-passing the prescribed channel of communication, has to be viewed seriously and appropriate disciplinary action should be taken against those who violate instructions. This can rightly be treated as an unbecoming conduct attracting the provisions of Rule 3(1)(iii) of the Central Civil Services (Conduct) rules, 1964.
Based on the recommendations of the Pr. CCsIT, the CBDT has approved setting up of 65 Aayakar Seva Kendras as per the enclosed list at Annexure-A in which the stations and the jurisdictional Pr. CCsIT, CCsIT and Pr. CsIT are mentioned. The advisory regarding setting up of ASK in Y. 2016-17 has already been included in the Annual Central Action Plan 2016-17 of the Income tax Department.
