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Prime Minister to inaugurate the two day Annual Conference of Tax Administrators 2016 on 16th June, 2016 in the national capital; For First time that two Revenue Boards i.e. CBDT & CBEC are holding the Conference simultaneously;...

Finance bill 2016 was presented in Lok Sabha by Finance Minister Shri Arun Jaitley on 29th February 2016 and same was approved by Lok Sabha with Amendments on 5th May 2016. The bill was first Presented in Rajya Sabha for approval on 09th May 2016 and bill finally got the Approval of Rajya Sabha on […]...

The Tax Administration Reforms Commission (TARC) headed by Dr. Parthasarathi Shome submitted its report in four volumes containing a total of 385 recommendations that pertain to Central Board of Direct Taxes (CBDT) and 201 recommendations that pertain to Central Board of Excise and Customs (CBEC). ...

THE FINANCE BILL, 2016- Bill No. 18-C of 2016- AS PASSED BY LOK SABHA ON 05.05.2016 Finance Bill 2016 was passed by Lok Sabha on 05.05.2016 as informed by us to our readers by our article  ‘Lok Sabha Passes Finance Bill 2016‘. In the Article we have attached notice of the amendment to Finance Bill, […]...

As per the reports received by us Finance bill 2016 is passed by Lok Sabha today . Finance bill 2016 was having 128 clauses proposing amendment to Income Tax Act, 1961. Finance bill 2016 was presented in Lok Sabha by Finance Minister Arun Jaitley  on 29th February 2016. Bill passed by Lok Sabha has 47 […]...

We are pleased to inform you that CBEC vide Letter F. No. DGST/19/2015 dated 12.04.2016 to ICAI has informed that every Wednesday would be taxpayers day wherein heads of all offices in the field will meet the taxpayers/ other stakeholders from 9 AM to 1 PM without any prior appointment in order to address their grievances relating to Cen...

As per the guidelines, the Competent Authority may grant reward not exceeding 10% of the extra income-tax and wealth-tax levied and actually realized, but subject to a ceiling of Rs. 15,00,000/- (rupees fifteen lakhs only) if the aforesaid taxes are directly attributable to the information, including documents, supplied by the informant....

CBEC takes Litigation Management and Dispute Resolution measures; Field formations file applications for withdrawal in 980 and 2174 cases in High Courts and CESTAT respectively as per the new threshold monetary limits prescribed; Out of this, High Courts allow withdrawal in 250 cases and CESTAT in 202 cases....

The Customs SWIFT enables importers/exporters to file a common electronic ‘Integrated Declaration’ on the ICEGATE portal. The Integrated Declaration compiles the information requirements of Customs, FSSAI, Plant Quarantine, Animal Quarantine, Drug Controller, Wild Life Control Bureau and Textile Committee and it replaces nine separate...

Comptroller and Auditor General of India has released Report No. 5 of 2016 – Compliance Audit on Customs Department of Revenue Union Government. This Report for the year ended March 2015 has been prepared for submission to the President of India under the Article 151 of the Constitution of India. The Report contains significant resu...