Income Tax - Budget 2016: In furtherance of the goal of the Government of providing 'housing for all', it is proposed to incentivise first-home buyers availing home loans, by providing additional deduction in respect of interest on loan taken for residential house property from any financial institution up to Rs. 50,000. ...
Read MoreIncome Tax - In this Budget, from 1 June 2016, The transactions are sale of a motor vehicle of value exceeding Rs.10 lakh, and receipt of money for sale of goods or provision of services exceeding Rs.2 lakh. In such cases, besides the sale price, the seller is required to collect an additional 1% from the purchaser, and pay it to the government....
Read MoreIncome Tax - The existing provision of section 206C of the Act, inter alia, provides that the seller shall collect tax at source at specified rate from the buyer at the time of sale of specified items such as alcoholic liquor for human consumption, tendu leaves, scrap, mineral being coal or lignite or iron ore, bullion etc. in cash exceeding two lakh ...
Read MoreIncome Tax - In order to reduce compliance burden, it is proposed to amend the said section 206AA so as to provide that the provisions of this section shall also not apply to a non-resident, not being a company, or to a foreign company, in respect of any other payment, other than interest on bonds, subject to such conditions as may be prescribed....
Read MoreIncome Tax - In order to ensure that the intended purpose of exemption availed by trust or institution is achieved, a specific provision in the Act is required for imposing a levy in the nature of an exit tax which is attracted when the organization is converted into a non-charitable organization or gets merged with a non-charitable organization or do...
Read MoreIncome Tax - Insolvency and Bankruptcy Board of India (Online Delivery of Educational Course and Continuing Professional Education by Insolvency Professional Agencies and Registered Valuers Organisations) Guidelines, 2020...
Read MoreIncome Tax - The Government has assured complete confidentiality to those declaring their income under the Income Declaration Scheme 2016. Addressing a press conference in Mumbai today, the Revenue Secretary, Government of India Shri Hasmukh Adhia said no source will be asked and no further proceedings will be initiated against those availing of the...
Read MoreIncome Tax - For those having undisclosed income, the government has provided a special chance to declare it by September 30, 2016. He said by paying a penalty, those having undisclosed money can free themselves from various kinds of burden. ...
Read MoreIncome Tax - This is to inform you that as per the Notification No. 37/2016: F.No. 370142/12/2016-TPL dated 27 May 2016 read with Finance Act, 2016, Government of India has levied an ‘Equalisation Levy’ on provision of online advertisement services or any other service or facility for the purpose of online advertisement by a Foreign Company provid...
Read MoreIncome Tax - The Finance Bill was presented in the Lok Sabha on February 29, 2016. On May 5, 2016, the Lok Sabha passed the Finance Bill, 2016 and later on it was approved by the Rajya Sabha. The Finance Bill, 2016 received the presidential assent on May 14, 2016. Now it becomes the Finance Act, 2016 (No. […]...
Read MorePercy Cawas Kavina Vs UOI (Gujarat HIgh Court) - Honble Gujarat High Court has vide its order dated 30th March, 2016 in the case of Percy Cawas Kavina vs. UOI in Special Civil Application No. 4926 of 2016 directed an ad-interim stay of Notification No. 18/2016-ST Dated 01/03/2016and Notification No. 9/2016–ST Dated-01/03/2016 with respect to t...
Read MoreD.O.No 113/Chairman(CBEC)/2016 - (22/07/2016) - As you are aware, in order to reduce litigation, Government has come out with an Indirect Tax Dispute Resolution Scheme, 2016 in this year's Budget. The scheme provides an opportunity to an assessee whose cases are pending before Commissioner (Appeals), to pay the duty, interest and penalty equivale...
Read MoreIDS Instruction No.2 - (01/07/2016) - Processes of uploading manual/paper Form 1 received by PCIT/CIT, generation of Form 2 for efiled/paper Form 1, viewing of Form 3 submitted online and generation of Form 4 for efiled/paper Form 1 have been implemented on the efiling portal of the Income Tax Department....
Read MoreCircular No. 1033/21/2016- Central Excise - (01/07/2016) - Time limit for taking central excise registration of an establishment by a jeweller is being extended up to 31.07.2016. However, assessee jewellers may make the payment of excise duty for the months of March, 2016; April, 2016 and May. 2016 along with the payment of excise duty for the month of June...
Read MoreCircular No. 23/2016-Income Tax - (24/06/2016) - Question 1: Whether tax collection at source under section 206C(1D) at the rate of 1% will apply in cases where the sale consideration received is partly in cash and partly in cheque and the cash receipt is less than two lakh rupees. Answer: No. Tax collection at source will not be levied if t...
Read MoreNA - (22/06/2016) - It is reiterated again that all out efforts are to be made to ensure that the targeted taxpayers are well-informed about the Scheme and are adequately guided and facilitated for filing declarations so that they can avail maximum benefits under the Scheme. which is under highest consideration of the ...
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