Income Tax news

Income Declaration Scheme: Govt assures complete confidentiality

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...

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PM warns Tax Evaders to disclose income before 30.09.2016

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. ...

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Posted Under: Income Tax |

Google Payments: Notification regarding Equalisation Levy

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...

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Download Finance Act, 2016 as assented by President

No. 28 of 2016 (14/05/2016)

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. […]...

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Income Declaration & Direct Tax Dispute Resolution Scheme 2016

The Income Declaration Scheme, 2016 incorporated as Chapter IX of the Finance Bill 2016 and The Direct Tax Dispute Resolution Scheme 2016 incorporated as Chapter X of the Finance Bill 2016 are expected to come into force on the 1st of June, 2016 after the Finance Act 2016 receives the Presidential assent....

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Rajya Sabha Passes Finance Bill 2016

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 […]...

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Download Finance Bill 2016 as passed by Lok Sabha

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, […]...

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Lok Sabha Passes Finance Bill 2016

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 […]...

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Excise Duty on Jewellery articles: No visit at jeweller’s premises

There is no requirement of declaring pre-budget stocks. Directions have also been issued barring any visits to the jeweller’s premises. Jeweller’s private records or his records for State VAT or for Bureau of Indian Standards (in the case of hallmarked jewellery) would be accepted for all Central Excise purposes....

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Union Budget 2016: Speech of Finance Minister Arun Jaitley

I am presenting this Budget when the global economy is in serious Global growth has slowed down from 3.4% in 2014 to 3.1% in 2015. Financial markets have been battered and global trade has contracted. Amidst all these global headwinds, the Indian economy has held its ground firmly. Thanks to our inherent strengths and the policies of this...

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