Income Tax notification

Step by Step-Instructions to Forms of Income Declaration Scheme, 2016

IDS 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....

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TCS on Sale of good/Services only if Cash Receipt exceeds 2 Lakh

Circular 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 the cash receipt does not exceed two lak...

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CBDT Strategies regarding Income Declaration Scheme, 2016

NA (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 Government during coming months....

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7 things to know about TCS on sale of a motor vehicle

Circular No. 22/2016-Income Tax (08/06/2016)

With a view to bring high value transactions within the tax net, it has been provided in sub- section (1 F) of section 206C of the Act that the seller who receives consideration for sale of a motor vehicle exceeding ten lakh rupees, shall collect one per cent of the sale consideration as tax from the buyer. Any person who obtains in any s...

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Designated Authority Under Direct Tax Dispute Resolution Scheme, 2016

F.NO.279/MISC/M-61/2016 (01/06/2016)

Considering requirements of Direct Tax Dispute Resolution Scheme, 2016, administrative efficiency, convenience of tax payers and equitable distribution of work, the Principal Chief Commissioners of Income Tax addressed above will notify that the jurisdictional Principal Commissioner of Income Tax or the Commissioner of Income Tax, as the ...

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CBDT Notifies Equalisation levy Rules, 2016

Notification No. 38/2016-Income Tax (27/05/2016)

Every assessee, who is required to deduct and pay equalisation levy, shall pay the amount of such levy to the credit of the Central Government by remitting it into the Reserve Bank of India or in any branch of the State Bank of India or of any authorised Bank accompanied by an equalisation levy challan....

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CBDT notifies date of Applicability of Equalisation Levy

Notification No. 37/2016-Income Tax (27/05/2016)

n exercise of the powers conferred by sub-section (2) of section 163 of the Finance Act, 2016 (28 of 2016), the Central Government hereby appoints the 1st day of June, 2016 as the date on which Chapter VIII of the said Act shall come into force....

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Explanatory Notes on Income Declaration Scheme, 2016

Circular No. 16/2016-Income Tax (20/05/2016)

A declaration under the Income Declaration Scheme, 2016 may be made in respect of any income or income in the form of investment in any asset located in India and acquired from income chargeable to tax under the Income-tax Act for any assessment year prior to the assessment year 2017-18...

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Income Declaration Scheme Rules, 2016

Notification No. 33/2016-Income Tax (20/05/2016)

Central Government hereby makes the following rules for carrying out the provisions of Chapter IX of the said Act relating to the Income Declaration Scheme, 2016 namely :-...

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FAQs / Clarifications on Income Declaration Scheme, 2016

Circular No.17/2016-Income Tax (20/05/2016)

The Income Declaration Scheme, 2016 provides an opportunity to persons who have not paid full taxes in the past to come forward and declare the undisclosed income and pay tax, surcharge and penalty totaling in all the 45% of such undisclosed income declared. The Article clarify the points raised in the form of questions and answers as fol...

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