Stay updated with the latest income tax notifications for changes in tax laws, rates, and compliance requirements. Get insights into income tax updates, exemptions, deductions, and important deadlines through income tax notifications.
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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 :-
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 follows.-
In the case of Delhi Press Patra Prakashan Ltd., Delhi HC held that printing and publishing activity is a manufacturing activity and therefore, assessee is eligible for grant of additional depreciation u/s 32(1)(iia). CBDT accepts this position, Henceforth, appeals may not be filed on this ground by officers of the Department and those already filed, in Courts/Tribunals may be withdrawn / not pressed upon.
Central Government hereby appoints – (i) the 30th day of September, 2016 as the date on or before which a person may make a declaration under sub-section (1) of section 183; (ii) the 30th day of November, 2016 as the date on or before which the tax and surcharge is payable under section 184, and the penalty is payable under section 185 in respect of the undisclosed income;
It is decided that filling of all the fields in Form No.60 shall be considered to be mandatory in respect of transactions entered on or after 1.04.2016. It is also decided that online reporting of declarations in Form No. 61 for quarter ending March, 2016 may be done along with report for quarter ending September, 2016.
On return from Deputation /Child Care Leave, the following officers are, hereby, posted as Commissioner of Income Tax (OSD) in the Principal CCIT Region as indicated hereunder, in terms of Para 4.7 (iii) of the Transfer Placement Guidelines,
The following postings / transfers in the grade of Additional Commissioner of Income Tax / Joint Commissioner of Income Tax are, hereby, ordered with immediate effect and until further orders.-
It is frequently seen that requests for Exchange of Information in Form A (of the Manual of Exchange of Information issued by C.B.D.T. in May, 2015) addressed to Foreign Tax Authorities have been received from field formations without proper explanation in SI. No. 8 of Part II of Form A as to why it is necessary to refrain from notifying the taxpayer.
The CBDT has issued the orders No. 90 of 2016 to 95 of 2016 on 16.05.2016 by which it has made transfer And Postings Of Additional, Joint And Assistant Commissioners Of Income-tax (i) Order No. 90 of 2016 dated 16.05.2016 for postings and transfers of officers in the grade of Additional and Joint Commissioners of […]
The Income Declaration Scheme, 2016 shall remain in force for a period of 4 months from 1st June, 2016 to 30th September, 2016 for filing of declarations and payments towards taxes, surcharge & penalty must be made latest by 30th November, 2016. Declarations can be filed online or with the jurisdictional Pr. Commissioners of Income-tax across the country.
