Copy of Finance Bill 2017 and Budget Highlights
Copy of Finance Bill 2017 This time the Union Budget is announced one month in advance unlike the usual practice of announcing it on last day of February. FM,…
Filing of Revised Income Tax Returns by the Tax Payers Post De-Monetisation of Currency
Filing of Revised Income Tax Returns by the Tax Payers Post De-Monetisation of Currency Under the existing provisions of Section 139(5) of the Income-tax Act, 1961 (‘Act’), Revised Return can…
No Limit on Holding of Gold Jewellery is Acquired from Explained Sources
Government clarifies that the apprehension sought to be created that the jewellery with the household which is acquired-out of disclosed sources or exempted income shall become taxable under the proposed…
CBDT notifies Authority for Section 143(2) Assessment
MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 16th November, 2016 G.S.R. 1073(E).—In exercise of the powers conferred by section 295 read with…
Depreciation – Rule 5 of Income Tax Rules Revised
The Central Board of Direct Taxes (CBDT), vide Notification No. 103/2016, dated 7th November, 2016 has inserted a new proviso by amending the Rule 5 of Income Tax Rules, 1962 w.e.f.…
Transactions in Relation to which Quoting PAN is Mandatory
CBDT Press Release dated 17th Nov. 2016: Transactions in Relation to which Quoting PAN is Mandatory. The list under Rule 114B as on date requiring PAN to be quoted includes the following…
CBDT notification amended cash deposit information rules
CBDT: AIR details to be filed by banks and post offices with Income Tax Department by 31st January 2017, if cash deposited more than Rs. 12.5 Lacs in current a/c…
Salaried tax payers to get SMS alerts on TDS deductions
As many as 2.5 crore salaried tax payers will now receive SMS alerts from the Income Tax department regarding their quarterly TDS deductions. Finance Minister Arun Jaitley today launched the…
Tax on distributed income of Domestic Company for Shares Buy-Back
MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION No. 94/2016-INCOME-TAX New Delhi, the 17th October, 2016 G.S.R. 982(E).—In exercise of the powers conferred by section 115QA…
IDS 2016 – e-communication valid mode for issuance of Form-2
Instruction No. 11 of 2016 F.No.142/8/2016-TPL(Part) Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) *** New Delhi, the 13th October, 2016 To, All Principal…