Income Tax Archives - Page 5 of 11

No Tax Collection at Source if Cash Receipt per Transaction Not Exceed Rs. 2 Lacs

June 25, 2016June 25, 2016 TaxIndiaUpdates In0 comments3608 views

No Tax Collection at Source if Cash Receipt per Transaction Not Exceed Rs. 2 Lacs Circular No. 23/2016 dated the 24 June, 2016 Subject: Amendment in Section 206C of the Income-tax Act vide Finance Act 2016 – Clarifications regarding. In order to curb the … Continue Reading →

Income Tax

Tax Audit Threshold Limit in presumptive taxation u/s 44AD is Rs. 2 Crore

June 22, 2016June 22, 2016 TaxIndiaUpdates In0 comments4615 views

Tax Audit Threshold Limit in presumptive taxation u/s 44AD is Rs. 2 Crore CBDT vide press release dated 20-06-2016 clarified that if an eligible person opts for presumptive taxation scheme as per section 44AD(1) of the Act, he shall not be required to get his accounts audited if the … Continue Reading →

Income Tax

Clarification on TCS on Sale of Motor Vehicle of Value Exceeding Rs.10 Lacs

June 9, 2016 TaxIndiaUpdates In0 comments9670 views

Clarification on TCS on Sale of Motor Vehicle of Value Exceeding Rs.10 Lacs CBDT vide Circular No. 22/2016 dated June 08, 2016 clarified on issued arise from levy of TCS @1% on Sale of Motor Vehicle of Value Exceeding Rs.10 Lacs. In order to … Continue Reading →

Income Tax

The Direct Tax Dispute Resolution Scheme Rules 2016

May 31, 2016 TaxIndiaUpdates In0 comments3716 views

The Direct Tax Dispute Resolution Scheme Rules 2016 S.O. 1903 (E). In exercise of the powers conferred by sub-sections (1) and (2) of section 211 of the Finance Act, 2016, (28 of 2016), the Central Government hereby makes the following rules, namely : 1. … Continue Reading →

Income Tax

Equalisation Levy Rules 2016

May 31, 2016May 31, 2016 TaxIndiaUpdates In0 comments5874 views

Equalisation Levy Rules 2016 Salient Features of Equalisation Levy as introduced by Union Budget 2016-17 S.O. 1905(E) – In exercise of the powers conferred by sub-section (1) and sub-section (2) of section 179 of the Finance Act, 2016 (28 of 2016), the Central Government hereby … Continue Reading →

Income Tax

Bad Debts Written Off in Books is Sufficient for Deduction under section 36(1)(vii)

May 30, 2016May 30, 2016 TaxIndiaUpdates In0 comments3905 views

Bad Debts Written Off in Books is Sufficient for Deduction under section 36(1)(vii) CBDT vide its Circular No.12/2016 dated 30-05-2016 has clarified that claim for any debt or part thereof in any previous year, shall be admissible under section 36(1)(vii) of the Act, if it … Continue Reading →

Income Tax

12AA Registration cannot be Cancelled Even Receipts Exceeds Rs.25 lacs

May 28, 2016 TaxIndiaUpdates In0 comments4364 views

12AA Registration cannot be Cancelled Even Receipts Exceeds Rs.25 lacs CBDT vide its circular No. 21/2016 dated 27-05-2016 clarified that it shall not be mandatory to cancel the 12AA registration which is already granted to a charitable institution merely on the ground that the cut-off … Continue Reading →

Income Tax

Due Date of E-Filing of CIT (Appeal) has been Extended upto 15-06-2016

May 28, 2016 TaxIndiaUpdates In0 comments4444 views

Due Date of E-Filing of CIT (Appeal) has been Extended upto 15-06-2016 In order to mitigate any inconvenience caused to the taxpayers on account of the new requirement of mandatory e-filing appeals the CBDT vide its circular no. 20/2016 dated 26-05-2016 has been decided to … Continue Reading →

Income Tax

Relaxation for Furnishing of UID in case of Form 15G 15H

May 24, 2016May 24, 2016 TaxIndiaUpdates In0 comments4027 views

Relaxation for Furnishing of UID in case of Form 15G 15H Central Board of Direct Taxes vide its circular No. 18/2016 dated 23-05-2016 relaxes the condition of furnishing of Unique identification number allotted by the deductor for the quarter ending 31.12.2015 and 31.3.2016 in the … Continue Reading →

Income Tax

Assessee Engaged in Printing and Publishing Eligible for Additional Depreciation

May 21, 2016 TaxIndiaUpdates In0 comments3693 views

Assessee Engaged in Printing and Publishing Eligible for Additional Depreciation CBDT vide its Circular No 15/2016, Dated: May 19, 2016 have clarified that the business of printing or printing and publishing amounts to manufacture or production of an article or thing and is accordingly … Continue Reading →