Income Tax Archives - Page 6 of 11

The Income Declaration Scheme 2016

May 20, 2016May 23, 2016 TaxIndiaUpdates In0 comments8949 views

The Income Declaration Scheme 2016 CBDT Circular No 16/2016, Dated: May 20, 2016 Also Read: FAQ on Income Declaration Scheme 2016 Income Declaration Scheme Rules, 2016 Introduction The Income Declaration Scheme, 2016 (referred to here as ‘the Scheme’) is contained in the Finance Act, 2016, … Continue Reading →

Income Tax

Guidance Note on Accounting for Real Estate Transactions

May 12, 2016 TaxIndiaUpdates In0 comments6674 views

Guidance Note on Accounting for Real Estate Transactions (for entities to whom Ind AS is applicable) Under the convergence process of Ind AS with IFRS, it has been decided that for real estate developers IFRIC 15, Agreements for the Construction of Real Estate would not … Continue Reading →

Income Tax

Payment to Pakistani Artists are liable to TDS : Ministry of Finance

May 7, 2016 TaxIndiaUpdates In0 comments4771 views

Payment to Pakistani Artists are liable to TDS : Ministry of Finance Shri Jayant Sinha, Minister of State in the Ministry of Finance in written reply to a question in Lok Sabha today has stated that the payer is liable to deduct the tax at source … Continue Reading →

Income Tax

Procedure for Submission of Form 15G 15H

May 7, 2016 TaxIndiaUpdates In1 comments4500 views

Procedure for Submission of Form 15G 15H CBDT vide its Notification 07/2016 dated 04-05-2016 has prescribed the Procedure for Submission of Form 15G 15H under sub-section (1) or under sub-section (IA) of section 197A of the Income-tax Act, 1961 read with Rule 29C of … Continue Reading →

Income Tax

Procedure for Submission of Form 15CC in case of Remittances to Non Resident

May 7, 2016 TaxIndiaUpdates In0 comments8293 views

Procedure for Submission of Form 15CC in case of Remittances to Non Resident CBDT vide its Notification 08/2016 dated 04-05-2016 has prescribed the Procedure for Submission of Form 15CC in case of Remittances to Non Resident under sub-section (6) of section 195 of the Income-tax … Continue Reading →

Income Tax

Procedure for Online Submission of Statement for Salary TDS and TCS

May 7, 2016May 7, 2016 TaxIndiaUpdates In0 comments2581 views

Procedure for Online Submission of Statement for Salary TDS and TCS CBDT vide its Notification 06/2016 dated 04-05-2016 has prescribed the procedure for Online Submission of Statement for Salary TDS under sub-section (3) of section 200 and statement of collection of tax (TCS) under proviso … Continue Reading →

Income Tax

Income from Transfer of Unlisted Shares would be considered Capital Gain

May 3, 2016May 3, 2016 TaxIndiaUpdates In0 comments3539 views

Income from Transfer of Unlisted Shares would be considered Capital Gain CBDT vide its Instruction No. 225/12/2016/ITA.II dated 02-05-2016 has clarified that the income arising from transfer of unlisted shares would be considered under the head ‘Capital Gain’, irrespective of period of holding, with a … Continue Reading →

Income Tax

Employees have to Furnish Evidence of Claims in Form 12BB for Salary TDS

May 3, 2016May 3, 2016 TaxIndiaUpdates In0 comments9691 views

Employees have to Furnish Evidence of Claims in Form 12BB for Salary TDS CBDT vide its Notification No. 30/2016-Income Tax dated 29-04-2016 has inserted new income tax rule 26C which requires every employee to furnish evidences of claims/deductions for salary TDS purpose in FORM 12BB. … Continue Reading →

Income Tax

CBDT View on Commencement of Limitation for Penalty Proceedings

April 29, 2016April 29, 2016 TaxIndiaUpdates In0 comments3827 views

CBDT View on Commencement of Limitation for Penalty Proceedings u/s 271D and 271E Circular No. 09/DV/2016 (Departmental View) F.No.279/Misc./M-116/2012-ITJ Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes ********* New Delhi, 26th April, 2016 Subject:- Commencement of limitation for penalty proceedings under … Continue Reading →

Income Tax

CBDT Clarification on Period of Limitation for Penalty u/s 271D and 271E

April 29, 2016 TaxIndiaUpdates In1 comments5673 views

CBDT Clarification on Period of Limitation for Penalty u/s 271D and 271E CBDT vide its Circular No. 10/2016 dated 26-04-2016 clarified that the period of limitation of penalty proceedings under section 271D and 271E of the Act is governed by the provisions of section 275(1)(c) of the … Continue Reading →