Income Tax Archives - Page 7 of 11

Interest u/s 244A is allowable on refund of TDS Deposited u/s 195

April 29, 2016 TaxIndiaUpdates In0 comments6014 views

Interest u/s 244A is allowable on refund of TDS deposited u/s 195 CBDT vide its Circular No. 11/2016 dated 26-04-2016 clarified that if a resident deductor is entitled for the refund of tax deposited under Section 195 of the Act, then it has to be refunded … Continue Reading →

Income Tax

CBDT issued Draft Rules for Grant of Foreign Tax Credit

April 18, 2016April 19, 2016 TaxIndiaUpdates In0 comments3410 views

CBDT issued Draft Rules for Grant of Foreign Tax Credit CBDT vide its press release dated 18-04-2016 issued draft rules for grant of Foreign Tax Credit. The Income-tax Act, 1961 (the Act) provides that the Central Board of Direct Taxes may prescribe rules specifying the … Continue Reading →

Income Tax

Electronic Verification Code for Appeal filed to CIT (Appeals)

April 10, 2016 TaxIndiaUpdates In0 comments3650 views

Electronic Verification Code for Appeal filed to CIT (Appeals) CBDT vide its notification no.05/2016 dated 06-04-2016 has specify the Electronic Verification Code (EVC) for electronically filed Form of Appeal to Commissioner (Appeals) as under: (i) specify the procedure for electronic filing of Form No. 35 and … Continue Reading →

Income Tax

CBDT Notified New Income Tax Return Forms for A Y 2016-17

March 31, 2016June 23, 2016 TaxIndiaUpdates In0 comments11755 views

CBDT Notified New Income Tax Return Forms for A Y 2016-17 CBDT vide its Notification No. 24/2016 dated 30-03-2016 (F.No.370142/2/2016-TPL) as notified new Income Tax Return Forms for Filing Income Tax Return for A Y 2016-17. These form are available for download from CBDT website … Continue Reading →

Income Tax

Equalisation Levy : Report of the Committee on Taxation of E-Commerce

March 21, 2016March 21, 2016 TaxIndiaUpdates In0 comments6764 views

Proposal for Equalisation Levy on Specified Transactions Read Also : Salient Features of Equalisation Levy A Committee on Taxation of e-commerce was constituted by the Central Board of Direct Taxes to examine the business models for e-commerce, identify the direct tax issues in relation … Continue Reading →

Income Tax

CBDT Instruction to pass order under section 12AA within six months

March 17, 2016 TaxIndiaUpdates In0 comments4766 views

CBDT Instruction to pass under section 12AA within Six Months CBDT vide its Instruction No. 16/2015 dated 16-11-2015 give direction that time limit of six months is to be strictly followed by the Commissioner of Income Tax (Exemptions) while passing order under section 12AA. The CCIT … Continue Reading →

Income Tax

Fund Management Activity by an eligible Investment Fund is not a business connection in India

March 17, 2016 TaxIndiaUpdates In0 comments3322 views

Fund Management Activity by an eligible Investment Fund is not a business connection in India Section 9A of the Income-tax Act, 1961 (the Act) provides for special taxation regime with effect from 01.04.2016 to facilitate location of fund managers of off shore funds in India. Under … Continue Reading →

Budget 2017

Salient Features of Equalisation Levy as introduced by Union Budget 2016-17

March 14, 2016May 31, 2016 TaxIndiaUpdates In0 comments8022 views

Equalisation Levy as introduced by Union Budget 2016-17 CBDT Notified Equalisation Levy Rules 2016 Considering the potential of new digital economy and the rapidly evolving nature of business operations it is found essential to address the challenges in terms of taxation of such digital transactions as … Continue Reading →

Income Tax

The Direct Tax Dispute Resolution Scheme, 2016

March 13, 2016March 16, 2016 TaxIndiaUpdates In1 comments8407 views

The Direct Tax Dispute Resolution Scheme, 2016 Eligibility A declarant can file a declaration in relation to tax arrears or specified tax in respect of which appeal is pending before the CIT(A). Tax Arrear Amount of tax, interest or penalty determined under the IT Act … Continue Reading →

Income Tax

CBDT Circular on Taxability of Consortium Members

March 8, 2016March 8, 2016 TaxIndiaUpdates In0 comments6289 views

March 07, 2016 CBDT vide it Circular No. 07/2016 dated March 07, 2016 (F. No. 225/2/2016/ITA.II) clarified the issue of taxation of consortium members. The tax authorities, in many cases have taken a position that such a consortium constituted an Association of Persons (‘AOP’) i.e. a … Continue Reading →