Income Tax Archives - Page 8 of 11

Clarification about changes made in the Tax Treatment for Recognised Provident Fund and NPS

March 3, 2016 TaxIndiaUpdates In0 comments3949 views

March 01, 2016 CBDT Press Release: There seems to be some amount of lack of understanding about the changes made in the Budget on the Tax Treatment for Recognised Provident Fund and NPS. The following clarifications are given in this matter:- The purpose of this … Continue Reading →

Income Tax

CIT Appeal Form No 35 shall be Filed Electronically

March 3, 2016March 3, 2016 TaxIndiaUpdates In0 comments5400 views

March 01, 2016 CBDT vide Notification No. 11/2016 dated March 01, 2016 (F.No.149/150/2015-TPL) issued new CIT Appeal Form No 35 for filing electronically. GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE Notification No.11/2016-Income-tax New Delhi, the 1st March, 2016 S.O. 637 (E).─ In exercise of the … Continue Reading →

Income Tax

CBDT Circular on TDS on payments by broadcasters to production houses

March 1, 2016March 8, 2016 TaxIndiaUpdates In0 comments7118 views

February 29, 2016 CBDT issued Circular No. 4/2016 dated 29.02.2016 deals with TDS on payments by broadcasters or television channels to production houses for production of content or programme for telecasting. It has been clarified in the Circular that in a situation where the content/programme is produced … Continue Reading →

Income Tax

CBDT Circular on TDS on Payments by Television Channels to Advertisement Companies

March 1, 2016March 8, 2016 TaxIndiaUpdates In0 comments8720 views

February 29, 2016 CBDT issued Circular No.5/2016 dated 29.02.2016 deals with TDS on payments by television channels and publishing houses to advertisement companies for procuring or canvassing for advertisements. It has been clarified through the Circular that no TDS is attracted on payments made by television channels/newspaper … Continue Reading →

Income Tax

CBDT Circular on Taxability of surplus on sale of shares and securities

March 1, 2016 TaxIndiaUpdates In0 comments6538 views

February 29, 2016 CBDT vide its Circular No.6/2016 dated February 29, 2016 clarified the issue of taxability of surplus on sale of shares and securities whether it is Capital Gains or Business Income. The following instructions are given to deal the situation: a) Where the … Continue Reading →

Income Tax

Clarification of the term Initial Assessment Year in section 80IA (5) of the Income-tax Act 1961

February 16, 2016 TaxIndiaUpdates In0 comments5002 views

February 15, 2016 Circular No. 1 /2016 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi, the 15th February, 2016 Subject: Clarification of the term ‘initial assessment year’ in section 80IA (5) of the Income-tax Act, 1961 … Continue Reading →

Income Tax

CBDT Instruction for Passing Rectification Order in writing and within time limit of six month

February 16, 2016 TaxIndiaUpdates In0 comments6356 views

February 15, 2016 CBDT vide Instruction No. 02/2016 dated 15-02-2016 issues direction that all rectification applications must be disposed of after passing an order in writing, to be duly served upon the taxpayer concerned and not by merely making necessary rectification on the AST System. … Continue Reading →

Income Tax

Certificates for Lower or Nil TDS for Non Residents is Now Online

February 10, 2016 TaxIndiaUpdates In0 comments4263 views

February 04, 2016; Certificates for Lower or Nil TDS TDS Instruction No. 51 DIRECTORATE OF INCOME TAX (SYSTEM) ARA Center, Ground Floor, E-2, Jhandewalan Extension, New Delhi – 110055 No. SW/TDS/02/02/2013/DIT(S)-II Dated 04.02.2016 Sub : Issuance of online certificate u/s 195 (2) and 195(3) – … Continue Reading →

Income Tax

CBDT directed to issue Income Tax Refund upto Rs.5000 without any adjustment

January 16, 2016January 16, 2016 TaxIndiaUpdates In0 comments2731 views

In order to further expedite the process of issue of small income tax refunds, CBDT has also directed CPC-Bengaluru and the field units that refunds up to Rs.5,000/-, and refunds in cases where outstanding arrears are up to Rs.5,000/- may be issued without any adjustment … Continue Reading →