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CBEC is being renamed as the Central Board of Indirect Taxes & Customs (CBIC)

March 26, 2017March 26, 2017 TaxIndiaUpdates In0 comments2711 views

FM approves the re-organisation of the field formations of the Central Board of Excise & Customs (CBEC) for the implementation of Goods & Services Tax (GST); CBEC is being renamed as the Central Board of Indirect Taxes & Customs (CBIC), after getting legislative approval Reorganisation … Continue Reading →

Public News

Supreme Court Direction for Disciplinary Control Over Lawyers Under the Advocates Act

March 25, 2017 TaxIndiaUpdates In0 comments1924 views

Supreme Court Direction for Disciplinary Control Over Lawyers Under the Advocates Act The recent judgment of the Supreme Court in the case of Mahipal Singh Rana v. State of UP, AIR 2016 SC 3302, directed the Law Commission of India to revisit the provisions relating to … Continue Reading →

Personal Finance

Benami Transactions (Prohibition) Amended Act 2016

March 24, 2017 TaxIndiaUpdates In0 comments3544 views

Benami Transactions (Prohibition) Amended Act 2016 Though the Benami Transactions (Prohibition) Act 1988 has been on the statute book since more than 28 years, the same could not be made operational because of certain inherent defects. With a view to providing effective regime for prohibition … Continue Reading →

Income Tax

CBDT Clarified Cases where Interest u/s 201(1A)(i) for Late Deduction of TDS May be Waived

March 24, 2017March 24, 2017 TaxIndiaUpdates In0 comments4008 views

CBDT Clarified Cases where Interest u/s 201(1A)(i) for Late Deduction of TDS May be Waived Order under Section 119(2)(a) of the Income-tax Act, 1961 Subject: Guidelines for waiver of interest charged under section 201(1A) (i) of the Income-tax Act, 1961. In exercise of the powers … Continue Reading →

Income Tax

Latest FAQs on Income Computation and Disclosure Standards (ICDS) notified u/s 145(2)

March 24, 2017March 24, 2017 TaxIndiaUpdates In0 comments3626 views

Clarifications on Income Computation and Disclosure Standards (ICDS) notified under section 145(2) of the Income-tax Act, 1961. CBDT Circular No. 10/2017, Dated: March 23, 2017 Sub-section (1) of section 145 of the Income-tax Act, 1961(‘the Act’) provides that the income chargeable under the head “Profits … Continue Reading →

Budget 2017

No Limit on Political Donations By Corporate [Finance Bill 2017 Passed in Lok Sabha with amendments]

March 23, 2017March 24, 2017 TaxIndiaUpdates In0 comments3371 views

The Lok Sabha has passed the Finance Bill 2017 with certain Changes. The Finance Bill was presented in the Lok Sabha on February 1, 2017. Various changes have been made in the Bill. Copy if Amendments introduced in Finance Bill 2017 Copy of Amended Finance … Continue Reading →

Personal Finance

Credit Linked Interest Subsidy scheme for tax paying Middle Classes

March 23, 2017 TaxIndiaUpdates In0 comments3249 views

Credit Linked Interest Subsidy scheme for tax paying Middle Classes made effective from January 1 this year Those sanctioned house loans and applied for since January 1steligible for interest subsidy of up to Rs.2.35 lakh each Aspirational unmarried earning adults of a family made eligible … Continue Reading →

Service Tax

Cabinet approves of proposal to establish a Fund of Fund for Start ups (FFS)

March 23, 2017 TaxIndiaUpdates In0 comments3420 views

Cabinet approves of proposal to establish a Fund of Fund for Start ups (FFS) The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the following proposals with regard to the Fund of Funds of Start-ups (FFS) which was established in June, … Continue Reading →

Goods and Service Tax

Government Approved the Abolition of various Cesses and Surcharges for Implementation of GST

March 23, 2017 TaxIndiaUpdates In0 comments1717 views

Government Approved the Abolition of various Cesses and Surcharges for Implementation of GST Cabinet approves Amendment of in the Customs and Excise Act, relating to abolition of cesses and surcharges on various goods and services to facilitate implementation of GST Regime. Union Cabinet chaired by the Prime … Continue Reading →