TaxIndiaUpdates In

No TDS on interest on FDRs made in the name of the Registrar General of the Court

December 29, 2015December 29, 2015 TaxIndiaUpdates In0 comments5737 views

. CBDT vide Circular No. 23/2015 dated 28-12-2015 have clarified that No TDS on interest on FDRs made in the name of the Registrar General of the Court or the depositor of the fund on the directions of the Court till the matter is decided … Continue Reading →

Service Tax

Service Tax Basic Exemption Notification No 33-2012-ST dated 20-6-2012

December 28, 2015December 28, 2015 TaxIndiaUpdates In0 comments13134 views

. Following is Service Tax Basic Exemption Notification issued by CBEC vide Notification No.33/2012-ST dated 20-06-2012 : Government of India Ministry of Finance (Department of Revenue) Notification No. 33/2012 – Service Tax New Delhi, the 20th June, 2012 G.S.R. (E).- In exercise of the … Continue Reading →

Service Tax

Mega Exemption Notification No.25/2012-ST dated 20-6-2012

December 28, 2015December 28, 2015 TaxIndiaUpdates In0 comments18449 views

. Following is MEGA EXEMPTION NOTIFICATION issued by CBEC vide Notification No.25/2012-ST dated 20-06-2012 as amended by NOTIFICATION NO.20/2015-ST, DATED 21-10-2015] Government of India Ministry of Finance (Department of Revenue) Notification No. 25/2012-Service Tax New Delhi, the 20th June, 2012 G.S.R……(E).- In exercise of … Continue Reading →

Income Tax

MAT not applicable to a Foreign Company Including an FII/FPI w.e.f. 01-04-2001

December 25, 2015 TaxIndiaUpdates In0 comments4404 views

CBDT vide Instruction No. 18/2015 dated 23-12-2015 it is clarified that MAT not applicable to a foreign company including an FII/FPI w.e.f. 01-04-2001, if – (i) the foreign company is a resident of a country with which India has a Double Taxation Avoidance Agreement and such foreign company … Continue Reading →

Income Tax

No Disallowance under section 43B if contribution to PF Deposited before Due Date u/s 139(1)

December 19, 2015 TaxIndiaUpdates In0 comments16498 views

. The CBDT vide Circular No. 22/2015 dated 17-12-2015 has clarified regarding allowability of certain expenses u/s 43B of the Income Tax Act, 1961 as under: No disallowance can be made u/s 43B of the I.T. Act if assessee deposits any sum payable by … Continue Reading →

Income Tax

Relaxation in Furnishing of Information for Payments to Non-Residents

December 17, 2015December 17, 2015 TaxIndiaUpdates In0 comments5484 views

. CBDT vide its Notification No. 93/2015, F.No.133/41/2015-TPL dated 16-12-2015 substituted rule 37BB of the Income-Tax Rules, 1962 with new rules for Furnishing of information for payment to a non-resident, not being a company, or to a foreign company. Section 195 of the Income-tax Act empowers … Continue Reading →

Personal Finance

FCRA services are made online and human interface has been reduced to minimum

December 16, 2015December 17, 2015 TaxIndiaUpdates In0 comments5032 views

Now all services being offered under FCRA, 2010 are become online to reducing human interface to minimum. All kinds of application forms can be filled online, documents can be uploaded online and even payment of fee etc. can be made online. All types of … Continue Reading →

Income Tax

PAN is mandatory for transactions exceeding Rs.2 lakh

December 16, 2015December 16, 2015 TaxIndiaUpdates In0 comments13223 views

. Rules regarding quoting of PAN for specified transactions amended. The Income-tax Rules require quoting of Permanent Account Number (PAN) where the transactions exceed a specified limit. For the persons who do not hold PAN are required to fill a form and furnish any one of … Continue Reading →

Service Tax

Job Work Services to Garment Exporters is exempt from Service Tax

December 15, 2015 TaxIndiaUpdates In0 comments7238 views

. CBEC vide its Circular No.190/9/2015-Service Tax dated 15-12-2015 clarified that the services received by garments exporters from third party for job work is involving a process amounting to manufacture or production of goods, and thus would fall under negative list and hence would not attract service … Continue Reading →

Central Excise

CBEC Released Minutes of Excise Tariff Conference held on 28 and 29 October 2015 III

December 12, 2015February 3, 2016 TaxIndiaUpdates In0 comments5583 views

Previous B.1 to B.18 and B.19 to B.36 B.37 – Bhopal Zone – Central Excise Rules & Procedures – Doubt regarding Computation of Penalty under Rule 8(3A) of Central Excise Rules, 2002, When Period of Delay Involves Part of a Month: Issue: Rule 8(3A) … Continue Reading →