Income Tax Archives - Page 2 of 3

Budget 2017

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

March 14, 2016May 31, 2016 TaxIndiaUpdates In0 comments7547 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 comments7932 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 comments5521 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 →

Income Tax

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

March 1, 2016March 8, 2016 TaxIndiaUpdates In0 comments8246 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 comments6176 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 comments4706 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 directed to issue Income Tax Refund upto Rs.5000 without any adjustment

January 16, 2016January 16, 2016 TaxIndiaUpdates In0 comments2584 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 →

Income Tax

CBDT Guidance Note on FATCA and CRS

December 31, 2015January 13, 2016 TaxIndiaUpdates In0 comments3731 views

. Guidance Note on FATCA and CRS: CBDT vide its press release dated 31st December 2015 has issued Guidance Note for implementation of FATCA and CRS. For implementation of ( Foreign Account Tax Compliance Act ) FATCA and CRS, necessary legislative changes have been made … Continue Reading →

Income Tax

Electronic Filing of Appeal before CIT Appeals is Mandatory

December 30, 2015December 31, 2015 TaxIndiaUpdates In0 comments3133 views

. CBDT vide its press release dated 30-12-2015 mentioned that Electronic Filing of Appeal before CIT Appeals is Mandatory for persons who are required to file the return of income electronically. Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE … Continue Reading →

Income Tax

CBDT Clarification on Scrutiny Assessments and some important issues and scope of scrutiny in cases selected through CASS

December 29, 2015 TaxIndiaUpdates In0 comments10452 views

. CBDT vide its Instruction No.19/2015 Dated 29-12-2015 – Income Tax has given direction that in cases selected for scrutiny, it should be the endeavour of the Assessing Officer that the initial notice issued under section 143(2) of the Income-tax Act, 1961 is accompany a notice under section … Continue Reading →