TaxIndiaUpdates.In : GST, Service Tax, Income Tax, VAT, Tax Planning

Employees have to Furnish Evidence of Claims in Form 12BB for Salary TDS

May 3, 2016May 3, 2016 TaxIndiaUpdates In0 comments9639 views

Employees have to Furnish Evidence of Claims in Form 12BB for Salary TDS CBDT vide its Notification No. 30/2016-Income Tax dated 29-04-2016 has inserted new income tax rule 26C which requires every employee to furnish evidences of claims/deductions for salary TDS purpose in FORM 12BB. … Continue Reading →

Personal Finance

The Real Estate Act 2016

April 30, 2016April 30, 2016 TaxIndiaUpdates In0 comments5569 views

The Real Estate Act 2016 The much awaited and widely acclaimed Real Estate (Regulation and Development) Act, 2016 comes into force today i.e. May 1, 2016 setting in motion the process of making necessary operational rules and creation of institutional infrastructure for protecting the interests … Continue Reading →

Income Tax

CBDT View on Commencement of Limitation for Penalty Proceedings

April 29, 2016April 29, 2016 TaxIndiaUpdates In0 comments3806 views

CBDT View on Commencement of Limitation for Penalty Proceedings u/s 271D and 271E Circular No. 09/DV/2016 (Departmental View) F.No.279/Misc./M-116/2012-ITJ Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes ********* New Delhi, 26th April, 2016 Subject:- Commencement of limitation for penalty proceedings under … Continue Reading →

Income Tax

CBDT Clarification on Period of Limitation for Penalty u/s 271D and 271E

April 29, 2016 TaxIndiaUpdates In1 comments5634 views

CBDT Clarification on Period of Limitation for Penalty u/s 271D and 271E CBDT vide its Circular No. 10/2016 dated 26-04-2016 clarified that the period of limitation of penalty proceedings under section 271D and 271E of the Act is governed by the provisions of section 275(1)(c) of the … Continue Reading →

Income Tax

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

April 29, 2016 TaxIndiaUpdates In0 comments5761 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 →

Personal Finance

Changes proposed in National Pension Scheme (NPS)

April 28, 2016 TaxIndiaUpdates In0 comments3994 views

The Government has proposed the following in the Finance Bill, 2016 with regard to the National Pension Scheme (NPS): i. Allowing 40 per cent of the NPS corpus tax exempt on lump sum withdrawal. ii. Waiving service tax on the NPS corpus utilized for purchase … Continue Reading →

Central Excise

Cenvat Credit Needs to be Reversed on Bagasse Dross or any byproduct or waste

April 26, 2016August 26, 2016 TaxIndiaUpdates In0 comments5009 views

Cenvat Credit Needs to be Reversed on Bagasse Dross or any byproduct or waste CBEC vide its Circular No. 1027/15/2016-CX dated 25-04-2016 has clarified that Bagasse, Dross and Skimmings of non-ferrous metals or any such byproduct or waste, which are non-excisable goods and are cleared … Continue Reading →

Income Tax

CBDT issued Draft Rules for Grant of Foreign Tax Credit

April 18, 2016April 19, 2016 TaxIndiaUpdates In0 comments3093 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 →

Service Tax

Service Tax Determination of Value Rules 2006

April 13, 2016April 15, 2016 TaxIndiaUpdates In0 comments13960 views

Service Tax Determination of Value Rules 2006 (As amended by Notification No. 23/2016-Service Tax, dated April 13, 2016) In exercise of the powers conferred by clause (aa) of sub-section (2) of section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes … Continue Reading →

Service Tax

Mega Exemption Notification Extended to cover basic Services Provided by Government

April 13, 2016April 15, 2016 TaxIndiaUpdates In0 comments8437 views

Mega Exemption Notification Extended to cover basic Services Provided by Government , Local Authority or Governmental Authority CBEC vide its Notification No.22/2016-Service Tax dated April 13, 2016 has amended Mega Exemption Notification No. 25/2012-ST dated 20-06-2012 to extend service tax exemption to various Services Provided by … Continue Reading →