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

CBDT Guidance Note on FATCA and CRS

December 31, 2015January 13, 2016 TaxIndiaUpdates In0 comments4038 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 comments3301 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 comments10829 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 →

Income Tax

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

December 29, 2015December 29, 2015 TaxIndiaUpdates In0 comments4545 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 comments11038 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 comments16230 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 comments3495 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 comments15153 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 comments4405 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 comments3947 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 →