TaxIndiaUpdates In

Insolvency and Bankruptcy Code 2016 Passed by Parliament

May 13, 2016May 13, 2016 TaxIndiaUpdates In0 comments3961 views

Insolvency and Bankruptcy Code 2016 Passed by Parliament History was created on 11th May, 2016 when the Rajya Sabha passed the major Economic Reform Bill moved by the Government i.e. ‘Insolvency and Bankruptcy Code,2016’. With the passing of this Bill, India has crossed an important … Continue Reading →

Income Tax

Guidance Note on Accounting for Real Estate Transactions

May 12, 2016 TaxIndiaUpdates In0 comments6596 views

Guidance Note on Accounting for Real Estate Transactions (for entities to whom Ind AS is applicable) Under the convergence process of Ind AS with IFRS, it has been decided that for real estate developers IFRIC 15, Agreements for the Construction of Real Estate would not … Continue Reading →

Central Excise

Segregated Foreign Material Iron Steel etc. shall be cleared on Payment of Duty

May 10, 2016May 10, 2016 TaxIndiaUpdates In0 comments3877 views

Segregated Foreign Material Iron Steel etc. shall be cleared on Payment of Duty CBEC vide its circular no. 29/17/2016-CX dated 10-05-2016 (F.No. 267/33/2014-CX.8) has clarified that the clearance of segregated foreign materials namely iron, steel, rubber, plastic, dust etc. from honey grade brass scrap before … Continue Reading →

Income Tax

Payment to Pakistani Artists are liable to TDS : Ministry of Finance

May 7, 2016 TaxIndiaUpdates In0 comments4709 views

Payment to Pakistani Artists are liable to TDS : Ministry of Finance Shri Jayant Sinha, Minister of State in the Ministry of Finance in written reply to a question in Lok Sabha today has stated that the payer is liable to deduct the tax at source … Continue Reading →

Income Tax

Procedure for Submission of Form 15G 15H

May 7, 2016 TaxIndiaUpdates In1 comments4466 views

Procedure for Submission of Form 15G 15H CBDT vide its Notification 07/2016 dated 04-05-2016 has prescribed the Procedure for Submission of Form 15G 15H under sub-section (1) or under sub-section (IA) of section 197A of the Income-tax Act, 1961 read with Rule 29C of … Continue Reading →

Income Tax

Procedure for Submission of Form 15CC in case of Remittances to Non Resident

May 7, 2016 TaxIndiaUpdates In0 comments8227 views

Procedure for Submission of Form 15CC in case of Remittances to Non Resident CBDT vide its Notification 08/2016 dated 04-05-2016 has prescribed the Procedure for Submission of Form 15CC in case of Remittances to Non Resident under sub-section (6) of section 195 of the Income-tax … Continue Reading →

Income Tax

Procedure for Online Submission of Statement for Salary TDS and TCS

May 7, 2016May 7, 2016 TaxIndiaUpdates In0 comments2563 views

Procedure for Online Submission of Statement for Salary TDS and TCS CBDT vide its Notification 06/2016 dated 04-05-2016 has prescribed the procedure for Online Submission of Statement for Salary TDS under sub-section (3) of section 200 and statement of collection of tax (TCS) under proviso … Continue Reading →

Personal Finance

Reserve Bank of India Introduced Research Internship Scheme

May 7, 2016 TaxIndiaUpdates In0 comments2847 views

Reserve Bank of India Introduced Research Internship Scheme The Reserve Bank of India has introduced a Research Internship Scheme to provide an opportunity to young individuals to expose themselves to cutting edge research in central banking. The scheme is aimed at individuals who have recently finished their … Continue Reading →

Budget 2017

Finance Bill 2016 Passed by Lok Sabha on 05-05-2016 with Certain Changes

May 5, 2016May 22, 2016 TaxIndiaUpdates In0 comments5110 views

Finance Bill 2016 Passed by Lok Sabha on 05-05-2016 with Certain Changes Finance Act 2016 (No. 28 of 2016).pdf Amendments in Clauses 3 7 16 19 41 43 46 49 50 52 53 60 66 81 86 96 97 112 192 218 and 219. Three … Continue Reading →

Income Tax

Income from Transfer of Unlisted Shares would be considered Capital Gain

May 3, 2016May 3, 2016 TaxIndiaUpdates In0 comments3495 views

Income from Transfer of Unlisted Shares would be considered Capital Gain CBDT vide its Instruction No. 225/12/2016/ITA.II dated 02-05-2016 has clarified that the income arising from transfer of unlisted shares would be considered under the head ‘Capital Gain’, irrespective of period of holding, with a … Continue Reading →