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Negotiable Instruments Amendment Bill 2015 Passed

January 5, 2016 TaxIndiaUpdates In0 comments3671 views

Negotiable Instruments Amendment Bill 2015 The Negotiable Instruments (Amendment) Bill, 2015 notified in official gazette on 29-12-2015 have Focus on clarifying the jurisdiction related issues for filing cases for offence committed under Section 138 of the Act. The Negotiable Instruments (Amendment) Bill, 2015 was passed … Continue Reading →

Income Tax

HUF Taxation in India

January 4, 2016January 4, 2016 TaxIndiaUpdates In0 comments12460 views

HUF Taxation in India What is HUF? Sec. 2(31) of the IT Act, 1961 defines the word ‘person’, which includes HUF. Therefore, HUF is a separate assessable entity under the Income Tax Act, 1961 and Wealth Tax Act, 1957. No separate definition of the expression … Continue Reading →

Income Tax

CBDT Guidance Note on FATCA and CRS

December 31, 2015January 13, 2016 TaxIndiaUpdates In0 comments4986 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 comments4153 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 comments12510 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 comments5584 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 comments12892 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 comments18284 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 comments4299 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 comments16376 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 →