Income Tax

Budget 2016 proposes to amend section 206AA of the Income-tax Act so as to provide that TDS shall not be deducted at a higher rate in case of non-residents not having PAN, subject to prescribed condition. New Rule 37BC of Income tax Rule 1962, provides relaxation from deduction of tax …

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, the 20th June, 2016 Sub: Threshold Limit of tax audit under section 44AB and section 44AD – clarification regarding Section 44AB of the Income-tax Act (‘the Act’) makes it obligatory for every …

Amendments in tax laws from 01-June-2016 [Changes proposed by Finance Act 2016] The Finance Act 2016 has proposed certain changes that come into effect from 01-June-2016. The changes are important as they may impact the way in which you transact with your customers / vendors & may require a modification to your billing …

Introduction The Income Declaration Scheme, 2016 (referred to here as ‘the Scheme’) is contained in the Finance Act, 2016, which received the assent of the President on the 14th of May 2016. The Scheme provides an opportunity to persons who have paid not full taxes in the past to come …

The Income-tax Act, 1961 (the Act) provides that the Central Board of Direct Taxes may prescribe rules specifying the procedure for grant of relief or deduction of income-tax paid in any country or specified territory outside India, under section 90/ 90A/ 91 of the Act against the income-tax payable under …

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 4th April, 2016 Sub: Release of E-filing of Income Tax Returns (ITR) and other forms -reg In pursuance of the Notification of the Income Tax Returns (ITR) for AY 2016-17 on March …

To keep a watch on high value transactions undertaken by the taxpayer, the Income-tax Law has framed the new concept of furnishing of “Statement of financial Transactions” in Form No 61A (previously called as ‘Annual Information Return (AIR)’. With the help of the statement the tax authorities will collect information …

“CBDT notifies revised rules for quoting PAN and reporting of financial transactions to income tax authority“. Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 31st December, 2015 Subject: Amendment of Rules regarding quoting of PAN for specified transactions to come …

Central Board of Direct Taxes (CBDT) issued a press release on 31-12-2015 regarding streamlining scrutiny assessment proceedings and facilitating electronic communication. The Income Tax Department is committed to providing fair and transparent tax administration and continuously improve taxpayer services. Taking another step in this direction, Central Board of Direct Taxes (CBDT) …

Section 195 of the Income-tax Act (‘the Act’) empowers the Central Board of Direct Taxes to capture information in respect of payments made to non-residents, whether chargeable to tax or not. Rule 37 BB of the Income-tax Rules has been amended to strike a balance between reducing the burden of …