Income Tax Archives - Page 5 of 9

Revenue Subsidies Received from Government are Eligible for Deduction in Chapter VI-A

November 30, 2016 NewsTaxIndia0 comments749 views

Revenue subsidies received from the Government towards reimbursement of cost of production/manufacture or for sale of the manufactured goods are part of profits and gains of business derived from the Industrial Undertaking / eligible business, and are thus, admissible for applicable deduction under Chapter VI-A … Continue Reading →

Income Tax

Keyman Insurance Policy of a Partner is an Admissible Expenditure u/s 37

November 24, 2016 NewsTaxIndia0 comments709 views

Admissibility of expenditure incurred by a Firm on Keyman Insurance Policy in the case of a Partner- Reg. CBDT CIRCULAR No. 38/2016, Dated: November 22, 2016 (F.No.279/Misc./140/2015-ITJ) The issue relating to admissibility of expenditure incurred by a firm on Keyman Insurance Policy premium in the case … Continue Reading →

Income Tax

Transaction would be of Tax Evasion if Amount deposited in Bank A/c belongs to others

November 18, 2016 NewsTaxIndia0 comments1055 views

Transaction would be of Tax Evasion if Amount deposited in Bank A/c belongs to others Demonetisation of Old High Denomination Currency & Cash Deposits in Bank Accounts It was announced by the Government earlier that small deposits made in the banks by artisans, workers, housewives, … Continue Reading →

Income Tax

Transactions in Relation to which Quoting PAN is Mandatory

November 18, 2016 NewsTaxIndia0 comments840 views

Transactions in Relation to which Quoting PAN is Mandatory The Income Tax Department prescribes a list of transactions for which quoting of Permanent Account Number (PAN) is mandatory. These are listed in Rule 114B of the Income Tax Rules, 1962 which were first inserted with … Continue Reading →

Income Tax

The Income Declaration Scheme, 2016 (the scheme)-Instruction No. 12 of 2016

November 16, 2016 NewsTaxIndia0 comments1216 views

The Income Declaration Scheme, 2016 (the Scheme) -reg. Instruction No.12 of 2016 F.No.370142/8/2016-TPL (Part) Central Board of Direct Taxes (TPL Division) 11th November, 2016 Instances have been reported by the field authorities that some of the assessees have filed revised declaration under the Scheme on … Continue Reading →

Income Tax

CBDT Notification: No AIR Reporting for Cash Deposited upto 2.5 Lacs

November 16, 2016 NewsTaxIndia0 comments2464 views

No AIR Reporting for Cash Deposited upto 2.5 Lacs CBDT NOTIFICATION NO. 104/2016, Dated: November 15, 2016 G.S.R 1068(E). – In exercise of the powers conferred by section 285BA, read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct … Continue Reading →

Income Tax

CBDT Circular on Chapter VIA deduction on Enhanced Profits

November 3, 2016 NewsTaxIndia0 comments816 views

CBDT Circular on Chapter VIA deduction on Enhanced Profits Subject: Chapter VIA deduction on enhanced profits – Reg. Chapter VI-A of the Income-tax Act, 1961 (“the Act”), provides for deductions in respect of certain incomes. In computing the profits and gains of a business … Continue Reading →

ICAI

ICAI issued Revised Guidance Note on Report under Section 92E

November 2, 2016 NewsTaxIndia0 comments1769 views

ICAI issued Revised Guidance Note on Report under Section 92E of the Income Tax Act 1961: Under this Guidance note, Chapter 4A related to Specified Domestic Transaction mentioned that if and when a new revised format of Form No. 3CEB is notified, contents of this Guidance … Continue Reading →

Income Tax

Withholding Tax on in case of Non Residents Disallowance u/s 40(a)(i)

October 29, 2016 NewsTaxIndia0 comments789 views

Withholding of tax on “Other sum chargeable” in the case of Non Residents Disallowance u/s 40(a)(i) of the Income tax Act, CBDT Foreign Tax & Tax Research-II (FT & TR-V Division) dated 26th of October, 2015. Reference is invited to Circular No 3/2015 dated 12-02-2015 … Continue Reading →

Income Tax

CBDT ITBA – Administrative Functions Instruction

October 27, 2016 NewsTaxIndia0 comments814 views

ITBA – Administrative Functions Instruction No. 2 – Launch of Income Tax Business Application (ITBA) – Administration Functions Module Phase – 2 (Gratuity, Superannuation and Provident Fund Approval) – reg. ITBA – Administrative Functions Instruction No. 3 – Launch of Income Tax Business Application (ITBA) … Continue Reading →