Income Tax Archives - NewsTaxIndia

Expeditious issue of Refunds is a High Priority for the Central Board of Direct Taxes

February 14, 2017 NewsTaxIndia1 comments864 views

Expeditious issue of Refunds is a High Priority for the Central Board of Direct Taxes (CBDT); Over 4.19 crore Income Tax Returns (ITRs) processed and over 1.62 crore refunds issued during the Current Financial Year up to 10th February, 2017. The Centralised Processing Centre (CPC) … Continue Reading →

Income Tax

Expeditious issue of Refunds is a High Priority for the Central Board of Direct Taxes

February 14, 2017 NewsTaxIndia1 comments889 views

Income Tax

Guiding Principles for determination of Place of Effective Management of a Company

January 26, 2017 NewsTaxIndia0 comments807 views

Guiding Principles for determination of Place of Effective Management (POEM) of a Company: CBDT Circular No. o6/2017, Dated: January 24, 2017 Section 6(3) of the Income-tax Act, 1961 (the Act), prior to its amendment by the Finance Act, 2015, provided that a company is said … Continue Reading →

Income Tax

Reporting Cash Transactions under Rule 114E of Income – Tax Rules 1962

December 23, 2016 NewsTaxIndia0 comments1139 views

Reporting Cash Transactions under Rule 114E of Income – Tax Rules 1962: Rule 114E of Income-Tax Rules, 1962, for furnishing Statement of Financial Transactions (SFT) came into force with effect from 1st April, 2016. Any person who is liable for audit under section 44AB of … Continue Reading →

Income Tax

Transactions in Relation to which Quoting PAN is Mandatory

November 18, 2016 NewsTaxIndia0 comments839 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

CBDT Releases data of Income Tax Return for AY 2013-14 and AY 2014-15

October 26, 2016 NewsTaxIndia0 comments874 views

CBDT releases data relating to Income Tax Return Statistics for Assessment Years (AY) 2013-14 & 2014-15; Reports containing the data are available at www. incometaxindia.gov.in Central Board of Direct Taxes (CBDT) had proactively released in April, 2016 time-series data relating to direct tax collections, number … Continue Reading →

Income Tax

Prohibition of Benami Property Transactions Rules, 2016

October 26, 2016 NewsTaxIndia0 comments1833 views

Prohibition of Benami Property Transactions Rules, 2016 CBDT Notification No. 99/2016, Dated: October 25, 2016 G.S.R. 1004(E). – In exercise of the powers conferred by section 68 of the Prohibition of Benami Property Transactions Act, 1988 (45 of 1988), the Central Government hereby makes the following rules, … Continue Reading →

Income Tax

CBDT Issued Certificates of Appreciation to Tax Payers

October 26, 2016 NewsTaxIndia0 comments797 views

CBDT issues second round of Certificates of Appreciation to another 10.15 lakh tax payers for their contribution towards Nation building The Union Finance Minister Shri Arun Jaitley, had personally handed-over the Certificates of Appreciation to a few individuals at North Block in the national capital … Continue Reading →

Income Tax

Compensation Received in Respect of Award or Agreement is Exempted from levy of Income Tax

October 25, 2016 NewsTaxIndia0 comments698 views

CBDT Circular No. 36/2016 – Taxability of the compensation received by the land owners for the land acquired under the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 (‘RFCTLARR Act’) – reg. 1. Under the existing provisions of the … Continue Reading →

Indirect Taxes

Draft Rules for valuation of fair market value of Trust

October 25, 2016 NewsTaxIndia0 comments1079 views

Draft Rules for prescribing the method of valuation of fair market value in respect of the trust or the institution-Chapter XII-EB of the Income-tax Act, 1961- reg. The Finance Act, 2016, inter alia, inserted a new Chapter XII-EB consisting of sections 115TD, 115TE and 115TF … Continue Reading →