Banks authorized to accept payments of Income Tax Reserve Bank of India August 12, 2015 Pay IT dues in advance at RBI or at authorised bank branches The Reserve Bank of India has appealed to income tax assessees to remit their income tax dues sufficiently in advance of the due date. It has also stated… Read More »
SECTION 92C OF THE INCOME-TAX ACT, 1961 – TRANSFER PRICING – COMPUTATION OF ARM’S LENGTH PRICE (ALP) – ACCEPTANCE OF ORDER OF HIGH COURT OF BOMBAY IN CASE OF VODAFONE INDIA SERVICES PVT. LTD. [2014] 50 TAXMANN.COM 300 (BOMBAY) INSTRUCTION NO. 2/2015 [F.NO.500/15/2014-APA-I], DATED 29-1-2015 In reference to the above cited subject, I am directed… Read More »
SECTION 199 OF THE INCOME-TAX ACT, 1961 – DEDUCTION OF TAX AT SOURCE – CREDIT FOR TAX DEDUCTED – NON-DEPOSIT OF TAX DEDUCTED AT SOURCE INSTRUCTION NO.275/29/2014-IT-(B), DATED 1-6-2015 Grievances have been received by the Board from many taxpayers that in their cases the deductor has deducted tax at source from payments made to them… Read More »
IASB Proposed Deferment of Changes Previously Suggested in IFRS 10 and IAS 28 International Accounting Standard Board (IASB), the independent body of IFRS foundation and responsible for developing and promoting International Financial Reporting Standards (IFRS), has proposed deferment of changes previously suggested in IFRS 10 ‘Consolidated Financial Statements’ and IAS 28 ‘Investment in Associates and… Read More »
PRADHAN MANTRI Suraksha Bandhan Yojana GOVERNMENT LAUNCHES SURAKSHA BANDHAN DRIVE IN A MISSION MODE THROUGH PARTICIPATING BANKS AND INSURANCE COMPANIES TO FACILITATE ENROLMENT UNDER PRADHAN MANTRI SURAKSHA PRESS RELEASE, DATED 9-8-2015 In order to build on the very encouraging response to the two very affordable and convenient to subscribe insurance schemes, namely the Pradhan Mantri… Read More »
GUIDELINES FOR ENGAGEMENT OF STANDING COUNSELS TO REPRESENT INCOME-TAX DEPARTMENT BEFORE HIGH COURTS AND OTHER JUDICIAL FORUMS; REVISION OF THEIR SCHEDULE OF FEES AND OTHER RELATED MATTERS INSTRUCTION NO.5/2015 [F.NO.279/MISC./M-75/2011-ITJ], DATED 23-6-2015 I am directed to refer to the above and Board’s Instruction No. 3 of 2012, dated 11-4-2012 on the above mentioned subject. 2.… Read More »
SECTION 143, READ WITH SECTION 154, OF THE INCOME-TAX ACT, 1961 – ASSESSMENT – RESTRICTION ON ISSUANCE OF MANUAL REFUNDS BY ASSESSING OFFICER AST INSTRUCTION NO.136 [F.NO.DGIT(S)/DIT(S)-3/AST/MANUAL REFUNDS/85-2015-16, DATED 10-7-2015 Kindly refer to the above subject. 2. The functionalities for passing orders u/s 143(1)(a)/143(3)/154/ appeal effects/penalty etc. exist on the system and, progressively, AOs are… Read More »
CONSOLIDATED FDI POLICY CIRCULAR 2015 – INTRODUCTION OF COMPOSITE CAPS FOR SIMPLIFICATION OF FOREIGN DIRECT INVESTMENT (FDI) POLICY TO ATTRACT FOREIGN INVESTMENTS PRESS NOTE NO.8 (2015 SERIES), DATED 30-7-2015 The Government of India has reviewed the extant FDI policy on various sectors and made following amendments in the Consolidated FDI Policy Circular of 2015, effective… Read More »
TDS on VSAT /lease line charges paid to NSE/BSE Question : Whether TDS is required to be deducted on Fees for professional or technical services (VSAT charges) paid to NSE/ BSE? There is no requirement to deduct tax at source from payments made to NSE/BSE towards VSAT charges and lease line charges under section 194J… Read More »
Government of India Ministry of Commerce and Industries Department of Industrial Policy and Promotion (v. 11.08.2015) Major Initiatives on Improving Ease of Doing Business in India. The Government of India has taken up a series of measures to improve Ease of Doing Business. The emphasis has been on simplification and rationalization of the existing rules… Read More »