INCOME TAX RATES AS PER FINANCE ACT, 2015 As per the Finance Act, 2015,Income tax rates for for the financial year 2015-16 (i.e. Assessment Year 2016-17) are as follow INCOME TAX RATES FOR FY 2015 -16 FOR INDIVIDUAL INCOME TAX RATES FOR FY 2015 -16 FOR INDIVIDUAL , RESIDENT IN INDIA (AGE>=60 YEARS BUT < 80 YEARS) B. Rates of… Read More »
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART-II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION [Notification No. 93/2015, F.No.133/41/2015-TPL] New Delhi, the 16th December, 2015 INCOME-TAX G.S.R. 978(E).— In exercise of the powers conferred by sub-section (6) of section 195 read… Read More »
Furnishing of Information in Respect of Payments made to the Non-Resident Section 195 of the Income-tax 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… Read More »
Initiatives of Central Board of Excise and Customs to Facilitate Trade and to Resolve Disputes The Central Board of Excise and Customs, Department of Revenue, Ministry of Finance, Government of India has taken a number of initiatives to facilitate trade and to resolve disputes. A slew of measures were taken to enable effective and speedy… Read More »
In exercise of the powers conferred by Section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Central Board of Excise & Customs(CBEC) No.136/2015-CUSTOMS (N.T.), dated 3rd December, 2015, except as respects things done or omitted to be done before such supersession, the Central Board of… Read More »
PAN Card number or Permanent Account Number What is PAN card number ? PAN stands for Permanent Account Number. PAN is a ten-digit unique alphanumeric number issued by the Income Tax Department. PAN is issued in the form of a laminated plastic card (commonly known as PAN card). Given below is an illustrative PAN: ALWPG5809L Who… Read More »
Issue The petitioner preferred an appeal together with the stay application before the Deputy Commissioner of Commercial Tax (Appeals) under section 73 of the Act on 6.7.2015, well within the period of limitation. However, during the pendency of the hearing of the stay application and the appeal, the fourth respondent issued attachment orders dated 21.7.2015,… Read More »
NHAI To Issue Tax Free, Secured, Redeemable Non-Convertible Bonds Issue to open on 17th December 2015 and close on 31st December 2015 NHAI plans to raise funds through public issue of tax free, secured, redeemable non-convertible bonds with Face Value of Rs 1,000 each for an amount of Rs 1,000 crore with an option to… Read More »
Initiatives by Government of India for promoting PPPs: Government of India (GoI) has been placing strong emphasis on the use of Public Private Partnerships (PPPs) as a strategy for expanding the provision of infrastructure services. Several initiatives have been taken to create an enabling framework for PPPs: Ø The appraisal mechanism for the PPP projects… Read More »
Tax Free Bonds for FY 2015-16 NOTIFICATION NO. 59/2015 [F.NO.178/27/2015-ITA-I] / SO 1827(E), DATED 6-7-2015 In exercise of the powers conferred by item (h) of sub-clause (iv) of clause (15) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby authorises the entities mentioned in column (2) of the Table… Read More »