FREQUENTLY ASKED QUESTIONS (FAQs) ON ANNUAL FILINGS, LINKED FILINGS, CANCEL SRN SERVICE, RESUBMISSION AND ADDITIONAL FEE WAIVER PRESS RELEASE, DATED 19-4-2016 Stakeholders are requested to make note of the following common queries. Stakeholders are also requested not to raise duplicate Helpdesk tickets. 1. Which eforms can I file as attachments with GNL-2? Annual filing… Read More »
CIRCULAR NO. 4/2008, DATED 28-4-2008 Section 194-I of the Income-tax Act, 1961 – Deduction of tax at source – Rent – Clarification on deduction of tax at source (TDS) on service tax component on rental income under section 194-I Representations/letters have been received in the Board seeking clarification as to whether TDS provisions under section… Read More »
Penalty for failure to collect tax at source Section – 271CA, Income-tax Act, 1961 ( Inserted by the Finance Act, 2006, w.e.f. 1-4-2007.) 271CA. (1) If any person fails to collect the whole or any part of the tax as required by or under the provisions of Chapter XVII-BB, then, such person shall be liable… Read More »
Black Money in India 1. (a) Make stringent laws. (b) There should be community policing. 2. Those who are having accounts abroad must be given life imprisonment without mercy & delay. 3. CCTV cameras 24 hours for all government officials – police/lawyers/judges/doctors/sales tax officers/MLAs/CMs/PM etc. 4. Minimize paper currency and increase electronic money (cards). 5. … Read More »
NOTIFICATION NO. GSR 418(E) [F.NO.2/15/2014-CL-V], DATED 13-4-2016 In exercise of the powers conferred by sub-sections (1) and (2) of section 79 of the Limited Liability Partnership Act, 2008 (6 of 2009), the Central Government hereby makes the following rules further to amend he Limited Liability Partnership Rules, 2009 namely:— Short title and commencement 1. (1)… Read More »
Held A careful look at the Notification No.108/95-C.E. dated 28.8.1995 shows that the object of the Notification was to exempt all goods falling under the first Schedule to the Central Excise Tariff Act, 1985, when they are supplied to the United Nations or an International Organization for their official use or supplied to the projects… Read More »
Notice from Income tax Department If you have an Income in India that exceeds the minimum income limit (2.5 lakhs presently) you are expected to file your tax returns.Non filing of income tax returns is a punishable offense and you can be jailed and/or fined heavily for non filing of Income Tax return. You will… Read More »
RBI/2015-16/376 DBR.No.BP.BC.92/21.04.048/2015-16 April 18, 2016 All Scheduled Commercial Banks (Excluding Regional Rural Banks) Dear Sir, Provisioning pertaining to Fraud Accounts Please refer to circular DBR.No.BP.BC.83/21.04.048/2014-15 dated April 1, 2015 on the captioned subject. On a review, it has been decided to amend the provisioning norms in respect of all cases of fraud, as under: Banks… Read More »
Section – 16, Foreign Exchange Management Act, 1999 ADJUDICATION AND APPEAL Appointment of Adjudicating Authority. 16. (1) For the purpose of adjudication under section 13, the Central Government may, by an order published in the Official Gazette (see Notification Nos. SO 535(E), dated 1-6-2000 and SO 1155(E), dated 26-12-2000.) , appoint as many officers of the… Read More »
The property in question was an ancestral property which was inherited by the Assessee from his ancestors. AO View Point :- Observation of the AO was that on verification of the sale deed, it was found that the Assessee had acquired 1/6th share of “Babulal Group and another 1/6th share of Bansilal Group” respectively on… Read More »