Presumptive taxation scheme for Professionals Presumptive taxation scheme for Professionals has been introduced in Section 44ADA of Income tax act by Finance Act 2016 Applicability of Presumptive taxation scheme for Professionals :- The scheme will apply to such resident assessee who is an individual, Hindu undivided family or partnership firm , Limited Liability partnership firm ,company,… Read More »
NOTIFICATION NO. SO 12 [P.A.8/2005/S.70/2016] DATED 20-2-2016 In exercise of the powers conferred by sub-section (1) of section 70 of the Punjab Value Added Tax Act, 2005 (Punjab Act No. 8 of 2005), and all other powers enabling him in this behalf, the Governor of Punjab is pleased to make the following Rules, further to… Read More »
Government of India Ministry of Finance Foreign Tax & Tax Research Division Exchange of Information Cell, India F.No.500/20/2013/FT&TR-111(2) Dated 17th May, 2016 To All the Pr. CCsIT/DGsIT(Inv.)/CCsIT(Central) Sir/Madam, Sub: Request for refrainment from notifying taxpayers concerned in Form — A of Manual on Exchange of Information issued by C.B.D.T. in May, 2015 — Reg. It… Read More »
Revised TDS Rates and Limit w.e.f 01.06.2016 Finance Act 2016 has revised TDS Rates and limit for Rationalization of tax deduction at Source (TDS) Under the scheme of deduction of tax at source as provided in the Act, every person responsible for payment of any specified sum to any person is required to deduct tax at… Read More »
Enabling of Filing of Form 15G/15H for rental payments for NIL TDS on Rent The provision of sub-section 194-I of the Act, inter alia, provides for tax deduction at source (TDS) for payments in the nature of rent beyond a threshold limit. The existing provisions provide threshold of Rs. 1,80,000 per financial year for deduction of… Read More »
NOTIFICATION NO.23/2016-C.E, DATED 17-5-2016 In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India… Read More »
Interest on loan taken for residential house property (Section 80EE of Income Tax Act) Section – 38, Finance Acts – 2016 amended the Section 80EE of Income tax Act relating to Deduction in respect of interest on loan taken for residential house property For section 80EE of the Income-tax Act, the following section shall be… Read More »
10.7% growth in Foreign Tourist Arrivals in april 2016 over the same period in 2015 Bangladesh accounts for highest share of tourist arrivals followed by USA and UK in April 2016 Rs. 11, 637 crores Foreign Exchange earned through tourism in April 2016 10.7% growth in Foreign Tourist Arrivals (FTAs) in April 2016 over the… Read More »
Government approves three (3) proposals of Foreign Direct Investment (FDI) amounting to Rs. 60.73 crore approximately; recommends one proposal for approval of CCEA involving FDI of Rs. 12,973.14 crore. Based on the recommendations of the Foreign Investment Promotion Board (FIPB) in its 234th meeting held on 29th April 2016, the Government has approved three FDI… Read More »
Prime Minister and Agriculture & Farmers Welfare Minister meetings with Chief Ministers of 10 drought affected States and decisions taken in subsequent meetings. Agriculture and Farmers Welfare Minister, Shri Radha Mohan Singh appealed to the drought-affected states that they take immediate steps to fight drought and review it on week to week basis. The Minister… Read More »