Income Tax Slab Rates 1. In case of an Individual (resident or non-resident) or HUF or Association of Person or Body of Individual or any other artificial juridical person Assessment Year 2016-17 Taxable income Tax Rate Up to Rs. 2,50,000 Nil Rs. 2,50,000 to Rs. 5,00,000 10% Rs. 5,00,000 to Rs. 10,00,000 20% Above Rs.… Read More »
MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION No. 81/2016 New Delhi, the 9th September, 2016 INCOME-TAX S.O. 2911(E).—In exercise of the powers conferred by sub-section (1F) of section 197A of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the said Act), the Central Government hereby notifies that… Read More »
Amnesty Scheme for Builders under Haryana VAT released on 12th September 2016 The much awaited Amnesty Scheme under Haryana VAT has been released for builders and other work contractors on 12th September 2016, to be called as Haryana Alternative Tax Compliance Scheme for Contractors, 2016, vide Notification No.19/ST-1/H.A.6/2003/S.59A/2016- dated 12th September, 2016. The principle features… Read More »
IN THE ITAT MUMBAI BENCH ‘A’ Assistant Commissioner of Income-tax, Circle 6 (3), Mumbai v. Liva Healthcare Ltd. MAHAVIR SINGH, JUDICIAL MEMBER AND RAMIT KOCHAR, ACCOUNTANT MEMBER IT APPEAL NOS. 904, 945 (MUM.) OF 2013 [ASSESSMENT YEAR 2009-10] SEPTEMBER 12, 2016 A. Ramachandran for the Appellant. B.V. Jhaveri for the Respondent. ORDER Ramit Kochar,… Read More »
HIGH COURT OF DELHI Council of the Institute of Chartered Accountants of India v. Mahesh Kumar Gupta PRADEEP NANDRAJOG AND MS. PRATIBHA RANI, JJ. CHAT.A.REF. NO. 2 OF 2012 AUGUST 12, 2016 Rakesh Aggarwal and Pulkit Agarwal, Advs. for the Petitioner. ORDER Pradeep Nandrajog, J. – The reference made to this Court by the Institute… Read More »
Implementation of GST to attract more FDI September 14, 2016 Implementation of Goods & Service Tax (GST) will lead to increased tax compliance and attract more foreign direct investments across sectors due to tax transparency and ease of doing business, says a survey. According to a survey of corporate India by Feedback Business Consulting Services,… Read More »
In a race against time to roll- out the goods and services tax (GST) from April 1, 2017, the GST Network (GSTN) —developing the information technology backbone for the new tax regime — is working closely with business process management (BPM) software firms like SAP, Tally and Oracle, among others, to facilitate timely preparedness of… Read More »
Petroleum products likely to be brought under GST regime Petroleum productscould be taxed under the proposed goods and services tax (GST). If it would happen, this move will reduce the imperfections in the new levy and also narrow the inflationary impact of the tax. A proposal favouring imposition of a modest tax on these products… Read More »
Note : CBDT had extended the due date of furnishing ITR to 17th October but there was no clarity about Tax Audit Due Date . So clarification has been issued that Tax Audit date has also been extended. F. No. 225/195/2016-ITA II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes… Read More »
HIGH COURT OF DELHI Council of The Institute of Chartered Accountants of India v. Devinder Kumar Jain PRADEEP NANDRAJOG AND MS. PRATIBHA RANI, JJ. CHAT. A. REF NO. 1 OF 2011 AUGUST 8, 2016 Rakesh Agarwal and Pulkit Agarwal, Advocates for the Petitioner. Ms. Isha Jha, Advocate for the Respondent. ORDER Pradeep Nandrajog, J. –… Read More »