F.No. 279/Misc/M-77/2011-ITJ Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (ARO Division) New Delhi, the 18th October, 2016 To, All Principal Chief Commissioners of Income Tax. Madam/ Sir, Sub:- Modifications to the Instruction No. 6/2016 for engagement of Special Public Prosecutors (SPPs) to represent the Income Tax Department before Courts… Read More »
F.No. 225/195/2016/ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North-Block, ITA.II Division New Delhi Date- 18th October, 2016 Order under Section 119 of the Income-tax Act, 1961 In order to mitigate the difficulties being faced by the taxpayers in the State of Jammu & Kashmir in filing income… Read More »
Form 26QB for TDS on Property Sale Payment in Form 26QB Any sum deducted under section 194-IA of Income Tax Act shall be paid to the credit of the Central Government within a period of thirty (w.e.f. 1-6-2016) days from the end of the month in which the deduction is made and shall be accompanied by… Read More »
Section 234E of Income Tax Act Inserted by the Finance Act, 2012, w.e.f. 1-7-2012. Section 234 prescribe fees for default in furnishing TDS/TCS statements. Section 234E :- Fee for default in furnishing statements. 234E. (1) Without prejudice to the provisions of the Act, where a person fails to deliver or cause to be delivered a statement… Read More »
Reserve Bank of India Master Direction – Non-Banking Financial Company – Non-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016 (Updated as on October 17, 2016) Master Direction – Non-Banking Financial Company – Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016 (Updated as on October 17, 2016)
Reserve Bank of India Sovereign Gold Bonds issued on September 30 to be tradable from October 19 Date : Oct 17, 2016 From October 19, 2016 (Wednesday), the Sovereign Gold Bonds issued on September 30, 2016 held in dematerialised form shall be eligible for trading on stock exchanges recognised by the Government of India under… Read More »
Held The burden is upon the assessee to show and prove that interest free fund far exceeds the value of investment and thereafter, to justify the quantification of amount of Rs. 4 lakhs towards disallowance for the exempted income. In the present case, the said burden has not been discharged satisfactorily and thereafter, the assessing… Read More »
Held The assessee is undoubtedly an owner of the property but he is not an absolute owner. His ownership is restricted to a certain percentage of the right in the property. The assessee has collected the rent payable with respect to the property in its entirety and thereafter has passed on the rent including the… Read More »
The Centre is likely to propose a four-tier tax structure under the goods and services tax (GST), with a peak slab of 26 per cent. Almost 20-25 per cent of all taxable goods, including those consumed by the middle class, could come under the peak rate. The idea is to arrive at a common ground… Read More »
The central government’s efforts to implement the Goods and Services Tax or GST law from April 1 next year is about to enter a critical phase. Starting today, the three-day meeting of the GST Council will take a decision on the tax bands and iron out issues like compensation formula for the new indirect tax… Read More »