Daily Archives: December 24, 2015

CBDT Instructions on applicability of MAT on foreign companies

Instruction No. 18/2015 F.No.153 /12/2015-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) New Delhi, Dated- 23rd December, 2015 Subject: Applicability of Minimum Alternate Tax (MAT) on foreign companies for the period prior to 1.04.2015-reg On the issue of applicability of Minimum Alternate Tax (MAT) under section… Read More »

Now Email ID of Income Tax officers on Notices of departments

F.No.Dir. (Hqrs.)/CH(DT)/29/2015/2030 GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES North Block, New Delhi, Dated : 15/12/2015 To 1. All Members of CBDT 2. All Pr. CCsIT (CCA)s CBDT 3. All Pr. DGsIT CBDT 4. JS (Admin) CBDT Subject: Facilitating Taxpayers’ electronic interface with the Department – reg.- Sir/… Read More »

Guide on how to file Income Tax Return

 File Income Tax Return 1.  Register yourself to file Income Tax Return Register yourself on the website www.incometaxindiaefiling.gov.in . Create your account .Permanent Account Number (PAN) will be your user ID. 2. Check 26AS to file Income Tax Return  your tax credit statement — View Form 26AS . The statement will reflect the taxes deducted and actually deposited… Read More »

Place of effective management Draft Guidelines of CBDT

F. No. 142/11/2015-TPL Government of India , Ministry of Finance ,Department of Revenue ,Central Board of Direct Taxes Dated: 23rd December, 2015 issued  Draft Guiding Principles for determination of Place of Effective Management (POEM) of a Company. Why place of effective management  for Companies ? Section 6(3) of the Income-tax Act, 1961, prior to its… Read More »

Exchange pre-2005 banknotes before June 30, 2016

RBI/2015-16/275 DCM (Plg) No.G-8/2331/10.27.00/2015-16 December 23, 2015 The Chairman / Managing Director / Chief Executive Officer All Scheduled Commercial Banks Primary (Urban) Co-operative Banks / RRBs Madam / Dear Sir, Withdrawal of all old series of Banknotes issued prior to 2005 Please refer to our circular DCM (Plg) No.G-15/5486/10.27.00/2014-15 dated June 26, 2015 and the… Read More »

Insurance Companies to Comply Foreign Account Tax Compliance Act

Registration and submission of information to CBDT for compliance with obligations under Foreign Account Tax Compliance Act (FATCAI/ Common Reporting Standards(CRS) 1. The Authority, vide circular dt. 31.12.2014, had advised all insurers (excluding GIC) to get themselves registered with the United States Internal Revenue Service (US-IRS) and obtain a Global Intermediary Identification Number (GIIN), in… Read More »

Reporting of Compliance for Indian Ownership and Control by Insurance Companies

Attention is drawn to the Guidelines on Indian Owned and Controlled issued by the Authority Ref. IRDA/F&A/GDL/GLD/180/10/2015 on the 19th October, 2015. The Guidelines envisage confirmation of compliance with the criteria of Indian Ownership and Control by all the Indian Insurance Companies within a period of three months, i.e. by the 18th of January, 2016.… Read More »

Why Should I buy Travel Insurance ?

Travel Insurance Why Should I buy Travel Insurance ? Following are some  reasons for buying Travel Insurance You have to cut your trip short because of illness You have to cancel your nonrefundable trip because a family member had an accident Your flight is delayed overnight because of bad weather, and you need a hotel… Read More »

Steps before buying Life Insurance Policy

Steps For buying Life Insurance Policy   Step 1 : What is my financial goal which i wants to meet from Life Insurance ? Your objective  may be :- Protection or financial security, saving for your children’s education, Retirement Saving ownership of some valuable assets, or Marriage of Your Daughter You have to do the cost benefit… Read More »