Daily Archives: April 20, 2016

Be Income Tax Informants and Earn Reward

GUIDELINES FOR GRANT OF REWARDS TO INFORMANTS LEADING TO RECOVERY OF IRRECOVERABLE TAXES, 2015 INSTRUCTION NO.7/2015 [F.NO.385/21/2015-IT(B)], DATED 26-8-2015 In supersession of the guidelines for Grant of Reward to Informants, 2007, I am directed to say that the following guidelines will regulate the grant of reward to informants leading to recovery of taxes of tax… Read More »

MCA FAQ on eform

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 »

No TDS on Service Tax Component of Rent

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 »

TCS Penalty as per Income tax Act

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 »

72 ways to Tackle Black Money in India

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 »