Daily Archives: May 20, 2016

Income Declaration Scheme Rules 2016

By | May 20, 2016

TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE)  Income Declaration Scheme Rules 2016 New Delhi, the 19th May, 2016 The Income Declaration Scheme Rules, 2016 NOTIFICATION [Notification No. 33/2016, F.No.142/8/2016-TPL] S.O. 1831(E)- In exercise of the powers conferred by… Read More »

Income Declaration 2016 , Declaration & Tax Payment Date Notified

By | May 20, 2016

TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) New Delhi, the 19th May, 2016 NOTIFICATION S.O. 1830(E)- In exercise of the powers conferred by section 183, section 187 and section 190 of the Finance Act, 2016 (28 of 2016),… Read More »

Digital reporting of Form No 60 and Form No 61

By | May 20, 2016

Circular No. 14 /2016 F.No.370149/68/2016-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 18th May, 2016 Subject: Digital reporting of Form No.60-reg. 1. Vide Notification No.95, dated 30th December, 2015, rules 114B, 114C and 114D of the Income-tax Rules, 1962 ( the Rules) were amended and have… Read More »

Printing business eligible for Additional Depreciation

By | May 20, 2016

Additional Depreciation u/s 32(1)(iia) of the Income Tax Act 1961 CIRCULAR NO.15/2015 [F.NO.279/MISC/140/2015/ITJ], DATED 19-5-2016 An assessee, engaged in the business of manufacture or production of an article or thing, is eligible to claim additional depreciation under clause (iia) of sub-section (1) of section 32 of the Income-tax Act, 1961 (hereinafter referred to as the… Read More »

Income Declaration Scheme 2016 Explanatory notes

By | May 20, 2016

Circular No. 16 of 2016 F.No.370142/8/2016-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) Dated: 20th May, 2016 EXPLANATORY NOTES ON PROVISIONS OF THE INCOME DECLARATION SCHEME, 2016 AS PROVIDED IN CHAPTER IX OF THE FINANCE ACT, 2016 Introduction The Income Declaration Scheme, 2016 (referred to here… Read More »

FAQ’s on Income Declaration Scheme 2016

By | May 20, 2016

Circular No.17 of 2016 F.No.142/8/2016-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) Dated 20th of May, 2016 Clarifications on the Income Declaration Scheme, 2016 The Income Declaration Scheme, 2016 (hereinafter referred to as ‘the Scheme’) incorporated as Chapter IX of the Finance Act, 2016 provides an… Read More »

FAQs relating to The Income Declaration Scheme 2016 uploaded

By | May 20, 2016

Frequently Asked Questions (FAQs) relating to ‘The Income Declaration Scheme 2016’ specifying details of the scheme and clarifying eligibility available under the same uploaded on www.incometaxindia.gov.in The Income Declaration Scheme, 2016 incorporated as Chapter IX of the Finance Act, 2016 is to come into force with effect from the 1st of June, 2016. The complete… Read More »

Census 2011 data on Households by religion, Sex of head of household and household size.

By | May 20, 2016

RGI releases Census 2011 data on Households by religion, Sex of head of household and household size. Table HH-7 on Households by religion, sex  of head of household and household size reveals the percentage of households to total households in main six religious communities as follows:- Religious Communities Total no. of households             (in million) Percentage… Read More »

Penalty for under reporting & misreporting of income: sec 270A

By | May 20, 2016

Penalty for under reporting and misreporting of income Section 98 of Finance Act 2016 has inserted New section 270A in Income Tax Act 1961 Brief of Penalty for under reporting and misreporting of income The Assessing Officer or the Commissioner (Appeals) or the Principal Commissioner or Commissioner (‘specified authority’) are empowered to order payment of penalty… Read More »

Dividend Distribution Policy for top 500 listed companies:SEBI

By | May 20, 2016

Dividend distribution policy for listed companies SEBI Board approved the proposal for the top 500 listed companies (by way of market capitalization) to formulate and disclose their dividend distribution policies in the annual reports and on their websites. Such policy may include: a) The circumstances under which their shareholders can or cannot expect dividend; b)… Read More »

Quoting PAN Mandatory for Transaction: Rule 114B of Income tax

By | May 20, 2016

Quoting PAN is mandatory in India for the transactions mentioned in Rule 114B of Income tax rules Rule-114B Income-tax Rules (Rule 114B substituted by the Income-tax (Twenty Second Amendment) Rules, 2015, w.e.f. 1-1-2016.) [Transactions in relation to which permanent account number is to be quoted in all documents for the purpose of clause (c) of… Read More »

loose sheets are documents u/s 132(4), Addition can be made

By | May 20, 2016

Held it is clear that loose sheets recovered from the premises of the assessee constitute documents within the meaning of the Explanation under sub-section (4) of section 132. Sub-section (4) of Section 132 speaks about the admissibility of evidence of those documents. Sub-section (4) together with the Explanation thereunder to section 132 reads as follows:—… Read More »

Acquisition of agricultural land in District not to exceed 5%

By | May 20, 2016

  THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] MINISTRY OF RURAL DEVELOPMENT NOTIFICATION New Delhi, the 12th May, 2016 S.O. 1758(E).—In exercise of the powers conferred by sub-section (4) of section 10 of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 (No. 30 of 2013), the… Read More »

Multi-crop irrigated land acquisition not to exceed 1%

By | May 20, 2016

THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] MINISTRY OF RURAL DEVELOPMENT NOTIFICATION New Delhi, the 12th May, 2016 S.O. 1757(E).—In exercise of the powers conferred by sub-section (2) of section 10 of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 (No. 30 of 2013), the Central… Read More »

ANTI-HIJACKING ACT 2016 : Indian Govt Notified

By | May 20, 2016

THE GAZETTE OF INDIA EXTRAORDINARY [PART II—SECTION 1] MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 16th May, 2016/Vaisakha 26, 1938 (Saka) The following Act of Parliament received the assent of the President on the 13th May, 2016, and is hereby published for general information:— THE ANTI-HIJACKING ACT, 2016 NO. 30 OF 2016… Read More »

Presumptive Taxation of Business u/s 44AD

By | May 20, 2016

Presumptive Taxation of Business u/s 44AD After Finance Act 2016 What is Presumptive Taxation of Business u/s 44AD The existing provisions of section 44AD provide for a presumptive taxation scheme for an eligible business. Where in case of an eligible assessee engaged in eligible business having total turnover or gross receipts not exceeding Rs 1 crore (increased to Rs… Read More »