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 »