Daily Archives: June 11, 2016

RVAT : Form EL-1 for E Commerce

Only Form EL-1 to be filed within 15 days from the end of the relevant month Effective Date: 31st May, 2016 The Rajasthan Government has specified that the following persons effecting transactions within the State of Rajasthan through electronic media, shall furnish the information for every month or part thereof in Form EL-1 (earlier it… Read More »

No rejection of registration application u/s 12AA because ITR not filed

 Shri Shirdi Sai Darbar Charitable Trust (Dharamshala) Vs. CIT(Exemptions), I.T.A. No. 692/CHD/2015, Date of Pronouncement: 08.06.2016, ITAT – Chandigarh Issue: Whether CIT (Exemptions) can reject the application for registration u/s 12AA of the Income Tax Act,1961 on the grounds that the assessee has not filed any ITR and the clause of memorandum provide absolute powers… Read More »

TCS on sale of Cars

TCS on sale of Cars Analysis of Provisions relating to TCS on sale of Cars/ Sale of Motor Vehicle above Rs 10 Lakh section 206C of the Income Tax Act has been amended w.e.f 01.06.2016 to provide that the seller shall collect the tax at the rate of 1%  from the buyer on sale of motor vehicle… Read More »

Section 206C (1F) of Income Tax Act

Section 206C (1F) of Income Tax Act Section 206C (1F) of Income Tax Act :- (1F) Every person, being a seller, who receives any amount as consideration for sale of a motor vehicle of the value exceeding ten lakh rupees, shall, at the time of receipt of such amount, collect from the buyer, a sum… Read More »

Section 80EE of Income Tax Act

Section 80EE of Income Tax Act Section – 38 of  Finance Acts – 2016 Substituted new section for section 80EE. 38. For section 80EE of the Income-tax Act, the following section shall be substituted with effect from the 1st day of April, 2017, namely:— ’80EE. Deduction in respect of interest on loan taken for residential house… Read More »

Rule 26C ,evidence of claims by employee for TDS u/s 192

Rule – 26C Income-tax Rules Rule 26C inserted by the Income-tax (Eleventh Amendment) Rules, 2016, w.e.f. 1-6-2016. Furnishing of evidence of claims by employee for deduction of tax under section 192. 26C. (1) The assessee shall furnish to the person responsible for making payment under sub-section (1) of section 192, the evidence or the particulars… Read More »

SEBI brings Strict KYC norms for ODI subscribers

Securities and Exchange Board of India CIRCULAR CIR/IMD/FPI&C/59/2016 June 10, 2016 To, All Foreign Portfolio Investors (FPIs) (Through their Designated Depository Participants/Custodians of Securities) Dear Sir/Madam, Subject: Know Your Client (KYC) norms for ODI subscribers, transferability of ODIs, reporting of suspicious transactions, periodic review of systems and modified ODI reporting format. 1. In terms of… Read More »

Tax benefits of Life Insurance Policy

TAX BENEFITS DUE TO LIFE INSURANCE POLICY Payment of premium on life insurance policy not only gives insurance cover to a taxpayer but also offers certain tax benefits. Deduction in respect of Life Insurance Premium, PPF, NSC, etc. [Section 80C] Section 80C of the Income Tax Act provides deduction in respect of various items like… Read More »

Procedure for import of gold/silver/platinum by nominated agencies

Circular No. 27/2016-Customs F. No 484/31/2016 – LC Govt. of India Ministry of Finance Dept. of Revenue Central Board of Excise & Customs ******** New Delhi, dated 10th June 2016 To, All Principal Chief Commissioners Customs, All Principal Chief Commissioners of Customs & Central Excise, All Chief Commissioners of Customs, All Chief Commissioners of Customs… Read More »

Fresh panel of CBEC to handle Indirect tax litigation in various High courts

F.No.278A/21/2015-Legal Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs (Legal Cell) New Delhi 9th June 2016 Related Post Litigation Management and Dispute Resolution measures of CBEC CBDT clarifies provisions of the Income tax for reducing litigation and easing burden of compliance Committee Recommendation to curb litigation of Income… Read More »