Daily Archives: August 14, 2016

RBI authorised 29 banks to accept payments of Income Tax dues

Date : Aug 12, 2016 Pay IT dues in advance at RBI or at authorised bank branches – September 2016 The Reserve Bank of India has appealed to income tax assessees to remit their income tax dues sufficiently in advance of the due date. It has also stated that assessees can use alternate channels like… Read More »

Category: RBI

For smooth GST transition, here’s what must be done

For smooth GST transition, here’s what must be done The 122nd Constitution Amendment Bill, 2014 which will pave the way for introduction of the Goods and Services Tax laws has finally been approved after numerous consultations. The fact that the Bill was passed unanimously also sends the right signals about the intent to make this… Read More »

Category: GST

Companies needs to upgrade IT system for GST

Companies May Move to New IT Systems to Tackle GST Challenges Several Indian companies have begun discussions with their IT vendors and tax advisors to upgrade their systems to enable tracking of goods and analysis of tax and other cost implications once the goods and services tax (GST) regime comes into force. Companies are mainly… Read More »

Category: GST

CBDT notify revised form for Declaration under Income Declaration Scheme

THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 12th August, 2016 S.O. 2705(E).— In exercise of the powers conferred by sub-section (1) and sub-section (2) of section 199 of the Finance Act, 2016 (28 of 2016), the Central Board… Read More »