Clarifications on implementation of GAAR provisions under the Income Tax Act, 1961 The General Anti Avoidance Rule (GAAR) provisions shall be effective from the Assessment Year 2018-19 onwards, i.e. Financial Year 2017-18 onwards. The necessary procedures for application of GAAR and conditions under which it shall not apply, have been enumerated in Rules 10U to 10UC of the … [Read more...] about Clarifications on implementation of GAAR provisions under the Income Tax Act, 1961
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Income Tax - Central Government Employees
Income Tax benefits for NPS
Income Tax benefits for NPS New Delhi: At the investment stage, National Pension System (NPS) offers the income tax benefits under different sections of the Income Tax Act - Section 80CCD (1), Section 80CCD (1b) and Section 80CCD (2). NPS is especially useful for investors who may have exhausted the Rs 1.5 lakh investment limit under Section 80C but want to save … [Read more...] about Income Tax benefits for NPS
INCOME-TAX DEDUCTION FROM SALARIES DURING THE FINANCIAL YEAR 2016-17 UNDER SECTION 192 OF THE INCOME-TAX ACT, 1961
Deduction of tax at source Income-tax deduction from salaries under section 192 of the Income-tax Act, 1961 CIRCULAR NO : 01/2017 F.No.275/192/2016-IT(B) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi Dated the 2nd January, 2017 SUBJECT: INCOME-TAX DEDUCTION FROM SALARIES DURING THE FINANCIAL YEAR … [Read more...] about INCOME-TAX DEDUCTION FROM SALARIES DURING THE FINANCIAL YEAR 2016-17 UNDER SECTION 192 OF THE INCOME-TAX ACT, 1961
Salaried peoples expectations from Budget 2017-18
Salaried peoples expectations from Budget 2017-18 New Delhi: Finance Minister Arun Jaitley unveils the budget on 1 February. The salaried class has a lot of expectations from the Budget. Increase in the personal income tax exemption limit and a higher deduction limit on home loan interest are among the common ones, say analysts. The following salaried people's … [Read more...] about Salaried peoples expectations from Budget 2017-18
CBDT issues clarification on indirect transfer provision under the IT Act, 1961
CBDT issues clarification on indirect transfer provision under the IT Act, 1961 New Delih: The Central Board of Direct Taxation (CBDT) on Wednesday issued clarification on Indirect Transfer provisions in respect to circular no. 41/2016, which was issued on December 21, 2016. After the issue of the aforementioned circular, representations have been received from various … [Read more...] about CBDT issues clarification on indirect transfer provision under the IT Act, 1961
Pan or Form No 60 mandatory for all bank accounts – Submit to the bank by 28.2.2017
Income-tax Rules amended to provide that bank shall obtain and link PAN or Form No. 60 (where PAN is not available) in all existing bank accounts (other than BSBDA) by 28.02.2017. Press Information Bureau Government of India Ministry of Finance 08-January-2017 18:17 IST Income-tax Rules amended to provide that bank shall obtain and link PAN or Form No. 60 (where PAN is not … [Read more...] about Pan or Form No 60 mandatory for all bank accounts – Submit to the bank by 28.2.2017
Tax collection figures for the period April -December 2016 show a positive trend
Tax collection figures for the period April -December 2016 show a positive trend as Direct Taxes grow by 12.01% and Indirect Taxes grow by 25% over the corresponding period last year i.e. April-December 2015 Direct Tax and Indirect tax collection figures for the period April 2016 to December 2016 have shown a positive trend as Direct Taxes grow by 12.01% and Indirect Taxes … [Read more...] about Tax collection figures for the period April -December 2016 show a positive trend
Government asks banks to obtain PAN from account holders
Government asks banks to obtain PAN from account holders New Delh: Tightening the noose around tax evaders, the government has asked banks to obtain permanent account number (PAN) or Form-60 if PAN is not available, from all bank account holders by February 28, 2017. "Income-tax Rules have been amended to provide that bank shall obtain and link PAN or Form No. 60 … [Read more...] about Government asks banks to obtain PAN from account holders
Reporting Cash Transactions under Rule 114E of Income Tax Rules, 1962
Reporting Cash Transactions under Rule 114E of Income Tax Rules, 1962 Rule 114E of Income-Tax Rules, 1962, for furnishing Statement of Financial Transactions (SFT) came into force with effect from 1st April, 2016. Any person who is liable for audit under section 44AB of the Income-Tax Act, 1961 is required to furnish a statement in respect of transaction at serial no. 11 of … [Read more...] about Reporting Cash Transactions under Rule 114E of Income Tax Rules, 1962
Government decides to reduce the existing rate of deemed profit under section 44AD of the Income Tax Act in respect of amounts/receipts through banking channel/digital means
Government decides to reduce the existing rate of deemed profit under section 44AD of the Income Tax Act in respect of amounts/receipts through banking channel/digital means Under the existing provisions of section 44AD of the Income-tax Act, 1961 (the Act), in case of certain assesses (i.e. an individual, HUF or a partnership firm other than LLP) carrying on any business … [Read more...] about Government decides to reduce the existing rate of deemed profit under section 44AD of the Income Tax Act in respect of amounts/receipts through banking channel/digital means
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