Taxation - Corporate Law Reporter

Direct Tax Collections up to September, 2016 up by 8.95%

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 9th October, 2016. PRESS RELEASE Sub: Direct Tax Collections up to September, 2016 up by 8.95% The figures for direct tax collections up to September, 2016 show that net collections are at Rs.3.27 lakh crore which is 8.95% more… Read More

Notification on Income Computation and Disclosure Standards (ICDS) 29 September 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) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 29th September, 2016 INCOME-TAX S.O. 3080(E).— In exercise of the powers conferred by section 44AB, read with section 295 of the Income-tax Act,… Read More

Service Tax (Third amendment) Rules, 2016

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs New Delhi, the 28 September, 2016 6 Asvina, 1938 Saka Notification No. 43 /2016-Service Tax G.S.R..... (E). - In exercise of the powers conferred by… Read More

CBDT Extends working Hours on 28th, 29th & 30th September, 2016 for IDS Declarations

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 28th September, 2016. Press Release Sub: CBDT Extends working Hours on 28th, 29th & 30th September, 2016 for IDS Declarations -reg The Income Declaration Scheme, 2016 came into effect from 1st June, 2016. It provides an opportunity to persons… Read More

Framework for computation of book profit for the purposes of levy of MAT under section 115JB of the Income-tax Act, 1961 for Indian Accounting Standards (Ind AS) compliant companies

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 5th August, 2016. PRESS RELEASE Subject: Framework for computation of book profit for the purposes of levy of MAT under section 115JB of the Income-tax Act, 1961 for Indian Accounting Standards (Ind AS) compliant companies. A Committee had been… Read More

FAQs on GST

FAQs on GST covers the following topic: 1. Overview of Goods and Services Tax (GST) 2. Levy of and Exemption from Tax 3. Registration 4. Meaning and Scope of Supply 5. Time of Supply 6. Valuation in GST 7. GST Payment of Tax 8. Electronic Commerce 9. Job Work 10. Input Tax Credit 11. Concept… Read More

Income-tax (22nd Amendment) Rules, 2016

The principal rules were published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii) vide number S.O. 969 (E) dated the 26th March, 1962 and was last amended vide notification number S.O. 2747(E) dated the 19th August, 2016. Please click on the below link to download the rules: Income-tax (22nd Amendment) Rules, 2016 Read More

Meeting taken by Prime Minister to review the preparedness for rollout of Goods and Services tax(GST)

Meeting taken by Prime Minister to review the preparedness for rollout of Goods and Services tax(GST) The Prime Minister held a meeting to review the preparedness for rollout for GST on 14th September, 2016. The meeting was attended by Union Finance Minister, both the Ministers of State for Finance, senior officers from the Prime Ministers… Read More

Clarifications on the Direct Tax Dispute Resolution Scheme, 2016

Circular No.33 of 2016 F.No.142/11/2016-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) *** Dated: 12th September, 2016 Clarifications on the Direct Tax Dispute Resolution Scheme, 2016 The Direct Tax Dispute Resolution Scheme, 2016 (hereinafter referred to as ‘the Scheme’) incorporated as Chapter X of the Finance… Read More

Clarification on tax audit report date extension

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi Dated the 14th of September, 2016 Clarification req. u/s 119 of the Income-tax Act, 1961 dated 9th September 2016 Central Board of Direct Taxes, vide order u/s 119 of the Income-tax Act, 1961 (Act) dated 9th September, 2016, has… Read More

Landmark day for the Indian Economy as the GST Bill receives President’s Assent

With the Goods and Service Bill, 2014 receiving the Presidential Assent, the Government’s plan to standardize all indirect taxes Pan-India has finally been formalized. The Bill bringing with it an amendment to the Constitution as well, seeks to reform the tax structure in the country by aggregating the Government revenue through taxes under one head.… Read More

Income Tax Return due date extended to 17th October 2016 due to IDS 2016

F.No. 225/195/2016-ITA-II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, ITA.II Divison New Delhi, the 9th September, 2016 Order under Section 119 of the Income-Tax Act, 1961 The last date for making declarations under the Income Tax Declaration Scheme 2016 is 30th September, 2016 which coincides with… Read More

How to save taxes legally

At the end of each financial year, an assesse finds himself with huge taxes on taxable income and make tax investments in a hurry. However, if an individual from the very beginning goes ahead with proper planning and knowledge he can feel relaxed at the end. The Income Tax Act, 1961 provides provisions for reducing… Read More