Taxation - Corporate Law Reporter

Enquiry or investigation in respect of document/evidence relating to Income Declaration Scheme (IDS), 2016 found during the course of Search u/s 132 or Survey action u/s 133A of the Income-tax Act,1961

Circular No. 32 of 2016 F.No.299/124/2016/IT-Inv.III Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (Investigation Division) Ground Floor, E-2, ARA Centre, Jhandewalan Extn. New Delhi-110 055. Date: 01/09/2016. Sub: Enquiry or investigation in respect of document/evidence relating to Income Declaration Scheme (IDS), 2016 found during the course of Search… Read More

Closure of financial accounts under Rule 114H (8) of the Income-tax Rules, 1962 under alternative procedure of FATCA

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes *** New Delhi, 31st August, 2016. PRESS RELEASE Sub: Closure of financial accounts under Rule 114H (8) of the Income-tax Rules, 1962 under alternative procedure of FATCA - reg.- The Inter-Governmental Agreement (IGA) with USA for implementation of FATCA entered into… Read More

Ease of Doing Business – Paperless PAN & TAN application process

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 22nd July, 2016. Sub :- Ease of Doing Business – Paperless PAN & TAN application process. For fast tracking the allotment of PAN and TAN to company applicants, Digital Signature Certificate(DSC) based application procedure has been introduced on the… Read More

Extension of due date for quarterly furnishing of 15G/15H declarations

F.No. DGIT(S)/CPC(TDS)/DCIT/15GH /2016-17 Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income-tax(Systems) New Delhi. Notification No. 10/2016 New Delhi, 31st August, 2016 Subject: Extension of due date for quarterly furnishing of 15G/15H declarations —reg 1. The due date for quarterly furnishing of 15G/15H declarations received by the payer from 1.4.2016… Read More

Update PAN details to avoid blocking of e-filing account by the Income Tax Department

This is in continuation of the earlier announcement dated 24th August 2016 (Annexed at A) on updation of PAN details to avoid blocking of e-filing account by the Income Tax Department. The issue of deactivating of the e-filing accounts of the members of the ICAI by the Income Tax Department on account of the mismatch… Read More

Income-tax (21st Amendment) Rules, 2016

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 19th August, 2016 INCOME-TAX S.O. 2747(E).— In exercise of the powers conferred by sub-section (1E) of section 206C read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following… Read More

Revenue Secretary and Senior Officers of Department of Revenue and CBEC hold Sectoral Meetings with various stakeholders on GST in order to understand and address the apprehensions and concerns of the stakeholders about important aspects of GST

Continuing with its commitment to the early and smooth roll-out of the Goods and Services Tax (GST) and recognizing the role of trade and industry as equal partners and stakeholders in this historic reform, both Department of Revenue and Central Board of Excise and Customs (CBEC) are holding interactive sessions, spread over three days starting… Read More

Amendment of the Income-tax Rules-seeking PAN details of trustees and others in case of registration of trusts

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 9th August, 2016 INCOME-TAX S.O. 2671(E).— In exercise of the powers conferred by section 295 read with clause (aa) of subsection (1) of section 12A of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby… Read More

Notification regarding sub-section (1B) of section 139 of the Incometax Act, 1961

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 9th August, 2016 S.O. 2670(E).—In exercise of the powers conferred by sub-section (1B) of section 139 of the Incometax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following amendment in the notification of the… Read More

Notification regarding section 194A of the Income-tax Act, 1961

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 5th August, 2016 No. 65 /2016 INCOME-TAX S.O. 2616(E).—In exercise of the powers conferred by sub-clause (f) of clause (iii) of sub-section (3) of section 194A of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the… Read More

IND AS – 23: Clarification of Borrowing Cost with regards to foreign exchange loss/ Gain

CA Deepak Rathore As per Para 6 Borrowing costs may include: (a) Interest expense calculated using the effective interest method as described in Ind AS 39 Financial Instruments: Recognition and Measurement; (b) [Refer to Appendix 1] (c) [Refer to Appendix 1] (d) Finance charges in respect of finance leases recognised in accordance with Leases; and… Read More

PM describes the imminent passage of GST as a victory for Indian Democracy

PM in Lok Sabha: GST is a Great Step by Team India, Great Step Towards Transformation PM describes the imminent passage of GST as a victory for Indian Democracy The Prime Minister, Shri Narendra Modi, today described the Goods and Services Tax (GST) as a “Great Step by Team India,” a “Great Step Towards Transformation,”… Read More

Signing of Bilateral Advance Pricing Agreement by CBDT

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 4th August, 2016. PRESS RELEASE Sub: Signing of Bilateral Advance Pricing Agreement by CBDT The Central Board of Direct Taxes (CBDT) entered into a Bilateral Advance… Read More