Taxation - Corporate Law Reporter

Income–tax (15th Amendment) Rules, 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 20th June, 2016 S.O. 2151(E).-In exercise of the powers conferred by section 285BA read with section 295 of the Income-tax Act, 1961… Read More

Clarification regarding News Report on Arrest of Tax Defaulters

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 21st June, 2016. Sub: - Clarification regarding News Report on Arrest of Tax Defaulters - reg Certain sections of the press have been carrying news reports today that Income Tax Department is going to arrest wilful defaulters… Read More

CBDT notifies no deduction of tax under Chapter XVII of the said Act shall be made on the payments of the nature specified in clause (23DA) of section 10

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)] MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 17th June, 2016 No.46 /2016 INCOME-TAX S.O. (E).-In exercise of the powers conferred by sub-section (1F) of section 197A of the Incometax Act, 1961 (43 of… Read More

CBDT notifies no deduction of tax under Chapter XVII of the said Act shall be made on the payments of the nature specified

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)] MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 17th June, 2016 No. 47/2016 INCOME TAX S.O. (E).- In exercise of the powers conferred by sub-section (1F) of section 197A of the Income-tax Act,… Read More

Premature Closure of PPF Account

The Central Government hereby makes the following scheme further to amend the Public Provident Fund Scheme, 1968, namely:- Please click on below link to download the notification Premature Closure of PPF Account Read More

Rate of exchange of conversion of the foreign currency with effect from 17th June, 2016

GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF EXCISE AND CUSTOMS) Notification No. 87/2016 - Customs (N.T.) New Delhi, dated the 16th June, 2016 26 Jaistha, 1938 (SAKA) In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification… Read More

Comments of stakeholders – Working Group to examine issues arising out of amendment to India-Mauritius DTAA

Government of India Ministry of Finance Department of Revenue| Central Board of Direct Taxes PRESS RELEASE New Delhi, 15th June, 2016. Sub: Comments of stakeholders - Working Group to examine issues arising out of amendment to India-Mauritius DTAA - regarding The CBDT has constituted a Working Group headed by Joint Secretary (FT&TR-II), CBDT and comprising… Read More

15 things you should know about Model GST Law

Today, the draft of the "Model GST Law” has been released by the Government after getting an in-principle approval from the Empowered Committee of the State Finance Ministers. It is one of the much awaited biggest tax reforms in India. The Finance Minister Mr. Arun Jaitely has informed that if the Constitutional (122nd) Amendment Bill gets passed in the Rajya… Read More

Draft Model GST Law

MODEL GST LAW Empowered Committee of State Finance Ministers June, 2016 GOODS AND SERVICES TAX ACT, 2016 Read More

Prime Minister to inaugurate the two day Annual Conference of CBDT &CBEC entitled

Annual Conference of Tax Administrators 2016” on 16th June, 2016 in the national capital; PM to motivate the revenue officers towards achieving high standards in taxpayer friendly service in view of fast paced changes in the world economy and to address some of the challenges that these Departments face in this scenario The Prime… Read More

E-filing of appeals: Extension of time limit

The Central Board of Excise and Customs has released Notification No. 83/2016 In exercise of the powers conferred by clause(a) of sub-section(1) of section 7 of the Customs Act, 1962(52 of 1962) Please click below to download the complete notification:L E-filing of appeals: Extension of time limit Read More

Tax grievances: Income Tax department to Ensure ‘E-nivaran’

The income tax department has launched a special electronic grievance redressal system called ‘e-nivaran’ in order to fast track taxpayer grievances and ensure early resolution of their complaints. A separate and dedicated window for grievance redressal has been launched recently in the has been launched recently has been launched recently in the income tax business… Read More

Amendment in Section 206C vide Finance Act 2016

Section 206C of the Income-tax Act, 1961 (hereafter referred to as 'Act'), prior to amendment by Finance Act, 2016. provided that the seller shall collect tax at source at specified rate from the buyer at the time of sale of specified items such as alcoholic liquor [or human consumption, tender leaves, mineral being coal or… Read More