Taxation - Corporate Law Reporter

Income-tax (11th 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 29th April, 2016 INCOME-TAX S.O. ___(E).— In exercise of the powers conferred by sections 192, 200 and 206C, read with section 295 of… Read More

Income-tax (10th 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 28th April, 2016 INCOME-TAX S.O. ___(E).— In exercise of the powers conferred by section 35, read with section 295 of the Income-tax Act,… Read More

Taxability of Income/Loss arising from Transfer of Unlisted Shares

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 5th May, 2016 Subject: Taxability of Income/Loss arising from Transfer of Unlisted Shares-reg. CBDT, vide order dated 2nd May, 2016 has given direction to field formation, with a view to avoid disputes/Litigation and to maintain uniform approach… Read More

Payment of interest on refund under section 244A of excess TDS deposited under section 195 of the Income-tax Act, 1961

The Central Board of Direct Taxes has issued circular on Payment of interest on refund under section 244A of excess TDS deposited under section 195 of the Income-tax Act, 1961. Payment of interest on refund under section 244A of excess TDS deposited under section 195 Read More

Limitation for penalty proceedings under sections 271D and 271E of the Income-tax Act, 1961

The issue whether the limitation for penalty proceedings under sections 271D and 271E of the Income-tax Act, 1961, (hereinafter referred to as the Act) is determined under section 275(1)(a) or section 275(1)(c) of the Act, has given rise to considerable litigation. To download the complete notification, please click on the below link: Limitation for penalty… Read More

Commencement of limitation for penalty proceedings under sections 271D and 271E of the Income-tax Act, 1961

It has been brought to the notice of the Central Board of Direct Taxes (hereinafter referred to as the Board) that there are conflicting interpretations of various High Courts on the issue whether the limitation for imposition of under sections 271D and 271E of the Income-tax Act, 1961. Commencement of limitation for penalty proceedings under sections… Read More

Restriction on EPF withdrawal

As per extant rules governing the withdrawal of Employer’s contribution from the Employees Provident Fund Scheme, a member can withdraw both the employer’s share of contribution and his own share under the following circumstances: - (i) On retirement from service after attaining the age of 55 years. (ii) On retirement on account of permanent and… Read More

Release of Data by Income Tax Department

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 29th April, 2016 Subject: Release of Data by Income Tax Department – reg Income Tax Department has released Time Series Data for Financial Year 2000-01 to 2014- 15 based on internal reporting/ MIS of the Income Tax… 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, 28th April, 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. On the basis of… Read More

Extension of time till 29-4-2016 for filing ST-3 returns

F.No.137/99/2011-Service Tax Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs Service Tax Wing *** New Delhi, dated the 25th April, 2016 ORDER NO: 1 /2016-Service Tax In exercise of the powers conferred by sub-rule(4) of rule 7 of the Service Tax Rules, 1994, the Central Board of Excise… Read More

Amendment in notification No. 12/2012-Customs dated 17.03.2012

[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) Notification No. 29/2016-Customs New Delhi, the 26th April, 2016 G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962),… Read More

Employees Contributions to EPF

As per the Audited Consolidated Annual Accounts of Employees’ Provident Fund Organization (EPFO) for the year 2014-15, the closing balance of Funds managed by EPFO is Rs. 6,34,174.33 crore. Regarding EPFO being the eleventh largest pension fund in the world, no such information is available with EPFO. The fresh accruals in 2015-16 in the three… Read More

e-Governance award to EPFO

Employees’ Provident Fund Organisation has been given Gold Award under category “Cat-III – Innovative use of Technology in e-Governance” in the National Award on e-Governance 2015-2016 for its Universal Account Number (UAN) Programme. The award was presented during the 19th National Conference on e-Governance held at Nagpur, Maharashtra on 21st -22nd January 2016. This information… Read More