Taxation - Corporate Law Reporter

Pension Fund regulator issues draft norms for new pension scheme

NEW DELHI: Pension fund regulator PFRDA is framing rules for 'retirement advisers' who are expected to play a major role in propagating the New Pension System (NPS). "Retirement Adviser can play a significant role in helping the prospects/subscribers in deciding retirement plans. Accordingly, it is proposed to issue Regulations for Retirement Advisers," the Pension Fund… Read More

EPFO removes 5-day grace period for employer contributions

NEW DELHI: Retirement fund body EPFO has removed the grace period of five days given to employers to deposit the provident fund (PF) contribution. Earlier, employers paid the PF contributions and administrative charges within 15 days of close of every month and had a grace period of five days. The grace period was to remit… Read More

Changes in the APAR format for the Assessing Officers

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 8 th January, 2016 Subject: Changes in the APAR format for the Assessing Officers-regarding-. The Income Tax Department is committed to the objective of timely delivery of quality taxpayer services in a fair and transparent environment. The… Read More

Rate of exchange of conversion of the foreign currency with effect from 8th January, 2016

GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF EXCISE AND CUSTOMS) Notification No. 02/2016 - Customs (N.T.) Dated the 07th January, 2016 In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Central Board of… Read More

Declarations and payments made under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 6th January, 2016 Subject: Declarations and payments made under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015- regarding. The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act,… 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. 2/2016-Customs New Delhi, the 6th January, 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

Amendment notification No 27/2011 of Customs Act, 1962 – dated 1.03.2011

[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) New Delhi, the 4th January, 2016 Notification No.1/2016-Customs 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), the… Read More

Amended notification No 27/2011- Customs dated 1.03.2011

Government of India Ministry of Finance Department of Revenue (Central Board of Excise and Customs) Notification New Delhi, the 5th January, 2016 No. 01/2016-Customs (N.T.) G.S.R.......(E). In exercise of the powers conferred by sub-section (2) of section 146 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby… Read More

Recording of satisfaction note under section 158BD/153C of the Act

CIRCULAR NO. 24/2015 F.No.279/Misc./140 /2015/ITJ Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 31st December, 2015 Subject: Recording of satisfaction note under section 158BD/153C of the Act - reg.- The issue of recording of satisfaction for the purposes of section 158BD/153C has been subject matter of litigation.… Read More

CBDT Issues Advisory To TDS Deductors For Validating S. 197 Certification

The CBDT has issued an advisory in which it is pointed out that instances of huge default of ‘Short Deduction’ have been observed due to wrong quoting of 197 certificate number. The scenario of wrong 197 certificate generally arises when the deductor accepts from deductee a manually issued lower deduction certificate by assessing officer &… Read More

CBDT Clarifies Law On S. 271(1)(c) Penalty Where S. 115JB Book Profits Are More Than Normal Income

CIRCULAR NO. 25/2015 F.No.279/Misc./140/2015/ITJ Government of India Ministry of Finance Central Board of Direct Taxes New Delhi, 31st December, 2015 Subject: Penalty u/s 271(1)(c) wherein additions/disallowances made under normal provisions of the Income Tax Act, 1961 but tax levied under MAT provisions u/s 115JB/115JC, for cases prior to A.Y. 2016-17-reg.- Section 115JB of the Act… Read More

Streamlining scrutiny assessment proceedings and facilitating electronic communication

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 31 st December, 2015 Subject: Streamlining scrutiny assessment proceedings and facilitating electronic communication – regarding The Income Tax Department is committed to providing fair and transparent tax administration and continuously improve taxpayer services. Taking another step in… Read More

Income-tax (22nd Amendment) Rules, 2015

[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 30th December, 2015 S.O. 3545(E)- In exercise of the powers conferred by section 139A, section 271FAA and section 285BA, read with section… Read More