Taxation - Corporate Law Reporter

CBDT notifies Form ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7 and companies to report CSR spent in ITR 6

GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE [CENTRAL BOARD OF DIRECT TAXES] Income-tax NOTIFICATION New Delhi, the 29th day of July, 2015 S.O. 2070 (E).”€ In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules… Read More

Government looking for Cabinet™s nod for amendments to GST Bill

The Government is looking for the Cabinet™s nod to amend the Constitution Bill on Goods and Services Tax by incorporating some of the suggestions from the Rajya Sabha, and thereby will soon seek the approval of the Cabinet to introduce this bill. Further, the government has entered into an agreement in which they have agreed… Read More

Finance Ministry to launch ˜Project Insight™ soon to tap the tax evaders owning Black Money

The Ministry of Finance (MOF) is likely come out soon with a big project called the ˜Project Insight™ for catching hold of the tax evaders in the country, for which the ministry has also floated a tender worth Rs. 150 crores to establish the project as discussed in the Parliamentary Standing Committee of finance to… Read More

CBDT notifies Cost Inflation Index (CII) for the Financial Year 2015-16

The Central Board of Direct Taxes (CBDT) has notified the cost inflation index for the Financial Year 2015-16 i.e. declared as to be 1081 as added under Item No. 35 of the said schedule of the CII for the respective financial years. The Notification is placed hereunder for the kind reference. GOVERNMENT OF INDIA MINISTRY OF… Read More

Due Date of filing of Wealth Tax Return for Financial Year 2015-16 deferred to 31st August, 2015

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, dated 27th July, 2015 To All Pr. Chief Commissioners of Income-tax Subject: Extension of due date of filing Return of wealth for A.Y, 2015-16-clarification In terms or Explanation to sub-section (1) of section 14 of the Wealth-tax Act 1957, ˜due date™ of filing Return of… Read More

GST Bill reworked and is all set to go

The GST Committee has analysed and pointed out every difference in the GST Bill. The Government should therefore be able to pass it in this session of Parliament if it comes to Union Minister of State for Commerce and Industry. Stating that the committee formed to iron out the differences has done a detailed thrashing… Read More

E-filing preferable to physical route while declaring illegal foreign assets

One of the concerns regarding the one-time settlement window under the Undisclosed Foreign Income and Foreign Assets Bill, 2015 (Black Money Act) is that the information could be misused. Tax payers are worried they could be subject to stringent scrutiny by assessing officers (AOs) on their income, assets, and bank accounts. According to experts, this problem can be… Read More

Fate of GST Bill in Rajya Sabha: Clouds of dissonance on the ongoing Monsoon session

The much talked about Goods and Services tax (GST) Regime has been creating a buzz amongst all, eagerly waiting for the monsoon session of the Parliament to commence with the hope that the much awaited Constitution (122nd Amendment) Bill, 2014 on GST (˜122nd CAB™or ˜GST Bill™) will be passed. The Rajya Sabha Select Panel on GST cleared its draft report… Read More

Central Excise Notification No. 37/2015 CE Dated: 21-7-2015

Government of India Ministry of Finance (Department of Revenue) New Delhi, the 21st July, 2015 Notification No. 37/2015 Central Excise G.S.R. (E).- In exercise of the powers conferred by sub-section (1) and sub-section (2A) of section 5A of the Central Excise Act, 1944 (1 of 1944), read with sub-section (3) of section 3 of the… Read More

Central Excise Notification No. 38/2015 CE Dated: 21-7-2015

Government of India Ministry of Finance (Department of Revenue) New Delhi, the 21st July, 2015 Notification No. 38/2015 Central Excise G.S.R. (E). - In exercise of the powers conferred by sub-section (1) and sub-section (2A) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government being satisfied that it is… Read More

Central Excise Notification No. 39/2015 CE Dated: 21-7-2015

Government of India Ministry of Finance (Department of Revenue) New Delhi, the 21st July, 2015 Notification No. 39/2015 Central Excise G.S.R. (E).- In exercise of the powers conferred by sub-section (1) and sub-section (2A) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government being satisfied that it is… Read More

Launch of e-filing link for declaration of illegal assets

The Income Tax department has launched a e-filing link on its official website for declaring illegal foreign assets and black money using the one-time compliance window notified recently by government. The relevant ˜Form 6² can be used to declare undisclosed assets under the compliance window of the new anti-black money law,. A digital signature authenticates electronic… Read More

PF claim settlement period brought down to 20 days

Over the past few years, the EPFO has been working to improve its claim settlement period trying to bring it within the mandated one month period. Provident fund claims are set to get resolved faster with the government now reducing the statutory claim period to 20 days from the earlier time period of 30 days.… Read More