Taxation - Corporate Law Reporter

New Rules for Income Tax filing provides ease to the stakeholders

New forms, additional information, completely paperless filing. The Finance Ministry has introduced several changes in the way taxpayers will file their returns this year. As a taxpayer you need to be aware of these changes lest you file an incorrect return that gets rejected or results in a scrutiny notice. This week's cover story looks… Read More

Government in the phase of drafting GST Model Legislation

Model legislations to implement the Goods and Services Tax are being prepared and will be put up for comments from stakeholders after Parliament approves the GST Constitution Amendment Bill. The three legislations -- Central GST (CGST), State GST (SGST) and integrated GST (iGST) -- will have to be approved by the respective legislatures for nationwide… Read More

Digitally signed invoices in Central Excise and Service Tax – Conditions, safeguards and procedures

In pursuance of sub-rule (5) of rule 10 and sub-rule (9) of rule 11 of the Central Excise Rules, 2002 made under section 37 of the Central Excise Act, 1944 (1 of 1944) and sub-rule (5) of rule 5 and sub-rule (2) of rule 4C of the Service Tax Rules, 1994 made under sub-section (1)… Read More

Income Tax: Date of submitting ITR-V for returns e filed for A.Y 2013-14 and A.y 2014-15 after 01.04.2014 extended till 31.10.2015.

Income Tax Date of submitting ITR-V for returns e filed for A.Y 2013-14 and A.y 2014-15 after 01.04.2014 extended till 31.10.2015. Please click on above link to know about ITR-V for returns e filed for A.Y 2013-14 and A.y 2014-15 Read More

Important Instruction for filing quarterly TDS/TCS statements

Dear Deductor/Collector, All Deductors/Collectors are required to file quarterly TDS/TCS statements on or before the due dates prescribed by Income Tax Department (ITD) for the respective Forms (i.e. Form 24Q, 26Q, 27Q or 27EQ). Due date for filing of quarterly Regular TDS/TCS Statement(s) for the 1st quarter of Financial Year 2015-16 is as mentioned below.… Read More

Electronic Verification Code (EVC) for electronically filed Income Tax Return

Explanation to sub rule (3) of Rule 12 of the Income tax Rules 1962, states that the purposes of this sub-rule "electronic verification code" means a code generated for the purpose of electronic verification of the person furnishing the return of Jncome as per the data structure and standards specified by Principal Director General 0… Read More

Tough times trigger as black money law faces execution challenges

Having been deluged with queries from professionals regarding the implication of the new law for them, the lack of clarity and paucity of time are the two main challenges facing the implementation of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. The Act, enacted after high-pitched politicking, deals with… Read More

CBEC releases new system for detailed manual scrutiny of service tax returns

In the era of self-assessment, the need for a strong compliance verification mechanism cannot be over emphasized. Such a mechanism has three important prongs ” audit, anti-evasion and return scrutiny. In order to put in place a strong 'return scrutiny' system, a two-part system of return scrutiny was envisaged” a preliminary scrutiny which would be online covering… Read More

Stringent terms of declaration makes black money law a no escape law

MUMBAI: Black money rules have stunned many who were looking for the tax evasion and for a chance to escape the situation of disclosing their money. The law is complex, imposes tax on money that has been spent and sparks new fears ” not the kind of deal that people with Swiss bank accounts and… Read More

Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Rules, 2015

GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 58/2015 Dated- 2nd… Read More

Notification of Black Money Rules and issue of Explanatory Circular

Notification of Black Money Rules and issue of Explanatory Circular for Compliance Window under Black Money Act The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Rules, 2015 (the Rules) have been notified vide notification no. G.S.R. 529 (E) dated 02-07-2015. These Rules provide the method of determination of Fair Market Value of an undisclosed foreign asset. The declaration under Section 59… Read More

Black Money Act would be effective from April 1, 2016

The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (22 of 2015) (hereinafter referred to as the Act) received the assent of the President on 26th May, 2015. And whereas sub-section (3) of section 1 of the Act provides that save as otherwise provided in the Act, the Act shall… Read More

FinMin asks taxpayers to e-file I-T returns early

The Finance Ministry today asked taxpayers to file their I-T returns for 2015-16 early to avoid the rush towards the last date of August 31. The tax department, yesterday, made fully operational its e-filing website for taxpayers to file their I-T returns for assessment year 2015-16. "Taxpayers are requested to e-file their returns early to… Read More