Relaxation from deduction of tax at higher rate under sec-206AA for NR Posted on June 30, 2016 by ADMINLeave a Comment on Relaxation from deduction of tax at higher rate under sec-206AA for NRCBDT has issued notification no. 53/2016 dated 24 June 2016 giving relaxation to Non-residents from furnishing PAN no. in India. For non resident not having permanent account number the provisions of section 206AA shall not apply in respect of payments in
CBDT issues clarification regarding amendment in Section 206C Posted on June 25, 2016 by ADMINLeave a Comment on CBDT issues clarification regarding amendment in Section 206CThe board in order to clarify the applicability of TCS where sales consideration was partly received in cash and partly in cheque issued circular 23/2016 on dated 24th june 2016 in the form of Question and Answers as under: Question
Equilization Levi of 6% w.e.f 01 june 2016 Posted on June 3, 2016 by ADMINLeave a Comment on Equilization Levi of 6% w.e.f 01 june 2016The Central Board of Direct Taxes (CBDT) has notified rules regarding equalisation levy, a tax which will be levied on income arising to companies like Google, Yahoo, Facebook, for providing services like online advertisements to professionals and businessmen of India.
TCS Provisions w.e.f 01st June 2016 Posted on May 29, 2016 by ADMINLeave a Comment on TCS Provisions w.e.f 01st June 2016In order to reduce the quantum of cash transaction in sale of any goods and services and for curbing the flow of unaccounted money in the trading system and to bring high value transactions within the tax net, it is proposed
Proceedure for e-filing 15G/15H recieved by the deductor Posted on May 12, 2016 by ADMINLeave a Comment on Proceedure for e-filing 15G/15H recieved by the deductorNotification No 7 /2016 New Delhi, ‘7 May, 2016 Procedure for submission of declaration by person claiming receipt of certain incomes without deduction of tax in Form 15G/15H under sub-section (1) or under sub-section (IA) of section 197A of the
Online uploading of TDS/TCS return on income tax e-filing portal Posted on May 11, 2016 by ADMINLeave a Comment on Online uploading of TDS/TCS return on income tax e-filing portalWith effect from 1st May 2016, the deductors/collectors will have option of e-TDS/TCS returns through e-filing portal or submission at TIN facilitation Centres. The Deductors who desires to upload the Quarterly TDS/TCS e-Returns online, shall “upload the same at e-Filing Portal of
ITR forms for AY 2016-17 notified by Income Tax Department Posted on March 31, 2016 by ADMINLeave a Comment on ITR forms for AY 2016-17 notified by Income Tax DepartmentIncome Tax Department has notified the ITR forms for AY 2016-17 ( e forms are yet to be notified) S.No. Forms Who can File Download Link 1 ITR-1 For Individuals having Income from Salaries, One house property, Other
Company registered on or after 1st day of March, 2016 to be taxed at 25% Posted on March 9, 2016 by ADMINLeave a Comment on Company registered on or after 1st day of March, 2016 to be taxed at 25%In order to provide relief to newly setup domestic companies engaged solely in the business of manufacture or production of article or thing, a new section 115BA has been inserted in the Income Tax Act 1962, which provide option to domestic company to
Amendmend in Section 44AD by UNION BUDGET 2016 Posted on March 2, 2016 by ADMINLeave a Comment on Amendmend in Section 44AD by UNION BUDGET 2016After section 44AD of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2017, namely:— Section 44ADA, w.e.f 01st April 2017 Summary (1) Notwithstanding anything contained in sections 28 to 43C,
List of Transaction for which Quoting of PAN is mandatory Posted on January 5, 2016 by ADMINRule “114B: Transactions in relation to which permanent account number is to be quoted in all documents for the purpose of clause (c) of sub-section (5) of section 139A”.- Every person shall quote his permanent account number in all documents pertaining