Relaxation from deduction of tax at higher rate under sec-206AA for NR

CBDT 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

The 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

The 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.

Online uploading of TDS/TCS return on income tax e-filing portal

With 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

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

After 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,