Income Tax

RBI advised the banks to accept the cash for payment of challan ITNS-286 under Income Declaration Scheme, 2016

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RBI/2016-17/62 DBR.No.Leg.BC. 13/09.07.005/2016-17 September 8, 2016 The Managing Directors/Chief Executive Officers All Scheduled Commercial Banks (including RRBs) Dear Sir, Income Declaration Scheme, 2016 – Acceptance of Cash Over the Counter Please refer to the Circular DBOD.No.Leg.BC.38/09.07.005/2008-09 dated August 28, 2008 wherein banks have been advised to ensure that their branches invariably accept cash from all … Read more

The revised the time schedule for making payments under the Income Declaration Scheme 2016

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Government of India Ministry of Finance  Department of Revenue Central Board of Direct Taxes New Delhi, 14th July, 2016 PRESS RELEASE Sub : The Income Declaration Scheme 2016 – Relaxation of time schedule for making payments under the Scheme During the course of meetings and seminars held in different parts of the country, various stakeholders … Read more

ICDS shall be applicable from 1.4.2016 i.e from the previous year 2016-17

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Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE  New Delhi, 6th July, 2016 Subject: Applicability of Income Computation and Disclosure Standards (ICDS) notified under section 145 (2) of the Income -tax Act, 1961. Vide Notification No. SO 892 (E) dated 31st March, 2015, Central Government notified 10 … Read more

The information contained in the declaration of ICDS 2016 will not share with any law enforcement agency

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Circular No. 27 of 2016 F.No.142/8/2016-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes  (TPL Division) *** Dated 14th day of July, 2016 Clarifications on the Income Declaration Scheme, 2016 The Income Declaration Scheme, 2016 (hereinafter referred to as ‘the Scheme’) came into effect on 1st June, 2016. To … Read more

Clarifications on the Income Declaration Scheme, 2016

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Circular No.25 of 2016 F.No.142/8/2016-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) *** Dated 30th of June, 2016 Clarifications on the Income Declaration Scheme, 2016 The Income Declaration Scheme, 2016 (hereinafter referred to as ‘the Scheme’) incorporated as Chapter IX of the Finance Act, 2016 provides … Read more

Income-tax 17th Amendment Rules, 2016

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[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 24th June, 2016 INCOME-TAX S.O. 2196 (E).— In exercise of the powers conferred by clause (ii) of sub-section (7) of section 206AA, read … Read more

Amendment in Section 206C of Income Tax Act as per Finance act 2016

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Circular No.23/2016 F.No.370142/17/2016-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) New Delhi, dated the 24th June, 2016 Subject: Amendment in Section 206C of the Income-tax Act vide Finance Act 2016 – Clarifications regarding. In order to curb the cash economy, Finance Act 2016 has amended section … Read more

Clarifications on the Income Declaration Scheme, 2016

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Circular No. 24 of 2016  F.No.142/8/2016-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) *** Dated 27th of June, 2016 Clarifications on the Income Declaration Scheme, 2016 The Income Declaration Scheme, 2016 (hereinafter referred to as ‘the Scheme’) incorporated as Chapter IX of the Finance Act, 2016 … Read more

Cost inflation Index for FY. 2016-2017 is notified

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[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  INCOME-TAX New Delhi,2nd June, 2016 S.O.________(E)- In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, … Read more