Feb 28, 2015

Income tax rates for FY 2015-16 changes on 28 February budget day

Finance Minister Mr. Arun Jaitley presented the Annual Budget in Lok Sabha on 28 February 2015. He proposed some changes in income tax rat...

Custom notification after budget 28 February 2015

Government release custom notifications after budget presented by Finance Minister Mr. Arun Jaitley. The notification no. 6/2015, 7/2015, ...

Feb 27, 2015

Service tax and central excise audit norms

Central excise department issued a circular no. 995/2015 dated 27 February 2015 regarding audit norms must follow by audit commissioner fo...

Feb 26, 2015

Overdraft facility in PMJDY accounts

Reserve Bank of India issued a note allowing overdraft facility in Pradan Mantri Jan Dhan Yojna accounts. PMJDY account is the new beginni...

Feb 23, 2015

Judicial interpretation on late fees on TDS statement filing u/s 234E

Section 234E of the Income-tax Act, 1961 inserted by the Finance Act, 2012 provides for levy of a fee of Rs. 200/- for each day's dela...

Feb 21, 2015

TRACES follow up for payment of outstanding Late Filing Fee u/s 234E

As per the records of CPC (TDS), there is an outstanding default of Rs. 0.00 on account of Late filing fee Levy u/s 234E, for the TANs ass...

Feb 20, 2015

TRACES advice on TDS defaults and no statement filed as yet

As per the records of the Centralized Processing Cell (TDS), there exist outstanding Defaults in "all six preceding Quarters" wi...

Sub-contractor is not entitled of presumptive tax benefit u/s 44BB

The basic condition to be satisfied for applicability of section 44BB is that the plant or machinery(which term includes ship) supplied or...

Feb 19, 2015

TRACES advice on TDS statement filed but Form 16A not yet downloaded

As per the records of Centralized Processing Cell (TDS), TDS Statements have been filed by you for different quarter(s) for the above peri...

TRACES advice of closure of late payment interest defaults in TDS statements

Closure of Late Payment Interest defaults in Quarterly TDS Statements Please refer the subject mentioned above. As per the recor...

Feb 17, 2015

CBDT clarification on amount not deductible u/s 40(a)(i) of income tax

CBDT issued a circular no. 3 dated 12 February 2015 clarifying amount not deductible under section 40(a)(i) of income tax act. Full clarif...

Feb 10, 2015

CBDT takes quick action on black money seek info of 600 cases

CBDT issued a press release dated 9 February 2015 as quick action in investigating cases of black money stashed abroad and seek further in...

Feb 8, 2015

Safe harbour rules for specified domestic transaction and form 3cefb

CBDT issued a notification no. 11/2015 dated 4 February 2015 regarding safe harbour rules for specified domestic transaction and also notif...

Feb 7, 2015

Early redemption of Inflation Indexed National Saving Securities

Reserve bank of India issued a note allowing early redemption of Inflation Indexed National Saving Securities dated 6 February 2015.Full n...

Registration of sale deed only is not a revenue proof under section 145

Recognition of the revenue from sale of plots by assessee only when the registration of the sale deed has been done by the assessee in fav...