May 31, 2016

CBDT Notifies Rules for Direct Tax Dispute Resolution Scheme 2016

CBDT notifies rules for Direct Tax Dispute Resolution Scheme 2016 and equalisation levy to come into effect from 1 June 2016. Full notific...

No TDS on PF Withdraw upto Rs 50000 from 1 June

 No tax would be deducted at source for PF withdrawals of up to Rs 50,000 from June 1.  The government has notified raising the thresh...

CBDT Circular on Admissibility of Claim of Bad Debts u/s36(1)(vii)

Central board of direct taxes issued a circular no. 12/2016 dated 30 May 2016 about admissibility of claim of deduction of Bad Debt under ...

May 30, 2016

DELHI VAT department withdraw form DS-1

Delhi Government withdraw DVAT form DS-1 with a notification no. 3 dated 27 May . Full notification is as under. DELHI VALUE ADDED TAX...

May 29, 2016

CBDT clarification about when registration u/s 12AA can be cancelled

CBDT issued a circular no. 21/2016 dated 27 May 2016 about clarification regarding cancellation of registration u/s I2AA of the Income-tax...

PAYMENT EXCEEDS 20000 SECTION 40A 3 INCOME TAX EXEMPTION

Section 40A(3) of the income tax act says that if the assessee makes any payment or receipt, expect from cross payee cheque or dd or any b...

May 28, 2016

DGFT explains e-Commerce for Merchandise Export India Scheme

The Foreign Trade Policy of India embarks a structure and environment for uplifting the export of goods and services. It is designed to la...

CBDT extends last date for e-filing appeal before CIT(A)

CBDT issued a circular no. 20/2016 dated 26 May 2016 about time limit for e-filing appeal before CIT(A) is extended to June 15 from May 15...

May 27, 2016

Tax credit in 26AS to TDS deducted on sale of Immovable Property

CPC (TDS) Advisory for Tax Credits in 26AS with respect to Tax Deducted on Sale of Immovable Property (26QB Statement) As per section ...

CBDT circular no. 19 about Income Declaration Scheme 2016

CBDT has issued a circular no. 19/2016 dated 25 May 2016 about Income Declaration Scheme 2016. Full Circular is as under. Income Decla...

May 26, 2016

RBI relaxes norms of transfer shares to non resident

 In exercise of the powers conferred by clause (b) of sub-section (3) of section 6 and section 47 of the Foreign Exchange Management Act, ...

Things to keep in mind before applying for education loan

The results of major all-India school board exams (CBSE, ICSE and state boards) are out. It is now time for successful students to seek ad...

CBDT has extended scope of e-Assessment

Paperless assessment/ e-mail based assessment on a pilot basis was commenced in the financial year 2015-16 in non-corporate charges of fiv...

May 25, 2016

Some Home Loam Incentives you don't know

. This year is the best for home loan buyers as property as well as interest rates are down. More tax benefits, rate cuts on loans, stagna...

May 24, 2016

Indirect Transfer Provision Section 9(1) of Income tax on Determination of Fair Market Value

 Manner of determination of fair market value and reporting requirement for Indian concern-Indirect transfer provisions-section 9(1) of th...