Dec 30, 2016

Final Date of Direct Tax Dispute Resolution Scheme is Extended upto 31 January

In order to reduce the pending litigation, the Direct Tax Dispute Resolution Scheme, 2016 (the Scheme) was introduced by the Finance Act, 2...

CBDT Signs Two More Advance Pricing Agreements

The Central Board of Direct Taxes (CBDT) has closed the year 2016 by entering into two more unilateral Advance Pricing Agreements (APAs) t...

Dec 29, 2016

Explanatory Note on Pradhan Mantri Garib Kalyan Yojana

The Taxation Laws (Second Amendment) Act, 2016 has been enacted by Parliament on 15.12.2016. The said Act has inter alia amended the provi...

Dec 27, 2016

Threshold Limit for ESI Applicability Increases to 21000

Government hikes threshold limit for ESI applicability from Rs. 15000 to Rs. 21000. Full notification is as under. Whereas certain dra...

Dec 26, 2016

CBDT Clarification on the Direct Tax Dispute Resolution Scheme 2016

 The Direct Tax Dispute Resolution Scheme, 2016 (hereinafter referred to as ‘the Scheme’) incorporated as Chapter X of the Finance Act, ...

TRACES New Recommedations about Site Use

The Centralized Processing Cell (TDS) offers you a variety of value-added services through its web-portal TRACES. As you are aware, these ...

Dec 14, 2016

100% Income Tax Scrutiny of Revised Return After 8 November 2016

Under the existing provisions of section 139(5) of the Income-tax Act, 1961 ('Act'), Revised Return can only be filed if any perso...

No Reopen u/s 147 merely on Basis of Increase Sale due to Digital Payments

Recent initiatives of the Government to curb the black economy in the country has encouraged  people to shift towards digital mode of paym...

Dec 13, 2016

Customers Need to Mention Old and New Currency Notes in Deposit Slips

The Ministry of Finance, Government of India through its Department of Financial Services(DFS) has asked all the Public Sector Banks(PSBs) ...

Dec 3, 2016

FAQs on Pradhan Mantri Garib Kalyan Yojana

The Government has announced demonetization of existing currency of Rs. 500/1000 with effect from the 9th November, 2016. However, concern...

Points to Know for Declaring Income under PM Garib Kalyan Yojana

1. Declaration to be made only in respect of cash or specified deposits. 2. No crime money can be declared. 3. Declaration in resp...

Dec 2, 2016

CBDT Clarification on Gold Jewellery under Income Tax Law

In order to remove any doubt about the current position of Income Tax Law with respect to gold jewellery, the following points are categ...

RBI Clarifies No Restriction on Deposit on Current or CC Account

Reserve Bank of India clarifies that no restrictions made on deposit on current, cash credit or overdraft account. There are some rumors o...