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Income Tax Archives - Page 13 of 19 - All About Finance

Permission u/s 11(1)(c) of the Income-tax Act, 1961 for rendering help to the victims of Nepal Earthquake

        Document required to be furnished while seeking exemption u/s 11(1)(c) of the Income-tax Act, 1961 1.     Certified Copies of Trust Deed, Articles of Association, Memorandum of Association (as applicable) and PAN Card 2.     Copy of order granting registration u/s 12AA of the Income Tax Act 3.     Amount in INR and year … Read more

Transport allowance exemption limit is increase to Rs. 1600 from Rs. 800, Income tax rule is amended accordingly

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART–II, SECTION 3,  SUB?SECTION (ii)]  Government of India  Ministry of Finance  New Delhi, the 13th April, 2015  (Income?tax) S.O. 1002 (E). – In exercise of the powers conferred by section 295, read with clause (14) of section 10 of the Income?tax Act, 1961 (43 of 1961), … Read more

The capital gains will arise at the time of redemption of the units and not at the time of roll over

Circular No. 6 of 2015 F. No. 133/39/2014-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) 4.      In the case of mutual funds, the unit of a mutual fund constitutes a capital asset and any sale, exchange or relinquishment of such unit is a ‘transfer’ under clause … Read more

Income Tax Due Dates for April 2015

7 April 2015 – Due date for deposit of Tax deducted under Section 194-IA in the month of March, 2015. 22 April 2015 – Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of March, 2015. 30 April 2015 – Due date for deposit of Tax deducted/collected for the month of March, … Read more

Clarification regarding Explanation 5 to clause (i) of sub-section (1) of section 9 of Income-tax Act, 1961

CIRCULAR No. 4 /2015 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi Dated 26th March, 2015 Subject: Clarification regarding Explanation 5 to clause (i) of sub-section (1) of section 9 of Income-tax Act, 1961 (`Act’) – regarding Section 9 of the Income-tax Act provides for … Read more

The salient features of the Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015

                                                                           PRESS RELEASE The Finance Minister, in his budget speech, while acknowledging the limitations under the existing law, had conveyed the considered decision of the Government to enact a comprehensive new law on black money to specifically deal with black money stashed away abroad. He also promised to introduce the new … Read more

Income Tax rates for the Financial year 2015-16

RATES OF TAXES          FOR INDIVIDUALS/ HINDU UNDIVIDED FAMILY/ ASSOCIATION OF PERSONS/ BODY OF INDIVIDUALS: (In this case, individual means who is Resident in India and below the age of 60 years at any time during the financial year and all non-resident individuals regardless of age limit, also all resident as well … Read more

Highlights of Maharashtra State Budget 2015-16

 Main Thrust Areas:        •    Government resolve to take agriculture growth rate to 6%.      Agriculture : •    Jalyukta Shivar Abhiyan- Rs. 1000 crore, cement Nala Bunds- Rs.500 crore and Repairs of ex-Malgujari tanks in Vidarbha- Rs.100 crore.         •    Outlay for irrigation sector- Rs. 7272 crore •    Strict … Read more

Procedure for giving effect to rollback provision of an Agreement – Income-tax Rules

[TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY, PART II, SECTION 3,  SUB-SECTION (ii)]  GOVERNMENT OF INDIA  MINISTRY OF FINANCE   Notification  New Delhi, the 14th day of March, 2015      Income-tax Rules, 1962, namely:-   2.            In the Income-tax Rules, 1962 (hereafter referred to as the principal rules), –   (ii)  after … Read more