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Income Tax Archives - Page 8 of 19 - All About Finance

Payer should quote sequence number in TDS statement for the transactions covered under 15H/G declaration.

F.No.: DGIT(S)/CPC(TDS)/DCIT/15GH /2015-16/14425-556 Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income-tax(Systems) New Delhi.   Notification No. 4 /2015 New Delhi, 1st of December 2015  Subject:  Simplification of procedure for Form No.15G & 15H — regarding  Section 197A of the Income tax Act provides for no deduction in certain case … Read more

GOI collected Rs. 246 crores in the first issue of Sovereign Gold Bond

The first tranche of the Sovereign Gold Bond (SGB) was open for subscription from November 5, 2015 to November 20, 2015. The Bonds were issued on November 30, 2015. Total subscription denominated in units of Gold was 9,15,953 grams amounting to Rs. 246 crore. The top ten receiving offices in terms of subscription amount were HDFC … Read more

Due dates to follow in December 2015

7 December 2015 – Due date for deposit of Tax deducted/collected for the month of November, 2015. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan 7 December 2015 – … Read more

CBDT Signed 11 more Unilateral Advance Pricing Agreements

It has been the endeavor of the Government to foster an environment of co-operation in matters of taxation through predictability of laws and reduced litigation. In a major push towards providing certainty to foreign investors in the arena of transfer pricing, the Central Board of Direct Taxes (CBDT) has entered into 11 more unilateral Advance … Read more

CBDT requested to the stake holders and general public to bring out issues of the ICDS for further clarification

Government of India Department of Revenue  PRESS RELEASE New Delhi,  26th November, 2015    2. After notification of ICDS, it has been brought to the notice of the Central Board of Direct Taxes by the stakeholders that certain provisions of ICDS may need further clarification/ guidance for proper implementation. These implementation issues raised by the … Read more

Government proposes to implementation for reducing corporate tax from 30% to 25% over the next four years

The Union Finance Minister Shri Arun Jaitley in his Budget Speech 2015 had indicated that the rate of Corporate Tax will be reduced from 30% to 25% over the next four years along with corresponding phasing-out of exemptions and deductions. This is a step towards simplification of tax laws, which is expected to bring about … Read more

Interest on Non-SLR securities of banks is falling under the head “Profit and Gains of Business or Profession”

CIRCULAR NO. 18/2015 F.No.279/Misc./140/2015/ITJ Government of India Ministry of Finance Directorate of Income-tax Legal & Research ****** New Delhi, 2nd November, 2015   Subject: Interest from Non-SLR securities of Banks – reg.   It has been brought to the notice of the Board that in the case of Banks, field officers are taking a view … Read more

Taxation of income from off-shore Rupee Denominated Bonds

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes   PRESS RELEASE New Delhi, 29th October, 2015 Subject: Taxation of income from off-shore Rupee Denominated Bonds-reg. The Reserve Bank of India has recently permitted Indian corporates to issue rupee denominated bonds outside India. The matter of taxation of income from … Read more

Income tax work to do in November 2015

7 November 2015 – Due date for deposit of Tax deducted/collected for the month of October, 2015 15 November 2015 – Quarterly TDS certificate (in respect of tax deducted for payments other than salary) by a person being an office of the Government for the quarter ending September 30, 2015 22 November 2015 – Due … Read more

The Finance Minister today launched an “e-Sahyog” pilot project of the Income-tax Department

Government of India Ministry of Finance Departmentof Revenue Central Boardof Direct Taxes  New Delhi, 27th October, 2015 Subject:Finance Minister launches the“e-Sahyog” pilot project of the Income-tax Department. The Income-tax Department is committed to the ‘Digital India’ initiative of the Government of India.The Finance Minister today launched an “e-Sahyog” pilot project which furthers the Department’s commitment … Read more