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Income Tax Archives - Page 9 of 19 - All About Finance

Activity of mere display of uncut diamond inside a Special Notified Zone shall not be taxable under the provisions of the Income-tax Act

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes  PRESS RELEASE  New Delhi, 16th October, 2015  A “Special Notified Zone” has been established in the Bharat Diamond Bourse. To facilitate the participation of leading diamond mining companies of the world in this zone, the matter of taxation of income arising … Read more

Claiming of medical expenditure for tax purposes is now made easy

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes   PRESS RELEASE New Delhi, 14th October, 2015   Subject: Claiming of medical expenditure for tax purposes made easy.   One of the pillars of the of the taxation proposals included in the Finance Minister’s budget speech for 2015-16 was extension … Read more

CBDT clarified about fresh Income tax notice to Nokia India

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 10th October, 2015 Subject:                 Clarification regarding fresh Income tax notice to Nokia India. There have been some reports in the media yesterday and today that the Income tax Department has issued fresh demand notice to Nokia India. … Read more

Due date for returns of income and audit reports u/s 44AB is now extended up to 31st October 2015

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 1st October, 2015  The issue of extension of last date for e-filing returns of income and audit reports u/s 44AB due by 30th September, 2015 has been the subject matter of litigation in various High Courts across the country. … Read more

Income tax due date to follow in October 2015

7 October 2015 – Due date for deposit of tax deducted/collected for the month of September, 2015 7 October 2015 – Due date for deposit of TDS for the period July 2015 to September 2015 when Assessing Officer has permitted quarterly deposit of TDS under section 192,  194A,  194D or  194H 15 October 2015 – Quarterly statement of TDS/TCS deposited … Read more

The requirement of submitting physical copy of Form 15G and 15H by the deductor has been dispensed with from 1st October 2015

Government of India Department of Revenue Central Board of Direct Taxes   New Delhi, 30th September, 2015   Under the simplified procedure, a payee can submit the self-declaration either in paper form or electronically. The deductor will not deduct tax and will allot a Unique Identification Number (UIN) to all self-declarations in accordance with a … Read more

Punjab And Haryana High Court Asked CBDT To Extend The Due Date Of Filing Of Return Up To 31st October 2015

Taking the totality of facts and circumstances of the case, Vishal Garg and others Vs Union of India and another, PUNJAB AND HARYANA high court is considered appropriate to extend the due date for e-filing of returns up to 31st October 2015 and asked the CBDT shall issue appropriate notification / instructions under Section 119 of … Read more

CBDT clarified that order for extension of due date, dated 26th September 2015 for filing of Audit report for A.Y. 2014-15 is fake

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes  New Delhi, 28th September, 2015      It is clarified the order is fraudulent. The Government has not extended the due date for filing of returns and audit report due by 30th September 2015. Tax payer and practitioners are advised not … Read more

Section 115JB of Income Tax shall not be applicable to a foreign company – subject to conditions

After due consideration of the various aspects of the matter, the Government of India has decided that with effect from 01.04.2001, the provisions of Section 115JB shall not be applicable to a foreign company if —         the  foreign company is a resident of a country having  DTAA with India and such foreign company … Read more

President ICAI met and represented before Finance Minister for extension of due date for tax audit reports

CA. Manoj Fadnis, President, ICAI, CA. Anuj Goyal, Chairman, Professional Development Committee, along with Chairman, Direct Taxes Committee , Vice-Chairman, Direct Taxes Committee , Vice Chairman, Committee on International Taxation, met and represented before Hon’ble Finance Minister Shri Arun Jaitley on 22nd September,2015 on the following two issues :         i.   For extension … Read more