Income Tax News
Four Advance Pricing Agreements signed by CBDT
09 February 2017 at 11:09Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesNew Delhi, 7thFebruary, 2017.Another Four Advance Pricing Agreements signed by CBDTThe Central Board of Direct Taxes (CBDT) has entered into four more unilateral
Cash withdrawal limit increased to Rs 50000 from 20th feb and removed from 13th March
09 February 2017 at 11:09Removal of limits on withdrawal of cash from Saving Bank AccountsRBI/2016-17/224DCM (Plg) 3107/10.27.00/2016-17All BanksDear Madam / Sir,Removal of limits on withdrawal of cash from Saving Bank AccountsPlease refer to our circular DCM (Plg) 2905/10.2
CBDT issues third round of Certificates of appreciation to tax payers
09 February 2017 at 11:09Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes New Delhi, 7th February, 2017.CBDT issues third round of Certificates of appreciation to tax payers for their contribution towards Nation building.In continuatio
Tax Relaxation under NPS
06 February 2017 at 11:35The Finance Act, 2016 amended the Income-tax Act, 1961 (the Act) to provide that 40% of the amount payable to the employee subscriber of NPS on his closure of account or his opting out of the scheme, shall be exempt from tax.Further, Finance Bill, 20
Total direct tax collections up to 16th January 2017 amount to Rs. 5,76,408 crore
06 February 2017 at 11:35Total direct tax collections up to 16th January 2017 amount to Rs. 5,76,408 crore; the Budget Estimates fixed for direct taxes are Rs. 9,80,000 crore Total direct tax collections up to 16th January 2017 amount to Rs. 5,76,408 crore. For the financial
18 lakh persons identified by IT dept for online verification of cash deposits
31 January 2017 at 17:43Income Tax Department (ITD) launches Operation Clean Money Income Tax Department (ITD) has initiated Operation Clean Money, today. Initial phase of the operation involves e-verification of large cash deposits made during 9th November to 30th December
FAQ on implementation of GAAR provisions
27 January 2017 at 19:53Circular No. 7 of 2017F.no. 500/43/2016-FT&TR-IVGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesDate 27/01/2017 Clarifications on implementation of GAAR provisions under the Income Tax Act, 1961 The provisi
Guiding Principles for determination of Place of Effective Management of a company
25 January 2017 at 10:22CBDT issues Guiding Principles for determination of Place of Effective Management (POEM) of a Company The concept of Place of Effective Management (POEM) for deciding the Residential Status of a company was introduced by the Finance Act, 2015. It is
Amendment in Pradhan Mantri Garib Kalyan Deposit Scheme 2016
23 January 2017 at 10:46The Government of India, in consultation with the Reserve Bank of India, had notified Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016 vide Notification No. S.O.4061(E) dated December 16, 2016. The deposit under this Scheme shall be made by
PAN/TAN will be compulsory for all fresh incorporation applications in SPICe
20 January 2017 at 11:03As part of the Ministry’s efforts towards providing greater Ease of Doing Business to stakeholders, Form SPICe (INC-32) will be revised w.e.f 21 January 2017 so as to include the functionality of applying for Company PAN and first TAN (allotted
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