Income Tax News
Inclusion of interest income in the return
24 March 2016 at 13:49Information regarding interest earned by individuals and business entities on term deposit is filed with the Income Tax Department by banks including co-operative banks and other financial institutions and State treasuries etc. Form 26AS reflects on
Report of the Committee on Taxation of E-Commerce
21 March 2016 at 10:37Executive SummaryThe Committee on taxation of E-Commerce examined the tax issues arising from the new business models employed in the digital economy, in particular issues relating to tax nexus rules under existing law and tax treaties, characterizat
Remedial action on revenue audit objections raised by CAG
18 March 2016 at 10:52Government of India Ministry of Finance Department of RevenueCentral Board of Direct Taxes Sub: Modification of Instruction No. 9/2006 dealing with remedial action on Revenue Audit Objections not accepted by the Department– reg. The guidelines
Rules for Fund Manager Regime under section 9A of IT Act
17 March 2016 at 10:54Rules in respect of fund manager regime under section 9A of the Income-tax Act, 1961-reg.Section 9A of the Income-tax Act, 1961 (the Act) provides for special taxation regime with effect from 01.04.2016 to facilitate location of fund managers of off
TDS on payments by Television channels
09 March 2016 at 10:40Issue of clarification on contentious TDS issues on payments made by Television channels, Broadcasters and Newspapers With a view to bring about clarity in the interpretation of certain contentious issues relating to Tax Deduction at Source (TDS) on
Clarification regarding taxability of consortium members
09 March 2016 at 10:40Taxation of consortium of contractors formed to implement Engineering, Procurement and Construction (EPC) contracts/turn key projects has been a subject matter of dispute between Income-tax Department and the consortium. This has been particularly so
Tax Administration Reforms Commission
09 March 2016 at 10:40The Government has received the Report of Tax Administration Reforms Commission (TARC) headed by Dr. Parthsarathi Shome. The Report has four volumes containing a number of tax administration reforms. The broad recommendations inter-alia include chang
CBDT sets up a dedicated structure for monitoring of taxpayer services in IT dept
08 March 2016 at 11:01CBDT sets-up a Dedicated Structure for delivery and monitoring of Tax Payer Services in the Income Tax Department Grievance redressal is a major aspect of citizen centric governance and is an important feature of the activities of the Income Tax De
CBDT issues Revised Guidelines for stay of demand at the First Appeal Stage
04 March 2016 at 11:09CBDT issues Revised Guidelines for stay of demand at the First Appeal Stage; Decision of the Board to provide significant relief to the taxpayers in matters relating to grant of stay and recovery of demand by reducing arbitrariness in the disposal of
CBDT clarifies various provisions of the IT Act for reducing litigation
04 March 2016 at 11:09CBDT clarifies various provisions of the Income-tax Act for reducing litigation and easing burden of compliance The Central Board of Direct Taxes (CBDT) has taken a number of decisions to clarify the applicability of various provisions of the Incom
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