No TCS if the Cash receipt does not exceed 2Lac; CBDT issues clarification to Amendment in Section 206C of the Income Tax Act
The Central Board of Direct Taxes(CBDT) has issued a clarification regarding Amendment in Section 206C of the Income Tax Act vide Finance Act 2016. Through the Finance Act 2016, Central Government has amended Section 206C
Budget 2022: Provision relating to Rationalisation of the provision of Charitable Trust and Institutions
The Budget 2022 has proposed the Provision relating to Rationalisation of the provision of Charitable Trust and Institutions. Income of any fund or institution or trust or any university or other educational institution or any hospital
CBEC issues clarification on Arrest Procedure under Service Tax [Read Circular]
The Finance Act, 2016 has amended the provisions relating to arrest procedure under sections 89,90 and 91 of the Finance Act, 1994 w.e.f. 14.05.2016. According to these provisions, a person who collects service tax but
Google Tax not attracted as Service Recipients are Outside India: ITAT deletes Disallowance of Payment [Read Order]
In a major relief to digital marketing firms having clients outside India, the Income Tax Appellate Tribunal ( ITAT ), Jaipur bench has dismissed the department’s appeal seeking disallowance from the advertiser for not charging
ITAT allows the set off of Depreciation and Business Loss
The Income Tax Appellate Tribunal (ITAT), Delhi Bench allowed the set off of depreciation and business loss. The assessee company, ACE Infracity Developers P. Ltd. is engaged in the business of real estate development as
Finance Act 2016 enables The Income Declaration Scheme 2016 to open from 1st June
The Income Declaration Scheme, 2016 incorporated as Chapter IX of the Finance Act 2016 provides an opportunity to all persons who have not declared income correctly in earlier years to come forward and declare such
Govt. introduces Equalization Levy of 6% on Online Advertisers
The Government has introduced equalization levy of 6 percent on online advertisers. The Finance Act, 2016 had inserted a separate Chapter VIII titled ‘Equalization Levy’ in order to tap tax on income accruing to foreign
­­­DSC not mandatory for Service of Notice u/s 148: Delhi High Court [Read Order]
A division bench of Delhi High Court comprising Justice Manmohan and Justice Manmeet Pritam Singh Arora held that, Section 148 Notices sent as an attachment through emails, from the designated e-mail addresses of the JAOs,
SC dismisses Petition Challenging Levy of Tax, Surcharge, Penalty & Deposit under Pradhan Mantri Garib Kalyan Yojana [Read Order]
The two-judge bench of the Supreme Court of India, recently upheld the validity of the provisions of the Taxation Laws (Second Amendment) Bill, 2016 provides for imposition of tax, surcharge, penalty and deposit of income
CBDT to conduct ‘Talkathon’ on Income Declaration Scheme Tomorrow
Central Board of Direct Taxes(CBDT) will hold a ‘Talkathon’ tomorrow to spread awareness about the newly introduced Income declaration scheme. The Finance Act 2016 has enabled The Income Declaration Scheme 2016 to be starting from
Finance Ministry introduces Provision of Taxation on NPS in Income Tax Act
The provision that the withdrawal from National Pension Scheme (NPS) is taxed to the extent of 60 per cent has been introduced into the Income Tax Act, 1961 vide Finance Act, 2016 by inserting clause
Lok Sabha passes The Taxation Laws (Second Amendment) Bill 2016
The Lok Sabha today passed the Taxation Laws (Second Amendment) Bill, which amends the Income-Tax Act, 1961, and the Finance Act, 2016. The bill was moved by Union Finance Minister Arun Jaitley was passed by voice vote. The
PIL in SC challenges the Provisions of Finance Acts for Supporting Political Funding [Read Petition]
Two NGOs – Association for Democratic Reforms and Common Cause, have approached the Apex Court challenging the provisions of Finance Acts 2016 and 2017 on the ground that these provisions paved to unlimited, unchecked funding
CBDT releases Draft Notification on Foreign Company said to be resident in India under Section 115JH: Invites Suggestions
The Central Board of Direct Taxes (CBDT) today released draft notification on Foreign Company said to be resident in India under Section 115JH of the Income Tax Act, 1961. Finance Act, 2016, inter alia, introduced special provisions
Person Prosecuted u/s 420 of IPC can’t avail Benefit of Income Declaration Scheme, 2016: Uttarakhand HC [Read Judgment]
The Uttarakhand High Court has held that the persons prosecuted under section 420 of the Indian Penal Code is not eligible to avail the benefit of the Income Declaration Scheme, 2016. As per the Income