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Finance Act 2016

Additional interest u/s 244A(1A) of Income Tax Act Applies for delayed Refunds: ITAT [Read Order]

Sneha Sukumaran Mullakkal

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) ruled that additional interest under Section 244A(1A) of the Income Tax Act,1961...

Google Tax not attracted as Service Recipients are Outside India: ITAT deletes Disallowance of...

DSC not mandatory for Service of Notice u/s 148: Delhi High Court [Read Order]

Budget 2022: Provision relating to Rationalisation of the provision of Charitable Trust and...

ITAT allows the set off of Depreciation and Business Loss

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...

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...

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...

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...

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...

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...

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...