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Taxation News

Frequently asked questions on GST

   04 August 2016 at 10:55

Following are the answers to the various frequently asked questions relating to GST:Question 1.What is GST? How does it work? Answer: GST is one indirect tax for the whole nation, which will make India one unified common market. GST is a single tax o ..

Posted in Taxation |   540 Views

Amendment in Rule 114H of Income-tax Rules, 1962

   23 June 2016 at 10:48

The Rule 114H of the Income-tax Rules, 1962 (the Rules) has been amended vide Notification No.48/2016 [S.O.2151(E)] dated 20th June 2016. In order to provide sufficient time to the reporting Financial Institutions for completing the due diligence pro ..

Posted in Taxation |   554 Views

Government Sets-Up A Committee to Simplify The Provisions of The Income Tax Act, 1961

   28 October 2015 at 10:15

The Government of India has constituted a Committee with a view to simplify the provisions of the Income Tax Act, 1961, with the following composition: (i) Justice R.V.Easwar, (Retd.), former Judge, Delhi High Court and former President, ITAT- Chairm ..

Posted in Taxation  3 comments |   991 Views

SIT recommends making tax evasion a crime

   13 May 2015 at 11:52

In Chapter III of Second SIT report, the SIT has recommended as under: “Financial Action Task Force (FATF) on money laundering recommends ‘tax crimes’ to be made a predicate offence so that action can be taken under Prevention of Mo ..

Posted in Taxation  14 comments |   1416 Views

The Constitution (122 Amendment) Bill in respect of GST to be taken up in Lok Sabha next week

   29 April 2015 at 12:04

Finance Bill to be taken up on Thursday Further to the suggestions from the Members of Lok Sabha, the Government has agreed to extend the ongoing discussion on Demands for Grants of various ministries by one day till tomorrow. As per the earlier ..

Posted in Taxation |   1175 Views

No Change in the rate of Personal Income-Tax and the rate of tax for Companies on Income in Financial Year 2015-16

   02 March 2015 at 10:42

Surcharge @12% Levied on Individuals, HUFs, AOPs, BOIs, Artificial Juridical Persons, Firms, Cooperative Societies and Local Authorities Having Income Exceeding Rs 1 Crore The Union Finance Minister Shri Arun Jaitley in his Budget Speech in Lok S ..

Posted in Taxation |   1574 Views

Creation of two additional benches of the Authority for Advance Rulings (Income Tax)

   26 February 2015 at 11:31

The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi, has given its approval to the following:- i. Creation of two additional benches of the Authority for Advance Rulings (Income Tax), one in New Delhi and one new bench in Mumbai; ..

Posted in Taxation |   790 Views

I-T Department initiates investigation into issuance of cheques by companies to convert illegal cash into legitimate money.

   12 February 2015 at 11:40

Income Tax Department, Ministry of Finance, Government of India had initiated investigation into issuance of cheques by companies which are acting as entry operators to convert illegal cash into legitimate money. Recently in Kolkata, this investigat ..

Posted in Taxation |   923 Views

Concealment Penalty Proceedings U/S 271(1)(C) of Income Tax Act 1961 initiated in 128 cases in which assessments were completed while in the...

   10 February 2015 at 11:10

remaining cases, Assessment Proceedings are at advance stage; Information About Hsbc Foreign Bank Accounts was Received from the French Authorities in Respect Of 628 Indian Persons/Entities; Necessary Investigation as Per The Provisions of Law Wil ..

Posted in Taxation |   867 Views

Acceptance of the Order of the High Court of Bombay in the case of Vodafone India Services Private Limited

   30 January 2015 at 16:31

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, in a major decision, has decided to accept the order of the High Court of Bombay in the case of Vodafone India Services Private Limited (VISPL) dated 10.10.2014. This is a major co ..

Posted in Taxation |   1287 Views

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