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Income Tax

This category contains 78 posts

How does the income tax department track high value cash transactions?

[By Shaleen Shah (Partner), VNCA] The Income Tax department has over the years put in place several reporting and compliance mechanisms to track high value financial transactions including cash transactions. Measures to track cash transactions are listed hereunder. Filing a Report of specified high value transactions (Form 61A) Business / Professional entities have to report […]

India may make the Calendar Year, instead of April-March, as its new Financial Year from as early as 2018

India may make the Calendar Year, instead of April-March, as its new Financial Year from as early as 2018

Equalisation Levy of 6% on e-commerce transactions applicable from 1-Jun-2016

[By Shaleen Shah (Partner), VNCA] We had informed you earlier that based on the recommendations a CBDT committee on taxation of e-commerce, Finance Minister Arun Jaitley had in his Budget proposed an Equalisation Levy of 6% to tap tax on income accruing to foreign e-commerce companies from India.  Budget-2016 has been enacted on 14-May and […]

CBDT suggests “Equalisation Levy” of 6-8% on B2B deals

A CBDT committee on taxation of e-commerce has suggested a "Equalisation Levy" of 6-8% for business-to-business deals with a view to tax digital transactions. Based on the recommendations of the committee, which had submitted its report to the government in February, Finance Minister Arun Jaitley in his Budget proposed an Equalisation Levy of 6% to […]

Taxman gets new tech tool to identify, kill duplicate PAN

After years of labour, the I-T department has finally got a new technology tool to check duplicate PAN cards, allowing them to ‘kill’ it. An ambitious electronic platform called the Income Tax Business Application-Permanent Account Number (ITBA-PAN) has been operationalised. It will help the taxman and PAN issuing intermediaries identify such duplicate numbers every time […]

Amendment of Rules regarding quoting of PAN for specified transactions w.e.f. 1-Jan-2016

It is mandatory under Rule 114B of the Income Tax Rules to quote PAN where the transactions exceed a specified limit. To bring a balance between burden of compliance on legitimate transactions and the need to capture information relating to transactions of higher value, the Government has amended Rule 114B to enhance the monetary limits […]

CBDT Circular On TDS From Salaries During FY 2015-16

The CBDT has issued Circular No. 20/2015 dated 02-Dec-2015 in which it has explained the entire law relating to the obligation of employers to deduct income tax from the payment of “Salaries

Government says US return IT professionals need to declare 401k account

Originally Published in www.economictimes.com Anyone who’s worked in the US and opened a 401k account may need to inform the Indian tax authorities or face harsh penalties under the black money law that came into force on July 1. Thousands of India’s IT professionals and others who’ve worked overseas will potentially have to declare such […]

The Entire Law On Taxation of Undisclosed Foreign Income and Assets

[Author: CA. P.N. Shah, Past President ICAI; Source: www.itatonline.org] 1 Background The Finance Minister, while presenting his Budget on 28th February, 2015, has divided his tax proposals under six heads. One of this relates to “Measures to Curb Black Money

Due date for deposit of TDS/TCS of Sep-14 extended to 10-Oct-14

Press Release from CBDT Extension of the due date of deposit of tax deducted at source/tax collected at source during the month of September, 2014. Considering the consecutive holidays owing to the festive season and weekend during the first week in the month of October, 2014, the Central Board of Direct Taxes has issued an […]