-
Central Board of Direct Taxes introduces Paperless PAN/TAN application process
The government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 22nd July 2016. For brisk tracking the allotment of PAN and TAN to company applicants, Digital Signature Certificate (DSC) based application procedure has been introduced on the portals of PAN service providers M/s NSDL eGov and M/s UTIITSL.…
-
Requirement to file DVAT Returns using Digital Signatures by certain Dealers from Q1 of 2016-17
DVAT Deptt has notified that certain dealers whose turnover has exceeded one crore rupees shall file their periodic returns using digital signatures w.e.f. 1st April 2016 and shall continue to do so even if they don’t meet the parameters in future. A. DVAT Notification dt. 1st July 2016: Change in Turnover Criteria for the filing…
-
Sale of goods at Duty Free Shops- Display of Price in Indian Rupee (INR) & Revised Purchase Limit
The CBEC vide Circular No.31/2016-Customs dt. 6th July 2016 has revised permitted limits for purchase of goods in Indian currency at Duty Free shops (from Rs. 5,000 to Rs. 25,000). Further, it has advised that prices should be displayed in Indian currency also at all duty free shops in India, as under: CBEC Circular No.31/2016-Customs dt. 6th July…
-
MCA Notification on “Companies (Acceptance of Deposits) Amendment Rules, 2016″
The MCA vide Notification dt 29th June 2016 has notified “Companies (Acceptance of Deposits) Amendment Rules, 2016” to amend the “Companies (Acceptance of Deposits) Rules, 2014”, as under: MCA Notification dt 29 June 2016 In exercise of the powers conferred by sections 73 and 76 read with sub section (1) of section 469 of the…
-
Income-tax (18th Amendment) Rules, 2016
S.O.2213(E).- In exercise of the powers conferred by clause(ha) of sub-section (2) of section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:- 1. (1) These rules may be called the Income-tax (18th Amendment) Rules, 2016.…
-
Clarifications on the Income Declaration Scheme, 2016
The Income Declaration Scheme, 2016 (hereinafter referred to as ‘the Scheme’) incorporated as Chapter IX of the Finance Act, 2016 provides an opportunity to persons who have not paid full taxes in the past to come forward and declare the undisclosed income and pay tax, surcharge and penalty totaling in all 45% of such undisclosed…
-
TDS applicable if amount paid exceeds Rs 75,000
(UNI) If the aggregate amount paid/credited or likely to be paid or credited to a contractor or sub-contractor exceeds Rs 75,000 during a financial year, tax should be deducted at source under section 194c of Income tax Act, a top Income Tax official said. Addressing a seminar on Revised provisions on TDS here K Satyanarayana,…
-
Annual Corporate Filing Requirements for a Pvt. Limited Company in India
As a part of Annual Filing, companies incorporated in India – including subsidiaries of foreign companies, joint venture companies and others, under the Companies Act, 1956 are required to file the following documents along with the e-Forms with the Registrar of Companies (RoC) with proper jurisdiction over the company: Balance-Sheet: Form 23AC to be filed…
