Budget Changes on Authority for Advance Ruling (AAR)

It is proposed to merge the Authority for Advance Ruling (AAR) for Income-Tax with AAR for Customs, Central Excise and Service Tax; and create common AAR. It is also proposed to amend the qualifications for […]

Budget 2017 gave benefits for Investment in National Pension Scheme

In order to provide parity between an individual who is an employee and an individual who is self-employed, it is proposed to provide that the self-employed individual shall be eligible for deduction up to twenty […]

Budget 2017 expand Provisions of Section 133A

It is proposed to expand the provision of section 133A of the Income-tax Act so as to include any place at which activity for charitable purpose is carried on. Above mentioned provisions as given in […]

Explanation for Cash Deposit notice by Income tax | Cash Compliance 2016

Income Tax Department (ITD) intends to obtain explanation from the assessees who had deposited plenty of amount during period of demonetization (i.e. 9th November, 2016 to 31st December, 2016). Many of those has received SMS […]

Download Finance Bill 2017 & Union Budget 2017

Here is the download link for Finance Bill 2017 as well as Union Budget 2017 presented today in Loksabha by Finance Minister. Click here to Download Budget Speech tabled 2017 – Budget Speech 2017 Click here to […]

Budget 2017 Changes in Income tax which are not covered in Speech

There are few changes in Direct tax, mainly Income tax act which are not covered by Finance Minister in his Speech on Budget Day. This is followed by Finance bill, 2017 which is available to download […]

New Finance Bill 2017

Today, on 1st February, 2017, Our Finance Minister Shree Arun Jetly came with an outstanding budget focusing on poor and economic growth. Here is the detailed Finance Bill, 2017 which can also be downloaded from […]

Clarification regarding attaining prescribed age of 60 years/80 years on 31st March itself, in case of Senior/Very Senior Citizens whose date of birth falls on 1st April, for purposes of Income-tax Act, 1961​

CBDT came with circular on Clarification regarding attaining prescribed age of 60 years/80 years on 31st March itself, in case of Senior/Very Senior Citizens whose date of birth falls on 1st April, for purposes of […]

​Clarifications on the Income Declaration Scheme, 2016

CBDT came with circular on Clarifications on the Income Declaration Scheme, 2016 vide circular number Circular No. 29/2016. Detailed content of the circular is as given below: The Income Declaration Scheme, 2016 (hereinafter referred to as […]

Streamlining the process of No Objection Certification (NOC), Port Clearance Certificate (PCC), voyage return and voyage assessment in the case of Foreign Shipping Companies (FSCs)

CBDT came with circular on Streamlining the process of No Objection Certification (NOC), Port Clearance Certificate (PCC), voyage return and voyage assessment in the case of Foreign Shipping Companies (FSCs) vide circular number Circular No. […]