Daily Archive: Wednesday, April 27, 2016

Tips collected by hotel from customers and distributed to employees not salary for the purpose of TDS u/s 192-Supreme Court

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The Supreme Court in its recent judgment has held that tips collected by the hotel from customers and distributed to employees are not salary for the purpose of TDS under Section 192. Case Law Details: Civil Appeal Nos. 4435-37 of 2016 ITC Limited Gurgaon (Appellant) versus Commissioner of IT (TDS) Delhi (Respondent) Date

 

FCRA designated bank/utilization accounts to be brought on online platform of Public Finance Management Service for random scrutiny.

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Changes in FCRA Rules As per Foreign Contribution (Regulation) Amendment Rules, 2015 notified in Gazette of India on 14.12.2015, the Bank shall report to the Central Government within forty-eight hours any transaction in respect of receipt and utilization of any foreign contribution by any person whether or not such

 

Measures taken by the Indian Government to Curb Black Money in the Country particularly black money stashed away abroad-Press Release

Author: | Categories: Black Money No comments
The Measures taken by the Government to Curb Black Money in the Country Ministry of Finance Press Release dated 27/04/2016 The Government has taken several measures to effectively deal with the issue of black money, particularly black money stashed away abroad. Such measures include policy-level initiatives, more effective enforcement

 

Government-It should not be assumed that everyone (including Indian Citizens) who appears in Panama Papers is involved in tax avoidance or evasion

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Tax Evasion by Indian Citizens Named in Panama Papers Ministry of Finance Press Release dated 27/04/2016 Recently, information about certain offshore entities held by various Indian persons has appeared in media. Such information is attributed to be part of ‘Panama Papers’ leaks. The International Consortium of Investigative Journalists (ICIJ),

 

Multi-Disciplinary Team for Probing the Panama Papers Leaks. Group consists of CBDT, ED, FIU and RBI with Convenor as Member (Investigation), CBDT.

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Multi-Disciplinary Team for Probing the Panama Papers Leaks Ministry of Finance Press Release dated 27-04-2016 Recently, information about certain offshore entities held by various Indian persons has appeared in media. Such information is attributed to be part of ‘Panama Papers’ leaks. The International Consortium of Investigative Journalists (ICIJ), a

 

E-filing Vault-Procedure to Protect your Income Tax Account

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Announcing the e-Filing Vault Option Protect your Income Tax Department e-Filing account!   Dear Taxpayer, In order to ensure that you are able to secure your E-filing account against any fraudulent login attempts, the Income Tax Department has introduced a new facility called the “E-filing Vault”. In order to

 

Payment of interest on refund u/s 244A of excess TDS deposited under section 195. Department not to pursue/withdraw appeals filed-CBDT Circular

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Circular No.  11/2016 F.No.279/Misc./M-140/2015-ITJ Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes ****** New Delhi, 26th April, 2016 Subject:-   Payment of interest on refund under section 244A of excess TDS deposited under section 195 of the Income tax Act, 1961- reg. The procedure