Important Circulars Notifications May’ 2016

Clarifications on the Income Declaration Scheme, 2016. Extension of time limit for the e- filing of appeals before Commissioners of Income Tax. Admissibility of claim of bad debt if written off as irrecoverable in books. Income Tax Computation and Disclosure Standards (ICDS) notified. Applicability of Krishi Kalyan Cess (KKS) @ 0.5% resulting in effective rate of Service Tax @ 15%