Introduction of Undisclosed Foreign Income and Assets (Imposition of tax) bill, 2015. New bench of Supreme Court has been constituted to deal exclusively with income tax matters. Increase in transport allowance exemption limit from Rs. 800 to Rs. 1,600. Period of limitation will not apply, if service tax has been paid inadvertently.
Services in relation to remittance of foreign currency from outside India to India is chargeable to service tax. Gazette Notifications of Government of India will only be e-published www.egazette.nic.in. Internal Financial Control over Financial Reporting (ICFR) is applicable for Financial Year 2015-16 onwards and it is mandatory to comply, for all the companies without any exception.
Monetary limit of Rs 10 Lacs in tax liability has been fixed for appeals to be filled by Income Tax department before ITAT, High court and Supreme Court. CBDT allows service of Notice, Summons, Requisition, Order etc. by e-mail. Payments for social security benefits given by Parents (MNCs) to expats working in India not liable for Service Tax when reimbursed by the Indian subsidiary.
When tax has been paid as per book profit then penalty for concealment u/c 271(1)(c) is not attracted if any addition / deletion made in income computed under normal provision of Income Tax Act,1961. Grace period provided to employer for deposit of monthly Provident Fund (PF) has been withdrawn, effective from February 2016.
Penalty for failure to pay TDS in time can be levied even if the assesse pays the TDS before issue of any notice by Department. Cost Inflation Index for F.Y. 2015-16 notified. Case law on Service tax recovered but not paid to Government is Tax evasion. Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Rules, 2015.
The 122nd Constitution Amendment Bill which will enable the introduction of Goods and Services Tax(GST) has been passed in Rajya Sabha as well. Benami Transactions Prohibition Bill, 2016 passed by Lok Sabha. Revised formats for Financial Results & Ind-AS implementation by listed companies.
Loans and advances given for the business transaction between the parties does not fall within the definition of deemed dividend. CIT(A) to issue its order within 15 days from the date of last hearing. Refund admissible even when services were not notified on the date of export but were duly notified on the date of claiming refund.
Assessee is not obliged to deduct TDS in respect of voluntary amount paid (tips) by Customers to it’s employees for the services provided to them. No penalty for non- deduction of tax based on CA certificate. Clarification regarding applicability of amended Accounting Standards. Vehicles sales conclude at a place where the registration takes place.