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%
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 Grace period provided to employer for deposit of monthly Provident Fund (PF) has been withdrawn, effective from February 2016.
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.
If the identity and other details of the share applicants are available, the share application money cannot be treated as undisclosed income in the hands of the Company. Depreciation continues to be allowed on the block of assets even if the business is discontinued. “Swachh Bharat Cess” (SBC) notified on Taxable service.
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.
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.
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.
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.