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Highlights / Annotations / Catch Notes For March of 2016

Home Highlights March March 2016 Year 2016

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Showing 551 to 600 of 657 Records

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March 2, 2016 Act Rules Bill

Tax Refunds: Extra 3% Interest on Delayed Appeals u/s 244A, Linked to Section 153 Timing.
March 2, 2016 Act Rules Bill

Section 234C Amendment: Interest on Deferred Advance Tax for Non-Company Assessees Aligns with Companies; Impacts Section 44AD Filers.
March 2, 2016 Act Rules Bill

Section 234C Amended: No Interest on Tax Shortfall from First-Time Business Income Estimation Errors.
March 2, 2016 Act Rules Bill

Section 220 Amended: Tax Application Orders Must Be Issued Within 12 Months of Application Receipt Month End.
March 2, 2016 Act Rules Bill

Amendment to Section 211: Advance Tax for Businesses u/s 44AD Due in One Installment by March 15.
March 2, 2016 Act Rules Bill

Section 211 Amendment: Aligning Advance Tax Payment Schedule for Non-Company Assessees with Company Schedule.
March 2, 2016 Act Rules Bill

Tax Code Section 206C Amended: 1% TCS on Motor Vehicle Sales Over Rs. 10 Lakh, Cash Sales Over Rs. 2 Lakh.
March 2, 2016 Act Rules Bill

Non-residents and foreign companies exempt from PAN requirement for interest payments on long-term bonds u/s 206AA.
March 2, 2016 Act Rules Bill

Proposed Amendment to Section 197A: Exempt Certain Rent Payments from TDS by Referencing Section 194-I Conditions.
March 2, 2016 Act Rules Bill

Section 197 Amended: Assessing Officers Can Issue Certificates for Lower/No Tax Deductions for Income u/ss 194LBB and 194LBC.
March 2, 2016 Act Rules Bill

New Section 194LBC: Tax Deduction at Source for Income to Investors in Securitisation Trusts u/s 115TCA.
March 2, 2016 Act Rules Bill

Amendment to Section 194LBB: TDS on Investment Fund Income Set at 10% for Residents, Current Rates for Non-Residents.
March 2, 2016 Act Rules Bill

Amendment to Section 194LBA: Updates TDS rules for income from business trust units, aligning with Section 10(23FC) regulations.
March 2, 2016 Act Rules Bill

Section 194LA Amendment: No TDS on Property Compensation Below Rs. 250,000, Raising Exemption Limit from Rs. 200,000.
March 2, 2016 Act Rules Bill

Bill Proposes Removing Income-Tax Act Sections 194K and 194L on TDS for Units and Capital Asset Compensation.
March 2, 2016 Act Rules Bill

Section 194H Amendment: TDS Rate on Commission/Brokerage Reduced to 5%, Threshold Increased to Rs. 15,000.
March 2, 2016 Act Rules Bill

Section 194G Amendment: TDS Rate on Lottery Income Reduced from 10% to 5%, Threshold Increased to Rs. 15,000.
March 2, 2016 Act Rules Bill

Amendment to Section 194EE: TDS Rate for National Savings Scheme Deposits Reduced from 20% to 10.
March 2, 2016 Act Rules Bill

Tax Amendment: Section 194DA Reduces TDS on Life Insurance Payouts Over Rs. 100,000 from 2% to 1.
March 2, 2016 Act Rules Bill

Section 194D Amendment: TDS Threshold for Insurance Commissions Reduced from Rs. 20,000 to Rs. 15,000 Per Financial Year.
March 2, 2016 Act Rules Bill

Section 194C Amendment: TDS Threshold Increased to Rs. 1 Lakh from Rs. 75,000 for Payments in a Financial Year.
March 2, 2016 Act Rules Bill

TDS Threshold for Horse Race Winnings Raised to Rs. 10,000 u/s 194BB, Doubling Previous Limit of Rs. 5,000.
March 2, 2016 Act Rules Bill

Income Tax Amendment: Section 192A Raises Deduction Threshold from Rs. 30,000 to Rs. 50,000 for Employee Balances.
March 2, 2016 Act Rules Bill

Section 153A Assessment Timeframe Reduced from Two Years to 21 Months for Relevant Assessment Years.
March 2, 2016 Act Rules Bill

Section 153A Assessment Time Limit Revised: Now 21 Months for Individuals Referenced in Section 153C.
March 2, 2016 Act Rules Bill

Section 153 Amended: Time for Assessment, Reassessment, and Recomputation Cut to 9 Months from Notice Date.
March 2, 2016 Act Rules Bill

New Rule Cuts Time for Fresh Tax Assessments from One Year to Nine Months; Aims to Expedite Process.
March 2, 2016 Act Rules Bill

New Section Replaces 153: Sets 12-Month Time Limit for Partner Assessments Following Firm's Assessment u/s 147.
March 2, 2016 Act Rules Bill

Legislative Change Reduces Tax Assessment Period from Two Years to 21 Months u/s 153 Amendments.
March 2, 2016 Act Rules Bill

Section 147 Amended: Reopening Tax Assessments for Undisclosed Income or Excessive Claims Detected by Tax Authorities.
March 2, 2016 Act Rules Bill

Amendment to Section 143: Tax Authorities Can Request Documents for Scrutiny Assessment Starting April 1, 2016.
March 2, 2016 Act Rules Bill

Section 143 Amended: Tax Returns Must Undergo Prima Facie Adjustments Before Scrutiny Assessment for Enhanced Accuracy and Compliance.
March 2, 2016 Act Rules Bill

Section 143 Amended: Broader Prima Facie Adjustments Now Include Loss Disallowances, Audit Report Expenditures, and Certain Deductions.
March 2, 2016 Case Laws Customs HC

Show Cause Notice Validity Under Review: Period of Limitation in Question; Awaiting Third Respondent's Reply for Final Decision.
March 2, 2016 Case Laws Customs AT

Refund Claim Denied for Imported Mercedes Benz Under Customs Act Section 27; Assessment Order Challenge Required.
March 2, 2016 Case Laws Income Tax HC

High Court Ruling: Unrecorded Salaries in Profit and Loss Account Can Nullify Deduction Claims for Assessees.
March 2, 2016 Case Laws Income Tax HC

Transfer Pricing Officers Adjust ALP Using CUP Method for Transactions with Japanese Company Due to Unusual Features.
March 2, 2016 Case Laws Income Tax AT

AO Finds Discrepancy in Accounts vs. Form 26AS; Assessee Reconciles, No Additions for Unaccounted Turnover Made.
March 2, 2016 Case Laws Income Tax AT

Service tax is included in profit computation for non-resident shipping businesses u/s 44B of the Income Tax Act.
March 1, 2016 Case Laws Service Tax AT

Luxury Bus Classified as Contract Carriage Under Motor Vehicle Act, 1988; Tour Operator Services Subject to Service Tax.
March 1, 2016 Case Laws Service Tax AT

Service Tax Demand Overturned Due to Lack of Specified Amount in Show-Cause Notice Since October 2003.
March 1, 2016 Case Laws Service Tax AT

Appellant Eligible for Service Tax Refund After Reversing Unutilized Cenvat Credit Under Clause 2(g) of Notification 40/2012-ST.
March 1, 2016 Case Laws Central Excise AT

Assessee Can Adjust Excess Duty Paid Against Short-Paid Duty After Finalizing Provisional Assessments.
March 1, 2016 Case Laws Customs AT

Ceramic Tableware Auction Valuation Reflects Extent of Damage Compared to Previously Auctioned Goods.
March 1, 2016 Case Laws Customs AT

Imported Multimedia Speakers with FM Radio Not Classified as FM Radio Devices; Common Parlance Test Applied.
March 1, 2016 Case Laws Income Tax HC

Assessment Reopening Needs Valid Reason, Not Suspicion: Section 147 Requires Legitimate Belief in Income Escape.
March 1, 2016 Case Laws Income Tax HC

High Court Rules Consent Not Needed for Reopening Assessments u/s 151(1) When Initial Intimation is Section 143(1)(a.
March 1, 2016 Case Laws Income Tax HC

Court Upholds Tribunal's Best Judgment Assessment; Assessee-Appellant Fails to Prove Arbitrary or Irrational Approach.
March 1, 2016 Case Laws Income Tax AT

Bank Guarantee Commission Not Subject to TDS; No Principal-Agent Relationship u/s 194H of Income Tax Act.
March 1, 2016 Case Laws Income Tax AT

Indo-USA DTAA Article 16(1) applies despite Indian salary if no services were rendered in India. Residential status irrelevant.

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