Home Highlights March 2016 Year 2016 This

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1. Proposed amendment enables recovery of existing liabilities under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 from seized assets...

2. The summary highlights the key difference between the scope of total income under the Income Tax Act and the Black Money (Undisclosed Foreign Income and Assets) and...

3. Particulars to be furnished - Clause 200 of the Bill - consequent to such declaration, appeal in respect of the disputed income, disputed wealth and tax arrear pending...

4. Applicability of certain provisions of Income-tax Act and of Chapter V of Wealth-tax Act - THE INCOME DECLARATION SCHEME, 2016 - The provisions relating to liability in...

5. Wealth Tax Liability - Whether Club can be treated as "Association of Person"? - Charging provisions under the Income Tax versus under the Wealth Tax - This argument of...

6. Karnataka State Natural Disaster Monitoring Centre (PAN: AAATD2434P), a body constituted by State Government of Karnataka, is exempted from income tax u/s 10(46) of...

7. Notification issued u/s 10(46) of Income Tax Act, 1961 exempting specified income of Uttaranchal Board of Technical Education, Roorkee (PAN: AAALU0281D) from income tax,...

8. Undisclosed income declared not to be treated as benami transaction in certain cases - THE INCOME DECLARATION SCHEME, 2016 - The provisions of the Benami Transactions...

9. Undisclosed income declared not to affect finality of completed assessments - THE INCOME DECLARATION SCHEME, 2016 - A declarant under this Scheme shall not be entitled,...

10. Exemption u/s 11 - claiming benefit of accumulation u/s 11(2) over deemed income u/s 11(3) - non application of income - the assessee should not be eligible to claim...

11. Exemptions in respect of gold and silver imported under specified FTP schemes - See Notification as amended

12. Order under section 119 of the Income-tax Act, 1961 - Income Declaration Scheme, 2016 - Order-Instruction

13. When the Income-tax Officer stated that full expenditure had been allowed in the year of acquisi tion of the assets, what he really meant was that the amount spent on...

14. Imposition of wealth tax - Once the non-productive asset like urban land is converted to a productive asset like a building which qualifies for exemption, then the...

15. Denial of deduction/exemption under section 54EC - advance received in specified assets before the date of transfer of asset - the Board have decided that if the...