Home Highlights March 2016 Year 2016 This

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1. The Income Tax Bill, 2025 consolidates and modernizes tax provisions for political parties and electoral trusts through Clause 12 and Schedule VIII, replacing Sections...

2. The proposed new Income Tax Bill aims to replace the Income Tax Act 1961 with a modernized, simplified framework that maintains revenue neutrality. The legislation will...

3. Declaration for No TDS - Government Simplifies the Format and Procedure for Self Declaration in form No.15G or 15H to Reduce the Cost of Compliance and Ease the Compliance Burden

4. Permission to resident and non-resident entities to undertake hedge transactions with simplified Procedures - FEMA

5. Permission to resident and non-resident entities to undertake hedge transactions with simplified Procedures

6. Reforms in Tax Rates - tax rates of the major countries of Asia

7. Union Cabinet approved a new Income Tax Bill to replace the Income Tax Act, 1961, aimed at simplifying direct tax legislation. The bill, characterized by simplified...

8. Recognition of TRUST - As can be seen from the definitions, the Trust created in terms of the deed of settlement is consistent with the requirements of both, the Indian...

9. Assessee employed by Indian entity but sent on long-term international assignment to Singapore. Salary received in India for administrative reasons, but employment...

10. The proposed Income Tax Bill 2025 aims to replace the Income Tax Act 1961 with a modernized and streamlined tax framework comprising 536 sections across 23 chapters. Key...

11. Rationalization of customs duty and procedures to give boost to “Make in India” initiative RFID technology to be used to improve export logistics

12. This circular provides guidelines to stock exchanges, clearing corporations, and depositories to enhance accountability, supervision, monitoring mechanisms, and...

13. Income accrued in India - permanent establishment (PE) - Withholding of tax in India - vessel engaged in seismic survey at high sea - The sum paid by the applicant to...

14. Tax liability of trust - the purpose of tax under the Act, the Assessing Officer may be in a position to find out the status of the beneficiaries of the First Level...

15. Assessment of trust as Association of Persons (AOP) - family trust - rate of tax - maximum marginal rate or slab rates - Assessee family trust has only income from other...