The rate of tax deducted at source (TDS) on life insurance policies where maturity proceeds are taxable has been halved from 2% to 1%. Under section 194DA, TDS is applicable on all taxable payments made to them if the total amount exceeds Rs 1 lakh. Under section 10 (10D), maturity proceeds received under a life…
F.No. A-11011/02/2015-Ad.VII Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes *** New Delhi, the 26th February, 2016 ORDER No. 01/Ad.VII/2016 Subject: Dedicated structure for delivery and monitoring of Tax Payer Services in the Income Tax Department-reg. The Competent Authority has accorded approval for setting up a dedicated structure for…
Although FM Jaitley did not make any changes to the tax slabs in this year’s budget, he had a suitcase full of small changes that will make a significant impact to your tax outgo in 2016-17. Here is a quick list of 8 major announcements he made in his 1 hour 42 minutes speech that…
Central Board of Direct Taxes (CBDT) has issued a circular regarding Tax Deduction at Source (TDS) on payments by television channels and publishing houses to advertisement companies for procuring or canvassing for advertisements. The issued circular has been given below: Circular No. 05/2016 F.No.275 /06/2016-IT(8) Government of India Ministry of Finance Department of Revenue Central…
ITBA-PAN Instruction No. 3 Dated: 24-2-2016 As per current process, PAN holder who wants to update core field and address details of the PAN allotted to him/her can file request for update through service providers (NSDL/UTIITSL). Details received from SPs in this regard in text file format are now uploaded in the system automatically through…
Central Board of Direct Taxes (CBDT) has issued a circular regarding Tax Deduction at Source (TDS) on payments by broadcasters or television channels to production houses for production of content or programme for telecasting. The issued circular has been given below: Circular No. 04/2016 F.No.275/07/20 16-IT(B) Government of India Ministry of Finance Department of Revenue…