Tax Gyan - The Makeyourtax Blog

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Govt. Group to examine amendments to India-Mauritius DTAA

Press Information Bureau Government of India Ministry of Finance 13-June-2016 Government constitutes Working Group to examine consequential issues arising out of amendments to India-Mauritius Double Taxation Avoidance Agreement and related issues. With a view to examine the consequential issues arising out of amendments to India – Mauritius Double Taxation Avoidance Convention and related issues, a …

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Urgent Notice Individuals: Pay advance tax by June 15

The last date to pay your first instalment of advance tax is tomorrow – June 15, 2016. Till last fiscal, the first advance tax payment date for individuals used to be September 15th but Budget 2016 has made the first instalment payable 3 months earlier now i.e on June 15th this fiscal onwards. Those tax-payers …

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No Tax on Security Deposit of Flats

In a recent judgment that will benefit many, the Mumbai bench of the Income-Tax Appellate Tribunal (ITAT) has held that in cases where employees are provided with accommodations by employers, the notional interest on the security deposit paid by an employer to the landlord cannot be added to the taxable income of the employee.  The …

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1 per cent tax on cash purchase of car for over Rs. 2 lakh

Buyers of cars and premium two-wheelers who pay more than Rs 2 lakh of purchase price in cash will be levied 1 per cent tax as part of the government’s drive to stifle the black economy.  Finance minister Arun Jaitley had announced 1 per cent tax collected at source (TCS) on cars costing more than …

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Imprisonment with fine to Income Tax Inspector in Bribe Case

FOUR YEARS RIGOROUS IMPRISONMENT WITH FINE OF RS. 1.50 LAKH TO THEN INSPECTOR OF INCOME TAX IN A BRIBERY CASE The Special Judge, CBI Cases, Patiala House Courts, New Delhi has convicted Sh. Jai Prakash, then Inspector, Income Tax Department, Delhi and sentenced him to undergo four years rigorous imprisonment with fine of Rs. 1.50 …

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Google Payments Notification regarding Equalization Levy

This is to inform you that as per the Notification No. 37/2016: F.No. 370142/12/2016-TPL dated 27 May 2016 read with Finance Act, 2016, Government of India has levied an ‘Equalization Levy’ on provision of online advertisement services or any other service or facility for the purpose of online advertisement by a Foreign Company provided on …

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