Tax Gyan - The Makeyourtax Blog

1% tax on gold jewellery withdrawn by department

In Budget FY 2017, FM Arun Jaitley has announced 1% TCS levy on cash transactions over Rs 2 lakh to buy gold jewellery. Now, the government has rolled back the Budget decision of charging 1% tax collection at source (TCS) on cash purchases of gold worth over Rs 2 lakh much to the relief of …

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Due Date for e-filing of CIT appeals extended to 15.06.2016

The CBDT vide Circular No. 20/2016 dated 26.05.2016 has clarified that in order to mitigate any inconvenience caused to the taxpayers on account of the new requirement of mandatory e-filing of appeals, it has been decided to extend the time limit for filing of such e-appeals. E-appeals which were due to be filed by 15-5-2016 …

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Four new forms notified for black money disclosure

The Income Tax department on Thursday notified four new forms for disclosure of untaxed funds and properties. This is under one-time domestic black money compliance window that was released this month. The forms– 1, 2, 3 and 4– can be used both for e-filing or manual filing of the black money assets by a declarant …

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Amendments made in the Finance Bill 2016

In regard to the original Bill presented in the Lok Sabha on 29th February, 2016, many changes have been made therein. After incorporating such amendments, the Lok Sabha has passed the Finance Bill on 5th May, 2016. Amendments made in the Finance Bill 2016: Unlisted shares held for 24 months or less would be treated …

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