Due date for ITR filing for 2015-16 financial year

The Central Board of Direct Taxes, CBDT has extended the Due date for ITR filing for 2015-16 financial year to 5th of August 2016. This extension of due date for filing the income tax returns was done considering bank strike on 29th July and 31st being a Sunday.  This change in due date for ITR filing for 2015-16 is applicable to all the the r

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Equalization Levy - Taxing Digital Economy Transactions

India has taken its first major step towards taxing digital economy transactions. Finance minister in his budget for fiscal 2016-17 had announced the introduction of ‘Equalization Levy’, to tax the e-commerce transactions / digital business conducted across national borders.Recently, CBDT has issued a circular bringing in details of the levy wi

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TDS on Sale of Property 194IA – Due date extended

Due date for filing the statement for Tax Deduction at Source (TDS) on Sale of Property under section 194IA has been extended to 30 days from the end of the month in which tax was deducted.  Earlier, the tax deducted was to be paid within 7 days from the end of the month.CBDT in its notification dated 31st May 2016 had made the changes in Rule 29B

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