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Latest India Tax News 31st October 2016

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  • Latest India Tax News 31st October 2016

    • Addition for mere appearing of TDS credit in form 26AS not justified. The AO cannot take advantage of the ignorance or handicap of the assessee and say that there was undisclosed receipt by the assessee.[ P.K. Rajasekar vs. ITO (ITAT Chennai)].
    • Ministry of finance issued directions on 26th of October, 2016 to check withholding of tax on “Other sum chargeable” in the case of non residents –Disallowance Ws 40(a)(i) of the Income-tax Act 1961.
    • GSTN signs MOU with DGFT to share foreign exchange realisation data with GSTN for cross verification under GST Act On 28-October-2016.
    • TFA on Customs side is as important as GST in Indirect tax reform
    • Legal provisions applicable to Import/Export of Detonators
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