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Latest Tax News Oct 2016

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  • Latest Tax News Oct 2016

    • Why to approach NCLT – CA, CS, CMA perspective posted: 27 Oct 2016 07:47 PM PDT applicant can appear before the tribunal or the appellate tribunal in person or can authorize a chartered accountant, company secretary, cost and works accountant or a lawyer to appear before NCLT, NCLAT.
    • The post why to approach NCLT – CA, CS, and CMA perspective appeared first on tax guru.
    • CBDT signs 5 unilateral advance pricing agreements (APAs) with Indian taxpayers covering a range of international transactions, including sale of finished goods, purchase of raw materials, software development services, IT enabled services, exports and interest payment.
    • Date of filing of DVAT Return in Form 16, 17 & 48 for Q2, 2016-17 has been extended upto 14.11.2016. Circular No. 17 dated 28.10.2016.
    • Extension to 29.11.2016 of last date of filing of e-forms AOC-4,AOC (CFS),AOC-4 XBRL & MGT-7,without additional fee. MCA Circular No.12/2016 Dated 27.10.16.
    • GST paid on reverse charge will also be eligible for Input tax credit if goods or services are used or intended to be used for business.
    • RBI to support financing for start-ups, issued rules permitting these to raise external commercial borrowings (ECB).
    • SEBI has issued a circular freezing of promoter group demat accounts for non compliance with certain provisions of SEBI.
    • Central government hereby appoints the 1st day of November, 2016 as the date on which provisions of Benami transaction (Prohibition) Amendment Act, 2016 shall come into force.
    • NIRC of ICAI is organizing seminar on transfer pricing on 5 Nov (Saturday) at 10 am at NDMC convention centre, Jantar Mantar, CP, New Delhi.
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  • #2
    How new income tax rates impact those with Rs 10 lakh salary


    An individual with a salary of Rs 10 lakh is wondering which tax structure will benefit them more. Should they opt for new tax regime sans tax exemptions and deductions or continue with existing tax structure with tax exemptions and deductions.

    Post Budget 2020, everyone is trying to figure out if they should opt for the existing tax regime and continue availing tax-exemptions and deductions or switch over to the new tax regime with lower tax rates (sans tax exemptions and deductions) and lesser paper work.

    The biggest question in the mind of salaried individuals earning Rs 10 lakh is which tax structure will benefit them more. If you are a salaried individual earning an annual income of Rs 10 lakh, the table below shows you the total amount of deductions and exemptions you will have to claim so that your tax liability remains the same in both tax regimes.




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