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Tag Archives: Income Tax updates

Income Declaration Scheme, 2016 – extension of last date are desirable

The IDS has been enacted vide Chapter IX of the Finance Act, 2016 containing sections 181-199. IDS Rules have been framed. There have been large number of clarifications by way of notifications, circulars and series of FAQ. The last circular seems to be issued on 21.09.2016 , and last series that is sixth series of FAQ have been issued recently ( not found) in search.

Registered Valuer Under Wealth Tax Act, 1957

Section 34AA of the Act provides that notwithstanding anything contained in said Act, any type of assessee who is entitled to or required to attend before any wealth-tax authority or the Appellate Tribunal in connection with any matter relating to the valuation of any asset, except where he is required under this Act to attend in person, may attend by a registered valuer.

Doctrine of considerable compliance

Indirect tax laws has prescribed overplus of processes to be followed at completely different purpose of your time to avail of various advantages. However, over and over assessee didn’t abide by procedures in total and there’s dispute between department and assessee relating to availment of advantages to assessee.

what is Pre – shipment credit?

When an exporter avail any credit facilities, within the shape of loan and or improve from a bank for the reason of financing the purchase of inputs packing material for production and packing of the very last products to be exported it’s miles called Pre –cargo credit.

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