Real Estate Rules 2016 Notified for Five Union Territories without Legislature

Real Estate Rules Applicable to five Union Territories without Legislature Real estate developers will have to furnish additional information regarding the ongoing projects for the benefit of the buyers besides depositing 70% of the unused funds in a separate bank account to ensure their completion. This has been stipulated in the Real Estate (Regulation and Development) (General)… Read More »

Income Declaration Scheme 2016 to open from 1st June 2016

The Income Declaration Scheme, 2016 incorporated as Chapter IX of the Finance Act 2016 provides an opportunity to all persons who have not declared income correctly in earlier years to come forward and declare such undisclosed income(s). Under the Scheme, such income as declared by the eligible persons, would be taxed at the rate of… Read More »

Certain Tax Benefits Awarded to Notified Backward Areas in Bihar

The provisions of the Income-tax Act 1961 have been amended through Finance Act 2015 to provide certain tax benefits to notified backward areas in specified States including State of Bihar to give these areas an opportunity to grow faster.  To give effect to the amendment, the following 21 districts of Bihar have been notified as… Read More »

e-Verification of Income Tax Returns

CBDT vide Notification No. 2/2015 prescribes  Electronic Verification Code (EVC) for electronically filed Income Tax Return as an alternative mode of verification. EVC would verify the identity of the person furnishing the return of income. The Manual Covers   e-Verification of Income Tax Returns in following Circumstances and provides 3 to 4 Option in each such Circumstances. e-Verification… Read More »

Pradhan Mantri Krishi Sinchayee Yojana (PMKSY)

The Cabinet Committee on Economic Affairs (CCEA), chaired by the Prime Minister Shri Narendra Modi, has given its approval to a new scheme the “Pradhan Mantri Krishi Sinchayee Yojana” (PMKSY).  It will have an outlay of Rs. 50,000 crore over a period of five years (2015-16 to 2019-20). The allocation for the current financial year… Read More »

Income Tax Return Forms ITR 1, 2 and 4S Simplified

Income Tax Return Forms ITR 1, 2 and 4S Simplified for Convenience of the Tax Payers; A New Form ITR 2A Proposed which can be Filed by an Individual or HUF who does not have Capital Gains, Income from Business/Profession or Foreign Asset/Foreign Income; In Form ITR 2 and the New Form ITR 2A, the… Read More »

EPFO launches online PF transfer facility for PF trusts

Provident fund accounts with privately held PF trusts can now be transferred online to accounts maintained by the retirement fund body EPFO. At present, workers are required to file PF transfer claims on changing jobs to consolidate their PF accounts and benefits under the Employees’ Pension Scheme 1995 run by the Employees’ Provident Fund Organization… Read More »