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01.04.2016 - Voice of CA presents - Updates
Friday, April 1, 2016

  I. Headlines Today    

  1. Income Tax Department seeks more details of those earning over Rs.50 lakh  (Click for detail)
  2. Composition Schemes under sec 42 of MVAT Act  (Click for detail)
  3. Amendments to schedule 'A' and 'C' of MVAT Act  (Click for detail)
  4. Ambiguity in MF rules on group debt investment  (Click for detail)
  5. Interest rates on PPF, other savings to be lower from April 1  (Click for detail)
  6. Clarification regarding applicability of Indian Accounting Standards to disclosures in offer documents under SEBI (ICDR) Regulations, 2009  (Click for detail)
II.  New ITR Forms 2016-17: 

INCOME-TAX (NINTH AMENDMENT) RULES, 2016 - AMENDMENT IN RULE 12 AND SUBSTITUTION OF FORMS SAHAJ (ITR-1), ITR-2, ITR-2A, ITR-3, SUGAM (ITR-4S), ITR-4, ITR-5, ITR-6, ITR-7 AND ITR-V

NOTIFICATION NO. SO 1262(E) [NO.24/2016 (F.NO.370142/2/2016-TPL)], DATED 30-3-2016

In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:—

1. (1) These rules may be called the Income-tax (9th Amendment) Rules, 2016.

(2) They shall come into force with effect from the 1st day of April, 2016.

2. In the Income-tax rules, 1962,—

(1) in rule 12,—

(a)   in sub-rule (1),—
(A)   after the word, brackets, figure and letter "sub-section (4E)", the words, brackets, figure and letter "or sub-section (4F)" shall be inserted;
(B)   for the figures "2015", the figures "2016" shall be substituted;
(C)   in clause (ca), after the words "Hindu undivided family", the words "or a firm, other than a limited liability partnership firm," shall be inserted;
(D)   in clause (g), after the word, brackets, figure and letter "sub-section (4E)", the words, brackets, figure and letter "or sub-section (4F)" shall be inserted;
(b)   in sub-rule (5), for the figures "2014", the figures "2015" shall be substituted.

(2) in Appendix-II, for "Forms Sahaj (ITR-1), ITR-2, ITR-2A, ITR-3, Sugam (ITR-4S), ITR-4, ITR-5, ITR-6, ITR-7 and ITR-V", the following forms shall respectively be substituted, namely:-

New ITR Forms 2016-17

ITR-1 Sahaj      (Click here to download)

ITR-2                 (Click here to download)

ITR-2A              (Click here to download)

ITR-3                 (Click here to download)

ITR-4S  Sugam (Click here to download)

ITR-4                 (Click here to download)

ITR-5                 (Click here to download)

ITR-6                 (Click here to download)

ITR-7                 (Click here to download)

ITR-V  Acknowledgement  (Click here to download)

 

III. Useful Articles:

1.  Union Budget 2016: Important changes in Service Tax and Credit Rules effective from April 1, 2016

(Please click here for detail)

(Contribution by CA. Bimal Jain and contributor is available at eMail-id: bimaljain@hotmail.com)

 

 Golden Rules:

  "Heart is a bottle of perfume.
If you never open it, nobody knows the fragrance inside.
If always kept open, you lose your fragrance.
Open it for People who touch your Heart"

                                       
 

  Thanks & Regards

  Team

Voice of CA 

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