In the Finance Act-2015 a new sub-section 1B to section 80CCD in the Income Tax Act-1961 was inserted whereby an additional deduction of Rs. 50,000/- is offered to the taxpayer for contribution in the National Pension Scheme (NPS). This deduction is over and above the deduction of Rs. 1.50 Lac available u/s 80C for contribution in LIC/PPF/NSC etc. Deduction of Rs 50,000/- under 80CCD (1B) is exclusively for investments in NPS and cannot be availed against any other investment. NPS is a voluntary pension scheme regulated by Pension Fund Regulatory and Development Authority (PFRDA).
The Finance Ministry on Tuesday 1st March, 2016, issued an 11-point clarification on the changes made in the Budget 2016-17 on tax treatment for provident fund and NPS (National Pension Scheme). "There seems to be some amount of lack of understanding about the changes made in the General Budget 2016-17 in the tax treatment for recognised Provident Fund & NPS," the Finance Ministry said in a statement. The detailed press release is given below.
The Reserve Bank of India on 25th February, 2016 issued the Master Direction on Know Your Customer (KYC), Anti-Money Laundering (AML) and Combating of Financing of Terrorism (CFT). The Master Direction issued consolidates all relevant instructions issued by different departments of the Reserve Bank so far on the subject and will be applicable to all its regulated entities. The complete detailed directions are given below for reading as well as downloading.
Punjab Excise & Taxation department vide its public notice dated 30th January, 2016 has extended the due date for filing of quarterly VAT-15 return from present 30the January, 2016 to 5th February, 2016. The copy of the said public notice is given below for viewing and downloading.
The detailed FAQs issued by CBEC can be downloaded from the link given below.
Government of Punjab, Department of Excise & Taxation has vide its notification dated 17th November, 2015 reduced the rate of VAT on Automobiles to 12% and also vide its notifications dated 2nd December, 2015 reduced the rate of VAT on dry fruit to 4.95% and on LED light to 6.05% and rate of CST on paper board to 1%. The copy of the said notifications are given below for viewing and downloading.
Ministry of Corporate Affairs, Government of India vide its general circular No. 15/2015 dated 30.11.2015 has extended the last date of e-filing of form MGT-7 (Annual Return) and AOC-4 (Financial Statement) under the Companies Act, 2013 to 31st December, 2015 without payment of additional fees. The copy of the circular is reproduced here under for viewing and downloading.
Department of Excise & Taxation, Government of Punjab vide its public notice dated 19.11.2015 has extended due date of filing of annual VAT return, Form VAT-20 from present 20th November, 2015 to 30th November, 2015. The copy of the said Notification has been given below for viewing as well downloading.
tax 'N' accounts people
Tarun Kumar Gupta
Life style Post