COST INFLATION INDEX

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Cost Inflation Index or CII is to measure inflation that is used for computing long-term capital gains on sale of capital assets. The CII has been notified by the Central Government every year commencing from the financial year 1981-82 keeping in view the Consumer Price Index, which in turn helps an individual tax payer to […]

Quoting of PAN – Amendment of Rules since 01 Jan 2016 – Revised Scenario

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Department of Income tax, Government of India revised the rules called the Income-tax (22nd Amendment) Rules, 2015 to collect information of certain types of transactions from third parties in a non-intrusive manner. The department has already made it mandatory under Rule 114B of the Income-tax Rules to quote PAN where the transactions exceed a specified […]

Revised Annual Information Report – Amendment of Rules

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Department of Income tax, Government of India revised the rules called the Income-tax (22nd Amendment) Rules, 2015 vide notification no. 95 of 2015 dated 31.12.2015 where in Income-tax Rule 114E is amended. With this amendment, the Annual Information Report shall be called now Statement of Financial Transaction or reportable account. With this amendment, which shall […]