Income Tax
PRADHAN MANTRI GARIB KALYAN YOJANA RULES, 2016
The Ministry of Finance has issued a press release dated 31.05.2015 stating that Income Tax Return Forms ITR 1, 2 and 4S have been simplified for convenience of the tax payers. It is also stated that as the software for these forms is under preparation and are likely to be available for e-filing by 3rd week of June 2015, the time limit for filing these returns is also proposed to be extended up to 31st August, 2015 (31.08.2015). A separate notification will be issued in this regard.
The CBDT has issued a letter dated 11th May 2015 on the issue of “Imposition of Minimum Alternate Tax (MAT) on foreign companies particularly FIIs“. The CBDT has stated that in the light of the constitution of the Justice A. P.
The Government has released the draft Gold Monetization Scheme (GMS). The main objective of the Scheme is to mobilized gold held by the household in lieu of interest and to make it available to the gems and jewellery sector as raw material on loan. This scheme aims at reducing reliance on import of gold to meet the domestic demand.