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Monthly Archives: July 2016

Benefits Available Under Rajasthan Investment Promotion Scheme 2014 To Agri Processing And Agri Marketing Sector

The following is a summary of benefits available under Rajasthan Investment Promotion Scheme [RIPS] 2014 to Agro processing and Agri Marketing sector.   What are the business covered in Agro Processing and Agri Marketing under RIPS 2014   “Agriculture products” means produce of agriculture, horticulture, sericulture, floriculture, aromatic, herbal & medicinal plants, fisheries, poultry, apiculture, […]


Income Declaration Scheme 2016 : Back door Elimination of section 149 (Time Limit for Re-Opening of an Assessment)

The Income Declaration Scheme 2016 has indirectly eliminated the section 149 of the Income Tax Act by introducing section 197(c) of the Finance Act, 2016. How it is done, is explained below. As per the current provisions of the Income Tax Act, 1961 section 147 to 151 deals with re-opening of assessment. Section 147 : […]


Decoding penalty for Misreporting and Under-reporting of Income – Section 270A of Income Tax Act

Section 270A has been inserted by the Finance Act, 2016 w.e.f. AY 2017-18 introducing a new concept of levying penalty under the Income Tax Act.   Following is a summarization of section 270A of the Income Tax Act, 1961   There are 2 legs of this section.   Penalty on under reporting of income Penalty […]


Levy of Entry Tax on E-Commerce Transactions in Rajasthan

The Government of Rajasthan has made amendments in the provisions of Rajasthan Entry Tax Act, 1999 via Finance Act, 2016 which are effective from 09-04-2016. By virtue of these amendments the government has brought the e-commerce transactions under the purview of the Entry Tax. Following are the brief discussions regarding such amendments.   Amendment in […]


Due Date for submission of 15G and 15H for FY 2016-17 on e-filing portal of Income Tax Department.

The Income Tax Department vide notification no. 9/2016 dated 09-06-2016 has specified the due date for submission of form 15G and 15H received by the deductees in a Quarter w.e.f. FY 2016-2017. The due date for online uploading of the form 15G and 15H will be as below from 01-04-2016. S.N. Date of ending of […]