Category - Taxation

Amendment in section 25 of the Customs Act, 1962 (52 of 1962)

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) Notification No. 42/2016-Customs New Delhi, the 11th July, 2016 G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962),… Read More

Amendment in sub-section (2) of section 138 of the Income-tax Act, 1961(43 of 1961)

TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) ORDER New Delhi, the 6th July, 2016 S.O.2322 (E)- In exercise of the powers conferred by sub-section (2) of section 138 of the Income-tax Act, 1961(43 of 1961), the Central Government… Read More

Service tax on taxable services by way of transportation of goods by a vessel from outside India upto customs station in India

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) NOTIFICATION No. 36/2016-Service Tax New Delhi, the 23rd June, 2016 G.S.R. ---(E).- In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of… Read More

CBEC notified that Duty Free Shops (DFSs) at airports shall display prices of goods in Indian currency as well as the exchange rate

CBEC vide Circular dated July 06, 2016 notified that Duty Free Shops (DFSs) at airports shall display prices of goods in Indian currency as well as the exchange rate. CBEC had received representations from travellers that DFSs neither display prices in rupees or India made goods, which depreciates the visibility of domestically manufactured products and… Read More

Service Tax on Municipalities

In the Service Tax Mega Exemption Notification municipality is exempted from service tax with regard to • 25. Services provided to Government, a local authority or a governmental authority by way of – (a) carrying out any activity in relation to any function ordinarily entrusted to a municipality in relation to water supply, public health,… Read More

Applicability of Income Computation and Disclosure Standards (ICDS) notified under section 145 (2) of the Income – tax Act, 1961

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 6th July, 2016 Subject: Applicability of Income Computation and Disclosure Standards (ICDS) notified under section 145 (2) of the Income - tax Act, 1961. Vide Notification No. SO 892 (E) dated 31st March, 2015, Central Government notified… Read More

Income-tax (19th Amendment) Rules, 2016​

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE [CENTRAL BOARD OF DIRECT TAXES] Notification New Delhi, the 28th June, 2016 INCOME-TAX S.O. 2226 (E). – In exercise of the powers conferred by section 9 and section 285A, read with… Read More

Income-tax (18th Amendment) Rules, 2016

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE [CENTRAL BOARD OF DIRECT TAXES] Income-tax New Delhi, the 27th June, 2016 NOTIFICATION S.O.2213(E).─ In exercise of the powers conferred by clause(ha) of sub-section (2) of section 295 of the Income-tax… Read More

​Income-tax ( 17th Amendment) Rules, 2016​

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART-II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 24th June, 2016 INCOME-TAX S.O. 2196 (E).— In exercise of the powers conferred by clause (ii) of sub-section (7) of section 206AA, read… Read More

Clarifications on the Income Declaration Scheme, 2016

Circular No. 24 of 2016 F.No.142/8/2016-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) *** Dated 27th of June, 2016 Clarifications on the Income Declaration Scheme, 2016 The Income Declaration Scheme, 2016 (hereinafter referred to as ‘the Scheme’) incorporated as Chapter IX of the Finance Act, 2016… Read More

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