Finance Act | Corporate Law Reporter

No Service Tax Required to be Paid on Services Provided by Authorised Person to Member of Commodity Exchange

In exercise of the powers conferred by section 11C of the Central Excise Act, 1944 (1 of 1944), read with section 83 of the Finance Act, the Central Government hereby directs that the service tax payable on the services provided by an authorised person or sub-broker to the member of a recognised association or a… Read More

Tags: Finance Act, India, Insurance, Puducherry, Tamil Nadu, Taxation, Taxation in India, Working time

Press Statement of the Finance Secretary on VCES

There has been an overwhelming response to the VCES . In the last four days, we have received over 16,000 applications involving Rs. 1500 crores of service tax dues. Upto 29-12-2013 we have received over 40,000 declarations involving over Rs 5500 crores. This would broadly correspond to Rs 55,000 crores of services, which have escaped… Read More

Tags: Commissionerates, Finance Act, Government, Payment, Service Provider, Taxation in India, VCES, Working time

Advance Pricing Agreements (S.92CC And 92CD)

ADVANCE PRICING AGREEMENT (S. 92CC & 92CD) BY ANSHUL SEHGAL & ARJUN NIHAL SINGH 1. PROVISIONS Sections 92CC and 92CD [1] read with Rules 10F to 10T and 44GA under the Income Tax Rules, 1962 [2] were introduced in the Finance Act, 2012 have been inserted in the Income Tax Act, 1962 [3] to provide the Advance Pricing… Read More

Tags: Advance pricing agreement, Finance Act, Income tax, Income Tax Act

Clarifications Regarding the Service Tax Voluntary Compliance Encouragement Scheme (VCES)

The Union Finance Minister Shri P. Chidambaram recently held interactive sessions at Chennai, Delhi and Mumbai to ascertain and address the concerns of trade on any aspect of the Service Tax Voluntary Compliance Encouragement Scheme (VCES). During these interactive sessions, the trade had raised certain queries and also expressed some apprehensions. Most of these issues have already been clarified in the… Read More

Tags: Chennai, Delhi, Finance Act, Income statement, Mumbai, P. Chidambaram, Town and Country Planning Act 1990, VCES

Widening of the scope of power of Transfer Pricing Officer in context of Section 92CA of the Income Tax Act, 1961 An Analogous study

In the last few years the Government of India has taken many steps in order to strengthen the Transfer Pricing (Taxation) regime in India. A series of amendment has been introduced in order to enhance the ambit of tax base and consequent increase in the revenue. The latest step in this direction was the extension… Read More

Tags: CBDT, Finance Act, Government of India, Income Tax Act 1961, India, Order of Australia, Taxation in India, The Income-tax Act 1961, transfer pricing

Minimum Alternative Tax And Dividend Distribution Tax On Special Economic Zone

Background Karnataka High Court (High Court) in the case of M/s Mindtree (Tax Payer) v. Union of India[1] held that the imposition of Minimum Alternate Tax and Dividend Distribution Tax on SEZs is neither a breach of promise nor a violation of the doctrine of legitimate expectation and also held that tax levies on SEZs is constitutionally valid. Facts of… Read More

Tags: Dividend Distribution Tax, Finance Act, Government of India, Income tax, Income Tax Act 1961, SEZ, SEZ Act, Special Economic Zone

Amendment in Cenvat Credit Rules, 2004

[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. 12 /2013-CE (NT) New Delhi, the 27th September, 2013 G.S.R. (E).- In exercise of the powers conferred by section 37 of the Central Excise Act, 1944 (1 of 1944) and section 94 of the Finance Act, 1994… Read More

Tags: Finance Act, Gazette of India, Government of India, India, ministry of finance, New Delhi, Official Gazette, Section 3

Bring in the Foreign Investor – Drop the Retrospective Tax

It took the rupee to have a lowest ever fall for the Government to understand that the decision of retrospective amendments to tax was a big blow to the Indian economy. The foreign investor had lost trust in India after seeing the regulatory barriers and was reluctant to do business in India. There are 16… Read More

Tags: Corporate Affairs Ministry, Economy of India, Finance Act, Government, India, Securities and Exchange Board of India, Supreme Court, World Bank

Clarifications Seeking the Levy of Service Tax on Certain Services Relating to the Education Sector issued

Various representations have been received seeking clarifications regarding the levy of service tax on certain services relating to the education sector. Following are the representations received in this regard: Private Schools Correspondents Confederation, Madurai. Tamil Nadu Nursery, Primary, matriculation and Higher Secondary Schools Association, Chennai. Punjab Association, Chennai. Association of Self financing Universities of Rajasthan… Read More

Tags: Chennai, Finance Act, Government, Mumbai, New Delhi, Private school, Tax, Taxation in India

Salient Features of Service Tax VCES – Voluntary Compliance Encouragement Scheme 2013

Finance Act 2013 has announced VCES 2013 to provide an opportunity to a person to pay service tax, which he was required to pay, but was not paid; and the same was not detected by tax department as on 1st March, 2013. Under the scheme, the person will get exemption from payment of Interest and Penalty… Read More

Tags: 31stDecember 2013, Declarant, Finance Act, Payment, Tax, Union dues, VCES-1, VCES-2

Tax Evasion by Foreign Companies

Data on dollars transferred abroad by foreign companies in India is not centrally maintained by the government. However, with a view to prevent shifting of profits out of India and consequent erosion of the Indian tax base, selected international transactions undertaken are analysed every year in accordance with the transfer pricing provisions contained in Chapter X of… Read More

Tags: Finance Act, Fiscal year, Income tax, Income Tax Act, Income Tax Act 1961, India, LokSabha, transfer pricing

Clarifications regarding the Service Tax Voluntary Compliance Encouragement Scheme, 2013

Circular No. 170/5 /2013 - ST F. No. B1/19/2013-TRU (Pt) Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs Tax Research Unit ***** New Delhi, dated the 8th August, 2013 To, Chief Commissioners of Central Excise and Customs (All), Director General (Service Tax), Director General (Systems), Director General (Central Excise Intelligence), Director… Read More

Tags: Ahmedabad, Central Board of Excise & Customs, Finance Act, Government of India, Mumbai, New Delhi, Oct 2007, VCES

Guidelines for Weighted Deduction of 150% of the Expenditure Incurred on skill Development u/s 35ccd

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes Press Release Dated 18th July, 2013 Subject : Guidelines for Weighted Deduction @ 150% of the Expenditure Incurred on skill Development Under Section 35ccd of the Income-Tax Act, 1961. The National Manufacturing Policy (NMP) 2011 proposed to provide inter alia, the following… Read More

Tags: Finance Act, Government of India, Income tax, Income Tax Act, Income Tax Act 1961, Nazi Party, NSDA, Taxation in India