Taxation In India | 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

Procedure for PAN allotment to undergo a change w.e.f. 03rd Feb 2014

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes Dated 24th January, 2013 Press Release The procedure for PAN allotment process will undergo a change w.e.f. 03.02.2014. From this date onwards, every PAN applicant has to submit self-attested copies of Proof of Identity (POI), Proof of Address (POA) and Date of Birth… Read More

Tags: Commissioner, Government of India, Identity document, Income tax, PAN Facilitation Centre, Press Release, Rekha, Taxation in India

Scope Of Transfer Pricing With Respect To Transfer Of Shares

Scope Of Transfer Pricing With Respect To Transfer Of Shares Transfer prices are defined as ˜the prices at which an enterprise transfers physical goods and intangibles or provides services to associated enterprises™[1]. Whenever a transaction takes place between two entities, whether related or unrelated, a price has to be fixed. This fixing of prices for… Read More

Tags: Finance Act 2001, Income Tax Act 1961, India, Royal Dutch Shell, Taxation in India, transfer pricing, Vodafone, Vodafone India

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

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

CBDT Order On Appointment Of IRS Officers As Joint Commissioners

The CBDT has issued Order No. 186 of 2013 dated 01.10.2013 stating that the President has appointed 164 officers of the India Revenue Service (Income Tax) to the grade of Joint Commissioner of Income-tax purely on Ad-hoc basis in the pay scale of Rs. 15,600-39,100 + 7,600/- with immediate effect and until further orders. CBDT… Read More

Tags: CBDT, Government of India, Income tax, India, Indian Revenue Service, National Academy of Direct Taxes, Taxation in India, United States

Service Tax applicable in Restaurant Services – Clarifications provided

Circular No. 173/8/2013 ST F.No.334/3/2013-TRU Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs Tax Research Unit North Block New Delhi, 7th October, 2013 To Chief Commissioners of Central Excise and Customs (All), Director General (Service Tax), Director General (Central Excise Intelligence), Director General (Audit), Commissioners of Service Tax… Read More

Tags: Air conditioning, Central Board of Excise & Customs, Cenvat Credit Rules, Director-general, Government of India, London, New Delhi, Taxation in India

HC issues strict guidelines in order to end CBDT™s TDS credit & refund adjustment harassments

CLR Editorial Note: A letter dated 30th April 2012 was addressed to the High Court, by Anand Parkash, FCA, in which numerous problems were highlighted which mentioned about the hassles being faced by assesses across the Country owing to the faulty processing of the Income Tax Returns and non-grant of TDS credit & refunds. It was claimed… Read More

Tags: Case Laws, Caselaws, CBDT, Commonwealth Law Reports, High Court, Income tax, Order of Australia, Taxation in India, TDS, The Honourable

Due-Date for Filing Returns of Income in Cases of Income Tax Assessees in Gujarat Extended upto 14th October 2013

On consideration of reports of dislocation of general life caused due to recent heavy rains and floods in the State of Gujarat, the Central Board of Direct Taxes (CBDT) has extended the ˜due-date™ for filing Returns of Income from 30th September, 2013 to 14th October, 2013, in cases of Income Tax assessees in the State… Read More

Tags: CBDT, Central Board of Direct Taxes, Commonwealth Law Reports, Gujarat, Income tax, Tax, Taxation in India, United States

Order under Section 119 of the Income-tax Act 1961

F. No. 225/117/2013/ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North-Block, ITA.II Division New Delhi, the 26th of September, 2015 Order under Section 119 of the Income-tax Act 1961 CBDT in exercise of power under sec 119(2)(a) of the IT Act, 1961 read with Sec 139 andRule 12 has decided to relax the requirement of furnishing… Read More

Tags: Government of India, India, Institute of Chartered Accountants of India, Nagpur, New Delhi, Report of Audit, Rohit Garg, Taxation in India

Income-tax (18th Amendment) Rules, 2013

[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 No. 76/2013 New Delhi, the day of 24th September, 2013 In exercise of the powers conferred by section 245Q read with section 295 of the Income-tax Act, 1961 (43 of 1961),… Read More

Tags: CITES, Gazette of India, Government of India, Income Tax Act, Income Tax Act 1961, India, New Delhi, Taxation in India

Income-tax (17th Amendment) Rules, 2013

[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 No. 75/2013 New Delhi, the day of 23th September, 2013 S.O. 2887(E).- In exercise of the powers conferred by sections 101 and144BA read withsection 295 of the Income-tax Act, 1961 (43… Read More

Tags: Exchange Board of India Act, Gazette of India, Government of India, Income Tax Act 1961, New Delhi, Securities & Exchange Board of India, Securities and Exchange Board of India Act 1992, Taxation in India

IT Exemptions to Chandigarh State Aids Control Society

[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 No. 77/2013 New Delhi, the day of 25th September, 2013 In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of… Read More

Tags: Chandigarh, Gazette of India, Government of India, Income Tax Act, Income Tax Act 1961, India, New Delhi, Taxation in India