Taxation - Corporate Law Reporter

Issuance of TDS Certificate in Form 16A downloaded from the TIN Website

CIRCULAR NO 03/2011, Dated: May 13, 2011 CLR Note: Form No. 16A for Issuance of TDS Certificates can be downloaded from TIN Website, a facility initiated to eliminate the mismatch in figures provided in form no. 26AS and form no. 16A and along with it the option to authenticate the same by way of digital signature… Read More

Foreign Companies to pay Tax on all Revenue from Seismic Data contracts

Foreign firms operating in the country will have to pay tax at the existing rate of 4.223 per cent on revenue earned under seismic data acquisition and processing contracts, says a tribunal. In a ruling, the Authority of Advanced Rulings (AAR) held that foreign firms would not enjoy any leeway even if their income falls… Read More

CBDT sets Rs. 5.30 lakh crore as tax collection target

Buoyed by mammoth tax mobilisation in last fiscal, Central Board of Direct Taxes (CBDT) has set a tax collection target of Rs 5.30 lakh crore for the current fiscal, which is up by 19 per cent compared with last fiscal's collections. "The tax collection target for current fiscal is Rs 5.30 lakh crore," CBDT Chairman… Read More

Withholding Tax not required to be deducted by Indian Company for data processing services

Indian firms outsourcing routine work to their overseas subsidiaries would not have to deduct withholding tax on the payments made to them. In a landmark ruling, the Authority of Advance Ruling (AAR) has held that firms are exempted from deducting the withholding tax on the payments made for services like transcription and data processing. Allowing… Read More

Rate of 9.5% on Provident Fund notified – Income Tax

NOTIFICATION NO. 24/2011 [F.NO. 142/14/2010-SO (TPL)] DATED 13-5-2011 In exercise of the powers conferred by clause (b) of rule 6 of Part A of the Fourth Schedule to the Income-tax Act, 1961 (43 of 1961), and in supersession of the notification of the Government of India in the Ministry of Finance (Department of Revenue)… Read More

Export of Service Rules – Clarification

Applicability of the provisions of the Export of Services Rules, 2005 in certain situations CIRCULAR NO. 141/10/2011-TRU DATED 13-5-2011 Circular No.111/05/2009-ST was issued on 24th February, 2009 on the applicability of the provisions of the Export of Services Rules, 2005 in certain situations. It had clarified on the expression "used outside India" in… Read More

GST to face hiccups as Asim Gupta moves on

With West Bengal finance minister, Asim Dasgupta losing the election from Khardah, speculation is rife that -Ficci secretary-general Amit Mitra - may be the man who could drive political consensus on the long-delayed goods and services tax (GST). Asim Dasgupta , who played the lead role in finalising the GST structure, will not be there… Read More

Haryana Gov urged IRS officers to curb pilferage of taxes

Haryana Governor Jagnnath Pahadia today urged the officers of Indian Revenue Service (IRS) to curb the menace of hoarding and pilferage of taxes, according to an official release. The Governor was speaking at a function to give away completion certificates of the On-the-Job-Training Course to the 64th Batch of Probationer Officers of Indian Revenue Service… Read More

Customs Tariff Notification : Palm Oil, Palmolien, Brass Scrap and Poppy seeds

[TO BE PUBLISHED IN PART-II, SECTION-3, SUB-SECTION (ii) OF THE GAZETTE OF INDIA, EXTRAORDINARY] Government of India Ministry of Finance (Department of Revenue) (Central Board of Excise and Customs) Notification No. 34/2011 - Customs (N. T.) New Delhi, 13th May, 2011 23 Vaisakha, 1933 (SAKA) S. O¦ (E) In exercise of the powers conferred by sub-section… Read More

Prosecution provisions in Finance Act, 1994

F. No. 354/45/2011-TRU Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs (Tax Research Unit) ****** New Delhi dated the 12th May, 2011. To Chief Commissioners of Central Excise and Service Tax (All), Director General (Service Tax), Director General (Central Excise Intelligence), Director General (Audit), Commissioners of Service Tax (All),… Read More

India Signs DTAA with Republic of Colombia

India Signs DTAA with Republic of Colombia for Avoidance of Double Taxation and for Prevention of Fiscal Evasion with Respect to Taxes on income India today signed a Double Taxation Avoidance Agreement (DTAA) with the Republic of Colombia for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes… Read More

RBI and 926 branches of Banks to accept Advance Income Tax

As many as 926 computerised branches of public and private sector banks will receive advance income tax in Mumbai and Navi Mumbai. These arrangements have been made for the convenience of the income tax assesses. Of the 926 bank branches 862 branches are public sector bank branches, 35 HDFC bank branches, 10 ICICI bank branches… Read More

CAG may review Transfer Pricing Cases

"Transfer pricing cases will now be subject to audit by the Comptroller and Auditor General (CAG) of India," Director General of Income Tax (DGIT) R N Dash said while addressing a seminar organised by Assocham. The Income Tax department today said that transfer pricing cases, which have revenue implications for the exchequer, will be scrutinised… Read More