Taxation - Corporate Law Reporter

CBEC rescinds certain Central Excise (Non- Tariff) Notifications

Central Government, on being satisfied that it is necessary in the public interest, hereby rescinds Notification No. 29/2008- Central Excise (NT), dated 1-7- 2008, 30/2008- Central Excise (NT), dated 1-7- 2008, 10/2010- Central Excise (NT), dated 27-2- 2010, 11/2010- Central Excise (NT), dated 27-2- 2010, 17/2010- Central Excise (NT), dated 13-4- 2010 respectively. [TO BE… Read More

ITD pushes Additional cases of High Cash Deposits in Second Phase of Operation Clean Money

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 14th July, 2017 PRESS RELEASE Income Tax Department Pushes Additional cases of High Cash Deposits in Second Phase of Operation Clean Money The Income Tax Department (ITD) has used information received under the Statement of Financial Transactions (SFT) to… Read More

CBDT amends rules for determination of Fair Market Value for unquoted shares

MINISTRY OF FINANCE (Department of Revenue) [CENTRAL BOARD OF DIRECT TAXES] NOTIFICATION New Delhi, the 12th July, 2017 INCOME-TAX G.S.R. 865(E).—In exercise of the powers conferred by section 50CA and sub-section (2) of section 56 read with section 295 of the Income-tax Act, 1961 ( 43 of 1961), the Central Board of Direct Taxes hereby… Read More

Guidelines for selection of cases for scrutiny during the FY 2017-2018:CBDT

Instruction No. 05/2017 Government of India Ministry of Finance Department of Revenue (CBDT) North-Block, New Delhi the 7th of July, 2017 To All Pr. Chief-Commissioners of Income-tax/Chief-Commissioners of Income-tax All Pr. Directors-General of Income-tax/Directors-General of Income-tax Sir/Madam Subject: Guidelines for selection of cases for scrutiny during the financial-year 2017-2018-regd.- In supersession of earlier… Read More

CBEC amends Not. No. 50/2017-Customs, dt. 30th June, 2017

Central Government makes the following amendments in the notification No. 50/2017-Customs, dated the 30th June, 2017. MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 10th July, 2017 No. 66/2017-Customs G.S.R. 853(E).—In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962) and sub-section (12) of section… Read More

FM launches a new tax payer service module ‘Aaykar Setu’

FM launches a new tax payer service module ‘Aaykar Setu’ that compiles various tax tools, live chat facility, dynamic updates, and important links to various processes within the Income Tax Department in a single module; Public Information Bureau Government of India Ministry of Finance 10-July, 2017 17:09 IST Says that this e-initiative would… Read More

Direct Tax Collections up to June, 2017 registers growth of 14.8% higher than last year

Public Information Bureau Government of India Ministry of Finance 06-July, 2017 19:14 IST Direct Tax Collections up to June, 2017 for F.Y. 2017-2018 stood at Rs.1,42 Lakh crore registering a Growth of 14.8% higher than the net collections for the corresponding period of last year; Net direct tax collections represent 14.5% of the total Budget… Read More

CBDT notifies Income-tax (19th Amendment) Rules, 2017.

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 4th July, 2017 INCOME-TAX G.S.R. 826(E).—In exercise of the powers conferred by section 295 read with section 195 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes, hereby, makes the following rules further to… Read More

Exchange Rate of Foreign Currency Relating to Imported and Export Goods Notified:PIB

Exchange Rate of Foreign Currency Relating To Imported and Export Goods Notified In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Central Board of Excise and Customs No.53/2017-CUSTOMS (N.T.), dated 15th June, 2017, except as respects things done or omitted… Read More

Section 269ST of IT Act not applicable to receipts issued by certain institutions

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 3rd July, 2017 S.O. 2065(E).—In exercise of the powers conferred by clause (iii) of the proviso to section 269ST of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies that the provision of section 269ST shall not apply to the following, namely:—… Read More

CBDT to notify Income–tax (18th Amendment) Rules, 2017 w.e.f.19 July 2017

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 3rd July, 2017 G.S.R. 821(E).—In exercise of the powers conferred by section 44AB read with section 295 of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the Income-tax Act), the Central Board of Direct Taxes hereby makes… Read More

CBDT amends IT Rules, defines standard for verification of Adhaar & PAN details in application

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 27th June, 2017 G.S.R. 642(E).—In exercise of the powers conferred by section 139A and section 139AA, read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further… Read More

CBEC vide Notification no.14/2017-delegates certain powers to subordinate Central Excise officers

Central Board of Excise and Customs vide Notification No. 14/2017- Central Excise (N.T), dated the 9th June 2017 exercises the powers conferred by Central Excise Rules, 2002 and Service Tax Rules, 1994. The board delegates the powers to subordinate Central Excise Officers for issuing show cause notices for the purpose of assignment of adjudication… Read More