Taxation - Corporate Law Reporter

Rate of exchange of conversion of the foreign currency with effect from 20th May, 2016

GOVERNMENT INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF EXCISE AND CUSTOMS) Notification No.77/2016 - Customs (N.T.) New Delhi, dated the 19th May, 2016 29 Vaisakha, 1938 (SAKA) 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… Read More

Seeks to further amend notification No. 96/2008-Customs

[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. 34/2016-Customs New Delhi, dated the 19th May, 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… Read More

EPFO disbursed Rs. 47,630 crore as member benefits and Rs. 8,200 crore as monthly pensions in 2015-16

In 2015-16, EPFO disbursed approximately Rs. 47,630 crore as member benefits and Rs. 8,200 crore as monthly pensions. To monitor the status of enrolment of contractual employees especially in municipalities, EPFO has taken steps towards putting in place a system where principal employers including government bodies who enroll workers directly or through contractors can view… Read More

Amendment in notification No.39/96-Customs dated 23.7.1996

[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. 33/2016-Customs New Delhi, the 17th May, 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

Income Declaration Scheme 2016 to open from 1st June 2016.

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 14th May, 2016 Subject: The Income Declaration Scheme 2016 to open from 1st June 2016. The Income Declaration Scheme, 2016 incorporated as Chapter IX of the Finance Act 2016 provides an opportunity to all persons who have… Read More

Scrutiny Assessments-some important issues and scope of scrutiny in cases selected through Computer Aided Scrutiny Selection (‘CASS’)

F.No.225/269/2015-ITA-II GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES NEW DELHI Dated: May 12, 2016 Subject: Scrutiny Assessments-some important issues and scope of scrutiny in cases selected through Computer Aided Scrutiny Selection ('CASS')-reg. In CASS 2014 and CASS 2015 cycles, some cases were selected for scrutiny in which issue… Read More

Major Changes in Service Tax

1. Krishi Kalyan Cess @ 0.5% on gross value of taxable services with ITC (from 01.06.2016) Total ST rate @ 15% 2. AC Bus service by Road Transport Corporation taxable @ 6% (from 01.06.2016) 3. Rate of ST for the package tour increased from 3.625% to 4.35% 4. ST on foreman commission at 10.15% 5. Rate of ST for sale of flats increased from… Read More

Protocol for amendment of the Convention for the avoidance of double taxation and the prevention of fiscal evasion

The Protocol for amendment of the Convention for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and capital gains between India and Mauritius was signed by both countries today at Port Louis, Mauritius. The key features of the Protocol are as under: i. Source-based taxation of capital… Read More

Amendment of India Mauritius Tax Treaty (DTAA)

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 10th May, 2016 Subject: Protocol for amendment of the Convention for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and capital gains between India and Mauritius - reg 1.The Protocol… Read More

Various steps in last two years to curb the menace of Black Money both within and outside the country.

Government takes various steps in last two years to curb the menace of Black Money both within and outside the country. The present Government has taken various decisions and steps to curb the menace of black money both within and outside the country in last two years. Some of the major decisions and actions taken… Read More

Income-tax (12th 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 5th May, 2016 INCOME-TAX S.O. 1655 (E).‐ In exercise of the powers conferred by section 295 read with section 195 of the… Read More

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. 23 /2016- Central Excise (N.T.) New Delhi, the 01st April, 2016 G.S.R. (E). - In exercise of the powers conferred by section 37 of the Central Excise Act, 1944… Read More

Amendment in notification No.49/2008-Central Excise (N.T.) dated 24.12.2008

[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. 25/2016-Central Excise (N.T) New Delhi, the 5th May, 2016 G.S.R. (E).- In exercise of the powers conferred by sub-sections (1) and (2) of section 4A of the Central Excise… Read More