Taxation - Corporate Law Reporter

Amendment to PF Act

A proposal for comprehensive amendment to the Employees’ Provident Funds and Miscellaneous Provisions (EPF & MP) Act, 1952 is under consideration of the Government which, inter alia, includes reducing threshold limit for coverage from 20 to 10 employees under the Act. This was stated by Shri Bandaru Dattatreya, MoS (IC) Labour and Employment in written… Read More

Extension of due date of DVAT return filing till 16/05/2016 for Q4 15-16

DVAT: Team Sales Tax Bar Association met VATCOM, he assured extension of return filing due date till 16/05/2016 for Q4 15-16. Further assured ITEM NAME AND ITEM CODE to be optional for Q4 15-16. DIGITAL SIGNATURE also made optional for Q4 (All dealers). Circulars to follow soon. Extension of due date of return filing till 16/05/2016 for… Read More

Due date for filing of Service Tax return for the period October-March, 2015-2016 extended from 25th to 29th April, 2016

Due date for filing of Service Tax return for the period October-March, 2015-2016 has been extended from 25th to 29th April, 2016 Read More

Procedure of Buy Back of Equity Shares in Pvt Ltd

Section 68, 69 & 70 of the Companies Act, 2013 Funds to be used: 1) Free Reserves 2) Securities Premium 3) Proceeds that are generated out of issue of any shares or other specified securities Separate bank Account: 1) Company need to open a separate bank account for the purchase of shares 2) Amount can be paid only in cash… Read More

Rate of exchange of conversion of the foreign currency with effect from 22nd April, 2016

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 (CBEC) No.48/2016-CUSTOMS (N.T.), dated 07th April, 2016, except as respects things done or omitted to be done before such supersession, the Central Board of… Read More

Prevention of Money Laundering Act, 2002

PREVENTION OF MONEY LAUNDERING ACT, 2002 Introduction: PREVENTION OF MONEY LAUNDERING ACT, 2002 Came into force with effect from 01st July, 2005. The Act extend to whole of India except J&K. Objective: To prevent money- laundering, seize the property with authority, involved in money laundering Administration: Directorate of Enforcement of the Department of Revenue,… Read More

Draft rules for grant of Foreign Tax Credit

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 18th April, 2016 Subject: Draft rules for grant of Foreign Tax Credit – reg. The Income-tax Act, 1961 (the Act) provides that the Central Board of Direct Taxes may prescribe rules specifying the procedure for grant of… Read More

Draft rules for granting relief or deduction of Income-tax under section 90/ 90A/ 91 of the Income-tax Act

F.No. 142/24/2015-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) *** New Delhi, dated 18th April, 2016 Sub: Draft rules for granting relief or deduction of Income-tax under section 90/ 90A/ 91 of the Income-tax Act – reg. Clause (ha) of sub-section (2) of section 295 of… Read More

Clarifications regarding Services Provided by Government or Local Authority

Any service provided by the Government or a local authority to a business entity has been made taxable with effect from 1st April 2016. Prior to this, only support services provided by Government or local authority to business entities were taxable. In order to clarify doubts raised by members of Industry and Trade Associations… Read More

FVU version for uploading TDS has been changed from 4.9 to 5.0

The FVU version for uploading TDS has been changed from 4.9 to 5.0. Therefore, you are advised to update your TDS software and generate FVU file with 5.0 version to avoid the inconvenience. The Key Features of the FVUs are as under: A. Remark ‘B’ is made applicable for Section code 192A (Payment of accumulated balance due to an employee) for Form… Read More

Amendment in rule 6 sub-rule (2), of Service Tax (Determination of Value) Rules, 2006

[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-Service Tax, New Delhi, the 13th April, 2016 G.S.R.____ (E).- In exercise of the powers conferred by clause (aa) of sub-section (2) of section 94 of the Finance… Read More

Amendment in sub-rule (7) of rule 4 & rule 6 of 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. 24/2016- Central Excise (N.T.) New Delhi, the 13th April, 2016. G.S.R.____(E).- In exercise of the powers conferred by section 37 of the Central Excise Act,1944 (1 of 1944) and… Read More

Rate of exchange of conversion of the foreign currency with effect from 8th April, 2016

GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF EXCISE AND CUSTOMS) Notification No.48/2016 - Customs (N.T.) New Delhi, dated the 07th April, 2016 18 Chaitra, 1938 (SAKA) In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the… Read More