Report of the Committee on Taxation to Examine the Business Models for E-Commerce
A Committee on Taxation of e-commerce was constituted by the Central Board of Direct Taxes to examine the business models for e-commerce, identify the direct tax issues in relation to e-commerce transactions and suggest an approach to deal with these issues. The Committee included officers of the Central Board of Direct Taxes, representatives from the… Read More
New System for MVAT & CST Returns & C form application from April 2016 onwards
Maharashtra Sales Tax Department is making substantial changes in its automation processes relating to taxpayer interface, w.e.f F.Y 2016-17. This is expected to result into significantly more efficiency in the working of the Department, less errors due to minimum human intervention and maximum benefits in relation to time management. The application is being developed on… Read More
Income-tax (6th 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 17th March, 2016 S.O. 1146 (E).- In exercise of the powers conferred by section 2, read with section 295 of the Income-tax… Read More
CBDT amends procedure for dealing with remedial action on Revenue Audit Objections
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 17 th March, 2016 Sub: Modification of Instruction No. 9/2006 dealing with remedial action on Revenue Audit Objections not accepted by the Department– reg. The guidelines and procedure for attending to objections raised in the course of… Read More
Rate of exchange of conversion of the foreign currency with effect from 18th March, 2016
GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF EXCISE AND CUSTOMS) Notification No. 41/2016 - Customs (N.T.) New Delhi, dated the 17th March, 2016 27 Phalguna, 1937 (SAKA) In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification… Read More
Income-tax (5th Amendment) Rules, 2016
[TO BE PUBLSIHED 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) (INCOME – TAX) Notification New Delhi, the 15th March, 2016 S.O. 1101(E).- In exercise of the powers conferred by section 9A read with section 295 of… Read More
Non-enforcement of recovery of demand against the assessee where tax has been deducted but not deposited by the deductor
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 11 th March, 2016 Subject: - Non-enforcement of recovery of demand against the assessee where tax has been deducted but not deposited by the deductor - regarding The Central Board of Direct Taxes had issued directions to… Read More
Non-enforcement of recovery of demand against the assessee where tax has been deducted but not deposited by the deductor
Press Information Bureau Government of India Ministry of Finance 12-March-2016 12:48 IST Non-enforcement of recovery of demand against the assessee where tax has been deducted but not deposited by the deductor The Central Board of Direct Taxes (CBDT) had issued directions to the field offices that taxpayers whose tax has been deducted at source but… Read More
Rationalization of Interest Rates of Small Savings Scheme
Press Information Bureau Government of India Ministry of Finance 11-March-2016 17:43 IST Rationalization of Interest Rates of Small Savings Scheme The Pension Fund Regulatory and Development Authority (Pension Fund) Regulations, 2015 has been formulated and notified on 19th May, 2015. PFRDA regulations have not specifically stipulated any fixed investment management fee. However, Regulation 20 of… Read More
Online Application for Withdrawal under New Pension Scheme
Press Information Bureau Government of India Ministry of Finance 11-March-2016 17:49 IST Online Application for Withdrawal under New Pension Scheme The Pension Fund Regulatory and Development Authority (PFRDA) had issued a Circular dated February 25, 2015, making it mandatory for all the Nodal Offices to process the withdrawal claims of their underlying subscribers on the… Read More
Cost of Advertising Cannot be added to the Assessable Value Unless It Is Recovered from the Dealers Mandatorily as a Condition of Dealership – Cestat, Mumbai
COST OF ADVERTISING CANNOT BE ADDED TO THE ASSESSABLE VALUE UNLESS IT IS RECOVERED FROM THE DEALERS MANDATORILY AS A CONDITION OF DEALERSHIP - CESTAT, Mumbai A. Brief Facts of the Case: 1.1 The appellants are manufacturer of excisable goods and were selling the products to various distributors and dealers. The appellants had… Read More
Consequent to the introduction of Swachh Bharat Cess, changes made in the ST-3 return form
[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 Central Board of Excise and Customs New Delhi, the 8 th March, 2016 18 Phalguna, 1937Saka Notification No. 20/2016-Service Tax G.S.R..... (E). - In exercise of the powers conferred by sub-sections… Read More
CBDT clarifies issue relating to the taxation of consortium of contractors formed to implement Engineering, Procurement and Construction (EPC) contracts/turn key projects
CBDT has clarified that issue relating to the taxation of consortium of contractors formed to implement Engineering, Procurement and Construction (EPC) contracts/turn key projects. It has been a subject matter of dispute between Income-tax Department and the consortium and this has been particularly so in cases where each member of the consortium has a clear… Read More
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