Taxation - Corporate Law Reporter

Clarification on applicability of Circular 21 of 2015

The Central Board of Direct Taxes has introduced Circular on Clarification on applicability of Circular 21 of 2015 dated 8th March, 2016 To know the complete circular, please click on the link below: Clarification on applicability of Circular 21 of 20153 Read More

Discount known prior to clearance of goods must be deducted from Transaction Value – CESTAT

ACTUAL AMOUNT THAT THE BUYER IS LIABLE TO PAY AT THE TIME OF SALE OR AT ANY OTHER TIME SHALL BE THE TRANSACTION VALUE: CESTAT - MUMBAI A. Brief Facts of the Case: 1.1 In this case, the Appellant are the manufacturer of P & P Medicines falling under sub-heading No. 3003.10 of the… Read More

Issue of clarification on contentious TDS issues

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 8th March, 2016 Subject: Issue of clarification on contentious TDS issues-regarding-. With a view to bring about clarity in the interpretation of certain contentious issues relating to tax deduction at source (TDS) on payments made by television… Read More

CBEC to Issue Appropriate Guideline to the Quasi Judicial Authorities in Administrative Justice System – CESTAT

CBEC TO ISSUE APPROPRIATE GUIDELINE TO THE QUASI JUDICIAL AUTHORITIES IN ADMINISTRATIVE JUSTICE SYSTEM TO DISCHARGE THEIR DUTIES PUBLICLY IN ACCORDANCE WITH LAW: CESTAT - CHENNAI A. Brief Facts of the Case: A.1 Revenue has come in appeal before the Hon'ble Tribunal against the order passed by Learned Commissioner (Appeals) ("First Appellant… Read More

Clarification regarding taxability of consortium members

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi, 7th March, 2016 Subject:Clarification regarding taxability of consortium members- reg. A Consortium of contractors is often formed to implement large infrastructure projects, particularly in Engineering. Procurement and Construction ('EPC') contracts and Turnkey Projects. To know the complete… Read More

Setting up of a dedicated structure for delivery and monitoring of tax payer services in the Income Tax Department

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 7th March, 2016 Sub: Setting up of a dedicated structure for delivery and monitoring of tax payer services in the Income Tax Department- regarding. Grievance redressal is a major aspect of citizen centric governance and is an… Read More

Prior permission not needed for transfer of CENVAT as a result of Merger/Amalgamation: CESTAT – Delhi

NO SPECIFIC STIPULATION CONTAINED IN RULE 10 OF THE CENVAT CREDIT RULES, 2004 REGARDING PRIOR PERMISSION FROM THE STATUTORY AUTHORITIES FOR TRANSFERRING THE CENVAT CREDIT AS A RESULT OF AMALGAMATION/MERGER: CESTAT A. Brief Facts of the Case: A.1 In this case, the Appellant (viz. "M/s. S.C. Johnson Products Pvt. Ltd." formerly known as… Read More

Direct Tax Proposal of Budget 2016

1. People with income less than Rs 5 lakh to get deduction of Rs 5,000, up from Rs 2,000 last year. HRA deduction up from Rs. 24,000 to Rs. 60,000 p.a. 2. New manufacturing companies incorporated on or after 1.3.2016 to be given an option to be taxed at 25% + surcharge and cess provided they do… Read More

Income-tax (3rd 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] Income-tax NOTIFICATION New Delhi, the 1st March, 2016 S.O. 637 (E).─ In exercise of the powers conferred by sub-section (1) of section 249, read with section… Read More

Decision’s of CBDT clarifying various provisions of the Income-tax Act for reducing litigation and easing burden of compliance

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 3rd March, 2016 Sub: Decision’s of CBDT clarifying various provisions of the Income-tax Act for reducing litigation and easing burden of compliance – regarding. The Central Board of Direct Taxes has taken a number of decisions to… Read More

Issue of revised guidelines for stay of demand at the first appeal stage

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 3rd March, 2016 Subject: Issue of revised guidelines for stay of demand at the first appeal stage - regarding With a view to streamline the process of grant of stay of demand when the case of the… Read More

Civil Aviation Minister says Budget 2016-17 has paved the way for developing India the MRO hub of Asia

Civil Aviation Minister says Budget 2016-17 has paved the way for developing India the MRO hub of Asia. The Minister of Civil Aviation Shri P Ashok Gajapathi Raju has said that the Budget 2016-17 has paved the way for developing India as a Maintenance, Repair and Overhauling (MRO) hub of Asia. Speaking to media persons … Read More

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.29/2016-CUSTOMS (N.T.), dated 18th February, 2016, except as respects things done or omitted to be done before such supersession, the Central Board of Excise… Read More