Taxation - Corporate Law Reporter

Clarification for implementation of FATCA and CRS –regarding

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 19 February, 2016 Subject: Clarification for implementation of FATCA and CRS –regarding An Inter-Governmental Agreement between India and USA was signed for implementation of Foreign Account Tax Compliance Act (FATCA). The Government of India has also joined… Read More

Reverse Charge Mechanism

UPDATED LIST OF REVERSE CHARGE MECHANISM As we all are aware, Service Receiver also needs to pay his % of service tax under Reverse Charge Mechanism.Here is the updated list for know the % share of Service Receiver and Service provider in order to have better control over on the payments of statutory dues. Sr… Read More

Passing rectification order under section 154 of Income-tax Act, 1961

Instruction No. 2 /2016 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi, the 15th of February, 2016 Subject: Passing rectification order under section 154 Income-tax Act, 1961 -regd.- Instances have come to the notice of the Board that in some cases rectification order under section… Read More

Rate of exchange of conversion of the foreign currency with effect from 19th February, 2016

GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF EXCISE AND CUSTOMS) Notification No.29/2016 - Customs (N.T.) Dated the 18th February, 2016 29 Magha, 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 of the Central… Read More

Following the prescribed time-limit in passing order under sub-section (8) of section 154 of Income-tax Act, 1961

Instruction No..P.I.../2016 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi, the 15th of February, 2016 Subject: Following the prescribed time-limit in passing order under sub-section (8) of section 154 of Income-tax Act, 1961-regd.- Sub-section (8) of section 154 of the Income-tax Act, 1961 (`Act') stipulates… Read More

Seeks to amend Notification No. 25/2012 by inserting new entry for granting exemption from service tax for the services provided by Government or a local authority to a business entity having turnover upto rupees of ten lakh in the preceding financial year

[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) NEW DELHI New Delhi, the 18th February, 2016 NOTIFICATION NO. 07/2016-Service Tax GSR.(E).- In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32… Read More

Seeks to appoint 1th day of April, 2016 as the date with effect from which the provisions of Section 109(1) as contained in the Finance Act, 2015 shall come into effect

[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) New Delhi, the 18th February, 2016 Notification No. 06/2016-Service Tax G.S.R.___ (E). - In exercise of the powers conferred by section 109 of the Finance Act, 2015 (No. 20 of 2015), the Central… Read More

Analysis of Inventory to be valued at Cost or NRV / Cost And NRV

Analysis of Inventory to be valued at Cost or NRV / Cost And NRV As per Para 5 of AS-2 and Para -9 of Ind AS “Inventories shall be measured at lower of Cost and Net realizable value. But Few of the companies had also used Cost or NRV whichever is lower in its Notes… Read More

INTERNATIONAL TAXATION

INTERNATIONAL TAXATION International Tax is best regarded as the body of legal provisions of different countries that covers the tax aspects of cross - border transactions. It is concerned with Direct Taxes and Indirect Taxes - Kevin Holmes INTRODUCTION: International taxation in a simple language means the study of Taxation beyond the National Level. Though… Read More

Amendment in notification No. 12/2012-Customs, dated 17.03.2012

GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 10/2016-Customs New Delhi, the 17th February, 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), the Central Government, being satisfied that it is necessary in the public interest so… Read More

Amendment in notification no. 22/2015-ST dated 6.11.2015

[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 Notification No. 05/2016 Service Tax New Delhi, the 17th February, 2016> 28 Magha, 1937 Saka G.S.R. (E).- In exercise of the powers conferred… Read More

Clarification of the term ‘initial assessment year’ in section 80-IA(5) of the Income-tax Act, 1961

Circular No. 1 /2016 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi, the 15th February, 2016 Subject: Clarification of the term 'initial assessment year' in section 80IA (5) of the Income-tax Act, 1961 Section 80IA of the Income-tax Act, 1961 ('Act'), as substituted by the… Read More

Service Tax and Central Excise (Furnishing of Annual Information Return) Rules, 2016

[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 15th February 2016 26 Magha, 1937 Saka NOTIFICATION NO. 04/2016-SERVICE TAX G.S.R (E).- In exercise of the powers conferred by section 15A,… Read More