Taxation - Corporate Law Reporter

CBDT resolves disputes to the tune of Rs 5000 crore under Mutual Agreement Procedure (MAP) of Tax Treaties

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 16 February, 2016 Sub: CBDT resolves disputes to the tune of Rs 5000 crore under Mutual Agreement Procedure (MAP) of Tax Treaties – regarding. Double Taxation Avoidance Agreements (DTAAs) i.e. Tax Treaties signed by India with various… Read More

Exchange Rate notification with effect from 13th February, 2016 thereby amending Notification No.18/2016-Customs (N.T.), dated 4th February, 2016

GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF EXCISE AND CUSTOMS) Notification No. 24/2016 - Customs (N.T.) Dated the 12th February, 2016 23 Magha, 1937 (SAKA) In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby… Read More

CBDT issues guidelines on paperless assessment proceedings (pilot basis)

CBDT issues guidelines on paperless assessment proceedings (pilot basis), specifies email communication with PDF attachments : CBDT Notification No. 2/2016 dated 3 February 2016 1.Pr. DGIT (Systems) notifies operational guidelines for pilot project on paperless assessment proceedings applicable to select non-corporate assessees; 2.AO to issue notices from his official email address and attach scanned copy of… Read More

Flats given to landowners to be valued at market rates for service tax: CBEC 20.1.16

In an effort to bring more clarity to real estate deals, the tax authorities have said that the value of flats given to a land owner by a property developer for levy of service tax will be equal to the price of flats sold to other buyers. However, whether this would translate into a lower… Read More

Amendment to allow refund of Swachh Bharat Cess paid on specified services used in an SEZ

[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. 02/2016-Service Tax New Delhi, the 3rd February, 2016 G.S.R..(E).- In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994), read… Read More

Amendment in notification No. 41/2012- ST, dated the 29th June, 2012 so as to allow refund of service tax on services used beyond the factory or any other place

[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. 01/2016-Service Tax New Delhi, the 3rd February, 2016 G.S.R..(E).- In exercise of the powers conferred by section 93A of the Finance Act, 1994 (32 of 1994), the Central Government, hereby… Read More

Amendment in sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962)

Government of India Ministry of Finance (Department of Revenue) (Central Board of Excise and Customs) Notification No. 8/2016 Customs New Delhi, the 5th 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), and in supersession of the notification of the… Read More

Steps taken by Income Tax Department for safeguarding taxpayers from Phishing email

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 5 th February, 2016 Sub:– Steps taken by Income Tax Department for safeguarding taxpayers from Phishing email - regarding The Income Tax Department has been at the forefront of using technology in implementing its – e-Governance initiatives.… Read More

Rebate of Swachh Bharat Cess paid on all services, used in providing services exported in terms of rule 6A of the Service Tax Rules

[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. 03/2016-Service Tax New Delhi, the 3rd February, 2016 G.S.R..(E).- In exercise of the powers conferred by rule 6A of the Service Tax Rules, 1994, the Central Government, hereby makes… Read More

Signing of bilateral Advance Pricing Agreements (APAs) with United Kingdom

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 1 st February, 2016 Sub: Signing of bilateral Advance Pricing Agreements (APAs) with United Kingdom The Central Board of Direct Taxes (CBDT) has entered into two bilateral Advance Pricing Agreements (APAs) with United Kingdom on 29th January,… Read More

Income from House Property

The value obtained from house property is taxable under the head “Income from House Property” i.e. the annual value of the property, which includes building or land appurtenant thereto, of which the assessee is the owner, is subject to taxable under this head “income from House Property”. However, if the property is owned and used… Read More

Taxability of Gifts under Income Tax Act

The Gift tax in India is regulated by Gift Tax Act that was constituted on April 1, 1958. It came into effect in nearly all parts of the country except Jammu and Kashmir. As per this Act 1958, all gifts exceeding Rs. 25,000, in the form of cash, draft, check or others, received from one… Read More

Taxability of Income from House Property