Taxation - Corporate Law Reporter

CBEC exempts all goods from levy of Education Cess specified in First Schedule Customs Tariff Act, 1975

[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.7/2018- Customs New Delhi, the 2 nd February, 2018 G.S.R. (E). – In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52… Read More

Amendments to the All Industry Rates of Duty Drawback effective from 25.01.2018

Circular No. 4/2018-Customs F. No. 609/12/2018-DBK Government of India Ministry of Finance, Department of Revenue Central Board of Excise & Customs New Delhi, the 24th January, 2018 To Principal Chief Commissioners / Principal Directors General Chief Commissioners / Directors General Principal Commissioners & Commissioners, all under CBEC Madam/Sir, Subject: Amendments to the All Industry Rates… Read More

CBEC to be renamed central board of indirect taxes and customs (CBIC)

With the roll out of GST, the Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley while presenting the General Budget 2018-19 in Parliament today, announced that the name of Central Board of Excise and Customs [CBEC] will be changed to Central Board of Indirect Taxes and Customs (CBIC). The necessary changes in law… Read More

Incentive For Real Estate: No Adjustment To Be Made If The Circle Rate Value Does Not Exceed 5% Of The Consideration

The Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley proposed that no adjustment shall be made in a case where the circle rate value does not exceed 5% of the consideration. While presenting the General Budget 2018-19 in Parliament here today, he said, “Currently, while taxing income from capital gains, business profits and… Read More

Tax incentives for International Financial Services centre

Tax incentives for International Financial Services centre Transfer of derivatives and certain securities by non-residents exempted from capital gains tax Non-corporate taxpayers operating in IFSC to be charged alternate minimum tax at concessional rate of 9% at par with minimum alternate tax applicable for Corporates In order to promote trade in stock exchanges located in… Read More

Amendments in the Income-Tax Act proposed to notify a new scheme for assessment in electronic mode

E-assessment to be rolled-out across the country to transform age-old assessment procedure In the General Budget 2018-19 presented in Parliament today, the Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley proposed to amend the Income-tax Act to notify a new scheme for assessment. Shri Jaitley said the assessment will be done in electronic… Read More

Highlights of Budget 2018-19

PRESS INFORMATION BUREAU GOVERNMENT OF INDIA HIGHLIGHTS OF BUDGET 2018-19 New Delhi, 01 th February, 2018 12 Magha, 1939 Finance Minister Shri Arun Jaitley presents general Budget 2018-19 in Parliament. Budget guided by mission to strengthen agriculture, rural development, health, education, employment, MSME and infrastructure sectors. Government says, a series of structural reforms will propel… Read More

Govt. imposes Anti-dumping duty on imports of Toluene Di-Isocyanate

[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.3/2018-Customs (ADD) New Delhi, the 23rd January, 2018 G.S.R…. (E). - Whereas, in the matter of import of ‘Toluene Di-Isocyanate (TDI)’ (hereinafter referred to as the subject goods) falling under… Read More

CBEC amends notification relating to AIRs of Duty Drawback

[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. 8/ 2018 - CUSTOMS (N.T.) New Delhi, the 22nd January, 2018 G.S.R. (E). – In exercise of the powers conferred by sub-section (2) of section 75 of the Customs… Read More

CBDT notifies Tax Return Preparer (Amendment) Scheme, 2018

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 19th January, 2018 G.S.R. 44(E).—In exercise of the powers conferred by sub-section (1) of Section 139B of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following further amendments in the Tax Return… Read More

Govt. constitutes Central Registry for Securitization Asset Reconstruction and Security Interest of India under Sec. 10(46) of IT Act

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 18th January, 2018 S.O. 283(E).—In exercise of the powers conferred by clause (46) of section 10 of the Incometax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, the Central Registry for… Read More

Govt. Constitutes ‘West Bengal Electricity Regulatory Commission’, Kolkata under Sec. 10(46) IT Act

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 18th January, 2018 S.O. 284(E).—In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, ‘West Bengal Electricity Regulatory… Read More

Direct Tax Collections for F.Y. 2017-2018 show Growth of 18.7% up to 15th January, 2018

Ministry of Finance Posted On: 17 JAN 2018 4:49PM by PIB Delhi Provisional figures of Direct Tax collections up to 15th January, 2018 show that net collections are at Rs. 6.89 lakh crore which is 18.7% higher than the net collections for the corresponding period of last year. The net Direct Tax collections represent 70.3% of the total Budget Estimates of Direct… Read More