Taxation - Corporate Law Reporter

Mandatory e-filing of service tax return w.e.f 1st October, 2014

The Central Board of Excise and Customs have made the filing of service tax return filing mandatorily in electronic mode for all the assesses w.e.f 1st October, 2014. Therefore all the assesses are required to file the returns diligently making use of internet banking. Provided that the department has given powers to the Assistant commissioner… Read More

Extension of due date of TDS/TCS for September2014

The Central Board of Direct Taxes has issued an order dates 1st October, 2014 to extend the last date of deposit of tax deposited at source / tax collected at source during the month of September from 7th October 2014 to 10th October 2014 without levying any interest. However, the due date for filing of… Read More

IT Return Filing date deferred till 30th Nov. 2014 for assesses requiring Tax Audit u/s 44AB of IT Act, 1961

The Central Board of Direct Taxes has issued an Order dated 26.09.2014 and has deferred the date of filing of Income Tax Return till 30th November, 2014. The stakeholders have filed various representations to the department for extending the due dates of the filing of IT return since the due date to furnish the Tax… Read More

Revised PAN form to include mother’s name

CBDT has revised PAN Application form49A and 49AA wef from 16.05.2014 vide its notification no. 26/2014 , Dated- 16-5-2014. Revised Form 49A and 49AA provides option to get printed Mothers Name on PAN card. So those applying for New PAN card or for revised PAN card have the option to get printed on their PAN card printed the name of his/her mother. But applicant can select only one option, he /she cannot have the name of… Read More

Guidelines issued by CBDT for Laying Down Standard Operating Procedure for Verification/Correction of Arrear Tax Demand

Detailed instructions have been issued by the Central Board of Direct Taxes (CBDT) to all the assessing officers laying down a Standard Operating Procedure (SOP) for verification and correction of demand by the AOs. As per this SOP, the taxpayers can get their outstanding tax demand reduced/deleted by applying for rectification along with the requisite… Read More

Corporate Guarantees and Transfer pricing

Corporate Guarantees Whether a leg that fits into the shoes of Transfer pricing?? 1. Introduction At a time where World™s almost every economy is going through a period of crisis, Government of every country is trying their best to provide stimulus to their economy. As a result, every Government / Country wants their share of… Read More

MOS for Finance (Revenue) Asks Tax Administrators to be Tax Payer Friendly

MOS for Finance (Revenue) Asks Tax Administrators to be Tax Payer Friendly, Transparent and Play the Role of Facilitator; Confers Presidential Award of Appreciation on 37 Officers of the Customs and Central Excise Department Shri J.D. Seelam, Minister of State for Finance (Revenue) said that the tax officials should act as a facilitator rather than… Read More

No Service Tax Required to be Paid on Services Provided by Authorised Person to Member of Commodity Exchange

In exercise of the powers conferred by section 11C of the Central Excise Act, 1944 (1 of 1944), read with section 83 of the Finance Act, the Central Government hereby directs that the service tax payable on the services provided by an authorised person or sub-broker to the member of a recognised association or a… Read More

Procedure for PAN allotment to undergo a change w.e.f. 03rd Feb 2014

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes Dated 24th January, 2013 Press Release The procedure for PAN allotment process will undergo a change w.e.f. 03.02.2014. From this date onwards, every PAN applicant has to submit self-attested copies of Proof of Identity (POI), Proof of Address (POA) and Date of Birth… Read More

Press Statement of the Finance Secretary on VCES

There has been an overwhelming response to the VCES . In the last four days, we have received over 16,000 applications involving Rs. 1500 crores of service tax dues. Upto 29-12-2013 we have received over 40,000 declarations involving over Rs 5500 crores. This would broadly correspond to Rs 55,000 crores of services, which have escaped… Read More

Deferred Tax Liability on Special Reserve created under Section 36(1) (viii) of the Income Tax Act, 1961

RBI/2013-14/412 DBOD. No.BP.BC.77/21.04.018/2013-14 December 20, 2013 The Chairmen and Managing Directors / Chief Executive Officers of all Commercial Banks (excluding Regional Rural Banks) Dear Sir, Deferred Tax Liability on Special Reserve created under Section 36(1) (viii) of the Income Tax Act, 1961 Please refer to our mailbox clarification dated November 6, 2009 with respect to… Read More

Advance Pricing Agreements (S.92CC And 92CD)

ADVANCE PRICING AGREEMENT (S. 92CC & 92CD) BY ANSHUL SEHGAL & ARJUN NIHAL SINGH 1. PROVISIONS Sections 92CC and 92CD [1] read with Rules 10F to 10T and 44GA under the Income Tax Rules, 1962 [2] were introduced in the Finance Act, 2012 have been inserted in the Income Tax Act, 1962 [3] to provide the Advance Pricing… Read More

United Nations Handbook on Selected Issues in Administration of Double Tax Treaties for Developing Countries

Excerpt from the Document..... Preface Over the past decade, the relationship between the mobilization of financial resources for development and international tax cooperation featured prominently in the outcome documents of major United Nations conferences and summits on economic and social matters. These include the 2002 Monterrey Consensus, the 2008 Doha Declaration on Financing for Development, as well as the outcomes… Read More