Taxation - Corporate Law Reporter

Clarifications Regarding the Service Tax Voluntary Compliance Encouragement Scheme (VCES)

The Union Finance Minister Shri P. Chidambaram recently held interactive sessions at Chennai, Delhi and Mumbai to ascertain and address the concerns of trade on any aspect of the Service Tax Voluntary Compliance Encouragement Scheme (VCES). During these interactive sessions, the trade had raised certain queries and also expressed some apprehensions. Most of these issues have already been clarified in the… Read More

Advisory to CAs on VAT Audit Report AR1 & Special Audit

GOVERNMENT OF NATIONAL CAPITAL TERRITORY OF DELHI DEPARTMENT OF TRADE & TAXES VYAPAR BHAWAN, I.P. ESTATE, NEW DELHI - 110002 No. F. 3(384)/Policy/VAT/2013/897-906 14-Oct-13 CIRCULAR NO. 21 of 2013-14 Subject: Advisory to CAs on VAT Audit Report AR1 & Special… Read More

Processing of DVAT refund claims expeditiously through System

GOVT OF NCT OF DELHI DEPARTMENT. OF TRADE & TAXES VYAPAR BHAWAN, NEW DELHI-110002 No.F. 1/2010-11/EDP/CTT/2169 Dated: 1 1 /10/2013 CIRCULAR Processing of refund claims expeditiously through System In order to streamline the disposal of refund cases and in continuation of this Department Circular No. F.3 (378)/Policy/VAT/ 2013/796-801 dated 17/09/2013, following guidelines are hereby issued :- 1. Details… Read More

DVAT Dept denotifies Dena Bank and Bank of Maharashtra for collections of VAT/CST dues

(TO BE PUBLISHED IN PART IV OF THE DELHI GAZETTE EXTRAORDINARY) GOVERNMENT OF NATIONAL CAPITAL TERRITORY OF DELHI DEPARTMENT OF TRADE & TAXES VYAPAR BHAWAN : I.P.ESTATE: NEW DELHI -110 002 No.F.7(400)/Policy/VAT/2011/PF/864-877 … Read More

Notification Under Section 35AC in respect of National Committee for Promotion of Social and Economic Welfare

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 07th October, 2013 S.O. 3033(E)- In exercise of the powers conferred by sub-section (1) read with clause (b) of the Explanation to Section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government, on the recommendations of the National Committee for Promotion of Social and Economic Welfare, hereby… Read More

Reverse Mortgage (Amendment) Scheme 2013

[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) Notification No. 79/2013 New Delhi, the day of 07th October, 2013 In exercise of the powers conferred by clause (XVI) of section 47 of the Income-tax Act, 1961 (43 of… Read More

Minimum Alternative Tax And Dividend Distribution Tax On Special Economic Zone

Background Karnataka High Court (High Court) in the case of M/s Mindtree (Tax Payer) v. Union of India[1] held that the imposition of Minimum Alternate Tax and Dividend Distribution Tax on SEZs is neither a breach of promise nor a violation of the doctrine of legitimate expectation and also held that tax levies on SEZs is constitutionally valid. Facts of… Read More

United Nations Handbook On Double Tax Avoidance Treaties

The United Nations has released a publication titled Handbook On Selected Issues in Administration of Double Tax Treaties for Developing Countries. The handbook contains a series of articles by well known tax experts, such as Mr. Philip Baker, the acclaimed authority on international taxation, who has written a detailed article on Improper use of tax treaties,… Read More

CBDT Order On Appointment Of IRS Officers As Joint Commissioners

The CBDT has issued Order No. 186 of 2013 dated 01.10.2013 stating that the President has appointed 164 officers of the India Revenue Service (Income Tax) to the grade of Joint Commissioner of Income-tax purely on Ad-hoc basis in the pay scale of Rs. 15,600-39,100 + 7,600/- with immediate effect and until further orders. CBDT… Read More

Transfers Of Hon’ble Members Of The ITAT (Oct 2013)

Vide Order dated 04.10.2013 passed pursuant to the consultations with the collegium of the ITAT consisting of the President and two senior most Vice Presidents the following Members of the ITAT are hereby transferred in the same capacity to the respective Benches, mentioned below, with immediate effect: Name Present place of posting Transferred place of… Read More

Accrual Of Income – Supreme Court Lays Down Important Law

CLR Editorial Note The question for consideration in this appeals is whether the benefit of an entitlement to make duty free imports of raw materials obtained by the assessee through advance licences and duty entitlement pass book issued against export obligations is income in the year in which the exports are made or in the year in which… Read More

Transfer Pricing of Marketing Intangibles: An Analysis in light of LG Electronics India Pvt Ltd Case

I. Introduction The taxation of income from intangibles is perhaps the most important large case issue in the inter-company transfer pricing world today.[1] An increasing number of multinational enterprises (hereinafter MNE™s) have been tapping the Indian market by offering their products through local affiliates. Due to strong market competition, they have substantially increased their advertising expenditure.… Read More

CBEC clarification on request from FICCI to reduce of time period for settlement of rebate claims on exports

F. No. 267/39/13-CX.8 Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs New Delhi, the 1st October,2013 To (i) The Chief Commissioner of Central Excise (All), (ii) The Chief Commissioner of Central Excise & Customs (All), (iii) The Chief Commissioner of Customs (All), (iv) Directors General (All) Madam/ Sir, Subject:… Read More