Remanding Of Cases Under Indirect Taxes By CA Mayank Jain While going through the indirect tax law journals we may happen to come across judgments in which the cases may be remanded back to decide afresh.
Govt mulls VAT on sale of school kit on campus By CA Ojas Aggarwal School bags, shoes, ties, uniforms, stationary, etc., sold on campuses, are likely to cost more as the state government plans to impose Value Added Tax (VAT) on sale of these items from the next academic year.
New MSMEs to get 100% VAT, CST, SGST exemption in Andhra Pradesh By CA Atul Gupta The new Micro Small and Medium Enterprises (MSMEs) to be set up in Andhra Pradesh would be given 100 per cent exemption on VAT, CST and SGST for five years from the date of commercial production, according to the new MSME policy for 2015-20, approved by the state cabinet today.
Seeks to amend CENVAT Credit Rules, 2004 By CA Nilesh Sahu In exercise of the powers conferred by section 37 of the Central Excise Act,
1944 (1 of 1944) and section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the CENVAT Credit Rules, 2004, namely:
Relevant Market’ Under Competition Act, 2002 By CA S K Verma The object of the Competition Act, 2002 (‘Act’ for short) is to preserve and promote competition and to prevent anti competitive business practices with minimal Government intervention.
How India will become a common market with GST By CA Rashmi Sharma With the Centre and states finally reaching a consensus on the contours of the Goods and Services Tax (GST), India is all set to roll out the largest indirect tax reform since the introduction of the value-added tax in 2005.
Have Indian markets run ahead of fundamentals? By CA Andrew F Thomas The returns of Indian stock indices so far this year have been seven times the average for emerging markets. These gains have made the Indian market more expensive than most comparable peers, and even developed ones like the US, UK and Germany.
Residential status determines tax implementation By CA Ojas Aggarwal Residential status of an individual in India is dependent on physical presence in India during the financial year. If you satisfy any of the basic conditions mentioned below, you would qualify as a resident; otherwise, you would qualify as a non-resident.
Govt to soon fix tax refund delays' By CA Andrew F Thomas The government is working to fix the delay in tax refunds being faced by many taxpayers which turn into grievances, a top Income Tax Department official said on Tuesday.
Delayed housing project could cost you income tax deduction By CA Mayank Jain EVERYONE dreams to have a home they can call their own. However, due to a variety of issues, delays in completion of housing projects have become commonplace. As a home buyer, you need to be aware of certain tax-related issues in such cases.
Business subsidies may attract tax By CA Rashmi Sharma Subsidies, tax concessions and incentives that add to business income such as the one given for setting up plants in certain states may be taxed now, following a provision in the Finance Bill passed by the Lok Sabha recently. This could trigger yet another controversy pertaining to taxes.
Tax lens only on multiple foreign visits By CA Ojas Aggarwal The tax department is readying the contours of the new income tax returns form which may require only those with overseas personal visits exceeding a certain number to disclose spending details, sparing a majority from making detailed disclosures.
Retro tax law not applicable on dividends by foreign firms By CA Mayank Jain Dividends declared by a foreign company, having assets in India, to another overseas arm will not be taxable in India. The Central Board of Direct Taxes (CBDT) has issued a direction to income-tax officials to clear the air on threeyear-old controversial retrospective amendment to tax indirect transfers.
Interim Report of The Bankruptcy Law Reform Committee By CA Andrew F Thomas The Bankruptcy Law Reform Committee ("BLRC" or the "Committee") was set up by the Department of Economic Affairs, Ministry of Finance, under the Chairmanship of Mr. T.K. Vishwanathan (former Secretary General, Lok Sabha and former Union Law Secretary)
Tax laws still adversarial; reforms must in tax administration By CA Nilesh Sahu While lauding a courageous decision of the government not to press for further litigation in the Vodafone case, the ASSOCHAM has brought to the notice of the Prime Minister Mr Narendra Modi and Finance Minister Mr Arun Jaitley several loop holes in the tax laws which make them quite
ICAI issues norms for CSR accounting by cos By CA Rashmi Sharma The Institute of Chartered Accountants of India ( ICAI) recently issued a guidance note which will help India Inc in accounting for its corporate social responsibility (CSR) expenses.
Amendment to CESTAT Appeal Forms By CA Atul Gupta Reference is invited to Circular No.969/03/2013-CX dated 11th April, 2013 whereby the forms for filing appeal in the CESTAT were amended/revised and new forms for Central Excise
Circular with regard to malicious mails. By CA S K Verma The Council of the Institute of Chartered Accountants of India (ICAI) at its 342nd meeting held on 5th and 6th May, 2015 noted the judgment dated 24th March, 2015 delivered
Finance Bill, 2015 Enacted. By CA Devender Singh A web portal, http://checkers.icaiexam.icai.org has been developed and put in place, for handling the activities relating to Checkers, with effect from CA Examinations held in May 2015 onwards.
The Companies (Cost Records and Audit) Amendment Rules,2014 By CA Ojas Aggarwal In exercise of the powers conferred by sub-section (1)and (2) of section 469 and section 148 of the companies Act, 2013 (18 of 2013 ) the central government hereby makes the following rules to amend the companies (cost Records and Audit ) Rules,2014 namely:-
Government may extend budget session till mid April By CA Andrew F Thomas After stabilising the Legislative Council by joining hands with NCP, the biggest party in the Upper House, the Devendra Fadnavis-led government is all set to extend the budget session by either a week or a fortnight.
How the last five Union Budgets impacted income tax By CA Manu T George With no major surprises in the Railway Budget presented by Suresh Prabhu on Thursday, all eyes will be on Finance Minister Arun Jaitely as he prepares to present the government's first full Union Budget on Saturday.
ICAI invites suggestions on tax proposals of Union Budget 2015-16. By CA Devender Singh The Direct Taxes Committee, Indirect Taxes Committee and Committee on International Taxation invite suggestions on the tax proposals of the Finance Bill, 2015 for consideration and inclusion of the same in the Post Budget Memoranda to be submitted to the Ministry of Finance. Please submit your valuable suggestions latest by 7th March, 2015.
How last 5 Union Budgets impacted income tax By CA Andrew F Thomas With no major surprises in the Railway Budget presented by Suresh Prabhu on Thursday, all eyes will be on Finance Minister Arun Jaitely as he prepares to present the government's first full Union Budget on Saturday.
Rate And Cess On Service Tax: Budget Impact By CA Rashmi Sharma The charge of Service Tax under the Finance Act, 1994 as amended so far is at the rate of 12 percent on the value of taxable services. This rate of Service Tax is specified in section 66B of theFinance Act.
Rupee drops on weak shares; inflation eyed By CA Nilesh Sahu The Indian rupee fell on Friday tracking losses in local shares, which raised worries of foreign investors continuing to pull out funds from Asia's third-largest economy
I-T brass to discuss non-adversarial tax regime today By CA Devender Singh Finance Minister Arun Jaitley will address tax commissioners and director generals of income tax at their annual conference in New Delhi today that will deliberate, among other things, on strategies for providing a non-adversarial tax regime.
Income tax raid at recruitment firm By CA Rashmi Sharma The Income tax sleuths on Tuesday seized cash worth over Rs.2 crore during a raid conducted at a property rented by the Mathew International, an agency allegedly involved in the nurses’ recruitment scam.
New rules soon to tackle offshore tax deferral By CA Atul Gupta The finance ministry will in the near future add Controlled Foreign Corporation (CFC) rules to the Income Tax Act in order to prevent the tax deferral that many Indian multinational companies resort to by not repatriating the profits of their foreign subsidiaries for long periods.
How to cut your tax outgo by restructuring income, expenses By CA Devender Singh There seems to be no end to random working of Nagpur Municipal Corporation's (NMC's) property tax department. Even as NMC is unable to provide records of property tax accounts on orders of state information commissioner,
Tax residency of companies By CA Andrew F Thomas The Finance Act, 2015, has introduced a new concept for determining scope of taxation for foreign companies in India. Until the change, a foreign company was considered as a tax resident if its entire control
GST should be a good and simple tax By CA Mayank Jain The passage of the Constitution Bill by the Lok Sabha for the introduction of the Goods and Services Tax (GST) is undoubtedly one of the most significant achievements of the Modi government during the first year of its mandate.
No tax on leave encashment for govt staff By CA S K Verma I am serving in Punjab State Power Corporation Limited (PSPCL), a state government corporation, and am due to retire shortly. On retirement, I’ll receive 10-month leave encashment amount.
Thai transfer pricing on the verge of new era By CA Rashmi Sharma Thailand is expected to introduce new transfer pricing (TP) laws in the near future, which will apply to all companies in the Kingdom with related-party transactions.
A path to transfer pricing certainty By CA Atul Gupta In March, the Central Board of Direct Taxes (CBDT) signed India’s second batch of unilateral advance pricing agreements (APA) with taxpayers, bringing advance certainty on transfer pricing matters to those cases.
Amends Notification No. 80/2011-Customs(N.T.)dated 25.11.2011 By CA Ojas Aggarwal In exercise of the powers conferred by section 157 read with section 50 of the Customs Act,1962 (52 0f 1962), the Central Board of Excise and Customs hereby makes following amendment in Shipping Bill (Electronic Declaration) Regulations, 2011 namely:-
Infamy as Kerala locales enter Customs Crime Map By CA Andrew F Thomas From the village of thieves (Thiruttu Gramam) in Tamil Nadu to Azamgarh in Uttar Pradesh and Bhatkal in Karnataka dubbed as terror hubs, security agencies often love the idea of geolocating crime.
Section 89 of the Income-tax Act By CA S K Verma An employee’s tax liability can increase when she receives arrears. However, one can get some amount of relief under section 89 of the Income-tax Act, 1961. Here is a look at what is covered under this section, and how one can avail of the relief.
Petroleum excise boosts indirect tax collections By CA Atul Gupta While the finance ministry reported a 46.2 per cent rise in indirect tax collections in 2014-15 over the previous year, a careful look suggests that the sharp surge was largely due to an over 100 per cent rise in excise duty collections, fuelled mainly by the increase in rates of petroleum.
Tax evasion by corporates rising, says Delhi court By CA S K Verma Tax evasion by corporates in one form or another is rising day by day causing huge loss to public exchequer, a Delhi court observed today and said this needs to be curbed with a firm hand.
Localizing global trends in indirect tax By CA Atul Gupta This intent is also reflected in the Bureau of Customs (BoC), which has been equally aggressive in its drive against smugglers. It has also enhanced inter-agency cooperation,
Simplified Income Tax Return Forms Likely by Month-End By CA Mayank Jain The Finance Ministry is likely to come out with simplified Income Tax Return (ITR) forms by the end of this month which may exclude disclosure of dormant bank accounts as also those which do not have a minimum specified balance.