sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
« Direct Tax »
  CBDT breather soon on past angel tax demands
 Why you should choose your tax saving options wisely
 CBDT breather soon on past angel tax demands
 Infosys-built system to cut tax return processing time to 24 hours by 2020
 Notification No. 04/2019-Central Board of Indirect Taxes and Customs
 Income tax exemption limit likely to be increased to Rs 5 lakh
 Bringing back the local in the national tax regime
 CBDT chief cautions I-T officials about direct tax collection growth rate
 No TDS for long-term property lease premium, says Mumbaiā€™s Income-tax Appellate Tribunal
 Bansal Overseas 121 KM Stone, Near Namastesy Chowk, G. T. Road Karnal vs. ACIT Karnal Circle, Aayakar Bhawan, Sector- 12, Urban Estate Karnal
 How to invest, how much you may invest and save in taxes SBI Tax Saving Scheme

CBDT streamlines tax assessment for foreign shipping cos
September, 01st 2016

Shipping companies from countries with which India has signed tax avoidance pacts will not need a separate voyage NOC as CBDT has streamlined the assessment process in order to improve ease of doing business.

The Central Board of Direct Taxes (CBDT) has issued a circular that deals with streamlining the process of issue of No Objection Certificate (NOC), Port Clearance Certificate (PCC), Voyage Return and Voyage Assessment in case of foreign shipping companies.

"The circular has done away with the administrative requirement of obtaining a voyage NOC for foreign shipping companies entitled to 100 per cent relief from payment of taxes in India on account of a Double Taxation Avoidance Agreement (DTAA) between India and the country to which the foreign shipping company belongs," the CBDT statement said.

This is another step by the CBDT towards further improving the ease of doing business in India for foreign shipping companies, it added.

Explaining the provisions of the circular, Nangia & Co Managing Partner Rakesh Nangia said law mandates filing of voyage return and making tax payment before getting port clearance for a ship.

However, where a foreign shipping company is covered by a DTAA, the CBDT had provided for issue of annual NOC instead of obtaining NOC for each voyage so as to expedite issuance of PCC.

CBDT has now laid down procedure for issuing voyage NOCs.

"Where entire cargo belongs to single foreign shipping company belonging to a country with full DTAA relief, the annual NOC issued by jurisdictional AO will also serve the purpose of voyage NOC, based on which PCC shall be issued by Customs Authorities," Nangia said.

Where cargo belongs to number of foreign shipping c

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Enterprise Resource Planning Solutions ERP Solutions Enterprise Resource Planning Software Solutions ERP Software Solutions Supply Chain Management Solutions SCM Solutions Supply Chain Management Software Solutions SCM Software Solutions Enterprise Resource Planning Solutions India ERP Solutions India Enterprise Resource Planning Software Solutions India ERP Software Solutions India Supply Chain Management Solutions India SCM Solutions India Supply Chain Management Software Solutions India SCM Software Solutions India

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions