Tenure of the High Level Committee(HLC) to interact with Trade & Industry on Tax Laws Extended by one year beyond 25th November, 2015

Income Tax, Income Tax Circulars/ Notification

In his Budget Speech 2014¬-15, the Union Finance Minister Shri Arun Jaitley had announced the setting-up of a High Level Committee (HLC) to interact with trade and industry and ascertain areas where clarity on tax laws is required. Accordingly, a High Level Committee (HLC) was constituted with the approval of the Finance Minister on 26th…

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Scheme formulated for Speedy grant of refund of accumulated and unutilised CENVAT credit to help in ease of doing business by unlocking the accumulated credit

Service Tax

Exporters of services today accumulate CENVAT credit on both input services and input goods as they are unable to set-off their input levies. Speedy grant of refund of accumulated & unutilised CENVAT credit will help in ease of doing business by unlocking the accumulated credit.Central Board of Excise &Customs (CBEC) has declared this year as…

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Reforms in FDI

Misc. Items

Today, India is the fastest growing economy among major Nations.  The World Bank has improved India’s ranking by 12 places in the 2016 Study of Ease of Doing Business. FDI has gone up by 40%.  Several Global Institutions have projected India as the leading destination for FDI in the World.  IMF has branded India as…

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Indirect Tax Revenue (Provisional) collections during October 2015 increased by 36.8% as compared with collections made in October 2014

Income Tax

Cumulatively, during April-October 2015, Indirect Tax Collections increased by 35.9% over the collections made during the same period last year suggesting a healthy growth in the underlying tax base In October 2015, indirect tax revenue (provisional) collections increased by 36.8% compared with collections made in October 2014. Cumulatively, during April-October 2015, indirect tax collections increased…

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Constitution of Local Committees to deal with Taxpayers Grievances from High-Pitched Scrutiny Assessment

Income Tax

Instruction No. 17/2015 F. No.225/290/2015-ITA-II Government of India Ministry of Finance Department of Revenue (CBDT) North Block, New-Delhi dated the 9th November, 2015 To All Pr. CCsIT/DsGIT/CCIT(Exemptions)/Pr. CCIT(International-tax) Subject: Constitution of Local Committees to deal with Taxpayers Grievances from High-Pitched Scrutiny Assessment — reg.- Sir/Madam Board has consistently been advising the field authorities to be…

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Notification for Implementation of OROP Issued

Misc. Items

The Government today issued the notification regarding  implementation of ‘One Rank One Pension’ in respect of Defence Forces  personnel. Defence Forces of India have a rich history and tradition of bravery and gallantry. Defence forces have not only defend our borders with exemplary courage and valour but have also performed with fearless attitude and empathy…

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Government decides to impose a Swachh Bharat Cess at the rate of 0.5% on all services presently liable to service tax, with effect from 15th November 2015

Service Tax

Swachh Bharat Cess is not another tax but a step towards involving each and every citizen in making contribution to Swachh Bharat. In this direction, the Government has decided to impose, with effect from 15th November 2015, a Swachh Brarat Cess at the rate of 0.5% on all services, which are presently liable to service…

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Central Government notifies the “Tolerance Range” for Transfer Pricing cases for Assessment Year 2015-16

Income Tax, Income Tax Circulars/ Notification

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 29th October, 2015 S.O. 2942(E).— In exercise of the powers conferred by the third proviso to sub-section (2) of section 92C of the Income-tax Act, 1961 (43 of 1961) read with proviso to sub-rule (7) of rule 10CA of the Income-tax Rules, 1962, the Central…

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