The Reserve Bank of India has recently permitted Indian corporates to issue rupee denominated bonds outside India. The matter of taxation of income from such bonds under Income-tax Act, 1961 has been considered by the Government. In so far as taxation of interest income from these INR off-shore bonds in the case of non-resident…
DetailsF.No. 225/26112015/ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi, the 28th of October, 2015 To All Pr.CCsIT/CCsIT/Pr.DsGIT/DsGIT Subject: Representation of cases before Authority for Advance Ruling-reg.- Sir/Madam As per provisions of sub-section (6) of section 245R of the Income-tax Act, 1961 [Act], the Authority…
DetailsWith a view to simplify the provisions of the Income Tax Act, 1961, a Committee has been constituted with the following composition: (i) Justice R.V. Easwar, (Retd.), former Judge, Delhi High Court and former President, ITAT – Chairman (ii) Shri V.K. Bhasin, former Law Secretary – Member (iii) Shri Vinod Jain, Chartered Accountant – Member…
DetailsThe Income-tax Department is committed to the ‘Digital India’ initiative of the Government of India.The Finance Minister today launched an “e-Sahyog” pilot project which furthers the Department’s commitment to work in an e-environment and reduces the need for the taxpayer to physically appear before tax authorities. The “e-Sahyog” project launched on a pilot basis, is…
DetailsIn order to resolve a long standing issue relating to levy of Service Tax on sale of flats/dwellings etc. after issue of occupancy certificate but before issue of completion certificate in areas under the jurisdiction of Municipal Corporation of Greater Mumbai i.e. Brihanmumbai Municipal Corporation (BMC), it has been conveyed to the Service Tax Authorities…
DetailsCentral Board of Excise and Customs revises limit for arrest and prosecution substantially upwards ; In cases of outright smuggling or mis-declaration of baggage, the limits regarding value of offending goods have been revised from Rs. 5 lakh to Rs. 20 lakh among others. Persons involved in serious offences of tax evasion are liable for…
DetailsGovernment imposes Anti-Dumping duty on imports of various items including on imports of Plain Medium Density Fibre Board of thickness 6 mm and above, Front Axle Beam and Steering Knuckles meant for heavy and medium commercial vehicles, Hexamine and all Fully Drawn or Fully Oriented Yarn/Spin Drawn Yarn/Flat Yarn of Polyester (non-textured and non-POY). Pursuant…
DetailsGold Monetisation Scheme, 2015 In exercise of the powers conferred on the Reserve Bank of India (RBI) under Section 35 A of the Banking Regulation Act, 1949 and in pursuance of the Central Government notification issued vide Office Memorandum F.No.20/6/2015-FT dated September 15, 2015 regarding “Gold Monetization Scheme (GMS)”, the RBI being satisfied that it…
DetailsThe Reserve Bank of India today issued a Direction to all Scheduled Commercial Banks (excluding Regional Rural Banks) on implementation of the Gold Monetisation Scheme, 2015 notified by the Central Government. The Scheme The GMS will replace the existing Gold Deposit Scheme, 1999. However, the deposits outstanding under the Gold Deposit Scheme will be allowed…
DetailsGovernment exempts the services provided by a business facilitator or a business correspondent to a banking company with respect to Basic Savings Bank Deposit Accounts covered by Pradhan Mantri Jan Dhan Yojana (PMJDY) from Service Tax. In order to promote financial inclusion, the Government has exempted services provided by a business facilitator or a business…
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