Annual Return on Foreign Liabilities and Assets (FLA Return) – Reporting by Limited Liability Partnerships. In order to capture the statistics relating to Foreign Direct Investments (FDI), both inward and outward, by Limited Liabilities Partnerships (LLPs) in India, it has been decided that henceforth, all LLPs that have received FDI and/or made FDI abroad (i.e.…
DetailsThe Income-tax Act provides for determination of income having regard to Arm’s Length Price (ALP) in case of international transactions and specified domestic transactions. The provisions of the Income-tax Act were amended through the Finance (No.2) Act, 2014 to facilitate alignment of Indian transfer regime with international best practices.The manner of computation of ALP is…
DetailsCBEC has exempted the services of Money Transfer Service Operators from 1st Jul-12 to 13th Oct-15. As per the current industry practice, it was not being paid till now. Therefore, they have been exempted till 13th Oct-15 and indirectly, it makes this service taxable from 14th Oct-15. Below is the text of notification: …
DetailsGovernment has made the following changes in indirect tax rates, effective from today, that is 19th October, 2015: 1) In view of the continued fall in international prices of wheat and the anticipated adverse impact of increased imports during the first half of this financial year, basic customs duty on wheat has been increased from…
DetailsAs mentioned in one of the previous post: A “Special Notified Zone” has been established in the Bharat Diamond Bourse. To facilitate the participation of leading diamond mining companies of the world in this zone, the matter of taxation of income arising from the activity of mere display of uncut diamonds (without sorting or sale)…
DetailsIn order to improve the taxpayer services, enhance the efficiency and to usher in a paperless environment for carrying out the assessment proceedings, CBDT has decided to initiate the concept of using email for corresponding with taxpayers and sending through emails the questionnaires, notice etc. at the time of scrutiny proceedings and getting responses from…
DetailsIt has been decided that the income arising out of the activity of mere display of uncut diamond (without sorting or sale) inside a Special Notified Zone carried-out on or after 1st April, 2015 will not be taxable under the provisions of the Income-tax Act, 1961. Legislative amendment in this regard will be carried-out through…
DetailsThe Government has asked all the pensioners and family pensioners to furnish their Life Certificate in prescribed pro-forma in the month of November every year to their respective banks. The pensioners should indicate their present address, telephone numbers (including mobile number) and email ID (if available) on their respective Life Certificates in order to enable…
DetailsLast date for filing of revised returns for the year 2014 (as on 01.08.2014) and the returns for the year 2015 (as on 31.03.2015) by public servants under the ‘Public Servants (Furnishing of Information and Annual Return of Assets and Liabilities and the limits for exemption of Assets in filing Returns) Amendment Rules, 2014’ has…
DetailsOne of the pillars of the of the taxation proposals included in the Finance Minister’s Budget Speech for 2015-16 was extension of benefits to the middle class. In this process, the Finance Minister announced extension of certain benefits in respect of medical treatment under section 80DDB. This section allows a deduction for expenditure incurred on…
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