Higher TDS under section 206AA not to be applicable in respect of tax deductible under section 194LC Section 194LC, inserted by the Finance Act, 2012, provides for a concessional rate of withholding tax @ 5% on payments to non-residents in a case where an Indian Company borrows money in foreign currency from a source outside […]
I am directed to reiterate the provisions of the Transfer Policy as contained in para 4.7 of the Transfer Policy dated 05.04.2011 that “the officers will, as far as possible, be rotated between the Customs and Central Excise branches every two years and adequate experience in Service Tax branch will also be ensured as far as possible.
In a strong message to tax evaders, the government today said that it will step up efforts to bring more people into net and also endeavour to recover tax arrears.Between January and March…we issued notices after mining the data and thanks to the advertising campaign, I have added 50 lakh more taxpayers into the tax […]
In November 2011, the Steering Committee of the OECD Global Forum on Transfer Pricing undertook a project on transfer pricing risk assessment. The objective of this project was to produce a practical handbook that provides clear and detailed steps countries can take to assess the transfer pricing risk presented by an individual taxpayer’s operations. The […]
“Let no feeling of discouragement prey upon you, and in the end you are sure to succeed.”. -Abraham Lincoln Dear Professional Colleagues, First of all I take this opportunity to thank all the members who attended the International Professional Summit organized by the Institute at the Leela Kempinski Hotel, Gurgaon on 26th & 27th April […]
Section 252(3) provides that the Central Government shall appoint the senior Vice-President or one of the Vice-Presidents of the Appellate Tribunal to be the President thereof.
New time limits for completion of assessment or reassessment under sections 153 and 153B in cases where reference is made to TPO to apply irrespective of the date of reference to TPO or the date of passing of order under section 92CA(3) Section 153 provides for the time limit for completion of assessments and reassessments. […]
Introduction of new section 194LD to provide concessional rate of TDS in respect of interest income of a non-resident from rupee-denominated bonds or government securities consequent to the amendment in section 206AA The Finance Act, 2012 had amended section 115A to provide that Interest payable by an Indian company to a foreign company or a […]
We have thoroughly gone through the findings of the ld. first appellate authority on the issue in dispute and we are of the view that the findings of the ld. first appellate authority are not based on any material or evidence and the Molasses would not form part of the definition as provided in Explanation (b) to section 206C of the Act. Thus, the Explanation has wrongly been applied in the case of the assessee because the assessee is engaged in the extraction of sugar from sugar-cane and the sugar Molasses is produced as by-product. It is obtained when sugarcane juice is boiled to obtain sugar. Molasses is by-product arise during the processing of sugarcane. It is not wastage and scrap as discussed in the foregoing paragraphs.
NOTIFICATION NO. 52/2013-CUSTOMS (N.T.) Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall, with effect from 3rd May, 2013 be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods.
