"17 October 2014" Archive

Interst on Long Term foreign currency Bonds- Conditions for Lower TDS

Circular No.15/2014 - Income Tax (17/10/2014)

CBDT CIRCULAR NO.15/2014 Section 194LC of the Income-tax Act, 1961, introduced by the Finance Act 2102, provided for lower withholding tax at the rate of 5% on the interest payments by Indian companies on borrowings made in foreign currency by such companies from a source outside India. The benefit was available in respect of borrowings ...

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Notification No. 49-Income Tax Dated 17/10/2014

Notification No. 49-Income Tax (17/10/2014)

Notification No. 49-Income Tax In exercise of the powers conferred by sub-section (1) of Section 120 of the Income-tax Act, the Central Board of Direct Taxes hereby directs that Sri Bhaskar Goswami, Additional Commissioner of Income-tax in the office of Principal Chief Commissioner of Income-tax,New Delhi shall exercise the powers and fun...

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CPC(TDS) – Deductor's Survey Questionnaire: Your Feedback Matters

CPC(TDS) released a survey 'Deductor's Survey Questionnaire: Your Feedback Matters' with an objective to understand deductors satisfaction since the time CPC(TDS) and TRACES website came into existence. CPC(TDS) has undertaken transformational initiatives to improve overall service levels for deductors and tax payers by following:-...

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Posted Under: Income Tax |

CPC (TDS) follow up for Filing of Form No. 24G in FY 2014-15

This is to inform you that your office (Accounts Office Identification Number (AIN)) have filed Form 24G for all 12 months in Financial Year 2013-14, however, you have not filed Form no. 24G for any of the months during Financial Year 2014-15. 1. Please note that In case of delay in filing of Form No. 24G by the AINs:...

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Posted Under: Income Tax |

Switzerland agreed to share information of Indians having account in Swiss Banks

Switzerland has indicated willingness to provide information in respect of cases where investigations have been carried out by our IT Department independently from what Swiss Government considers as stolen data....

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Posted Under: Income Tax |

Technical grade/ material verification on Import of Pesticides-reg.

Circular No. 10/2014-Customs (17/10/2014)

Reference is invited to Board Circular No 7/2014-Cus dated 7.04.2014 on compliance of Order of Hon’ble High Court of Gujarat regarding import of formulations into India which lays down that Commissioner of customs concerned should ensure that in case of import of formulations, the samples of its technical grade / material is tested....

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Companies (Accounts) Amendment Rules, 2014 – An analysis

The Ministry of Corporate Affairs (MCA) has vide notification dated October 14, 2014 amended the Companies (Accounts) Rules, 2014 (Amended Rules). Section 129 (3) read with Rule 6 of the Companies (Accounts) Rules, 2014 (Rules) provides manner of consolidation pursuant to Schedule III of the Companies Act, 2013 (Act) and the applicable ac...

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Posted Under: Income Tax |

Services to Foreign Principals for marketing in India is an export of service

We are sharing with you an important judgment of the Hon’ble CESTAT, Delhi in the case of Microsoft Corporation (I) (P) Ltd. Vs. Commissioner of Service Tax, New Delhi [2014-TIOL-1964-CESTAT-DEL] on the following issue: Issue: Whether the services provided to principals situated outside India to market their products in India is an expo...

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Posted Under: Income Tax |

CBDT asked clarification from SC regarding sharing of Information of Indian hiding money abroad

Filing of I.A. No. 14 in WP(C) No. 176 of 2009 (Ram Jethmalani & Ors V. Union of India), by Union of India Union of India has filed I.A. No. 14 seeking the following clarifications with regard to the orders dated 4.7.2011 and 1.5.2014, passed by the Hon’ble Supreme Court of India in WP(C) 176 […]...

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Posted Under: Income Tax |

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