INTRODUCTION OF THE UNDISCLOSED FOREIGN INCOME AND ASSETS (IMPOSITION OF TAX) BILL, 2015- The Finance Minister, in his budget speech, while acknowledging the limitations under the existing law, had conveyed the considered decision of the Government to enact a comprehensive new law on black money to specifically deal with black money stashed away abroad. He also promised to introduce the new Bill in the current Session of the Parliament.
With the introduction of the Negative List of Services, all eyes, including those of the taxmen and the taxpayers were looking forward to a simplified tax regime. To add to the work of the taxmen and the worries of the taxpayers, the Government had introduced the reverse charge mechanism which has been made applicable to certain specified services.
AST INSTRUCTION NO.135 Representations from field formations have been received intimating that owing to certain technical problems certain cases could not be processed in AST. The reasons submitted by field formations are broadly categorized as under:
The assessee, a joint venture company, was awarded a project work. However the assessee did not execute the contract and the said work was done by one of its constituents namely SMS Infrastructure Limited (‘SIL’).
I am directed to ref to the above and to state that it has come to the notice of Board that In a recent incident, the Hon’ble High Court has passed certain remarks against the Department. It appears that the High Court had sought certain information regarding the case from the Departmental Counsel.
Therefore, in exercise of powers conferred under paragraph 2.4 of the Foreign Trade Policy, 2009-2014, the Director General of Foreign Trade hereby makes the following amendment in Appendix-5 (List of Inspection and Certification Agencies) of Handbook of Procedures Vol. I (Appendices and Aayaat Niryaat Forms) 2009-2014 with immediate effect.
Loan and investment by company- Section 186 186. (1) Without prejudice to the provisions contained in this Act, a company shall unless otherwise prescribed, make investment through not more than two layers of investment companies: Provided that the provisions of this sub-section shall not affect,— (i) a company from acquiring any other company incorporated in […]
Section 34 of the RDB Act provides that the said Act would have overriding effect. We have referred to the aforesaid provisions to singularly highlight that the sacrosanct purpose with which the tribunals have been established is to put the controversy to rest between the banks and the borrowers and any third party who has acquired any interest.
An online system viz. Anubhav has been developed for showcasing outstanding work done by the retiring Government employees during service. Instructions for use of this application by the retiring employees, Head of Offices/ Head of Departments in the Ministries/ Departments have been issued by this Department vide OM of even number dated 19.2.2015 and 5.3.2015
The Central Board of Excise & Customs (CBEC) is celebrating the Year 2015 as the Year of Taxpayer Services in recognition of the need to have ‘customer focus’ in our day-to-day functioning. The Tax Administration Reforms Commission (TARC) has devoted a full Chapter to ‘Customer Focus’ in its first Report.
