"21 May 2015" Archive

A brief Study on International Taxation

International taxation in a simple language means the study of Taxation beyond the National Level. Though we all are very much aware about our Indian Taxation Laws but as time is demanding something more so, there is a need to study the taxation at another level....

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Posted Under: Income Tax |

TDS on premature withdrawals from Recognized Employee’s Provident Fund (EPF)

Provident Fund (PF) is one of the best fixed-income instruments. This is so because PF is the ONLY debt product apart from PPF, where the interest rate is not only quite attractive but more-importantly tax free as well. Secondly, there is no limit on the amount. Disciplined saving every month is another plus point. ...

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Posted Under: Income Tax | ,

Major Initiatives by DIPP on Improving ‘Ease of Doing Business’ in India

The Department of Industrial Policy and Promotion (DIPP) has taken up a series of measures to improve Ease of Doing Business. The emphasis has been on simplification and rationalization of the existing rules and introduction of information technology to make governance more efficient and effective. The measures taken are:...

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Posted Under: Income Tax |

Rate of exchange of conversion of the foreign currency wef 22nd May, 2015

Notification No. 47/2015-Customs (N.T.) (21/05/2015)

NOTIFICATION NO. 47/2015-Customs, (N.T.), Dated: May 21, 2015 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 22nd May, 2015 ...

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DCIT and Inspector of Income Tax from Delhi convicted for accepting bribe

Four Years Rigorous Imprisonment with Fine of Rs. Two Lakhs Each To Then Deputy Commissioner Of Income Tax And Then Inspector For Accepting Bribe Of Rs. Two Lakhs The Special Judge for CBI Cases, Saket Court, New Delhi has today sentenced Sh. Arun Kumar Gurjar then Deputy Commissioner of Income Tax, Delhi and Sh. Baljeet […]...

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Posted Under: Income Tax |

Review of FDI Policy on investments by NRIS, PIOs, OCIs

Review of Foreign Direct Investment (FDI) Policy on investments by Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs) and Overseas Citizens of India (OCIs) The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has given its approval to review of Foreign Direct Investment (FDI) Policy on investments by Non-Resident...

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Posted Under: Income Tax |

Draft scheme of proposed rules for computation of ALP

F. No. 134/11/2015-TPL (21/05/2015)

The Finance Minister in his Budget speech, while introducing the Finance (No. 2) Bill 2014, had made an announcement that range concept for determination of ALP would be introduced in the Indian transfer pricing regime however, the arithmetic mean concept will continue to apply where the number of comparables is inadequate. ...

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Does Tribunal have power to grant stay beyond period of 365 days prescribed in Act?

Pepsi Foods Pvt. Ltd Vs ACIT (Delhi High Court)

Reliance in this regard can be placed on the decision of Hon’ble Delhi High Court in case of Pepsi Foods Private Limited vs. ACIT [W.P.(C) 1334/2015] pronounced on 19-05-2015 wherein the petitioner has challenged the constitutional validity of Section 254(2A) of the Income Tax Act, 1961 (here-in-after referred to as ‘the Act’). ...

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Lending against security of single product – Gold Jewellery

RBI/2014-15/605 DNBR.CC.PD.No.036/03.10.01/2014-15 (21/05/2015)

The Bank has prescribed that the valuation of gold jewellery for arriving at the Loan-To-Value (LTV) shall be done at the average of the closing price of 22 carat gold for the preceding 30 days as quoted by the Bombay Bullion Association Ltd. (BBA). On a review, it has been decided that NBFCs may also use the historical spot gold price da...

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Analysis of Service tax rate increase from 12.36% to 14%

Analysis of Service tax rate increase from 12.36% to 14% (Subsuming EC and SHEC) effective from 01.06.2015 After the Hon’ble President has given assent to the Finance Bill, 2015 on May 14, 2015, the Ministry of Finance, Department of Revenue vide Notification No. 14/2015-ST dated May 19, 2015 has notified increase in the rate of [&helli...

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Posted Under: Income Tax |