The Central Board of Direct Taxes (CBDT) has taken a number of decisions over last three months with the objective of providing better taxpayer services, improving ease of doing business and reducing the burden of compliance on the tax payer.
Notification No. 93/2015 – Income Tax G.S.R. 978(E) dated 16th December, 2015 A CA certificate in Form No. 15CB will be required to be furnished only in respect of such payments made to non-residents which are chargeable to tax and the amount of payment during the year exceeds Rs. 5 lakh. No Form 15CA and 15CB will be required to be furnished by an individual for remittance which do not requiring RBI approval under its Liberalised Remmittace Scheme (LRS)
The oil & gas industry is usually divided into three main sectors: upstream (also known as exploration and production (‘E&P’)), midstream & downstream. The upstream part of the industry involves the first phase of finding and drilling oil, the midstream phase involves shipping and storing the oil and the downstream phase involves refining and distributing the processed oil-based products.
