(i) Whether by a unilateral amendment in the Income Tax Act, an interpretation of the same term in the Double Taxation Avoidance Agreement can be changed? (ii) Whether by merely terming an amendment as ‘clarificatory’ and making it retrospective infact renders its retrospectivity valid in law?
In the Indian context, Constitution of India specifically reserves the power to impose tax on specific activities to specific level of Government, e.g., tax on import of goods can be imposed by Union Government only whereas tax on sale of goods involving movement of goods within the State can be imposed by State Governments only.
In exercise of the powers conferred by Rule 61 of the Maharashtra Value Added Tax Rules, 2005, the Government of Maharahstra, hereby notifies that, for the purposes of the said rule, the Bank Guarantee shall be obtained from any of the following Private Sector Banks, with effect from the 12th February 2016, namley
Accordingly, both the impugned orders are set aside and the Executing Court is directed to proceed with the execution of decree against the present legal heir Hardayal Singh.
Recently a new phenomenon has emerged in the business in which sales are being conducted through on-line web portals. To tap the value added tax being collected on the sales being made through these web portals, the Commissioner, VAT, Govt. of NCT of Delhi has prescribed a periodical return for the persons engaged in providing facilities of electronic shopping (commonly known as E-commerce)
Notification No. 24/2016 – Customs (N.T.) In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby makes the following amendment in the Notification of the Central Board of Excise and Customs No. 18/2016-CUSTOMS (N.T.), dated 4th February, 2016, with effect from 13th February, 2016, namely:-
Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 1 Dated : 11.02.2016 The Accounting Standards Board (ASB) of the ICAI has constituted ‘Ind AS Transition Facilitation Group’ (ITFG)1 for providing clarifications on urgent basis on various issues related to the applicability and /or implementation of Ind AS under the Companies (Indian Accounting Standards) Rules, 2015, […]
GN (A) 35- Guidance Note on Accounting for Depreciation in companies in the context of Schedule II to the Companies Act, 2013 Background 1. Schedule II to the Companies Act, 2013, specifies useful lives for the purpose of computation of depreciation. The said Schedule II was further amended by the Ministry of Corporate Affairs (MCA) […]
The initial assessment year has been defined and the expression or’ has been used in respect of new units by stating commences operation’ or complete substantial expansion’. Here the expression or’ is to be read as a mutually exclusive expression which refers to a particular situation by excluding the other situation.
Ministry of Corporate Affairs issued a notice dated February 09, 2016 invited for comments on Revised Schedule III applicable to a company required to comply with Ind AS. Internationally IAS 1 – Presentation of Financial Statements prescribes the minimum set of requirements for IFRS compliant financial statements. However, it does not prescribe the exact order […]
