"01 March 2016" Archive

Delhi VAT: Dealers to Submit DP-1 latest by 31.03.2016

No. F.3(352)Policy/VAT/2013/1559-1571 (01/03/2016)

In partial modification of Notification No.F.3(352)Policy/VAT/2013/1395-1405 dated 01/02/2016 regarding submission of information online in Form DP-1, I, S.S. Yadav, Commissioner, Value Added Tax, Government of National Capital Territory of Delhi, in exercise of the powers conferred on me by sub-section(1) read with sub-section (2) and...

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Delhi VAT: Extension of last date for filing return in form CR-II

No. F.3(628)/Policy/VAT/2016/PF/1572-1584 (01/03/2016)

I, S.S. Yadav, Commissioner, Value Added Tax, Government of NCT of Delhi, do hereby direct that the returns in Form CR-II for the first three quarters of the current financial year (i.e. 1st April, 2015 to 30th June, 2015, 1st July, 2015 to 30th September, 2015 and 1st October, 2015 to 31st December, 2015) are required to be filed by...

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Delhi VAT: Filing of returns through digital signatures

No. F3(643)/Policy/VAT/2016/1585-1597 (01/03/2016)

Commissioner, Value Added Tax, Government of NCT of Delhi, do hereby require that--the dealers, whose gross turnover (i.e. turnover under the Delhi Value Added Tax Act, 2004 plus turnover under the Central Sales Tax Act, 1956) during the financial year 2014-15 exceeded fifty lakh rupees, shall furnish their returns in Form DVAT 16 or in F...

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Exempt Foreign company income from storage & sale of crude oil

The existing provisions of section 5 of the Act provides for the scope of total income. In the case of a non-resident, the taxation of income takes place only if the income accrues or arises in India or is deemed to accrue or arise in India or is received in India. Section 9 of the Act provides for circumstances in which the income is dee...

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Section 43B to include certain payments made to Railways

With a view to ensure the prompt payment of dues to Railways for use of the Railway assets, it is proposed to amend section 43B so as to expand its scope to include payments made to Indian Railways for use of Railway assets within its ambit....

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Budget 2016 proposes Scheme to declare undisclosed Income

The scheme is proposed to be brought into effect from 1 stJune 2016 and will remain open up to the date to be notified by the Central Government in the official gazette. The scheme is proposed to be made applicable in respect of undisclosed income of any financial year upto 2015-16....

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Exemption from PAN furnishing U/s. 206AA to certain non-resident

In order to reduce compliance burden, it is proposed to amend the said section 206AA so as to provide that the provisions of this section shall also not apply to a non-resident, not being a company, or to a foreign company, in respect of any other payment, other than interest on bonds, subject to such conditions as may be prescribed....

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Increase in Tax Audit threshold limit for Professionals

In order to reduce the compliance burden, it is proposed to increase the threshold limit of total gross receipts, specified under section 44AB for getting accounts audited, from twenty five lakh rupees to fifty lakh rupees in the case of persons carrying on profession....

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Exit tax where charitable institution converts into non-charitable

In order to ensure that the intended purpose of exemption availed by trust or institution is achieved, a specific provision in the Act is required for imposing a levy in the nature of an exit tax which is attracted when the organization is converted into a non-charitable organization or gets merged with a non-charitable organization or do...

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Budget 2016- Tax on Buyback of shares by Unlisted Companies

The existing provisions of section 1 15QA of the Act provide for the levy of additional Income-tax @ 20% of the distributed income on account of buy back of unlisted shares by a company. The distributed income has been defined in the section to mean the consideration paid by the company on buy back of shares as reduced by the amount which...

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