"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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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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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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6% Equalisation levy on payment for services to non-resident

Finance Bill, to provide for an equalisation levy of 6% of the amount of consideration for specified services received or receivable by a non-resident not having permanent establishment ('PE') in India, from a resident in India who carries out business or profession, or from a non-resident having permanent establishment in India....

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STT Rate on Options proposed to increased to 0.05 percent

Section 98 of the Finance (No.2) Act, 2004 provides that the securities transaction tax on sale of an option in securities where option is not exercised is 0.017 per cent of the option premium. It is proposed to increase the rate from 0.017 per cent.to 0.05 per cent. This amendment will take effect from 1st June, 2016....

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