"19 March 2016" Archive

Concept of Advance Pricing Agreements

Transfer Pricing, a concept generally used in case of an International as well as Domestic Transactions between interrelated or associated enterprises. These provisions have been introduced to check revenue erosion from India by Multinational companies....

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Posted Under: Income Tax |

Maharashtra State Budget Highlights 2016

1. Concept of fair market price is being introduced. It is proposed to give powers to assess a dealer on the basis of fair market price if goods are sold below market price with intention to evade tax. 2. Registration of dealer shall be cancelled if false documents are submitted for obtaining registration...

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Posted Under: Income Tax | ,

Delhi VAT: Assessment of Enforcement Survey/Seizure Cases

Circular No. 42 of 2015-2016 (19/03/2016)

It has now been decided to assign the assessment of all cases pursuant to Enforcement surveys to officers of wards concerned except the cases for which proceedings/jurisdiction has been transferred by the Commissioner, Value Added Tax through a separate order under section 67 of Delhi Value Added Tax Act, 2004....

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Maharashtra Budget: Changes in VAT, PT, Entry Tax, Amnesty Scheme

Maharashtra Government has presented its Budget for 2016-17 on 18th March 2016. We are presenting proposed Changes in Computerization in Sales Tax Department, Amendments to the Value Added Tax Act, Entry Tax, Profession Tax, Sugarcane Purchase Tax, Motor Vehicle Tax, Lottery Tax, Composition Scheme,Changes to set off rules and Amnesty S...

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Posted Under: Income Tax | ,

Companies amendment Bill 2016 & CA 2013-Part-1

The Companies (Amendment) Bill, 2016, among other things, seeks to relax the norms around managerial remuneration, ease the process for private placement of shares and remove provisions relating to forward dealing and insider trading from the existing Company Law....

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Posted Under: Income Tax | ,

Excise Duty on Jewellery articles: No visit at jeweller’s premises

There is no requirement of declaring pre-budget stocks. Directions have also been issued barring any visits to the jeweller’s premises. Jeweller’s private records or his records for State VAT or for Bureau of Indian Standards (in the case of hallmarked jewellery) would be accepted for all Central Excise purposes....

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Posted Under: Income Tax | ,

Revised interest rate of PPF, SCSC, Sukanya Samridhi,NSC

Central Government has notified revised Interest Rate for the perios from 01.04.2016 to 30.03.2016 on Small Savings Schemes like PPF, Senior Citizen Savings Scheme, Sukanya Samridhi Scheme and NSC etc. Rates on all schemes been reduced significantly in comparison to existing rate....

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Posted Under: Income Tax | ,

MCA discontinues offline Payment i.e. Challan, NEFT, Pay Later

In our continuous endeavor to serve you better, the Ministry of Corporate Affairs will launch a new MCA21 portal for Company users. The new portal is likely to be launched on 27th March 2016. To facilitate implementation of the new portal, the offline payment methods – Challan, NEFT, Pay Later – will be disabled for […]...

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Posted Under: Income Tax |

Highlights of Maharashtra State Budget Dated 18.03.2016

Part I: Profession Tax 1. In case of late registration for Profession Tax penalty will be restricted to 3 years instead of earlier 8 years. 2. Exemption to armed personnel of CRPF & BSF. 3. No late filing fee for Government aided educational institutions. Part II: Amnesty Scheme under VAT for disputed dues: 1. For […]...

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Posted Under: Income Tax | ,

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