Considering requirements of Direct Tax Dispute Resolution Scheme, 2016, administrative efficiency, convenience of tax payers and equitable distribution of work, the Principal Chief Commissioners of Income Tax addressed above will notify that the jurisdictional Principal Commissioner of Income Tax or the Commissioner of Income Tax, as the case may be, who exercises jurisdiction U/s. 120 of the Act, as notified by the CBDT from time to time over such declarant, shall be designated authority as referred to in Scheme.
Insurance/reinsurance companies registered with Insurance Regulatory and Development Authority of India (IRDA) to carry out insurance/reinsurance business may open, hold and maintain a Foreign Currency Account with a bank outside India for the purpose of meeting the expenditure incidental to the insurance/reinsurance business carried on by them and for that purpose, credit to such account the insurance/reinsurance premia received by them outside India.
Almost all the large and small companies depend upon share capital and borrowed capital for financing their projects. Borrowed capital may consist of funds raised by issuing debentures, which may be secured or unsecured, or by obtaining financial assistance from Financial institution or banks.
Purchase of a license to use shelf/shrink-wrapped software is purchase of a product and not a copyright. Wherever the Government of India intended to include consideration for the use of software as ‘Royalties’, it explicitly provided so in the DTAA with the concerned country (e.g. India-Malaysia DTAA).
The perception of law should as it helps the implementation of law effectively. Law is framed for the assessee in which they will able to pay effortlessly Central Excise duty and follow the all principal of the Central Excise law. If there is any provision which is not clear and silent then the benefit of assessee can not be denied. The main purpose of this article to highlight mistakes, which is being done by the assessee without deliberate intention and consequences thereof.
A person resident in India may enter into a foreign exchange derivative contract in accordance with provisions contained in Schedule I, to hedge an exposure to risk or otherwise, in respect of a transaction permissible under the Act, or rules or regulations or directions or orders made or issued thereunder.
I find that an identical issue in respect of the capital goods received for the manufacturing of final products which were exempted, was being heard and the eligibility for availing the credit was decided by the Larger Bench of the Tribunal in the case of Spenta International Ltd. v. CCE 2007 (216) ELT 133 (Tri. – Mum.). The ratio of the said judgment is clearly recorded in paragraph 10, which is reproduced as under :-
The Income Declaration Scheme 2016 has been framed under Chapter IX of the Finance Act 2016. As per Circular No. 16/2016, scheme received the assent of the President on 14-05-2016The scheme shall come into force on 01-06-2016. It comprises sections 181 to 199 of Finance Act 2016. In this article an attempt has been made to consolidate the entire law published till date on the Scheme.
Arjuna, June month is the month of monsoon. Everyone would be keeping an eye towards rainfall from 7th June onwards. Now the government has made shower of various changes in tax laws this year. Only God knows that when rain will come and how much, but all these changes in tax laws will be effective from 1st June. So it is important that each and every taxpayer carries on his transactions after understanding the new changes and the new scheme.
The enabling provisions for KRISHI KALYAN CESS (KKC) are contained in Chapter – VI of Finance Act’ 2016. As per the provisions, KKC shall be applicable at 0.5% on all taxable services and the proceeds of KKC would be exclusively used for financing initiatives relating to improvement of agriculture and welfare of farmers. The Cess […]
