Central Board of Excise and Customs hereby makes the following further amendments in the Notification of the Central Board of Excise and Customs No.87/2016-CUSTOMS (N.T.), dated 16th June, 2016, with effect from 25th June, 2016, namely:-
Constitution of a fresh panel of Senior/Junior Standing Counsels against existing slots for handling CBEC cases of Indirect taxation before the various High Courts and other fora – Calling for fresh recommendations – Regarding.
The articles explains the provisions related to filing of Income Tax Return for Financial Year 2015-16 , Carry forward of loss from business specified u/s 35AD (i.e. businesses in respect of which certain capital expenditure are deductible), Provisions related to filing of Belated Return and Changes in Provisions related to Filing of Revised Return.
The CAG said that our Governments have taken several initiatives to address the challenges faced by our countries and the people by automating service delivery, choosing partners in development through Public Private Partnership arrangements, opening up economy for foreign direct investments and by focusing on sustainable development.
National Pension System (NPS) to observe Service Fortnight from June 27 to July 9, 2016; Fortnight long campaign aims at awareness creation, service orientation and information dissemination along with subscribers registration.
We can add drops of water to fill up a bucket, the drops may be big or small but nonetheless it will fill the bucket. In a reverse sequence we can draw out portions from the bucket when required and satisfy our needs. The world of mutual fund investing is no different. The Systematic Investment Plan (SIP) and the Systematic Withdrawal Plan (SWP) are somewhat analogous in nature to the example of water stated above. While SIP is a common and popular form of systematic investment in parts, the concept of SWP, the reverse of SIP, may not be known to everyone.
Decision given by Delhi High Court is for a period prior to July 2012. From July 2012 with introduction of Negative List, all the services other than those specified in the negative list and those exempt from service tax, shall be liable for service tax.
Question 1: Whether tax collection at source under section 206C(1D) at the rate of 1% will apply in cases where the sale consideration received is partly in cash and partly in cheque and the cash receipt is less than two lakh rupees. Answer: No. Tax collection at source will not be levied if the cash receipt does not exceed two lakh rupees even if the sale consideration exceeds two lakh rupees.
37BC. Relaxation from deduction of tax at higher rate under section 206AA.– (1) In the case of a non-resident, not being a company, or a foreign company and not having PAN the provisions of section 206AA shall not apply in respect of payments in the nature of interest, royalty, fees for technical services and payments on transfer of any capital asset, if the deductee furnishes details and documents specified in sub-rule (2) to the deductor.
As for Hon’ble Kerala High Court’s decision in the case of Thomas George Muthoot (supra), undoubtedly, outside the jurisdiction of Hon’ble Kerala High Court and outside the jurisdiction of Hon’ble Delhi High Court- which has decided the issue in favour of the assessee, there are conflicting decisions on the issue of restrospectivity of second proviso to Section 40(a)(ia).
