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BRICS Heads of Revenue express their continued support to all international initiatives towards reaching a globally fair and universally transparent tax system; Reiterate their commitment to actions taken to ensure the fairness of the International Tax System.
In order to facilitate the move towards cashless transactions, the Government has directed the banks to install an additional one million new PoS terminals by 31st March 2017
Income Tax (IT) Department carries-out swift investigations in more than 400 cases since the de-monetization of old High Denomination (OHD) currency on 8th November, 2016
The online information and database access or retrieval services were exempted under Reverse charge as per Place of provision rules i.e the services provided from outside India and received in India were non-taxable (Exempt) under service tax.
GST Council has released revised draft of Model GST law on November 26, 2016 wherein key changes has been introduced in Place of Supply Rules.The earlier version of draft GST law was silent on place of supply rules related to Imports, Exports & SEZ units. The new version tries to clarify & brings in provisions of Imports & Exports separately.
All Taxation laws define an event, called in legal language Taxable Event, on the happening of which, one becomes taxable. Eg., in Excise, manufacturing is the Taxable event, However, liability arise on Removal of Goods. In GST, Supply is proposed to be the Taxable Event, however, liability to pay shall arise at Time of Supply as determined under section 12/13.
1. Whether the findings of the Tribunal are perverse in holding that for the purpose of limitation under section 158BE, the period is to be counted from the date on which the direction under section 142(2A) is served on the assessee and not from the date of issue of direction by the assessing officer under section 142(2A) ?
1. (1) These rules may be called the Prevention of Money-laundering (Appeal) Amendment Rules, 2016. (2) They shall come into force on the date of their publication in the Official Gazette.
As part of Customer Due Diligence Procedure, certified copies of officially valid documents for proof of identity and address are to be obtained while establishing an account based relationship;
Card Not Present transactions – Relaxation in Additional Factor of Authentication for payments upto ₹ 2000/- for card network provided authentication solutions
