"06 December 2016" Archive

BRICS support all international initiatives for fair/transparent tax system

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....

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Posted Under: Income Tax |

Govt directs banks to install 1 million new PoS terminals by 31.03.2017

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...

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Posted Under: Income Tax |

Post demonetisation income tax Investigation in more than 400 cases

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...

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Posted Under: Income Tax | ,

Amendments in provisions related to ‘Online information & database access or retrieval services’

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....

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Posted Under: Income Tax |

Key Amendments in Place of Supply Rules under IGST Law

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 separat...

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Posted Under: Income Tax |

GST Taxable Event – Supply

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 determin...

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Posted Under: Income Tax |

Prevention of Money-laundering (Appeal) Amendment Rules, 2016

Notification No. 5/2016 (06/12/2016)

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....

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Customer due diligence & need for maintenance of records

RBI/2016-17/173 DBR.AML.BC.No.44/14.01.001/2016-17 (06/12/2016)

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;...

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RBI relaxes Additional Authentication for card payments upto ₹ 2000

RBI/2016-17/172 DPSS.CO.PDNo.1431/02.14.003/2016-17 (06/12/2016)

Card Not Present transactions – Relaxation in Additional Factor of Authentication for payments upto ₹ 2000/- for card network provided authentication solutions...

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Analysis of CBDT instruction on seizure of jewellery

A deep dive into the CBDT Instruction No. 1916 dated 11th May, 1994 in the matter of seizure of jewellery- Intention of CBDT is that jewellery to the extent of 500 gms in case of a married lady, 250 gms per unmarried lady and 100 gms per male member should be treated as explained and need not be considered as unexplained investments. ...

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Posted Under: Income Tax | ,
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