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Archive: 06 December 2016

Posts in 06 December 2016

BRICS support all international initiatives for fair/transparent tax system

December 6, 2016 721 Views 0 comment Print

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.

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

December 6, 2016 1141 Views 0 comment Print

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

Post demonetisation income tax Investigation in more than 400 cases

December 6, 2016 6061 Views 0 comment Print

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

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

December 6, 2016 5866 Views 1 comment Print

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.

Key Amendments in Place of Supply Rules under IGST Law

December 6, 2016 4228 Views 0 comment Print

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.

GST Taxable Event – Supply

December 6, 2016 3931 Views 0 comment Print

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.

For limitation U/s. 158BE, period is to be counted from the date on which the direction U/s. 142(2A) is served on the assessee

December 6, 2016 561 Views 0 comment Print

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) ?

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

December 6, 2016 1123 Views 0 comment Print

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.

Customer due diligence & need for maintenance of records

December 6, 2016 2047 Views 0 comment Print

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;

RBI relaxes Additional Authentication for card payments upto ₹ 2000

December 6, 2016 1339 Views 0 comment Print

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

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