"03 February 2017" Archive

Revise tax treaties to enable CBI and ED to use data for prosecution

Government is contemplating to revise the tax treaties with partner countries to enable the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) to use the data for prosecution of those who have stashed black money abroad. ...

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Posted Under: Income Tax |

No Tax relief under GST for entities enjoying Tax Exemption under current regime

GST Council agreed that all entities exempted from payment of indirect tax under any existing tax incentive scheme shall pay tax in the GST regime and that in case the Central or State Government decided to continue any existing exemption/incentive/deferral scheme, then it shall be administered by way of a reimbursement mechanism through ...

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Posted Under: Income Tax |

14 Bank Branches found employees found involved in irregular note exchange

Banks have reported 14 cases (branches) where bank employees have been found involved in ‘irregular exchange transaction’ of Specified Bank Note (SBN) during the phase of Demonetisation,...

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Posted Under: Income Tax |

Govt may reduce Interest rate & waive transaction Charges on Credit Card to promote cashless transactions

RBI has deregulated interest rates on credit card dues. Interest rates are determined by banks with the approval of their respective Board of Directors subject to regulatory guidelines on interest rate on advances issued by RBI from time to time. RBI does not maintain information on the rate of commission charged....

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Posted Under: Income Tax |

Meeting conducted by RBI prior to demonitization

RBI held a meeting of its Central Board on November 8, 2016. The agenda of the meeting, inter-alia, included the item : Memorandum on existing banknotes in the denomination of Rs 500 and Rs 1000 - Legal Tender Status...

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Posted Under: Income Tax |

Budget 2017-Govt proposes to merge Authority for Advance Ruling for income-tax, central excise, customs duty and service tax

Budget 2017: It has been decided by the Government to merge the Authority for Advance Ruling (AAR) for income-tax, central excise, customs duty and service tax. Accordingly, necessary amendments, have been made to Chapter XIX-B to allow merger of these AARs....

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Posted Under: Income Tax |

Budget 2017: In case of Search Assessment notice can be issued for 10 Years

In order to protect the interest of the revenue in cases where tangible evidence(s) are found during a search or seizure operation (including 132A cases) and the same is represented in the form of undisclosed investment in any asset, it is proposed that section 153A relating to search assessments be amended to provide that notice under th...

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Posted Under: Income Tax |

Budget 2017: Centralised issuance of notice & processing of information U/s.133C

It is proposed to amend section 133C to empower the Central Board of Direct Taxes to make a scheme for centralised issuance of notice calling for information and documents for the purpose of verification of information in its possession, processing of such documents and making the outcome thereof available to the Assessing Officer for nec...

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Posted Under: Income Tax |

Budget 2017 extends power of survey to charitable activity place

The existing provisions of section 1 33A empower an income-tax authority to enter any place, at which a business or profession is carried on, or at which any books of account or other documents or any part of cash or stock or other valuable article or thing relating to the business or profession are kept, for the purposes of conducting a ...

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Posted Under: Income Tax |

Budget 2017: Joint / Deputy / Assistant Director allowed to call for information U/s. 133

The existing provisions of section 133 empower certain income-tax authorities to call for information for the purpose of any inquiry or proceeding under the Act. The second proviso to the said section provides that the power in respect of an inquiry, in a case where no proceeding is pending...

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Posted Under: Income Tax |
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