The Ministry of Finance, Government of India has now classified instruments issued under Foreign Exchange Management Act, 1999 (FEMA) as debt and non-debt instruments and has notified the rules/ regulations in this regard. The Finance Act of 2015 had proposed certain amendments to the Foreign Exchange Management Act, 1999. The Central Government (“CG”), vide sections […]
Any Income derived from a Capital asset movable or immovable is taxable under the head Capital Gains under Income Tax Act 1961. The Capital Gains have been divided in two parts under Income Tax Act 1961. One is short term capital gain and other is long term capital gain.
There are two kinds of DTAA. Comprehensive Agreements & Limited Agreements. Comprehensive Agreements scope is to addressing all source of income whereas Limited Agreements scope to cover only. (a) Income from Operation of Aircrafts & Ships (b) Estates (c) Inheritance & (d) Gifts. Currently there are 90 Comprehensive Agreements & 13 Limited Agreements India.
Government of India has taken steps to strengthen legislative provisions to deal with incidents of sexual offences against women and girls. Government of India has also issued various advisories to the States/ Union Territories from time-to-time emphasizing the strict actions to be taken by the police in cases of crime against women, including in cases of sexual assault which includes registration of FIR,
The 42nd GST Council meeting wasn’t though successful to reach an amicable point of agreement for the compensation decisions between the Union & Member States and has consequently deferred the matter which will be hopefully get resolved in the 43rd GST Council meeting on October 12, 2020. Nevertheless, the Council made some key decisions with far-reaching impacts on businesses in […]
In fact, most of us would not know, but India has already tested the effectiveness of BTT from 01st July, 2005 till 31st March, 2009 in a very limited manner though, through the implementation of Banking Cash Transaction Tax during that period.
CBIC imposes provisional countervailing duty (CVD) on import of Flat rolled products of stainless steel, originating in, or exported from Indonesia vide Notification No. 02/2020-Customs (CVD) dated 9th October, 2020. MINISTRY OF FINANCE (Department of Revenue) Notification No. 02/2020-Customs (CVD) New Delhi, the 9th October, 2020 G.S.R. 623(E).—Whereas, in the matter of “Flat Products of […]
An intelligence was developed by the officers of DGGI that few exporter companies were engaged in fraudulent availment of Input Tax Credit (ITC) on the invoices of non-existing and fictitious firms or such firms which apparently do not have any purchases themselves.
Export policy restriction put in 1998 only for KIOCL: On 21.01.1998, vide Notification, a specific entry was added in the export policy regarding “Iron Ore pellets manufactured by Kudremukh Iron Ore Company Limited (KIOCL) out of concentrates produced by it”. Thus, the export policy was regard to only Iron Ore pellets manufactured by KIOCL, which was ‘canalized’ through KIOCL, a CPSU under Ministry of Steel.
Export of Bangalore Rose Onions and Krishnapuram Onions (Serial Number 52, Chapter 7), upto quantity of 10,000 MT each, has been allowed for the period upto 31st March, 2021, with immediate effect.
