In the recent past, Central Board of Direct Taxes (CBDT) has issued an instruction No. 3/2016 (Instruction) in perspective of the international transaction or specified domestic transactionto be referred by the Assessing Officer (AO) to Transfer Pricing Officer (TPO). The instruction ushered new guidelines for implementation of Transfer Pricing Provisions for referring international transactions or specified domestic transaction to the TPO subject to the approval of jurisdictional Principal Commissioner of Income Tax (PCIT) / Commissioner of Income Tax (CIT).
When builders render services in relation to construction of complex, it is a case of composite contract with buyers of flats. No doubt service element is involved in the construction of complex and the levy is justified by the Hon’ble Delhi High Court, but still no service tax can be charged by the builders from the buyers. The situation will become crystal clear when we have a glimpse at the background of this levy.
The Goods & Service Tax (GST) Bill proposes to bring e-commerce entities within the GST net to collect tax at source for all suppliers as well as file a monthly statement of transactions with every supplier. A brief note on the compliance on e-commerce operators is as under:
The 122nd Constitution (Amendment GST) Bill, 2014 to thoroughly overhaul India’s indirect tax regime has been passed by the Lok Sabha in 2015 and pending with Rajya Sabha for its approval and may be passed in the monsoon session of Parliament. This is a welcome step of the government has released draft Model GST Law in public domain. The provision for audit under section 42 (4) may also be examined as a landmark opportunity for professionals.
The Institute of Chartered Accountants of India (ICAI) has been awarded Associate membership by Chartered Accountants Worldwide. ICAI is the fourth professional body to be admitted to the organisation since it was launched in February 2013.
Comments and suggestions of stakeholders invited on relevant issues arising out of amendment to India-Mauritius Double Taxation Avoidance Convention for consideration by the Working Group constituted for the purpose
India and Switzerland agree to move towards an early agreement for the implementation of AEOI between the two countries; Two sides agreed to pursue the ongoing dialogue on tax and financial matters in a spirit of mutual friendship and cooperation
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for the Civil Aviation Policy. This is the first time since Independence that an integrated Civil Aviation Policy has been brought out by the Ministry of Civil Aviation.
W. e. f. June 1, 2016, the e-TDS/TCS, Form 24G and Annual Information (AIR) acceptance fees have been revised as under: 1. Statements having up to 100 records:- Rs. 44.00 (inclusive of service tax) 2. Statements having 101 to 1000 records:- Rs. 205.00 (inclusive of service tax) 3. Statements having more than 1000 records:- Rs. […]
Rise, the fintech innovation platform created by Barclays, launches today in Mumbai. Finalists of Risehack, a fintech Hackathon, will present their projects as part of the launch event. Mumbai, 15 June 2016 – Barclays today opened the doors of Rise Mumbai, the latest addition to its network of physical spaces designed to bring together the […]
