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Finance : Taxation is an important aspect of any country's economic structure, and India is no exception. India adopts a well-organized taxa...
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CA, CS, CMA : DIRECT TAXES UPDATES Recent circulars/ notifications/ rules/ clarifications/News ♦ CBDT Notified Income Tax Rule 8AC so as to pr...
Goods and Services Tax : The Union Budget for financial year 2021-22 has been laid in Parliament on 1st February, 2021 by the Finance Minister. The Budget ...
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Income Tax : We have considered the rival submissions carefully in the light of the relevant material on record as well as the decision cited b...
Goods and Services Tax : Read the latest newsletter from CBIC Chairman dated 01/04/2024. Indirect tax collections surpass estimates, guidelines for CGST in...
Income Tax : In the context of formulating the proposals for the Union Budget of 2012-13, the Ministry of Finance would like to be benefited by...
Service Tax : F.No.354/189/2009-TRU Customs duty on packaged software - As basic customs duty is Nil for packaged software, the additional duty ...
One of the most widely contested issues by Indian tax authorities during a transfer pricing audit is the amount paid for intra-group services to group companies often referred to as management or intra-group fees/charges. In fact, compensation for intra-group services has been one of the important transfer pricing challenges globally for taxpayer and authorities alike.
Directions form part of revenue maximisation measures. The Central Board of Excise and Customs (CBEC) has directed its field formations across the country to open all cases, irrespective of year and amount involved, where it had raised a demand but had these stayed by courts, otherwise known as call-book cases.
We have considered the rival submissions carefully in the light of the relevant material on record as well as the decision cited by the parties. After careful perusal of various authorities relied on either side would show that they are quite distinguishable because none of the case law deals with the training expenses. In these cases some principles have been laid down. We further find that the decision relied on by the learned counsel for the assessee in the case of Ishikawajima- Harima Heavy industries Ltd. v. Director of Income-tax (supra) is not applicable because that decision
KPMG was also named Asia’s transfer pricing firm of the year, a release said here today. KPMG’s Head of Tax Uday Ved, said, “these awards are recognition of our commitment to highest quality standards and thought leadership, as well as the trust posed by our clients on us.”
The FTP is primarily focused around export-import guidelines and various incentives available for export of goods and services outside India. In addition, it is also an important source of information for companies effecting deemed exports, i.e., supplies for specified projects / purposes in India (such as power projects, refineries, etc.) that are also eligible for various incentives available for physical exports.
With just three months left for the Union Budget 2010-11, the Ministry of Finance has started the process of pre-Budget consultations. A first round of pre-Budget meetings with the various ministries has already taken place.The ministry has also written to industry bodies to send in their proposals for the Budget. It will hold discussions with the industry beginning next month.
The Empowered Committee of State Finance Ministers will form joint committees at the level of the states for inputs on the proposed goods and services tax before its planned introduction next year.“A joint committee at the level of the states will be made and that will be a part of the exercise for preparation to implement GST. The committee will be made along with other representatives of state associations and industry associations,” chairman of the empowered committee Asim Dasgupta said after a meeting with the Confederation of All India Traders.
The Empowered Committee of State Finance Ministers, finally issued a long awaited First Discussion Paper on Goods and Services Tax in India. Though it was expected that this Discussion paper will put an end to much awaited queries on implementing GST in India, however after analyzing the Paper, it appears as if this has been drafted in a hush-hush manner to meet the revised deadline of implementing GST in India.
The indirect tax regime in India is evolving into GST in the year 2010. The steps towards introduction of GST have commenced. The Empowered Committee of State Finance Ministers has introduced the First Discussion Paper on GST in India on November 10, 2009. A dual structure of Central GST (CGST) and State GST (SGST) is proposed to be imposed on the manufacture of goods and on provision of services.
The government will make electronic filing of service tax mandatory within a couple of months, said a senior official of the Central Board of Excise and Customs (CBEC). Electronic filing of service tax will be made compulsory in the next two months, CBEC member Y G Parande told reporters on the sidelines of a PHD chamber seminar.
