Daily Archives: May 8, 2016

Levy of Tax on Digital Services

By | May 8, 2016

Press Information Bureau Government of India Ministry of Finance Date: 06-May-2016 Levy of Tax on Digital Services A Committee constituted by the Central Board of Direct Taxes (CBDT) has recommended for the levy of tax on most digital services. The Committee constituted to examine taxation of E-Commerce, has recommended that Equalization Levy may be imposed… Read More »

Taxing Foreign Artists Performing in India

By | May 8, 2016

Press Information Bureau Government of India Ministry of Finance Date: 06-May-2016 Taxing Foreign Artists Performing in India Pakistani and other foreign artists who come to India for working in Indian films and other stage shows charging fees are subjected to income tax as per Indian rules. These artists are subjected to tax in India as… Read More »

Policy/Guidelines to Promote Cashless Transactions

By | May 8, 2016

Press Information Bureau Government of India Ministry of Finance Date: 06-May-2016 Policy/Guidelines to Promote Cashless Transactions Reserve Bank of India (RBI) has issued instructions on Credit/Debit card transactions – Security and Risk mitigation measures to enhance the security of card transactions (including card based online transactions) and Security and Risk Mitigation measures for electronic payment… Read More »

One Stop Government e-Marketplace (GeM)

By | May 8, 2016

Press Information Bureau Government of India Ministry of Finance Date: 06-May-2016 Insertion of Rule 141-A after Rule-141 in General Financial Rules (GFR), 2005 for proposed creation of One Stop Government e-Marketplace (GeM) by Directorate General Supply and Disposal (DGS&D). Department of Expenditure,Ministry of Finance has added a New Rule 141-A in the General Financial Rules(GFR)… Read More »

8 temples deposited gold under Gold Monetization Scheme

By | May 8, 2016

Press Information Bureau Government of India Ministry of Finance Date: 06-May-2016 Gold Monetization Scheme: Deposits by Temple/Religious Bodies Eight (08) temples have deposited gold under Gold Monetization Scheme, 2015 so far and the State-wise details are as under:   Name of the State Number of temples deposited gold under GMS Tamil Nadu 04 Maharashtra 02… Read More »

RBI Norms for Protecting Customers

By | May 8, 2016

Press Information Bureau Government of India Ministry of Finance Date: 06-May-2016 RBI Norms for Protecting Customers Reserve Bank of India (RBI) has released a Charter of Customer Rights, which enshrines broad, overarching principles for protection of bank customers and enunciates the ‘five’ basic rights for bank customers, that I s, (i) Right to Fair Treatment,… Read More »

Govt steps to tackle tax evasion

By | May 8, 2016

Press Information Bureau Government of India Ministry of Finance Date: 06-May-2016 Capital Gains Tax Appropriate action against tax evasion, including evasion of tax on capital gains, is an on-going process. Whenever such cases are noticed by the Income Tax Department, appropriate action is taken under direct taxes law. Such action is not dependent upon a… Read More »

Form GE-II : Purchases upto Rs 1000 not required in Delhi Vat

By | May 8, 2016

DELHI VALUE ADDED TAX ACT, 2004 CLARIFICATION ON FILING OF RETURNS IN FORM GE-II FOR ALL FOUR QUARTERS OF FINANCIAL YEAR 2015-16 NOTIFICATION NO.F.3(619)/POLICY/VAT/2016/183-196, DATED 6-5-2016 In exercise of the powers conferred on me under section 27 of the Delhi Value Added Tax Act, 2004 and in partial modification to the notification number F3(619)/Policy/VAT/2016/1291-1304 dated… Read More »

No cancellation without proving misuse of eligibility certificate :SC

By | May 8, 2016

SUPREME COURT OF INDIA Commissioner of Trade Tax, U.P. v. Chetna Chemicals (P.) Ltd. A.K. SIKRI AND ROHINTON FALI NARIMAN, JJ. CIVIL APPEAL NO. 5103 OF 2007 APRIL  1, 2016 D.K. Goswami, Adv., Ravi Prakash, Adv. and Ashutosh Sharma, Adv. for the Appellant. Kavin Gulati, Sr. Adv., Avi Tandon, Adv., Rohit Sthalekar, Adv. and T.… Read More »