Social security agreement (SSA) with Japan: The SSA between India and Japan (signed in November 2012) has entered into force, and is effective 1 October 2016. Read a July 2016 report of KPMG
Mobilisation / demobilisation of vessels used in exploration for oil and gas: The Delhi Bench of the Income-tax Appellate Tribunal held that reimbursements paid by customers for the mobilisation / demobilisation of vessels used by the taxpayer in exploration for oil and gas and attributable to the distance travelled outside India are taxable. The case is: Western… Read More »
Determining distributed income with respect to buy-back of shares: The Central Board of Direct Taxes (CBDT) issued draft rules concerning the method for determining the amount received by companies under different circumstances when shares have been issued. Read a July 2016 report of KPMG
Held AO/DRP have erred in treating the acquisition of software under the head ‘fee for technical services/royalty’ requiring the assessee to pay the tax on the same. [para 30] IN THE ITAT DELHI BENCH ‘I-1’ SAIC India (P.) Ltd. v. Deputy Commissioner of Income-tax, Circle 7(1), New Delhi KULDIP SINGH, JUDICIAL MEMBER AND N. K.… Read More »
Held An, by its very nature, does not have any physical form. Therefore, it does not exist in a physical form at any particular location. The legislature could have, through a deeming fiction, provided for the location of an intangible capital asset, such as intellectual property rights, but, it has not done so insofar as… Read More »
Held To fall within the realm and ambit of right to use copyright in the computer software programme, the aforesaid rights must be given and if the said rights are not given then, there is no copyright in the computer programme or software. As noted by the CIT (A), under the terms of the agreement… Read More »
Central Board of Excise and Customs Circular No 34/2016 Dated 26-07-2016
Ministry of Finance issues Gazette Notification relating to 7th Pay Commission Recommendations The Ministry of Finance has issued Gazette Notification with regard to 7th Pay Commission Recommendations. For more details, please see. Resolution on Cabinet Decision Revised Pay Rules 2016
New Solid Waste Management Rules Ministry of Environment, Forest and Climate Change has comprehensively revised and notified Solid Waste Management (SWM) Rule in April, 2016 in supersession of the Municipal Waste (Management and Handling) Rules, 2000. As per these rules, the bulk generators of waste like State and Central government organizations, railways, airports, ports, defence… Read More »
MINISTRY OF ENVIRONMENT, FOREST AND CLIMATE CHANGE NOTIFICATION New Delhi, the 8th April, 2016 S.O. 1357(E).—Whereas the draft of the Solid Waste Management Rules, 2015 were published under the notification of the Government of India in the Ministry of Environment, Forest and Climate Change number G.S.R. 451 (E), dated the 3rd June, 2015 in the… Read More »