Daily Archives: October 26, 2016

CBDT Circulars on TCS

By | October 26, 2016

CBDT Circulars on TCS / Instructions, FAQ’s on TCS CBDT Circulars on TCS :- CLARIFICATIONS ON AMENDMENT MADE BY FINANCE ACT, 2016 [CIRCULAR NO.23/2016 [F.NO.370142/17/2016-TPL], DATED 24-6-2016] -para 1.1-1 CLARIFICATIONS ON AMENDMENT MADE IN SECTION 206C BY FINANCE ACT, 2016 [ CIRCULAR NO.22/2016 [F.NO.370142/17/2016-TPL], DATED 8-6-2016] para 1.1-2 PROCEDURE FOR ONLINE SUBMISSION OF STATEMENT OF DEDUCTION… Read More »

Who killed GST?

By | October 26, 2016

Who killed GST? It is becoming increasingly clear that what was expected to be a game-changing reform by ushering in the goods and services tax (GST) may end up being closer to a name-changing exercise. This statement is likely to be perceived by some as an exaggeration, but just consider the facts. The proposed GST… Read More »

Category: GST

Reasons for GST Tax slabs & Cess explained by Indian Finance Minister

By | October 26, 2016

Arun Jaitely explains rationale behind tax slabs & Cess under GST Hon’ble Finance Minister, Arun Jaitley, explained the rationale behind the two important issues pending before the GST Council. A. Multi Tax structure Food items which constitute nearly 50% of Consumer Price Index basket should be exempt. The object of this is to ensure that… Read More »

Time of Supply Under Model GST Law

By | October 26, 2016

Time of Supply Under Model GST Law First let us understand the major difference between current system of tax and under GST Law. Presently we pay Excise Duty on goods produced and removed from factory. So the liability arise at the time of removal Service Tax is charged on rendering services at the time of Receipt… Read More »

New DTAA between India and Korea w.e.f 12.09.16

By | October 26, 2016

Press Information Bureau Government of India Ministry of Finance 26-October, 2016 New Revised Double Taxation Avoidance Agreement (DTAA) between India and Republic of Korea comes into force with effect from 12th September, 2016; Will have effect in India in respect of income derived in fiscal years beginning on or after 1st April, 2017. A new… Read More »

Adjudicating Authority for Prohibition of Benami Property Transactions Act 1988

By | October 26, 2016

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 25th October, 2016. S.O. 3288(E).—In exercise of powers conferred under section 71 of the Prohibition of Benami Property Transactions Act, 1988 (45 of 1988), the Central Government hereby notifies that, with effect from the 1st day of November, 2016, the… Read More »

Prohibition of Benami Property Transactions Rules 2016

By | October 26, 2016

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 25th October, 2016 G.S.R. 1004(E).—In exercise of the powers conferred by section 68 of the Prohibition of Benami Property Transactions Act, 1988 (45 of 1988), the Central Government hereby makes the following rules, namely:- 1. Short title and commencement.— (1) These rules may be called… Read More »

Benami Transaction Amendment Act effective from 01 Nov 2016

By | October 26, 2016

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 25th October, 2016 S.O. 3289(E).—In exercise of the powers conferred by sub-section (2) of section 1 of the Benami Transaction (Prohibition) Amendment Act, 2016 (43 of 2016), the Central Government hereby appoints the 1 st day of November, 2016 as… Read More »