Daily Archives: October 17, 2016

Payment for broadcasting rights of Olympic games isn’t royalty :Federal Court of Australia

Issue is whether s 128B of the Income Tax Assessment Act 1936 (ITAA 1936) applied to payments that Seven Network Limited (Seven), a resident of Australia, paid to the International Olympic Committee (IOC), a resident of Switzerland, between March 2006 and August 2008 for the broadcasting rights to the Olympic Games. Whether s 128B of… Read More »

21 KG Gold seized from old Delhi area by Govt

Department of Revenue Intelligence (DRI) makes seizure of about Rs 12.91 crore including 21 kg Gold worth Rs. 6.47 crore, and Indian Currency notes worth Rs 6.44 crore The Delhi Zonal Unit (DZU) of the Directorate of Revenue Intelligence (DRI), Ministry of Finance seized 20.64 kilogram gold and Indian currency notes worth Rs 6.44 crore… Read More »

Section 40A of Income Tax Act

Section 40A of Income Tax Act Expenses or payments not deductible in certain circumstances. [ Inserted by the Finance Act, 1968, w.e.f. 1-4-1968.] 40A. (1) The provisions of this section shall have effect notwithstanding anything to the contrary contained in any other provision of this Act relating to the computation of income under the head “Profits and… Read More »

Constitution 101st Amendment Act 2016

Constitution 101st Amendment Act 2016 of India Constitution 101st Amendment Act 2016 was notified . Relevant provisions are :- Article 246A after Constitution 101st Amendment Act 2016 Article 248 after Constitution 101st Amendment Act 2016 Article 249 after Constitution 101st Amendment Act 2016 Article 250 after Constitution 101st Amendment Act 2016 Article 268 after Constitution… Read More »

Vision of Pandit Upadhyaya will reflect in next Budget:

First, we will implement a nationwide goods and services tax (GST) from April 1. That will be a milestone in the history of economic reform. Linked to that, the Budget will be preponed. The tradition of presenting it on the last day of February will be broken. The Budget will be dedicated to upliftment of… Read More »

Category: GST

Commercial Taxes Dept. to lose assessing authority of one lakh firms

The perceived loss of revenue to the State with the rolling out of the Goods and Sales Tax (GST) from next fiscal has set off alarm bells in the Commercial Taxes Department here. The main cause for their anxiety has been removal of the State’s purview to assess businesses offering services and having a turnover… Read More »

Category: GST

No job losses under GST: FinMin to CBEC

No job losses under GST: FinMin to CBEC The finance ministry has assured Central Board of Excise and Customs (CBEC) officers that there will be no reduction of manpower under the new goods and services tax (GST) regimeand the HR policy will be drafted after taking their views on board. In a meeting with the… Read More »

Category: GST

TDS on Property Sale -Complete Guide

TDS on Property Sale Deduction of tax at source from payment on transfer of certain immovable property  Relevant provision regarding TDS on Property sale is covered in Section 194IA of Income tax Act of India Conditions to be satisfied for applicability of section 194-IA : TDS on Property Sale For applicability of section 194-IA following conditions… Read More »

GST Registration Process under Model GST Law of India

Registration Process under Model GST Law of India Liability  for GST Registration as per Chapter VI of Model GST Law: (I) Section 19 – GST Registration ♠ Person is liable to register under this Act as per Schedule III ( Read : Taxable Persons under GST (India) : Complete Guide . Registration has to be done in… Read More »

GST-Assam asked dealers of 5 Acts to provide Mobile no and E mail id

Circular No. 9/2016 No. CT/COMP52/2013/73 Dated 13th October, 2016 GOVERNMENT OF ASSAM OFFICE OF THE COMMISSIONER OF TAXES, ASSAM KAR BHAVAN DISPUR, GUWAHATI Subject: Communication of GSTprovisional Registration Number (GSTIN)- collection of mobile number and email Id of registered dealers/taxpayers under VAT, CST, Entry Tax, Luxury Tax & Entertainment Tax for the purpose thereof. Everyone… Read More »