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Govt orders mandatory declaration of stock position of wheatCPI gets Rs 11 Cr tax notice for using old PAN numberGST - Penalty demand of Rs.3731 crores - A person who would fall within the purview of sub-section (1-A) of s.122 should necessarily be a taxable person who retains the benefits of transactions: HCGovt issues advisory against calls impersonating DoTFATP hand-wrings over slow regulation of crypto by member-countriesGST - Threatening and pressurising petitioner who is merely an employee - Highly unconscionable and disproportionate on the part of the officer: HCECI's C-Vigil app a big hit with votersGST - Same relief was claimed in earlier petition which was withdrawn unconditionally - Fresh petition seeking same relief is barred by the estoppel principle: HCIncome tax hands over Rs 1700 Cr tax demand to Congress PartyGST - Neither SCN nor the order spell out the reasons for retrospective cancellation of registration, hence cannot be sustained: HCStage-2 of Vikram-1 orbital rocket successfully test-firedGST - Non-application of mind - If reply was unsatisfactory, details could have been sought - Record does not reflect that such exercise was done - Matter remitted: HCHouthis claim UK has not capability to intercept their hypersonic missilesGST - Merely because a taxpayer has not filed returns for some period does not mean that registration is required to be cancelled with retrospective date also covering the period when returns were filed and taxpayer was compliant: HCIsraeli forces kill 200 Palestinians at Gaza medical complex & arrest over 1000GST - Petitioner's reply, although terse, is not taken into account while passing assessment orders - Petitioner put on terms, another opportunity provided: HCUnveil One Nation; One Debt Code; One Compliance Rule for Centre & StatesChina moves WTO against US tax subsidies for EVs & renewable energyMore on non-doms - The UK Spring Budget 2024 (See TII Edit)Training Program for Cambodian civil servants commences at MussoorieCBIC revises tariff value of edible oils, gold & silverCBIC directs all Customs offices to remain open on Saturday & SundayI-T- Once the citizen deposits the tax upon coming to know of his liability, it cannot be said that he has deliberately or willfully evaded the depositing of tax and interest in terms of Section 234A can be waived: HCHouthis attack continues in Red Sea; US military shoots down 4 dronesCus - No Cess is payable when Basic Customs Duty is found to be Nil: CESTAT
 
Litigation Management - Monetary Limit for case to be heard by Single ITAT Member hiked to Rs 15 lakh

By TIOL News Service

NEW DELHI, FEB 28, 2015: THE Union Finance Minister, Mr Arun Jaitley, today announced measures to improve the ease of doing business so as to achieve ‘Minimum Government and Maximum Governance'. He sought to bring about simplification of tax procedures in the Financial Bill 2015. Monetary limits for a case to be heard by a single member bench of ITAT is proposed to be increased from Rs 5 lakh to Rs 15 lakh. The proposed amendments in the Income-tax Act provide that:

++ Penalty provision in indirect taxes are being rationalized to encourage compliance and early dispute resolution.

++ Central excise/ Service tax assessees to be allowed to use digitally signed invoices and maintain record electronically.

++ Wealth-tax replaced with additional surcharge of 2 per cent on super rich with a taxable income of over Rs 1 crore annually.

++ Provision of indirect transfers in the Income-tax Act suitably cleaned up.

++ Applicability of indirect transfer provisions to dividends paid by foreign companies to their shareholders to be addressed through a clarificatory circular.

++ Domestic transfer pricing threshold limit increased from Rs 5 crore to Rs 20 crore.

++ MAT rationalized for FIIs and members of an AOP.

++ Tax Administration Reform Commission (TARC) recommendations to be appropriately implemented during the course of the year.

++ Education cess and the Secondary and Higher education cess to be subsumed in Central Excise Duty.

++ Specific rates of central excise duty in case of certain other commodities revised.

++ Excise levy on cigarettes and the compounded levy scheme applicable to pan masala, gutkha and other tobacco products also changed.

++ Excise duty on footwear with leather uppers and having retail price of more than Rs 1000 per pair reduced to 6 %.

++ Online central excise and service tax registration to be done in two working days.

++ Time limit for taking CENVAT credit on inputs and input services increased from 6 months to 1 year.

++ Service-tax plus education cesses increased from 12.36% to 14% to facilitate transition to GST.

++ Donation made to National Fund for Control to Drug Abuse (NFCDA) to be eligible for 100% deduction u/s 80G of Income-tax Act.

++ Seized cash can be adjusted towards assesses tax liability.


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