49 search results for "tax"

Committee Report on New Direct Tax Code

On August 19, 2019, task force headed by Akhilesh Ranjan, Member, Central Board of Direct Taxes (CBDT) submitted its report to Finance Minister Nirmala Sitharaman. This is a significant development as the report seeks to replace 57-year old Income Tax Act, 1961 which has undergone innumerable incremental changes over time. The report has not yet been released in public. Based on our primary resear...

Income Tax Compliance Due Date in August 2019

Income Tax Act, 1961 and Compliances The Income-tax Act, 1961 is the administrating Statute of Income Tax in India. It contains provision of levying, collecting and recovering Income Tax. The Government of India (GOI) has introduced a draft statute which is known as “Direct Taxes Code” with an intention to supercede the Income Tax Act, 1961 and the Wealth Tax Act, 1957. Here is the hig...

Major Reasons, Why Income Tax Dept Sends a Return Notice to Taxpayers

Getting a tax notice from the income tax department is a big deal for the taxpayer. But this is not the situation to panic, in such a state the taxpayer must resolve error because of which he got the notice from the department. They may even ask for help from experts. Giant businesses hire experts to file the return on the company’s behalf and easily weave through the complexities but for individu...

A Complete Guide on Tax Payments under GST

The birth of GST in India has completely wiped out the complications of different taxes at different stages and has played a pivotal role in the removal of cases like tax-evasion, bribery and other forms of corruption. Implementing its unique slogan ‘One Nation – One Tax – One Market’ it has successfully covered a long distance in this way too. Consequently, it has had a tremendous impact on the w...

NASSCOM’s Direct Tax proposals for Union Budget 2019 and Consolidated suggestions related to GST

NASSCOM has submitted a detailed memorandum containing suggestions for Union Budget 2019. Our suggestions are encapsulated in seven themes. We believe the proposed measures shall consolidate existing growth drivers and build future source of revenues. In addition, we have prepared a consolidated list of GST issues concerning our industry with suggested measures to address them. Implementing these ...

Scope of Supply in the regime of Goods and Services Tax – Test of Profit Motive

In the previous indirect tax regime, there was nothing like this new concept of Supply. The stage at which indirect taxes were levied varied under different tax heads and laws. Excise duty, Service tax, VAT were some of the taxes in the previous indirect-tax regime. However, the emergence of GST has subsumed almost 17 types of similar taxes. And consequently, some new terms, such as, ‘Scope of Sup...

GST: Policy and Technical Working Groups formed to examine Generation of Invoices on GST Portal

In continuation of the member Consultation on Generation of Electronic Invoice on GST Portal, NASSCOM along with few member companies met GST officials dealing with the proposed “generation of electronic invoice through GST portal”.  We discussed the process for generation of e-invoices in detail with an intent to ensure that the final mechanism causes minimum disruption, is implementable and is r...

NASSCOM’s submission to CBDT on PE attribution approach

NASSCOM’s has submitted suggestions to Central Board of Direct Taxes (‘CBDT’) on the report of proposed ‘Amendment of rules for profit attribution to Permanent Establishment’ The proposed changes to the rules have been made by a Committee constituted by the CBDT with a mandate to: Examine the existing scheme of profit attribution to PE under the Double Taxation Avoidance Agreements. Examine the co...

Member consultation: CBDT’s draft rules on attribution of profits to PEs

The CBDT has on 18.04.19 released draft rules (available here) on attribution of profits to permanent establishments. These would have widespread ramifications for multinational companies that are having sales in India or users in India.  The rules appear to be timed with a view to pre-empt the discussions on the digital economy at the OECD/ G20 and could also be a harbinger of the significant eco...

Maharashtra Settlement of Arrears of Tax, Interest, Penalty or Late Fee Ordinance, 2019

Maharashtra State government, vide Trade Circular No 9T of 2019 dated March 8, 2019 has promulgated the Maharashtra Settlement of Arrears of Tax, Interest, Penalty or Late Fee Ordinance, 2019 with a view to reduce arrears of tax, interest, penalty or late fees under various Acts administered by the Maharashtra Goods and Services Tax (MGSTD). The scheme will be relevant for companies who may be hav...

Karnataka Comprehensive Karasamadhana Scheme, 2019: Arrears of penalty and interest under State taxes

Karnataka State government, vide Order NO. FD 9 CSL 2019 dated February 21, 2019 has approved Comprehensive Karasamadhana Scheme, 2019 with a view to reduce the arrears arising out of the enactments administered by the Commercial Taxes Department which existed before the introduction of Goods and Services Tax (GST) Act. The scheme will be relevant for companies who may be having arrears of penalty...

Task Force formulated to overhaul Direct Tax law seeks 3-months extension to submit final report

The Task Force formulated by Ministry of Finance was assigned the task to draft direct tax laws in line with the norms prevalent in other countries, incorporating international best practices and keeping in mind economic needs of the country. The discussion on these reforms started in September 2017, when Prime Minister Narendra Modi acknowledged that more than half a century old Income Tax Act ne...

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