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Year End Review: Highlights of the Achievements of the Department of Revenue, Ministry of Finance The Department of Revenue, Ministry of Finance, reported significant achievements in fiscal 2015, notably a 35.9% increase in indirect tax collections from April to October compared to the previous year. Key initiatives included reducing customs duties on certain inputs to promote domestic manufacturing, enhancing ease of doing business through 24x7 customs clearance, and introducing digital signatures. Measures to protect domestic agriculture involved increasing customs duties on sugar and edible oils. Taxpayer services were enhanced with the establishment of a Directorate of Tax Payer Services and improvements in e-governance. Legislative steps focused on simplifying tax laws and curbing black money.
Master Circular on Foreign Investment in India. The Master Circular on Foreign Investment in India, issued by the Reserve Bank of India, consolidates the regulatory framework and instructions regarding foreign investment under the Foreign Exchange Management Act (FEMA), 1999. It outlines the guidelines for Foreign Direct Investment (FDI), including entry routes, eligibility, types of instruments, pricing, and reporting requirements. The circular also addresses foreign investments under the Portfolio Investment Scheme, venture capital investments, and other foreign investments, detailing the processes for investment in partnership firms or proprietary concerns. This circular is valid for one year and will be updated annually.
2025 (2) TMI 547 - PATNA HIGH COURT Validity of assessment order passed u/s 147 r.w.s. 144B - No due approval u/s 151 accorded - HELD THAT:- A perusal of the documents would show that in the proposal for scrutiny, reasons for selection are duly recorded. Range Head and CIT/PCIT have also stated in their approval order that they are satisfied with the reasons recorded by the assessing officer and it is a fit case for issuing notice u/s 148. We, therefore, find that there is a due approval u/s 151 of the Act of 1961. On perusal of t... ... ...
2024 (3) TMI 620 - DELHI HIGH COURT Entitlement to Nil/lower rate withholding tax certificate u/s 197 - determination of consideration for providing technical services - payments were received by the petitioner SFDC Ireland Limited [SFDC Ireland] pursuant to the arrangement embodied in the Amended and Restated Reseller Agreement [Reseller Agreement] - second respondent has denied the withholding tax certificate in terms as requested by SFDC Ireland and permitted it to receive payment upon deduction of 10% as TDS on the entire amou... ... ...
2024 (1) TMI 117 - GUJARAT HIGH COURT Validity of faceless assessment - authorities have failed to comply with the mandatory procedure laid down u/s 144B - as alleged final assessment order u/s 147 r.w.s. 144B has been passed without providing a copy of draft assessment order as required u/s 144B(xxi) - HELD THAT:- Indisputably, the aspect of non-service of draft assessment order, which was otherwise required to be sent along with show cause notice as per the procedure prescribed under Section 144B(1), clause (xvi)(b) of the Income ... ... ...
2022 (4) TMI 1184 - GUJARAT HIGH COURT Validity of faceless assessment u/s 144B - Denial of natural justice - breach of mandatory statutory provision - argument of non-compliance of provisions, more particularly, Section 144B(xiv), Section 144B(xvi)(b) and Section 144B(xxii) as the assessment order impugned is passed without issuing notice cum draft assessment order upon the writ applicant - HELD THAT:- Faceless Scheme, 2019 was modified by Notification No.60/2020 dated 13.08.2020 wherein it had prescribed procedure for making Facele... ... ...
2016 (5) TMI 159 - ITAT DELHI Revision u/s 263 - taxability of incentive/subsidy - whether the assessee was entitled for deduction of sales tax subsidy as capital receipt and Assessing Officer had rightly allowed? - Held that:- Facts on record do not inspire credence with the angle that the Assessing Officer has conducted a proper inquiry before accepting the claim of assessee. It gives an impression that some piecemeal facts were placed on record, which have neither been considered and nor came to the notice of the Assessin... ... ...
T 2 FORM FOR DELHI SHIPMENTS A forum discussion centered on the requirements for shipping goods to Delhi, focusing on the necessity of T2 and C forms. A participant queried whether goods could be shipped without a T2 form if a C form is provided later, and if a C form is needed when using a T2 form. Responses highlighted that the T2 form functions like a waybill, while the C form is mandatory for interstate transactions under the CST Act. The discussion also addressed procedural questions about the T2 form, including its purpose, submission process, and scenarios involving different transport modes and exemptions. The conversation became contentious, with one participant expressing frustration over inadequate responses.
2009 (7) TMI 923 - ITAT MUMBAI D.K. AGARWAL AND D. KARUNAKARA RAO, JJ.
Arvind Sonde for the Appellant.
Rajendra and Anadeenath Mishra for the Respondent.
ORDER
D. Karunakara Rao, Accountant Member. - This is the appeal by the assessee against the order of the CIT (A)-VIII dated 24-3-2004. The grounds are as under :-
"1. On the facts and in the circumstances of the case and in law, the learned Commissioner of Income-tax (Appeals) has erred in partially sustaining the order of the Assessing Officer by not allowing ... ... ...
Ministry of Finance Year Ender 2024: Department of Revenue In 2024, India's Ministry of Finance, through the Central Board of Direct Taxes (CBDT) and Central Board of Indirect Taxes and Customs (CBIC), implemented numerous reforms to enhance taxpayer experience and compliance. The CBDT focused on transparency and efficiency, processing over 3.87 crore Income Tax Returns swiftly and issuing Rs. 3.08 lakh crore in refunds. The CBIC improved GST processes using data analytics and AI, reducing fraud and simplifying compliance. Additionally, the Financial Intelligence Unit (FIU) strengthened financial intelligence, leading to significant asset seizures and arrests. India achieved high compliance with FATF standards, enhancing its global financial standing.
Minutes of the 54th Meeting of the GST Council held on 09th September, 2024 The 54th GST Council meeting, chaired by the Union Finance Minister, addressed multiple agenda items, including confirmation of previous meeting minutes, ratification of government notifications, and recommendations from the Law and Fitment Committees. Key discussions included amendments to CGST Rules, clarifications on tax credits, and GST rates for various goods and services. The Council also reviewed the performance of GST-related bodies and discussed the integration of digital payment options. A pilot project for B2C e-invoicing was approved, and the Council agreed to form a GoM to examine the future of Compensation Cess. Issues related to IGST settlement and the GST Appellate Tribunal were also deliberated.
2024 (2) TMI 101 - ITAT MUMBAI Disallowance of mark to market losses - AO held that the mark to market losses claimed are in the nature of liability that is not crystallized and, therefore, cannot be claimed as a deduction as business loss - CIT(A), upheld the order of AO stating that the MTM loss is notional and that the assessee s claim that particular method of accounting continuously followed for a long period does not entail the assessee to presume that the method followed is correct - HELD THAT:- We notice that the Spec... ... ...
Master Circular for Research Analysts Here is a concise summary of the circular:SEBI issued a master circular consolidating existing guidelines for Research Analysts (RAs). The circular covers key areas including procedural guidelines for proxy advisors, investor complaint resolution, technology advisory, reporting requirements, and compliance standards. It provides comprehensive instructions on grievance handling, data protection, outsourcing, conflict of interest management, and advertisement regulations. The document aims to enhance transparency, investor protection, and operational standards for research analysts registered with SEBI.
Master Circular for Investment Advisers The Securities and Exchange Board of India (SEBI) issued a Master Circular for Investment Advisers (IAs) on June 15, 2023, consolidating existing circulars to streamline compliance. This circular mandates IAs to segregate advisory and distribution activities, enter into agreements with clients, and adhere to fee structures. It outlines qualifications for IAs, registration processes, record maintenance, and audit requirements. The circular also addresses risk profiling, advertising standards, and investor grievance mechanisms. Additionally, it emphasizes the protection of client data, compliance with anti-money laundering standards, and outlines procedures for changes in control and outsourcing activities. The circular aims to protect investors and enhance transparency and accountability in the securities market.
2021 (5) TMI 1031 - Supreme Court Constitutional validity of the West Bengal Housing Industry Regulation Act, 2017 - both WB-HIRA and a Parliamentary enactment, the Real Estate (Regulation and Development) Act, 2016 are relatable to the legislative subjects contained in Entries 6 and 7 of the Concurrent List (interchangeably referred to as List III ) of the Seventh Schedule to the Constitution or not - WB-HIRA has neither been reserved for nor has it received Presidential assent under Article 254(2) - State enactment containing ... ... ...
Consolidated FDI Policy The Consolidated FDI Policy Circular of 2020 outlines India's regulatory framework for foreign direct investment. Issued by the Department for Promotion of Industry and Internal Trade, it took effect on October 15, 2020. The policy defines FDI as a major non-debt financial resource for economic development, contributing to technology transfer and economic growth. It establishes transparent guidelines for foreign investment across sectors, including entry routes (automatic and government approval), sectoral caps, and conditions. The document details approval processes, prohibited sectors, and reporting requirements. It supersedes previous circulars and reflects the government's intent to attract foreign investment while maintaining appropriate regulatory oversight through FEMA rules and other applicable laws.
Amendment of Act 43 of 1961 The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020, introduces significant amendments to the Income-tax Act, 1961, effective from April 1, 2021. Key changes include modifications in residency criteria, exemptions, and definitions related to taxation of non-residents and specified funds. The Act also revises procedures for registration and approval of trusts and institutions, emphasizing compliance and verification. Additionally, it introduces faceless assessment and inquiry processes to enhance efficiency and transparency, and mandates the use of technology to minimize direct interactions between taxpayers and authorities, aiming for a streamlined tax administration system.
Amendment in Notification No. S.O 3265 (E) dated the 12th September, 2019 The notification amends the previous notification dated September 12, 2019, regarding the Income Tax Act's faceless assessment scheme. Key changes include substituting "E-assessment" with "Faceless Assessment" and outlining the procedures for assessments under this scheme. The National e-Assessment Centre will manage assessments, assign cases, and handle communications with assessees. The process involves automated allocation, digital communication, and provisions for video conferencing for hearings. The notification also details the roles of various units and procedures for handling draft assessment orders, penalties, and appeals. It emphasizes digital authentication and sets standards for the e-assessment process. The changes are effective from the date of publication.
Minutes of the 40th GST Council Meeting held on 12th June, 2020 The 40th GST Council Meeting, chaired by the Finance Minister, was held on June 12, 2020, via video conference. Key agenda items included confirming the 39th meeting minutes, reviewing the revenue position, and discussing recommendations from the Law Committee. These included amendments to the CGST Rules, proposals for extending deadlines for registration cancellations, and reducing late fees and interest rates for small taxpayers. The Council also discussed creating State and Area Benches of the GST Appellate Tribunal in Uttar Pradesh, the quarterly report of the National Anti-Profiteering Authority, and the constitution of Grievance Redressal Committees. The issue of inverted duty structures in key sectors was deferred. The Council agreed to hold a separate meeting to discuss compensation to States due to revenue shortfalls exacerbated by the COVID-19 pandemic.
2019 (8) TMI 559 - ITAT MUMBAI Approval u/s 10(23C)(vi) rejected - Reason for denial of approval primarily is, the assessee cannot be considered to be an Educational Institution, as it does not provide any formal education as is provided in Schools, Colleges, etc - HELD THAT:- From the facts on record, it emerges that the assessee was incorporated in the year 1928 with the main object of imparting the study of theory of banking and for that purpose to institute a scheme of examination and to give certificates, scholarship and... ... ...
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