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    December 31, 2016
    The President of India approves the Promulgation of the Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016 today;
    December 30, 2016
    India and Singapore Sign a Third Protocol for Amending the Double Taxation Avoidance Agreement (DTAA)
    December 30, 2016
    Department of Economic Affairs, Ministry of Finance releases Quarterly Statistics on India’s External Debt for the Quarters at end-September 2016; I...
    December 30, 2016
    Change in Tariff Value of Crude Palm Oil, RBD Palm Oil, Others – Palm Oil, Crude Palmolein, RBD Palmolein, Others – Palmolein, Crude Soyabean Oil,...
    December 30, 2016
    Two More Advance Pricing Agreements signed by the Central Board of Direct Taxes
    December 29, 2016
    Statement made by the Union Finance Minister Shri Arun Jaitley on Remonetisation and its impact
    December 28, 2016
    Direct tax collections in Mumbai, Delhi in single digit
    December 28, 2016
    Comments/suggestions invited from the members of public on the Report of the Committee on Digital Payments within 15 days of hosting the Report on the...
    December 26, 2016
    Major Initiatives and Accomplishments of Department of Commerce(DOC)-2016
    December 26, 2016
    Government of India kick-starts the awards of the Lucky Grahak Yojana and Digi-Dhan Vyapar Yojana
    December 25, 2016
    Income Declaration Scheme - Post Demonetization
    December 23, 2016
    Reporting Cash Transactions under Rule 114E of Income –tax Rules, 1962
    December 23, 2016
    Payments towards Tax, Penalty, Surcharge and Deposit under PMGKY 2016 in Old Demonetised Currency
    December 22, 2016
    Income Tax Department Identifies 67.54 lakh Potential Non-Filers for F.Y. 2014-15
    December 22, 2016
    I-T Dept cautions taxpayers against sharing user ID, password
    December 21, 2016
    In order to further promote digital and card payments, Department of Financial Services, Ministry of Finance issues direction in public interest all P...
    December 21, 2016
    I-T detects ₹ 3,185 cr black income; seizes ₹ 86cr new notes
    December 21, 2016
    FM: India remains a bright point in global economy and BRICS in particular despite the slowdown in global economy in 2016
    December 21, 2016
    Measures for Promoting Digital Payments & Creation of Less-Cash Economy: Benefit of lower rate of Income Tax on digital turnover for small businesses
    December 21, 2016
    FM: Current Financial Year 2016-17 is not a conventional year as major reformative decisions have been taken; There is need for out of box thinking; D...
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    News
    All› Income Tax › Income Tax - 2016
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    December 31, 2016
    The President of India approves the Promulgation of the Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016 today;
    Show AI Summary
    Cessation of liability for demonetised banknotes: government and central bank obligations end after exchange period, penalties then apply.
    The Ordinance terminates Reserve Bank and Central Government liabilities for demonetised Specified Bank Notes after the exchange period while permitting limited late deposits by persons who were abroad during the exchange window, subject to foreign exchange limits and customs declaration requirements; it also prescribes fines for false declarations and for holding, transferring or receiving such notes after the prescribed period.
    December 30, 2016
    India and Singapore Sign a Third Protocol for Amending the Double Taxation Avoidance Agreement (DTAA)
    Show AI Summary
    Source-based taxation of capital gains shifts share-transfer tax to the source country with transitional grandfathering and MAP access.
    The Protocol amends the DTAA to convert taxation of capital gains on transfer of shares to source-based taxation effective from 1 April 2017, with a grandfathering clause for pre-effective-date investments subject to Limitation of Benefits conditions and a two-year transition regime imposing a reduced tax rate in the source country. It also adds provisions to relieve economic double taxation in transfer pricing cases by expanding MAP access and confirms application of domestic anti-avoidance measures and prevention of tax evasion.
    December 30, 2016
    Department of Economic Affairs, Ministry of Finance releases Quarterly Statistics on India’s External Debt for the Quarters at end-September 2016; India’s External Debt at end-September 2016 stock stood at US$ 484.3 billion, recording a decline of US$ 0.8 billion (0.2 per cent) over the level at end-March 2016
    Show AI Summary
    External debt statistics show slight decline over prior period with long term debt dominance and lower short term ratios.
    Quarterly statistics on India's external debt at end-September 2016 report a marginal contraction in aggregate external liabilities compared with end-March 2016 and a sequential increase from end-June 2016. Total external debt stood at US$ 484.3 billion, driven by reductions in commercial borrowings and short term external debt, with long term borrowings constituting 83.2% of the total and short term debt 16.8%. Short term debt ratios to foreign exchange reserves declined modestly while the share of concessional debt remained around 9-9.4%.
    December 30, 2016
    Change in Tariff Value of Crude Palm Oil, RBD Palm Oil, Others – Palm Oil, Crude Palmolein, RBD Palmolein, Others – Palmolein, Crude Soyabean Oil, Brass Scrap (All Grades), Poppy Seeds, Areca Nuts, Gold And Silver Notified
    Show AI Summary
    Tariff value revision updates customs valuation for specified edible oils, metals and agricultural imports under amended tables.
    Amendment to Customs tariff valuation under section 14(2) substitutes revised Tables 1-3 in the existing notification, setting new tariff values for specified imported commodities including agricultural oils, brass scrap, poppy seeds, areca nuts, and unit valuations for gold and silver where notification benefits are claimed.
    December 30, 2016
    Two More Advance Pricing Agreements signed by the Central Board of Direct Taxes
    Show AI Summary
    Advance Pricing Agreements provide transfer pricing certainty through new unilateral APAs covering IT and automobile international transactions.
    The Central Board of Direct Taxes has executed two additional unilateral Advance Pricing Agreements covering international transactions in Information Technology and Automobile sectors, including software development, IT enabled services, manufacturing and business support services. The APA scheme, introduced in 2012 with rollback provisions from 2014, pre specifies pricing methods to provide transfer pricing certainty and is promoted as strengthening a non adversarial tax regime while attracting substantial taxpayer interest.
    December 29, 2016
    Statement made by the Union Finance Minister Shri Arun Jaitley on Remonetisation and its impact
    Show AI Summary
    Remonetisation impact: increased bank liquidity and higher tax receipts indicating strengthened fiscal resources.
    Remonetisation has led to widespread replacement of pre-November 8 currency, with the RBI providing sufficient liquidity and banks and post offices distributing new notes to restore circulation. Resulting higher bank deposits have expanded banks' lending capacity. Fiscal receipts show growth: direct tax collections increased around 13.6-14.4 percent to December 19, and central indirect taxes rose about 26.2 percent to November 30 (excise ~43.5%, service tax ~25.7%, customs ~5.6%). Other indicators-rabi sowing, life insurance business, tourism, air traffic, petroleum consumption, and mutual fund inflows-have also risen.
    December 28, 2016
    Direct tax collections in Mumbai, Delhi in single digit
    Show AI Summary
    Direct tax collections: Mumbai and Delhi saw single-digit growth while most other zones recorded double-digit increases.
    Direct tax collections in the Mumbai and New Delhi zones registered single-digit growth during the reporting period, while national net revenue collections and multiple other zonal jurisdictions showed stronger average double-digit increases. Mumbai-responsible for a large share of total collections-underperformed relative to many other regions; Bengaluru, Chennai, Kolkata, Pune and Thane recorded notable double-digit growth, producing a higher overall national growth rate than seen in Mumbai and New Delhi.
    December 28, 2016
    Comments/suggestions invited from the members of public on the Report of the Committee on Digital Payments within 15 days of hosting the Report on the website
    Show AI Summary
    Public consultation on digital payments report invites stakeholder comments to inform decision-making; send feedback to the designated government email.
    Members of the public are invited to submit comments and suggestions on the Committee on Digital Payments Report after it was uploaded to the Ministry of Finance website; feedback should be sent to the Coin and Currency Division at the designated email address within the specified comment period, and the Department of Economic Affairs will consider comments received before taking a decision on the Report.
    December 26, 2016
    Major Initiatives and Accomplishments of Department of Commerce(DOC)-2016
    Show AI Summary
    Trade Facilitation Agreement compliance advances streamlined customs procedures and data sharing to support export facilitation and e market procurement.
    Department of Commerce pursues export growth and trade competitiveness through strategic priorities - export and market diversification, FTAs, infrastructure and credit enhancement - and operational measures including launch of the Government E Marketplace (GeM), ratification and Category A notification under the Trade Facilitation Agreement with a National Committee to coordinate implementation, and MOUs for data sharing between DGFT, GSTN, state tax departments and central agencies to streamline export processing.
    December 26, 2016
    Government of India kick-starts the awards of the Lucky Grahak Yojana and Digi-Dhan Vyapar Yojana
    Show AI Summary
    Digital payment incentives launch consumer and merchant reward schemes to accelerate nationwide adoption and reduce cash dependence.
    The government launched Lucky Grahak Yojana and Digi Dhan Vyapar Yojana to incentivise digital payments by awarding monetary rewards for transactions using RuPay, UPI, AEPS and USSD. NITI Aayog and NPCI implement the schemes with daily, weekly and mega draws delivered through DigiDhan Melas across 100 cities, combined with measures to reduce transaction costs, expand card and POS supply, and provide training and handholding to drive mass adoption and formalisation of the economy.
    December 25, 2016
    Income Declaration Scheme - Post Demonetization
    Show AI Summary
    Income Declaration Scheme: statutory tax and penalty framework for undisclosed income and voluntary deposit regularisation.
    The Income Declaration Scheme post demonetization is governed by provisions addressing cash credits, unexplained investments, unexplained money and expenditure, undisclosed amounts not in books, and a specific tax on such unexplained income, operating alongside general tax rates and penalty regimes for under reporting, misreporting, failure to maintain records, and search related penalties; the scheme also interfaces with Pradhan Mantri Garib Kalyan Yojana deposit and taxation rules and the benami transactions prohibition framework.
    December 23, 2016
    Reporting Cash Transactions under Rule 114E of Income –tax Rules, 1962
    Show AI Summary
    Cash transaction reporting: per transaction reporting applies and aggregation of receipts is not required for SFT compliance.
    Persons subject to statutory audit must report cash receipts for sale of goods or services when cash received in a single transaction exceeds the prescribed threshold; aggregation of multiple receipts is not required and each qualifying receipt must be reported under the Statement of Financial Transactions.
    December 23, 2016
    Payments towards Tax, Penalty, Surcharge and Deposit under PMGKY 2016 in Old Demonetised Currency
    Show AI Summary
    Payment in Old Currency allowed for tax, surcharge, penalty and deposit under PMGKY when made via designated challan.
    Payments of tax, surcharge, penalty and deposits under the Pradhan Mantri Garib Kalyan Yojana must be made through the designated challan and deposit instrument established for the Scheme; for a limited period after commencement these payments may be made in specified old bank notes issued by the Reserve Bank of India, subject to the Scheme's procedural channels.
    December 22, 2016
    Income Tax Department Identifies 67.54 lakh Potential Non-Filers for F.Y. 2014-15
    Show AI Summary
    Non-filer identification: tax authority uses data matching to notify taxpayers with high value transactions for electronic compliance response.
    The Income Tax Department's Non-filers Monitoring System uses data matching of AIR, CIB and TDS/TCS records to identify persons with high value transactions who did not file returns; identified PAN holders are shown their information in a Compliance Module on the e filing portal, may respond electronically and retain a copy, and the Department intends to continue using analytics-driven identification and follow-up to secure compliance.
    December 22, 2016
    I-T Dept cautions taxpayers against sharing user ID, password
    Show AI Summary
    Credential security: sharing TRACES login details creates liability and privacy risks, so protect passwords and digital signatures.
    Advisory requires taxpayers to keep TRACES user IDs and passwords confidential and warns that both account holders and any persons with whom credentials are shared will be liable for misuse. It highlights risks of tampering with TDS/TCS data and privacy breaches, instructs against using others' credentials, and prescribes password complexity, prohibition on password reuse, and avoidance of insecure storage. Digital Signature Certificates must be protected with equivalent security.
    December 21, 2016
    In order to further promote digital and card payments, Department of Financial Services, Ministry of Finance issues direction in public interest all Public Sector Banks(PSBs) not to charge fees for transactions settled on Immediate Payment Service (IMPS) and Unified Payments Interface (UPI) in excess of rates charged for National Electronic Funds Transfer (NEFT) for transactions above ₹ 1000/-, with service tax being charged at actual;
    Show AI Summary
    Digital payments fee cap: PSBs barred from charging IMPS and UPI fees above NEFT rates, service tax actuals.
    The Department of Financial Services directs Public Sector Banks that PSBs shall not charge fees for transactions settled on Immediate Payment Service (IMPS) and Unified Payments Interface (UPI) in excess of rates charged for National Electronic Funds Transfer (NEFT) for transactions above the specified threshold, with service tax charged at actuals; for Unstructured Supplementary Service Data (USSD) transactions above the threshold, a further discount of fifty paise on these rates shall apply, and the direction is temporally limited.
    December 21, 2016
    I-T detects ₹ 3,185 cr black income; seizes ₹ 86cr new notes
    Show AI Summary
    Tax enforcement action detects undisclosed income and seizes new currency; cases referred for wider financial-crime probes.
    Income-tax authorities carried out nationwide searches, surveys and enquiries after demonetisation, issuing notices for tax evasion and hawala-like dealings, seizing new currency, cash and jewellery and detecting substantial undisclosed income; they referred cases to sister agencies for money-laundering and corruption probes and instructed field formations to deposit seized new notes into banks while coordinating with banks, the regulator and local police.
    December 21, 2016
    FM: India remains a bright point in global economy and BRICS in particular despite the slowdown in global economy in 2016
    Show AI Summary
    Bank recapitalization urged; policy measures proposed to strengthen liquidity, incentivize digital payments and mandate wage payments via banking.
    Pre budget consultations urged recapitalization of banks and full tax exemption for NPA provisioning to shore up balance sheets, alongside targeted tax relief to protect senior citizens' deposit income and tax rebates to incentivize merchant and consumer digital transactions. Implementation proposals included a Central Registry for GST compliance by pan India banks, incentives for digital acceptance infrastructure, service tax exemption for banking correspondent transactions, digitization of cooperative and regional rural banks, capitalization of NABARD, and the creation of sectoral funds for dairy infrastructure and agri start ups.
    December 21, 2016
    Measures for Promoting Digital Payments & Creation of Less-Cash Economy: Benefit of lower rate of Income Tax on digital turnover for small businesses
    Show AI Summary
    Lower presumptive tax rate on digital turnover reduces taxable income and encourages digital payments for small businesses.
    The government reduced the presumptive profit rate under Section 44AD for receipts made by cheque or other digital means from eight percent to six percent for eligible small businesses up to the turnover ceiling, lowering taxable income and tax payable compared with cash receipts. The change interacts with Section 80C deductions and is intended to promote digital payments, improve bookkeeping, and facilitate access to bank finance, with illustrative scenarios showing reduced tax liabilities and a stated effective zero-tax outcome at a lower turnover threshold after Section 80C.
    December 21, 2016
    FM: Current Financial Year 2016-17 is not a conventional year as major reformative decisions have been taken; There is need for out of box thinking; Doesn’t see any serious challenges as far as structural changes are concerned
    Show AI Summary
    Bank recapitalization and tax exemption for NPA provisioning proposed to strengthen banks and support post demonetization recovery.
    The meeting produced operational proposals focusing on fiscal and regulatory measures: bank recapitalization and full tax exemption for NPA provisioning to strengthen bank balance sheets; capitalization support for development finance institutions including NABARD; creation of a Dairy Infrastructure Development Fund and a Krishi Udyam Nidhi for agri start ups; and targeted venture funds for Scheduled Castes and Scheduled Tribes. It also proposed a Central Registry for GST compliance for nationwide banks, incentives and tax rebates to promote digital payments and merchant adoption, mandatory wage payments through banking or digital channels, urgent digitization of rural cooperative banks, and targeted support for vulnerable rural sectors and low cost housing finance.

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      Income Tax

      Change in Tariff Value of Crude Palm Oil, RBD Palm Oil, Others – Palm Oil, Crude Palmolein, RBD Palmolein, Others – Palmolein, Crude Soyabean Oil, Brass Scrap (All Grades), Poppy Seeds, Areca Nuts, Gold And Silver Notified

      December 30, 2016

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      In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Customs (N.T.), dated the 3rd August, 2001, published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S. O. 748 (E), dated the 3rd August, 2001, namely:-

      In the said notification, for TABLE-1, TABLE-2, and TABLE-3 the following Tables shall be substituted namely:-

      “TABLE-1

      Sl. No.

      Chapter/ heading/ sub-heading/tariff item

      Description of goods

      Tariff value (US $Per Metric Tonne)

      (1)

      (2)

      (3)

      (4)

      1

      1511 10 00

      Crude Palm Oil

      793

      2

      1511 90 10

      RBD Palm Oil

      798

      3

      1511 90 90

      Others – Palm Oil

      796

      4

      1511 10 00

      Crude Palmolein

      802

      5

      1511 90 20

      RBD Palmolein

      805

      6

      1511 90 90

      Others – Palmolein

      804

      7

      1507 10 00

      Crude Soya bean Oil

      892

      8

      7404 00 22

      Brass Scrap (all grades)

      3218

      9

      1207 91 00

      Poppy seeds

      2545

      TABLE-2

      Sl. No.

      Chapter/ heading/ sub-heading/tariff item

      Description of goods

      Tariff value

      (US $)

      (1)

      (2)

      (3)

      (4)

      1

      71 or 98

      Gold, in any form, in respect of which the benefit of entries at serial number 321 and 323 of the Notification No. 12/2012-Customs dated 17.03.2012 is availed

      372 per 10 grams

      2

      71 or 98

      Silver, in any form, in respect of which the benefit of entries at serial number 322 and 324 of the Notification No. 12/2012-Customs dated 17.03.2012 is availed

      526 per kilogram 

      TABLE-3

      Sl. No.

      Chapter/ heading/ sub-heading/tariff item

      Description of goods

      Tariff value

      (US $ Per Metric Tonne )

      (1)

      (2)

      (3)

      (4)

      1

      080280

      Areca nuts

      2613

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