New tax norms target shell firms

The guidelines have a few safeguards that were not present in draft norms issued in 2015 such as a collegium of officers to vet whether companies are to be taxed on the basis of their place of effective management (PoEM) and test of active business. However, experts warned even then there could be subjectivity in … Continue reading New tax norms target shell firms

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Input tax Credit on ATF: Aviation Ministry Suggest Ways to Compensate Airlines

GST regime for the time being, airlines will not be able utilise credit on taxes paid on ATF – a key input which comprises over 40 per cent Union civil aviation minister Ashok Gajapathi Raju said his ministry has suggested various alternatives to the finance ministry to help compensate airlines that cannot take tax consultancy firms in … Continue reading Input tax Credit on ATF: Aviation Ministry Suggest Ways to Compensate Airlines

GST to Ease Loan Access For Millions of Firms Using Digitalised Data.

The new unified indirect taxation in India system, which is scheduled to be implemented later this year, will bring in millions of unorganized businesses on one platform. This would effectively, Nilekani believes, help them get loans Nilekani pointed out, though the country has over 60 million businesses, fewer than one million are incorporated and only … Continue reading GST to Ease Loan Access For Millions of Firms Using Digitalised Data.

Ordinance Likely To Amend Payment Of Wages Act.

A mid currency crunch, the government is mulling over bringing in an ordinance to amend the payment of wages Act for allowing business and industrial establishments to pay salaries through Cheques or by electronic modes. “The government may bring an ordinance to amend Payment of Wage Act, 1936, to nudge employers of certain industries to … Continue reading Ordinance Likely To Amend Payment Of Wages Act.

More Online Services May Face Google Tax

The government is likely to expand the scope of the equalisation levy, the so-called “Google tax”, to bring more digital transactions into the tax net in the upcoming budget to curb tax avoidance by multinational chartered accountant firms in mumbai. Online sales of goods and services; downloading of software, songs, movies and books; and online … Continue reading More Online Services May Face Google Tax

Authorized Persons to Exchange Old Notes Held By Foreigners Up To Rs 5,000 Till Dec 15.

Attention of Authorized Persons is invited to the A.P. (DIR Series) Circular No. 16 dated November 9, 2016 giving certain exemptions to foreign tourists visiting India. In super session of instructions issued therein, it has been decided that foreign citizens (i.e. foreign passport holders) can exchange foreign exchange for Indian currency notes up to a limit of … Continue reading Authorized Persons to Exchange Old Notes Held By Foreigners Up To Rs 5,000 Till Dec 15.