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 establishing PoEM.business and majority ofboard meeting in India will be considered a tax resident. The rules will not apply to companies with a turnover or gross receipts of ~50 crore or less in a financial year. “The intent is to target shell companies and accounting outsourcing companies in India created for retaining income outside India although real control and management of affairs is located in India,” the Central Board of Direct Taxes (CBDT) said in a release. The rules will come into effect from assessment year 2017-18, which essentially means the current financial year. Tax consultancy firms in Delhi pitched for a deferment raising compliance concerns because the rules were issued in the tenth month of the financial year.
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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 delhi ncr credit on ATF under the GST regime.
“The issue has to be identified, flagged and the ministry has flagged it with the finance ministry in indirect taxation in India. They have to take a call on it, what to do, how to go about it. Anywhere between 40-45per cent of the operating costs are fuel. If fuel is high taxed and that too with no set offs, they will be in trouble,” the minister said.
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Net direct tax collections during the April-August period has grown 15.03 per cent to Rs 1.89 lakh crore, led by robust collections in personal income tax.
Direct taxes, which include corporate income tax and personal income tax, collection in the first five months till August is 22.30 per cent of Budget estimates for the full fiscal.
“The figures for direct tax collections up to August, 2016 show that net revenue collections are at Rs 1.89 lakh crore which is 15.03 per cent more than the net collections for the corresponding period last year the CBDT said in a statement.
The gross collection of Corporate Income Tax (CIT) grew at 11.55 per cent, while that under personal income tax (PIT) it was 24.06 per cent.
However, after adjusting for refunds, the net growth in CIT collections is (-)1.89 per cent while that in PIT collections is 31.76 per cent in chartered accountant in Delhi.
Refunds amounting to Rs 77,080 crore have been issued during April-August, which is 22.18 per cent higher than the refunds issued during the corresponding period last year.
Authorities have cautioned taxpayers about a fraudulent order extending the date for filling audit report and return of income for 2015-16. The income tax department has clarified that circulation of a fake order dated September 26 for extension of due date for filling of audit report and return of income for assessment year 2015-16 is fraudulent, a government statement said.
The government has not extended the due date for filling of returns and audit report due by September 30.2015 tax payers and practitioners are advised not to give any credence to the fraudulent order. The fake order extends the due date for filling of audit report under section 119 of the Income-tax Act to October 15, 2015.
It is clarified the order is fraudulent. The government has not extended the due date for filling of returns and audit report due by 30th September 2015. Tax payer and practitioners are advised not to give any credence to the fraudulent order chartered accountant in Delhi.
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Multiple options. Contradictory advice. And a deadline that’s approaching fast. Many taxpayers find themselves in this situation at the beginning of the year when they have to make tax-saving investments.
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