Thursday, 4 February 2016

TAX & ECONOMY Updates


📌TAX & ECONOMY

 ✌🏻Atulesh Jindal to take over as new CBDT chairman.

✌🏻 Rebate of Swachh Bharat Cess paid on all services, used in providing services exported.

✌🏻Refund of Swachh Bharat Cess paid on specified services used in a SEZ.

✌🏻 Income from transfer of right to use agricultural land is exempt even if its end use is for non-agricultural purposes.

✌🏻 Payment made for supply of building material isn't liable to TDS.

✌🏻 Govt. sets up a common ‘Tax Research Unit’ to deal with direct and indirect tax policies.

✌🏻Bihar Govt. grants interest for delay of 60 days in payment of VAT refund.

✌🏻 Andhra Pradesh Govt. levies 0.5% VAT on sale of HSD to foreign going international ships.

✌🏻Bombay HC is appropriate authority under Excise Act for union territory of Dadra, Nagar and Haveli.

✌🏻 Don’t pay taxes if Government fails to curb corruption, says Nagpur bench of Bombay High Court. [ANI]

✌🏻 Taxpayers may refuse to pay taxes and launch non-cooperation movement if corruption continues: Bombay HC

✌🏻 Delhi VAT: Expeditious disposal of refund cases of amount upto Rs. 10,000

✌🏻Govt may re-impose customs duty on crude oil imports.

✌🏻Education cess is not an allowable deduction U/s. 37(1) of I.T.Act, 1961

✌🏻Govt. releases integrated Central Excise and Service Tax Audit Manual

✌🏻IEC code can now be applied with only Two Documents.

✌🏻GST bill: Government will leave no stone unturned, says Venkaiah Naidu.

✌🏻FM Arun Jaitley pushes GST, reassures on back taxes⁠.

✌🏻Now Rajasthan VAT dealers have discretion to declare business manager.