Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 30th December, 2016. Press Release India and Singapore Sign a Third Protocol for Amending the Double Taxation Avoidance Agreement (DTAA) India and Singapore have amended the DTAA for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income, by signing a Third Protocol today. This is in line with India’s treaty policy to prevent double   [….]
Press Release : http://www.incometaxindia.gov.in/Lists/Press%20Releases/Attachments/578/India-Singapore-Sign-Third-Protocol-Amending-DTAA-30-12-2016.pdf

Direct Tax Dispute Resolution Scheme- 2016 Extended up to 31st Jan, 2017

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 30th December, 2016. Press Release Direct Tax Dispute Resolution Scheme- 2016 Extended up to 31st Jan, 2017 In order to reduce the pending litigation, the Direct Tax Dispute Resolution Scheme, 2016 (the Scheme) was introduced by the Finance Act, 2016. The Scheme came into force from 1st June, 2016 vide notification S.O. 1902(E) dated 26th May, 2016. 

 
Press Release:   http://www.incometaxindia.gov.in/Lists/Press%20Releases/Attachments/577/Direct-Tax-Dispute-Resolution-Scheme-2016-Extended-31-Jan-2017-30-12-2016.pdf

Direct Tax Dispute Resolution Scheme, 2016 extended till 31st Jan

TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) New Delhi, the 29th December, 2016 NOTIFICATION S.O. 4222(E).- In exercise of the powers conferred by section 202 of the Finance Act, 2016 (28 of 2016), the Central Government hereby amends the notification of the Ministry of Finance (Department of Revenue), number S.O.1902. 

Notification: http://www.incometaxindia.gov.in/communications/notification/notification124_2016.pdf
 

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 28th December, 2016 G.S.R. 1180(E).—In exercise of the powers conferred by section 85 read with section 32, section 74 and section 77 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (22 of 2015), the Central Board of Direct Taxes hereby makes the following rules, to amend the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Rules 2015.

Read More At….

http://www.bizbeginners.biz/gst/

 “To maximise ECONOMIC GAIN

&

minimize COMPLIANCE PAIN”

LESS TO MORE

• Increased economic activity and investment
• Fillip to ‘Make in India’ initiative and exports
• Generation of more employment
• Efficient neutralization of taxes to make our exports competitive

  MORE TO LESS

• Single tax to replace multiple levies
• Single tax leviable on goods and services
• Automated process to reduce human interface
• Reduced cost of compliances for  taxpayers
• Lesser logistics and inventory costs

Revised Draft Model GST Law and Draft IGST Law available in public domain.
The same can be accessed at www.cbec.gov.in , www.dor.gov.in or www.gst.in

 

S.O.4110(E).— In exercise of the powers conferred by section 285BA read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:— 1. (1) These rules may be called the Income-tax ( 35th Amendment) Rules, 2016. (2) They shall be deemed to have come into force from the 7th August, 2015. 2. In the Income-tax Rules, 1962, in rule 114F, in clause (1), in the Explanation,— (I) in clause (g), in sub-clause (D), for the words, brackets and letters “in sub-clause (ii)”, the words, brackets and letter “in sub-clause (B)” shall be substituted; (II) in clause (h),— ……
Read More..Income-tax ( 35th Amendment) Rules, 2016

Seeks to further amend notification No 12/2012-Customs dated 17.03.2012, so as to withdraw the exemption from Basic Customs Duty on import of Technitium-99m
Notification No 12/2012-Customs Amended

http://www.bizbeginners.biz/msme-2/

DATA MIGRATION FOR GST Existing taxpayers include taxpayers already registered under :- Central Excise Service Tax State Sales Tax or VAT (except exclusive liquor dealers if registered under VAT) Entry Tax Luxury Tax Entertainment Tax (except levied by the local bodies) One PAN allows one GST Registration in a State Enrolment under the GST is common for both Central GST and the State GST. The GST Common Portal has been made available to enable taxpayers enrol with GST  [….] Read more at:
http://www.cbec.gov.in/resources//htdocs-cbec/gst/ppt-regn-29102015.pdf;jsessionid=1B48FFE8E534D55F8637E9A3E06284AA