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Latest India Tax News 07 December 2016

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  • Latest India Tax News 07 December 2016

    1.CBDT has clarified the new provision regarding chargeability of tax on jewellery which is being introduced through Taxation Laws (Second Amend) Bill, 2016 to enhance the tax rate from 30% to 60% plus surcharge of 25% and cess thereon.

    2.The new software developed by the branch office in India and then transmitted to the head office situated outside India on arm’s length price will amount to export sale under Section 10A. DDIT vs. Virage Logic International, High Court of Delhi.

    3.The Finance Ministry on Monday made it mandatory for all government departments to make payments above Rs 5,000 through e-Payment facility and not cash. In a statement, the ministry has directed all the departments to implement the fresh order with immediate effect.

    4.RBI has announced the auction of the 35 days Government of India Cash Management Bills for a notified amount of Rs. 60,000 crore on December 05, 2016 using "Multiple Price Auction" method.

    5.The Central Government has designated Benches of the NCLT to exercise the Jurisdiction, powers and authority of the Adjudicating Authority conferred by or under Part II of the Bankruptcy Code, 2016. w.e.f 1st December, 2016.

    6.NIRC of ICAI is organizing a Seminar on GST on 10 December (Sat) at 9.45 AM at India Habitat Centre (Stein Auditorium), Lodhi Road, Delhi. pay at www.nircseminars.org.

    7.Extension of last date for submission of application forms for Information Systems Audit-Assessment Test (ISA-AT), up to 10th December 2016.
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