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Latest India Tax News 9 February 2017

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  • Latest India Tax News 9 February 2017

    1. CBDT clarified that refunds to be withheld only in doubtful scrutiny cases: Beginning next financial year, the tax department will withhold refund only in exceptional circumstances like an apprehension that the assessee might flee the country.
    2. India and Austria Sign a protocol amending the India-Austria Double Taxation Avoidance Convention. The protocol will broaden the scope of the existing framework of exchange of tax related information.
    3. Under GST Inter-state supply of less than Rs 50,000 where address of buyer is not available in records of supplier, shall be treated as Intra-state supply.
    4. Withdrawal of exemption from service tax on cross border B2C (business to consumer) OIDAR (Online information and database access or retrieval) services provided online/electronically from a non-taxable territory to consumers in taxable territory in India-reg. Circular No. 202/12/2016-Service Tax.
    5. SEBI has prescribed Integrated Reporting by Listed Entities through which it has mandated the requirement of submission of Business Responsibility Report (‘BRR’) for top 500 listed entities under Regulation 34(2)(f) of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 ("SEBI LODR").
    6. RBI releases revised draft directions on Commercial Papers (CPs) for Public Comments. CPs were introduced to enable corporate borrowers to diversify their sources of short-term borrowings as also to provide an additional instrument to investors.
    7. Join 67th ANNUAL FUNCTION of ICAI today 4PM-6PM 8th FEBRUARY, 2017 with 2 HOURS CPE CREDIT Address on "GST and Union Budget-2017" by CA. Upender Gupta, IRS Commissioner (GST) and CA. Girish Ahuja 2PM-4PM at Vigyan Bhawan, New Delhi
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