Union Budget 2016 will be presented on February 29

The Budget Session of Parliament will commence on February 23 that will focus largely on the financial business of the government, which will present the general budget on February 29.  The budget session of parliament will commence on February 23. The Rail Budget will be presented on February 25, the pre-budget economic survey on February 26 and theGeneral budget on February 29. “The first part of Budget session will end on March 16 and the second part will be convened from April 25 to May 13,” Parliamentary Affairs Minister Venkaiah Naidu told reporters after the meeting of CCPA.  

RBI proposes Changes in Timeframe for Issue of Shares and Reporting of FDI; Invites Comments from Stakeholders

The Reserve Bank of India has proposed certain changes in respect of the time frame for issue of shares to align the provisions of Foreign Exchange Management Act, 1999 which requires an investee company receiving Foreign Direct Investments to issue shares within 180 days of receipt of foreign investment with the provisions of the Companies Act, 2013 and in respect of filing of report with the Reserve Bank regarding receipt of foreign investment and issue of shares and to further streamline the compliance process, as below: S. No. Paragraph of Schedule 1 Proposed Amendments 1 8 Time frame for issue of shares: At the time of filing FC-GPR the investee company shall be required to submit a certificate from a practising Company Secretary/Chartered Accountant to the effect that provisions of section

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Procedure, Formats and Standards for ensuring secured transmission of electronic communication to taxpayer

  DGIT(S)/DIT(S)-3/AST/Paperless Assessment Proceedings/96/2015-1 Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income Tax (Systems) Notification No. 2/2016 New Delhi, 3rd day of February, 2016 Subject: Procedure, Formats and Standards for ensuring secured transmission of electronic communication -reg. Sub-Section (1) of Section 282 of the Income Tax Act 1961, (the Act) provides that the service of a notice or summon or requisition or order or any other communication under the Act (hereafter in this section referred to as “communication”) may be made by delivering or transmitting a copy thereof, to the person therein named,— (a) by post or by such courier services as may be approved by the Board; or (b) in such manner as provided under the Code of Civil Procedure, 1908 (5 of

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Steps taken by Income Tax Department for safeguarding taxpayers from Phishing email – regarding

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 5th February, 2016 Sub:– Steps taken by Income Tax Department for safeguarding taxpayers from Phishing email – regarding The Income Tax Department has been at the forefront of using technology in implementing its – e-Governance initiatives. Most of its routine communication to taxpayers is through email and SMS. Therefore, the Department is very sensitive and alert to attempts made by fraudsters to spoof the Department’s identity to send phishing emails. To ensure that taxpayers are aware that the Department does not seek any confidential or financial information of the taxpayer over email, the below mentioned advisory has been prominently displayed on the national website: “The Income Tax Department NEVER asks for your

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Export of material/equipment under bond, without payment of Central Excise duty, for Kholongchhu Hydro-Electric Project (KHEP) in Bhutan allowed

Seeks to amend Notification No. 45/2001 – CE (NT) dated 26th June, 2001, as amended, to allow export of material/equipment under bond, without payment of Central Excise duty, for Kholongchhu Hydro-Electric Project (KHEP) in Bhutan   Government of India Ministry of Finance (Department of Revenue) Notification No. 3/2016-Central Excise (N.T.) New Delhi the 3rd February, 2016 G.S.R. (E).- In exercise of the powers conferred by sub-rules (1) and (3) of rule 19 of the Central Excise Rules, 2002, the Central Board of Excise and Customs hereby makes the following further amendment in the notification of the Government of India, in the Ministry of Finance, Department of Revenue, No. 45/2001-Central Excise (N.T.), dated the 26th June, 2001 published in the Gazette of India, Extraordinary vide number G.S.R. 474(E), dated the 26th June, 2001,namely:- In the

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Reg. Refund of service tax on services used beyond factory for export of goods

Seeks to amend notification No. 41/2012- ST, dated the 29th June, 2012 so as to allow refund of service tax on services used beyond the factory or any other place or premises of production or manufacture of the said goods for the export of the said goods and to increase the refund amount commensurate to the increased service tax rate.   [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION(i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 01/2016-Service Tax New Delhi, the 3rd February, 2016 G.S.R.….(E).– In exercise of the powers conferred by section 93A of the Finance Act, 1994 (32 of 1994), the Central Government, hereby makes following amendments in the notification of the Government of India in the Ministry of Finance (Department of

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

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION(i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 02/2016-Service Tax New Delhi, the 3rd February, 2016 G.S.R.….(E).– In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994), read with sub-section (5) of section 119 of the Finance Act, 2015 (20 of 2015), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes following further amendments in the  notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 12/2013 – Service Tax, dated the 1st July, 2013 , published in the Gazette of India, Extraordinary, vide number G.S.R. 448(E), dated the 1st July, 2013, namely:- In the said

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

Seeks to amend notification No. 39/2012- ST, dated the 20th June, 2012 so as to provide for rebate of Swachh Bharat Cess paid on all services, used in providing services exported in terms of rule 6A of the Service Tax Rules.   [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION(i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 03/2016-Service Tax New Delhi, the Dated- 3rd February, 2016 G.S.R.….(E).– In exercise of the powers conferred by rule 6A of the Service Tax Rules, 1994, the Central Government, hereby makes following amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 39/2012 – Service Tax, dated the 20th June, 2012, published in the Gazette of India, Extraordinary, vide number G.S.R. 481(E), dated

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Swachh Bharat Cess not to be paid out of Cenvat Credit & credit of service tax paid on sale of dutiable goods on commission basis

Seeks to amend CENVAT Credit Rules, 2004, so as to i. specify that the Cenvat credit of any duty specified in sub-rule (1) shall not be utilized for payment of the Swachh Bharat Cess. ii. allow credit of service tax paid on sale of dutiable goods on commission basis. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) NOTIFICATION No. 02/2016-Central Excise (N.T.) New Delhi, the 3rd February, 2016 G.S.R.—(E).– In exercise of the powers conferred by section 37 of the Central Excise Act, 1944 (1 of 1944) and section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the CENVAT Credit Rules, 2004, namely : – 1. (1) These rules may be called theCENVAT Credit (Second Amendment) Rules,

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Services by way of hiring of vehicles to be used by employees for their movement within refinery premises or for outward travelling in connection with business, eligible for input service credit

Principal Commissioner Vs. Essar Oil Ltd. [2016 65 taxmann.com 5 (Gujarat)]   Facts: Essar Oil Ltd. (the Respondent) has availed Cenvat credit of Service tax paid on various services, such as ‘Rent-a-Cab’, ‘Tour Operators’, and ‘Travel Agent’ hired by them (the Impugned input services) which were used by their employees for their movement within the refinery premises or for outward travelling in connection with business. However, the Department denied the Cenvat credit on the ground that the impugned input services cannot be described as having been used in or in relation to manufacturing and clearances of final products.   Held: The Hon’ble High Court of Gujarat has held that cost of the impugned input services was borne by the Respondent which also formed a part of the value of the

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