Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: form 3cd :: TDS :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: due date for vat payment :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: VAT Audit :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company
 
 
Direct Tax »
 Hopeful of meeting direct tax collection target for this financial year: CBDT
 Bengaluru tops in income tax probes after demonetisation
 Income Tax department rejects black money disclosures of over Rs 2 lakh crore
 CBDT urges people to protect bank accounts from 'unscrupulous elements'
 No change in gold seizure norms in proposed I-T Law amendments
 Direct tax collection will get a long-term boost, Franklin Templeton says
 I-T Act amendments upset calculations of cash hoarders
 Claim tax benefit on costs incurred to evict tenants
 The Integrated Goods And Services Tax Act, 2016
 Here’s what Income Tax Department did leading up to demonetisation
 I-T department asks IDS declarants to pay tax by November 30

Key Direct Tax Amendments To Finance Bill, 2013
May, 04th 2013

This EY Tax Alert summarises certain significant direct tax amendments to Finance Bill, 2013 (FB 2013) which has now been passed by the Lok Sabha (the lower house of Parliament). As a process, FB 2013 would also need to be approved by the Rajya Sabha (upper house of Parliament) and assented by the President of India before it is enacted as law.

The Indian Finance Minister (FM) had presented Finance Bill, 2013, as part of the Union Budget 2013-14, to Parliament on 28 February 2013. FB 2013 contained a number of far-reaching proposals to amend the Indian Tax Laws (ITL) such as providing that Tax Residency Certificate is necessary but not sufficient for claiming tax treaty benefits, levy of Commodities Transaction Tax, increase in tax rate for royalty and fees for technical services, additional tax on buy back of shares of unlisted company, tax withholding on immovable property etc. Having regard to representations made by various stakeholders on the adverse impact of various proposals and/or to correct certain anomalies, amendments have been made to FB 2013 at the enactment stage.

Immediately after presentation of FB 2013 on 28 February 2013, the Ministry of Finance had clarified, vide a Press Release dated 1 March 2013, that the proposed amendment regarding TRC being necessary but not a sufficient condition did not intend to dilute the existing legal position on validity of TRC and the TRC would continue to be accepted as an evidence of the taxpayer’s residency. It was also clarified that the intent of the provision was to ensure that furnishing of TRC should not preclude the Tax Authority from looking into beneficial ownership of the recipient in the matter of interest, royalty etc. It was also assured that concerns of taxpayers on language can be addressed suitably when FB 2013 is taken up for consideration. While the proposal of TRC being necessary but not sufficient for treaty benefit has not been enacted, one would need to wait for notification of the Rules to ascertain the requirement of additional documents/information which are to be furnished in support of treaty claim.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Work Flow Workflow Software Software Automation Workflow automation Software Design Workflow Design Business Work Flow Workflow automation tools

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions