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: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: cpt :: VAT RATES :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: TDS :: ACCOUNTING STANDARDS :: form 3cd
« Direct Tax »
  CBDT issues second round of Certificates of Appreciation to tax payers for their contribution towards Nation building
 CBDT unveils norms for computing FMV of trust assets
 CBDT starts issuing second round of Certificates of Appreciation to tax payers
 Income Tax Department Launches SMS Alert Service on TDS Deductions
 Salaried taxpayers to get SMS alerts for TDS deductions
 Salaried tax payers to get SMS alerts on TDS deductions
 Mumbai zone direct tax collection flat in H1 FY17
 CBDT issues final rules for taxing share buy back by companies
 CBDT issues final rules for taxing share-buyback
 The direct tax collections up to September, 2016 are at Rs. 3.27 lakh crore which is 8.95% more than the net collections for the corresponding period last year.
 IDS is tremendous success: CBDT chief Rani Singh Nair

Rupee payment for Iranian crude oil exempted from tax
June, 19th 2012

The government has exempted refiners from paying withholding tax on the purchase of crude oil from Iran. This would reduce costs for Indian refiners, while facilitating payments to Iran in rupees.

The finance ministry issued a notification under the Income tax Act to exempt in the national interest the National Iranian Oil Company from paying taxes of up to 40 per cent. Indian refiners were required to withhold the tax while making payments to the Iranian company. This would raise costs of importing crude oil from Iran.

The Central Board of Direct Taxes (CBDT) said the exemption would be provided as long as the foreign company did not engage in any activity in India, other than the receipt of income under the agreement between the Indian government and the Central Bank of Iran in January.

This notification shall be deemed to have come into effect from the 1st day of April 2012, and shall, accordingly, apply in relation to the income of the assessment year 2012-13 and subsequent years, it added.

In December 2010, the Reserve Bank of India had scrapped a long-standing mechanism for payments to Iran. The issue of payment to Iran was resolved through UCO Banks rupee payment mechanism earlier this year.

India would pay 45 per cent of the value of its oil exports from Iran in rupees, while the rest would continue to be paid in euros through a bank in Turkey. India is set to import 15.5 million tonnes of crude oil from Iran this financial year, against 17.44 million tonnes in 2011-13.

In Budget 2012-13, Finance Minister Pranab Mukhejree had announced exemption of taxes on payments to Iran.

Sanctions on Iran by the US had disrupted Irans trade with many countries, including India, the third-largest importer of oil from Iran.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System development CMS development Content Management Solutions CMS Solutions Content Management Services CMS Services CMS Software

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