SIGN IN SUBSCRIBE

News Update

PM to hold roadshow in Puri on MondayViolations of economic sanctions: Criminal penalties come into forceBengaluru Customs nabs 4 pax with gold powder worth Rs 1.96 CroreKejriwal’s assistant put in police custody for 5 days in Swati Maliwal caseAllahabad HC upholds decision to dismiss judicial officer demanding dowryNawaz Sharif alleges former Chief Justice plotted to oust him as PM in 2017Heavy downpours claim 50 lives in Central AfghanistanSoaring funeral costs compelling people to let go bodies unclaimed in Canada9 pilgrims burnt to death as bus catches fire near Nuh in HaryanaSpain denies dock permission to Indian ship carrying arms to Israel12 Unicorns, over 125 startups commit to onboarding ONDCBEML secures Rs 250 crore order from Northern Coal FieldsBharat Parv celebration takes centerstage at Cannes Film FestivalSteel industry should work towards reducing emissions: Steel SecretaryI-T - Additions framed on account of unexplained cash credit & unexplained money, are not tenable where cash deposits & withdrawals were of personal funds & were done through banking channels: ITATUS says not too many vibrant democracies in the world than IndiaI-T - Benefit of section 11(2) can not be denied merely on reasoning that form 10 is filed belatedly: ITATIndia says Chabahar Port to benefit Central Asia and AfghanistanRussia seizes Italy’s UniCredit assets worth USD 463 mnCus - Order re-determining transaction value based on CRCL test report is not correct & hence unsustainable: CESTATCus - If price is not sole consideration for sale, then transaction value can be rejected under Rule 8 of Export Valuation Rules & then must be redetermined sequentially through Rules 4 to 6: CESTATSC upholds ICAI rules capping number of audits per year
 
Govt extends tenure of Dr Lahiri Panel by one year; Revenue Boards directed to issue clarification within 2 months 

By TIOL News Service

NEW DELHI, NOV 12, 2015: THE tenure of the High Level Committee (HLC) constituted to interact with Trade & Industry on Tax Laws, has been extended by one year beyond 25th November, 2015.

In his Budget Speech 2014­-15, the Union Finance Minister, Mr Arun Jaitley, had announced the setting-up of a High Level Committee (HLC) to interact with trade and industry and ascertain areas where clarity on tax laws is required. Accordingly, a High Level Committee (HLC) was constituted with the approval of the Finance Minister on 26th November, 2014 to interact with trade and industry on tax laws, headed by Dr Ashok Lahiri, former Chief Economic Advisor (CEA), Ministry of Finance. The other two members in the Committee are Mr Sidhartha Pradhan, Retired Member, Settlement Commission (Income Tax & Wealth Tax) and Mr Gautam Ray, Retired DG (Audit) Customs and Central Excise. The tenure of the Committee which was till 25th November, 2015, is now further extended for one year as per OM dated 10th November, 2015.

The High Level Committee (HLC) will continue to interact with the trade and industry on regular basis and ascertain the areas where clarity in tax laws is required and will give recommendations to the CBDT/CBEC for issuance of appropriate clarifications by way of circulars, instructions etc. The CBDT/CBEC will issue the required clarifications, circulars and instructions etc. within a period of two months from the date of receipt of recommendations of the HLC.

POST YOUR COMMENTS
   

TIOL Tube Latest

TIOL Tube
Shri N K Singh, recipient of TIOL FISCAL HERITAGE AWARD 2023, delivering his acceptance speech at Fiscal Awards event held on April 6, 2024 at Taj Mahal Hotel, New Delhi.

TOP NEWS

AR not Afar by SK Rahman

VISION 360



Shri Ram Nath Kovind, Hon'ble 14th President of India, addressing the gathering at TIOL Special Awards event.

TII LATEST

TIOLCORPLAWS LATEST