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SC says no restrictions on voluntary name banners along Kanwar route eateriesNew Capital gains regime: CBDT issues FAQsFM favours debt reduction but sans affecting economic growthMisc - Royalty not a tax; royalty is contractual consideration paid by mining lessee to lessor for enjoyment of mineral rights & liability to pay royalty arises out of contractual conditions of mining lease: SC CBDGFT simplifies EPCG Scheme procedures to enhance Ease of Doing BusinessKargil Victory Day: PM warns Pak against practising terrorismMisc - Payments made to Government cannot be deemed to be a tax merely because statute provides for their recovery as arrears: SC CBPM GatiShakti Group evaluates five key infrastructure projectsMisc - Since power to tax mineral rights is provided for in Entry 50 of List II, Parliament cannot use its residuary powers in this subject matter: SC CBLadakh's Budget has increased from Rs 1100 Cr to Rs 6000 Cr in last 5 yrsChina pumps in subsidies worth USD 41 bn into car sectorCus - Owner of goods has a liability to pay customs duty even after confiscated goods are redeemed on payment of fine - Interest follows: SCIndian Coast Guard rescues 14 Indian crew from stranded vessel near AlibaugObama endorses Kamala Harris for PresidentI-T- Demand notice issued mechanically merits being quashed, where passed in ignorance of assessment order giving clean chit to assessee: HCIndia discovers Lithium Resources in Mandya and Yadgiri districts of KarnatakaIndia's installed Nuclear Power Capacity to triple by 2031-32: MoSGoyal sets USD 50 bn target for footwear industry to achieve by 2030Indian-origin German citizen nabbed with 6 kg of cocaine at IGI AirportAI-based SearchGPT to compete with Google: OpenAIBiden to attend QUAD meeting to be held in New Delhi this year

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Ease or Dis-Ease of Doing Business in India?


We live on hopes

For a change this budget contained several taxpayer friendly measures inititiated by Indirect Tax regime. But as the author has said this change in time limit for issue of show cause notice is against the policy of the present government. At this rate a day may come when time limit for issue of show cause notice for all types of short/non payments of tax may be same! From 3 months in the beginning to issue demand notice, we have reached 3 years in the case of Service tax and 2 years in other cases. As mentioned in the article time limit for claiming refund has not been changed. When we note that interest on refund is less than what government pays for its own market borrowings, increase in time limit is double whammy. A timely and well thought out article and I sincerely hope that Board will react positively and keep at least the time limit for filing refund claims and for issue of show cause notice for non evasion cases same.

B S V Murthy

RAJESHKUMAR T R 02/03/2016

 

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