Corporate Updates – 26-10-2015

CBEC – Excise & Service Tax:

CBEC has issued a circular relating to the Revised monetary limits for Prosecution and arrest in Central Excise and Service Tax Laws. Revised monetary limits have been prescribed in the circular for launching prosecution. Prosecution can now be launched where evasion of Central Excise duty or Service Tax or misuse of Cenvat Credit in relation to offences specified under sub-section (1) of Section 9 of the Central Excise Act, 1944 or sub-section (1) of section 89 of the Finance Act, 1994 is Rs. One Crore or more. Further, arrest of a person in relation tooffences specified under clause (a) to (d) of sub-section (1) of Section 9 of the Central Excise Act, 1944 or under clause (i) or (ii) of sub-section (1) of section 89 of the Finance Act, 1994, may be made in caseswhere theevasion of Central Excise duty or Service Tax or the misuse of Cenvat Credit is equal to or more than Rs. One Crore.


CBDT has notified the Income Tax (16th Amendment), Rules, 2015, which shall come into force on the date of their publication in the Official Gazette. The amendment has been made to incorporate “range concept” and “use of multi-year data” to reduce litigation on transfer pricing issues. The Income-tax Act provides for determination of income having regard to Arm’s Length Price (ALP) in case of international transactions and specified domestic transactions. The amended rules allow for introduction of a “range concept” for determination of ALP and “use of multiple year data” for undertaking comparability analysis in transfer pricing cases. The use of range concept, being a statistical tool, enhances the reliability of analysis undertaken for computation of ALP. The amended rules would therefore provide clarity in determination of price in transfer pricing cases and reduce disputes on transfer pricing issues. It is a part of the Government’s continuing initiative of providing a stable and certain direct tax regime.

News from NIRC of ICSI

NIRC of ICSI is participating in the ensuing Airtel Delhi Half Marathon (6 km ‘Great Delhi Run’), which will be held on Sunday, the 29th November, 2015. NIRC would be participating in the group category with a group named as “ICSI Group”. Interested members may fillup the form for the ‘Great Delhi Run’ 6 km category and send the hard copy of the filled up form along with a copy of the photo id proof, passport size photograph and deposit the above along with a fee of Rs. 600/- on or before 28th October, 2015 by cash or by cheque/DD in favour of “NIRC of ICSI” with full details on the reverse side of the cheque/DD i.e. full name, contact number, Membership No.

Speak Your Mind