Trade is hereby informed that whenever application for issue or modification of IEC is to be filed now, it has to be done only through an online process with digital signature and the filing is done to DGFT, New Delhi. Only after successful filing of the application it gets downloaded to Pune-JDGFT.
The Committee intends to develop the content of the Study/Background Material for the aforesaid courses (detailed modules are available at the above mentioned links) and is presently looking for experts having experience in the relevant areas for the following activities:
The Government of India, vide Notification No. G.S.R. 180(E), dated 17th February, 2016 defined ‘startup’ under Startup India initiative, and has declared that a certificate of eligibility shall be required by such ‘startup’ for availing tax benefits under the Income Tax Act, 1961.
Broadly what types of Government Departments are chargeable to service tax? As per the definition mentioned in point 2 broadly three categories of government entities are covered under the service tax law: a. Departments of Central Government b. State Government & its departments c. Union Territory and its Departments
Effective from April 1, 2016, under clause (iv) of Section 66D(a) of the Finance Act, 1994, the words ‘support services’ have been substituted by the words ‘any service’ thereby, the liability to pay Service tax on any service provided by Government or a Local Authority to Business Entities is on the service recipient under Reverse Charge except in case of (1) renting of immovable property, and (2) services specified in sub-clauses (i), (ii) and (iii) of clause (a) of Section 66D of the Finance Act.
a) In recent past, Bombay HC held that, women can enter any part of Shani temple. b) Currently, a three member bench of SC is considering an issue of constitutional validity of Ban on entry of women into a temple in a case from kerala. Apparently, from the discussion that took place in the court room, it is more likely that, the bench will rule in favour of allowing entry of women into temple.
Assessee had not invested in Capital Gain Account Scheme before the due date under section 139(1) but complied with the conditions under section 54F(1). The provisions of section 54F are beneficial provisions and are to be considered liberally on the aspect of limitation period. However the investment in residential property is a must which the assessee had complied with evidence.
It has been brought to notice that Customs officers are insisting on registration documents from importers on products which do not fall under the purview of the Legal Metrology Act, 2009 and rules made thereunder. Insistence on such documents has been reported to cause undue delay in the clearance of such consignments.
A Committee was constituted by the Board, vide OM of even number dated 22nd January 2016, under the chairmanship of Shri Avadhesh Kumar Mishra, CIT (TDS)-2, Delhi to recommend standard definitions of certain commonly used terms relating to direct tax administration, such as“taxpayer, tax – base, new assessee/taxpayer, stop-filer/non-filer etc.
Bombay High Court held that as per agreement, the deferred consideration is payable over a period of four years and the formula prescribed in the agreement itself makes it clear that the deferred consideration to be received by the assessee in the four years would be dependent upon the profits made by M/s. Unisol in each of the years.
