Based on the feedback received from market participants, with a view to align the eligibility criteria for investment in debt securities between SEBI and RBI, and to bring QFI and FII at par for investment in “to be listed” debt securities
directed to forward herewith a copy of the Notification published in the Gazette of India for your information and necessary action:-
As a part of measures towards containing the current account deficit, the customs duty on gold and platinum has been increased from 8% to 10% and on silver from 6% to 10%. Consequential adjustments in customs duties are being made on gold ore / concentrate, gold dore bar and silver dore bar. Notification No. 41/2013-Customs
Notification No. 62/2013 – Income Tax (i) The sole objective of the approved ‘Scientific Research Association’ shall be to undertake scientific research; (ii) The approved organization shall carry out scientific research activity by itself; (iii) The approved organization shall maintain separate books of account in respect of the sums received by it for scientific research, reflect therein the amounts used for carrying out research, get such books audited by an accountant as defined in the explanation to sub-section (2) of section 288 of the said Act and furnish the report of such audit duly signed and verified by such accountant to the Commissioner of Income-tax or the Director
Finance Minister Shri P. Chidambaram has Released a booklet namely ‘FAQ on Service Tax VCES’ on 08th August 2013. It was said in the press release issued by Ministry of Finance that “The Frequently Asked Questions (FAQ) booklet on VCES contains clarifications on doubts and queries about the scheme. For ease of reference, the statutory […]
“However, If the taxpayer, who falls In the area of jurisdiction under column 2 of the Table above files no objection to their case being heard and considered by the DRP under corresponding column 3 of the said Table, the DRP shall comprise of the members specified in the corresponding column 3 of the said Table.” 2. The members of DRP shall perform such duties in addition to their regular duties, till the time of Issuance of direction with respect to the said draft order. This order will be effective from 19th August, 2013.
G.S.R. (E). – In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue)
The Union Cabinet today approved the proposal for exemption of prior approval of Cabinet for disposal/auction of immovable properties acquired by the Central Government under the provisions of Chapter XX-C of the Income Tax Act 1961.
In the instant case, all the shares have been bought by the assessee in the regular course of his business, employing common funds, depositing them in the same D-Mat account, and even through the same broker and infrastructure.
Service Tax is a vital part of Indirect Tax Structure of India. In simple words it can be spelled as tax on specified services provided by the Service Provider. Usually the person providing the Services is liable to pay Service tax but here comes an exception, where the service provider is not liable or is partially liable to pay service tax & the recipient has to bear the liability to pay the tax to the Government on behalf the Service Provider. This concept with dual understanding is discussed as follows:
