Please refer to Governor’s Statement on taking office on September 04, 2013 (extract enclosed – Annex 1) regarding the proposal to completely free bank branching for well managed domestic scheduled commercial banks in every part of the country subject to fulfilling certain inclusion criteria in underserved areas in proportion to their expansion in urban areas.
Re-orienting the efforts for widening of tax base by bringing in potential and high net-worth assessees into the tax net stressed. Need to phase out unwarranted tax exemptions/deductions emphasized. Emphasis laid to undertake a focused study to augment the number of new assessees.
Penalty imposed under section 86 by Assessing Authority (AA) in pursuance to provisions under section 33, for the omission or act, through a notice issued in form DVAT-24A, can be remitted by Objection Hearing Authority (OHA) if the objector prove existence of reasonable cause for the act or omission.
Issue of import authorisation by RAs of DGFT would commence from 20th September 2013 & end on 25th September 2013. In case any applicant/firm is found to have submitted false or erroneous information or have made any mis-declaration / misrepresentation, such applicant / firm, (a) shall forfeit the allocation made in this Trade Notice, (b) shall be debarred from allocation of Rough Marble and Travertine Blocks in future and (c) shall be liable for penal action under the provisions of Foreign Trade (D&R) Act, 1992, as amended.
Circular No.172/7/2013 – ST The following representations have been received seeking clarifications regarding the levy of service tax on certain services relating to the education sector: Private Schools Correspondents Confederation, Madurai. Tamil Nadu Nursery, Primary, matriculation and Higher Secondary Schools Association, Chennai. Punjab Association, Chennai.
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.95/2013-CUSTOMS (N.T.), dated the
Chief Commissioners of Central Excise and Customs Directed to take stock of all Pending Registration Applications for Service Tax and Ensure their Clearance by 23rd September, 2013 All the Chief Commissioners of Central Excise and Customs and Director Generals Service Tax/Systems of Central Board of Excise and Customs (CBEC) have been asked to take stock […]
In our considerate view, Section 147 and 148 are charter to the Revenue to reopen earlier assessments and are, therefore protected by safeguards against unnecessary harassment of the assessee. They are sword for the Revenue and shield for the assessee.
Safe Harbour Rules Finalized after Considering Comments of Various Stake Holders ; Rules to be Applicable for 5 Assessment Years Beginning from Assessment Year 2013-14 Section 92CB of the Income-tax Act provides for framing of safe harbour rules. The determination of arms length price u/s 92C or 92CA of the Act is subject to these […]
Export of all varieties of onions as described above will be subject to a Minimum Export Price (MEP) of USD 900 per MT.
