Action alone produces the result and credibility does not depend upon what one says but what one does to produce the desired result. After having known the impact of NPA on the performance of the banks and financial institutions, understanding the reasons for the creation of NPA and its symptoms,
In exercise of the powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) read with Para 1.3 of the Foreign Trade Policy, 2009-2014 (as amended from time to time), the Central Government hereby amends with immediate effect serial no 4 of Notification No 22(RE-2012)/2009-14 dated 18th June 2013 relating to Sl. No. 92 of Schedule 2 of ITC(HS) Classification of Export & Import Items.
CBDT has vide Notification No. 67 of 2013, dated 2 September 2013 revised Rule 37BB of the Income tax Rules, 1962 related to information which are required to be furnished by a person while making payment to a non- resident.
The commission retained by the credit card company is therefore in the nature of normal bank charges and not in the nature of commission/brokerage for acting on behalf of the merchant establishment.
Merely because the assessee complies with the statutory procedural requirement of filing the prescribed form and certificate of the Chartered Accountant, cannot absolve the assessee of its liability if the act or attempt in claiming the deduction was not bonafide.
In the final analysis a meticulous and methodical study on the impact of NPA accounts on the banking, the reasons for the creation of NPA and to find the ways to prevent accounts becoming NPA and a cure if an account turns out to be an NPA
The amendments made by the Notification No. 46/2013-Customs provide that in a case of default in export obligation, when the duty on the goods is paid to regularize the default, the amount of interest paid by the importer shall not exceed the amount of duty if such regularization has been dealt in terms of said Public Notice of DGFT. No other change is involved.
