"December, 2013" Archive

Notification No. 34/2013-Customs (ADD) Dated: 31/12/2013

Notification No. 34/2013-Customs (ADD) [G.S.R. 812(E).] (31/12/2013)

Whereas, the designated authority vide notification F.No. 15/5/2012-DGAD, dated the 16th August, 2012, published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 16th August, 2012, had initiated ...

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Notification No. 33/2013-Customs (ADD) Dated: 31/12/2013

Notification No. 33/2013-Customs (ADD) (31/12/2013)

Whereas, the designated authority vide notification No. 15/1010/2012-DGAD, dated the 10th September, 2012, published in the Gazette of India, Extraordinary...

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Preferential Trade Agreement between India and ASEAN – Custom Duty Rates reduced

Notification No. 57/2013-Customs (31/12/2013)

In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary...

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Preferential Trade Agreement between India and Malaysia – Custom Duty Rates reduced

Notification No. 56/2013-Customs (31/12/2013)

In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further ...

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Notification No. 55/2013-Customs dated 31st December, 2013

Notification No. 55/2013-Customs (31/12/2013)

Concessional Custom Duty rate on two items covered under concessional regime with Japan Notification No. 55/2013-Customs New Delhi, dated the 31st December, 2013 G.S.R. 815 (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is...

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Notification No. 54/2013-Customs Dated: 31/12/2013

Notification No. 54/2013-Customs (31/12/2013)

G.S.R. 814 (E).-In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), 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 Financ...

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40000 VCES Application till 29.12.2013, No extension likely

There has been an overwhelming response to the VCES . In the last four days, we have received over 16,000 applications involving Rs. 1500 crores of service tax dues. Upto 29-12-2013 we have received over 40,000 declarations involving over Rs 5500 crores. ...

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Posted Under: Custom Duty |

Customs Cargo Service provider not to lease, gift, sell or sublet premises in Custom Area without written permission

Circular No. 45/2013-Customs (31/12/2013)

The Customs Cargo Service provider approved for custody of imported or export goods and for handling of such goods shall not lease, gift, sell or sublet or in any other manner transfer any of the premises in a customs area; or sub contract or outsource functions permitted or required to be carried out by him...

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CENVAT Credit (Third Amendment) Rules, 2013

Notification No. 18/2013-Central Excise (N.T.) (31/12/2013)

Notification No. 18/2013-Central Excise (N.T.) - Dated : 31th December, 2013 These rules may be called the CENVAT Credit (Third Amendment) Rules, 2013. (2) They shall come into force with effect from the 1st day of March, 2014....

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Central Excise (Third Amendment) Rules, 2013

Notification No. 17/2013–Central Excise (N.T.) (31/12/2013)

Notification No. 17/2013–Central Excise (N.T.) Dated : 31th December, 2013 1. (1) These rules may be called the Central Excise (Third Amendment) Rules, 2013. (2) They shall come into force with effect from the 1st day of March, 2014....

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Meaning of ‘retail sale price’ and ‘retail package’ for Excise Duty

Notification No. 16/2013-Central Excise (N.T.) (31/12/2013)

For the purposes of this notification ‘retail sale price’ means the maximum price at which the excisable goods in packaged form may be sold to the ultimate consumer and includes all taxes, local or otherwise, freight, transport charges, commission payable to dealers...

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Service Tax V/S Bollywood: An Insight into Advent of Taxability on Bollywood

Adv. Neerav Mainkar Bollywood celebrities today are always in the fear of tax raids!. Ninety per cent of celebrities do not pay Service Tax because they don't know they are liable to pay. There is a lack in educating Bollywood.They are in need of guidance, especially now, when they are the target of frequent raids. ...

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Posted Under: Custom Duty |

Cash flow statement prepared on the basis of seized material cannot be ignored

ACIT Vs M/s. Jayesh Finance (ITAT Ahmedabad)

It is an established way of computation of income where ever there is recycling of cash in a financial business to work out the peak credit. Particularly in a situation, when no regular or proper books of account are maintained by the assessee then a cash flow statement is generally prepared. ...

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Regarding Import of Gold dore by Nominated Banks/Agencies/Entities

RBI/2013-14/423 A.P. (DIR Series) Circular No.82 (31/12/2013)

Refineries are allowed to import dore up to 15% of their gross average viable quantity based on their license entitlement in the first two months for making this available to the exporters on First in First out (FIFO) basis....

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Delhi VAT : Extension in date of submission of AR-1 to 31.01.2014

Notification No. F. 3(384)/Policy/VAT/2013/1188-1200 (31/12/2013)

In partial modification of Notification No. F.3(384)/Policy/VAT/2013/1148-1160 dated 27- 12-2013 regarding submission of audit report in Form AR-I for the year 2012-13 by dealers having turnover of Rs.10 crores or more in 2011-12 or 2012-13, ...

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Delhi VAT : Filing of information in block R.10 of CST return Form 1 and in Third Quarter return

Circular No. 31 of 2013-14 (31/12/2013)

Block R.10 of CST return Form 1 pertains to filing of the information for receipt and pendency of central statutory forms/declarations in lieu of concessional sale/stock transfer for the preceding 4 years....

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Offline utility to bulk upload Form 15CA

CBDT has finally recognised the difficulty faced by the importers of services in filing online 15CA and introduced  The Facility to bulk upload Form 15CA is now available as offline utility. The Remitter may use either online or offline utility to upload Form 15CA. Link Form 15CA Information to be furnished for payments, chargeable to [&...

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Posted Under: Custom Duty |

Tariff Value of Gold, Silver and other items reduced – Notification No.134/2013-Customs (N. T.)

Notification No. 134/2013-Customs (N.T.) (31/12/2013)

In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary ...

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ICAI to shift office to "ICAI Tower" BKC, Mumbai

THE INSTITUTE IS SHIFTING ITS DECENTRALISED OFFICE AND WIRC OFFICE FROM 'ICAI BHAWAN' CUFFE PARADE TO 'ICAI TOWER' BKC, MUMBAI. THE SHIFTING OF RECORDS HAS BEEN STARTED FROM 27TH DECEMBER 2013 AND EXPECTED TO BE COMPLETED BY 12TH JANUARY 2014. ...

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Posted Under: Custom Duty |

Cattles in U.P. to be purchased only after giving proper ID proof

Now, cattles in Uttar Pradesh will only be purchased after giving proper ID proof to the seller. It will be the duty of seller to maintain the records of the cattles sold, to whom it was sold and his ID proof. ...

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Posted Under: Custom Duty |

Public Notice No. 44 (RE-2013)/2009-2014, Dated: 30.12.2013

Public Notice No. 44 (RE-2013)/2009-2014 (30/12/2013)

The Standard Input Output Norms (SION) for export product under S.No. A-2611 have been reviewed. There is no change in either description of the export product or in the permitted inputs, but the respective quantities of permitted inputs have been revised downwards....

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Application for grant of authorization for export of various chemicals in terms of Notification No. 56 dated 12.12.2013

Policy Circular No. 11 (RE-2013)/2009-14 (30/12/2013)

Based upon the above information, a decision will be taken by DGFT (Hqrs). Authorizations will be issued from Jurisdictional RA on clearance from DGFT (Hqrs) and on submission of application in ANF 2 D by the applicant....

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Notification No. 133/2013-Customs (N.T.) Dated: 30/12/2013

Notification No. 133/2013-Customs (N.T.) (30/12/2013)

In exercise of the powers conferred by clause (a) of section 81 of the Customs Act, 1962, the Central Board of Excise and Customs hereby makes the following regulations to amend the Customs Baggage Declaration ...

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Inflation Indexed National Savings Securities- Cumulative, 2013 dated of Application extended to 31.03.2014

RBI/2013-14/418 DGBA.CDD.No.3798/13.01.999/2013-2014 (30/12/2013)

Government of India has decided to extend the closing date for issuance of Inflation Indexed National Savings Securities- Cumulative (IINSS-C), 2013 from December 31, 2013 to March 31, 2014. The Government of India reserves the right to close the issue earlier than March 31, 2014....

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Banks allowed to lend up to Rs 1 lakh against gold Ornaments

RBI/2013-14/419 DBOD.No.BP.79/21.04.048/2013-14 (30/12/2013)

In response to suggestions from banks and with a view to ensuring a level playing field among various market participants, it has been decided to permit bullet repayment of loans extended against pledge of gold ornaments and jewellery for other than agricultural purposes subject to the following guidelines:...

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Exemption from SAD of Customs on goods cleared from SEZ / FTWZ into DTA – Clarification

Circular No. 44/2013-Customs (30/12/2013)

It has been brought to the notice of the Board that varying practices are being followed by the field formations regarding exemption from SAD on goods cleared from SEZs / Free Trade Warehousing Zones (FTWZ) into the DTA under notification No.45/2005-Customs, dated 16.05.2005. ...

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Product Note of National Housing Bank (NHB) Tax free bonds

National Housing Bank (NHB) has decided to play Santa this Christmas and has announced an issue of tax free bonds with coupon/ interest rates as under:...

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Posted Under: Custom Duty |

Lump Sum Tax on Plywood Manufacturers in Punjab

The scheme for Lump Sum Tax on plywood is optional. No Input tax cedit will be available to a taxable person opting for lump sum taxation scheme. Taxable person opting for lump sum scheme shall be issuing retail invoice only. ...

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Posted Under: Custom Duty |

Punjab VAT 2005 – Section 4 – Constitution of VAT Tribunal

Section 4 of Punjab VAT Act has been amended, which relates to constitution of VAT Tribunal. It provides the constitution of Tribunal, number of members in Tribunal, their qualification, appointment office holding period, power and duties of Tribunal members, chairman and Vice – chairman ...

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Posted Under: Custom Duty |

Punjab Vat Act (Second Amendment), 2013 [Section 6]

These amendments relate to sub-section (7) of section 6 and provides: i) That by issuing a notification the State Government may specify such goods, on which a taxable person shall be required to pay tax in Advance ...

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Posted Under: Custom Duty |

Punjab VAT – Denial of Input Tax Credit if goods are not sold or used

These amendments sought to deny Input Tax Credit if the goods are not sold or used in a specified manner, and it further sought to provide that input tax credit accrued to a taxable person in a particular tax period will have to be utilised in the same tax period....

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Posted Under: Custom Duty |

Note on Voluntary Disclosure Scheme Introduced Under the Punjab Value Added Tax Act 2005

Excise & taxation Department has introduced Punjab Voluntary Disclosure of Value add Tax scheme, 2013 which will come into force with immediate effect i.e. from 20th Dec 2013. The scheme was introduced to bring a greater transparency in discharge of tax liabilities & applicable for a taxable persons...

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Posted Under: Custom Duty |

Service Tax Offices Open on 28.12.2013 & 29.12.2013

December 27,2013 In terms of Section 107(1) of the Finance Act, 2013, the last date for filing declaration under Voluntary Compliance Encouragement Scheme is on or before 31.12.2013. In order to enable trade & industry to file declarations well in time before 31.12.2013, and also to avoid last minute rush, all the offices handling Ser...

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Posted Under: Custom Duty |

Salary Cannot be taxed as Income from other sources without proving absence of master and servant relationship

Commissioner of Income Tax, New Delhi Vs UK. Bose (Delhi High Court)

In the returns the assessee had claimed deduction under Section 10(13A) on the basis of the rent paid by him which has been debited from his salary directly. This Section exempts any special allowances specifically granted to an assessee by his employer to meet expenditure actually incurred on payment of rent for residential accommodation...

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HRA allowable if rent is actually paid by the assesee

Commissioner Of Income-Tax Vs P.D. Singhania (Allahabad High Court)

From a reading of the clauses (a) and (b) of the Explanation to section 10(13A), which were inserted by the Taxation Laws (Amendment) Act, 1984 with retrospective effect from 1-4-1976, it is absolutely clear that in order to claim deduction under sub-section (13A)...

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Short Deduction of TDS – Assessee cannot be treated in default if acted in bonafide manner

ACIT Vs Hughes Software Systems Ltd. (ITAT Delhi)

The fact that there is a short deduction of tax in the present case where it was linked with the performance incentive paid to the employee on the basis of achievement of fixed percentage, the estimated TDS deducted in a bona fide manner as per the settled legal position cannot be faulted with....

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Amendment to Schedule ‘A’ of MVAT Act, 2002. Addition of new entry 63 Motor Vehicles for handicapped

Notification No. VAT 1513/ CR 130/ Taxation 1 (27/12/2013)

In exercise of the powers conferred by sub-section (1) of section 9 of the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005), the Government of Maharashtra hereby amend the SCHEDULE A appended to the said Act, as follows, namely....

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Addition made by AO of notional interest which was not in existence is not correct

CIT Vs M/S Sahara India Mutual Benefit Co. Ltd. (Allahabad High Court)

If the assessee had not bargained for interest, or had not collected interest, we fail to see how the income-tax authorities can fix a notional interest as due, or collected by the assessee. Our attention has not been invited to any provision of the Income-tax Act empowering the income-tax authorities to include in the income interest whi...

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Notification No. 132/2013-Customs (N.T.) Dated: 27/12/2013

Notification No. 132/2013-Customs (N.T.) (27/12/2013)

In pursuance of sub-rule (1) of rule 11 of the Customs Tariff (Identification and Assessment of Safeguard Duty) Rules, 1997, the Central Government hereby extends the period upto 21st March, 2014 for ...

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CBDT approves Aadhaar Card as valid identity, address proof for issuing PAN

The Income Tax Department will now accept Aadhaar Card as proof of identity and address for issuance of Permanent Account Number (PAN). The Central Board of Direct Taxes (CBDT) has issued NOTIFICATION NO. 96/2013 Dated: December 23, 2013 expanding the list of documents admissible as proof of identity and address by including Aadhaar Card...

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Posted Under: Custom Duty |

CBI arrests JCIT from Thane in bribery case

The Central Bureau of Investigation has arrested a Sanjeev Ghei, Joint Commissioner of Income Tax Range – 2, Thane (Maharashtra) for demanding & accepting a bribe of Rs.3.5 Lakh. ...

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Posted Under: Custom Duty |

Disallowance U/s. 40(a)(ia) – TDS – View favourable to assessee must be adopted

The Income-tax Officer Vs M/s. Theekathir Press (ITAT Chennai): ITA No. 2076(Mds)/2012

We find that the judgment of the Hon’ble Allahabad High Court is in favour of the assessee. At the same time, we find that the orders of the Calcutta High Court and the Gujarat High Court are against the assessee....

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Defects in panchnamas not affect validity of search

MDLR Resorts (P.) Ltd. Vs Commissioner of Income-tax (Delhi High Court)

Assessment proceedings under section 153A of the Act are invalid as no panchnamas were drawn in the names of 22 petitioners. Another aspect of the said contention relating to validity of proceedings under Section 153A of the Act has been also raised....

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S. (10(13A) ‘Salary’ does not include commission for Calculation of HRA

Commissioner Of Income-Tax Vs H.V. Yazdi (Calcutta High Court)

Contribution to be made to the provident fund must be the proportionate amount of salary paid to the employees. Salary was a fixed monthly payment whereas the commission was not a fixed payment and could not be included within the scope and ambit of the term salary ....

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S. 10(13A) ‘Salary’ does not include bonus for Calculation of HRA

Commissioner Of Income-Tax Vs B. Ghosal (Kerala High Court)

Bonus cannot be regarded as falling within the scope of the expression salary as defined in Clause (h) of Rule 2. Clauses (b) and (c) of Rule 4 contain a clear indication that the expression salary takes in only periodical payments made by the employer to the employee during a year by way of remuneration....

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Once the TDS deducted, credit of the same to be given to assessees, irrespective of year to which it relates

Sadbhav Engineering Ltd. Vs Dy. CIT (ITAT Ahemdabad)

The brief facts of the case are that the assessee claimed credit for TDS of Rs.1,73,52,062/- for the AY 2006-07 and Rs.2,25,09,037/- in AY 2007- 08 which was not allowed by the AO on the ground that the income in respect of the said TDS was not shown by the assessee in view of the provisions ...

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General Circular No. 20/2013, dated 27/12/2013

General Circular No. 20/2013 (27/12/2013)

shares held by a company or power exercisable by it in another company in a 'fiduciary capacity' shall not be counted for the purpose of determining the holding-subsidiary relationship in terms of the provision of section 2(87) of the Companies Act, 2013....

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Few days left for Service Tax Amnesty Scheme (VCES)

The countdown for Service Tax Voluntary Compliance Encouragement Scheme, 2013 (“VCES” or “the Scheme”) has begun and the last date is December 31, 2013. The Government has made a fair and generous offer, a one-time offer that is not likely to come your way for at least a couple of decades. Important highlights of VCES: […]...

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Posted Under: Custom Duty |

Delhi VAT – Effective date for furnishing of advance information in respect of functions

Notification No. S.O.116/P.A8/2005/S.8/2005/S.8/2013 (27/12/2013)

Delhi VAT - Effective date for furnishing of advance information in respect of functions organised in Banquet Halls, Farm Houses, Marriage/Party Halls, Hotels and Open Ground etc....

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S. 80IA Option of choosing initial assessment year – ITAT distinguishes special bench judgment in case of Gold Mine Shares

Sadbhav Engineering Ltd. Vs Dy. CIT (ITAT Ahemdabad)

Sadbhav Engineering Ltd. vs. Dy. CIT (ITAT Ahemdabad)- In the instant case, the assessee claimed deduction u/s.80IA(4) of the Act for all the years which were disallowed by the AO on the ground that as per provisions of section 80IA(5) of the Act the computation of deduction has to be done by setting off of brought forward losses and dep...

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Borrower’s Concise Guide to Bank Loan

Security is taken generally to make certain that bank is able to secure repayment of loan when operations collapse. However, security may also be taken to prevent third parties to deal with the assets. Generally, hypothecation of movable property, mortgage on immovable property,...

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Posted Under: Custom Duty |

Section 40(a)(ia) applies only to those amounts ‘payable’ and not to those amounts ‘paid’

Asstt. Commissioner of Income-tax Vs M/s Eskay Designs (ITAT Chennai)

Since there is variation of decisions on 'paid' and 'payable' issue in view of the fact that the hon'ble Calcutta high court and Gujarat high court have decided the question in favour of the Revenue and the hon'ble Allahabad high court in the case of CIT vs M/s Vector shipping Services (P) Ltd has proceeded in favour of the assessee, the ...

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SEBI : Notification regarding establishment of Local Office of Board at Raipur

Notification No. LAD-NRO/GN/2013-14/32/33644 (26/12/2013)

In exercise of the powers conferred by sub-section (4) of section 3 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board has established its Local Office at Raipur under the administrative control of its Western Regional Office- II at Ahmedabad. ...

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SEBI : Notification regarding establishment of Local Office of Board at Panaji

Notification No. LAD-NRO/GN/2013-14/33/33661 (26/12/2013)

No. LAD-NRO/GN/2013-14/33/33661 .– In exercise of the powers conferred by sub-section (4) of section 3 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board has established its Local Office at Panaji under the administrative control of its Western Regional Office-II at Ahmedabad....

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Notification No. 32/2013-Central Excise ; Dated : 26.12.2013

Notification No. 32/2013-Central Excise [G.S.R.795(E).] (26/12/2013)

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 (Departm...

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Notification No. 97/2013-Income Tax , Dated : 26.12.2013

Notification No. 97/2013 (26/12/2013)

Government of India Ministry Of Finance Department Of revenue Central Bord Of Direct Taxes Notification No. 97/2013 Dated : 26.12.2013 Download Full Text of The Notification Read Notification Below...

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Notification No. 53/2013-Customs Dated: 26/12/2013

Notification No. 53/2013-Customs (26/12/2013)

113 Kameng Hydro Electric Power Project, Arunachal Pradesh-600 MW [North Eastern Electric Power Corporation Ltd. (NEEPCO)]...

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Seeks to amend notification no. 93/2009-Cus, dated 11.09.2009 related to FMS

Notification No. 52/2013-Customs (26/12/2013)

G.S.R. 791 (E). – In exercise of the powers conferred by sub section (1) of section 25 of the Customs Act, 1962 (52 of 1962), 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 Fi...

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Amend Notification No 30/2012 – CE, dated 09.07.2012 related to Focus Market Scheme

Notification No. 31/2013-Central Excise [G.S.R. 793 (E).] (26/12/2013)

G.S.R. 793 (E). – In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), read with sub-section (3) of section 3 of the Additional Duties of Excise (Goods of Special Importance) Act, 1957 (58 of 1957) and sub-section (3) of section 3 of the Additional Duties of Excise...

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Notification No. 61 (RE-2013)/2009-2014, Dated: 26.12.2013

Notification No. 61 (RE-2013)/2009-2014 (26/12/2013)

In exercise of 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, the Central Government amends para 2 of Notification No.03(RE-2012)/2009-14 dated 29.06.2012 read with Notification No.59(RE-2013)/2009-14 dated 19.12.2013 with ...

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Regarding Exemption under Focus Market Scheme (FMS) on Export of Meat and Meat Products, Cotton and Cotton Yarn

Notification No. 17/2013-Service Tax (26/12/2013)

(a) in the first proviso, after serial number (xv) and the entry relating thereto, the following serial numbers and entries shall be inserted, namely,- (xvi) Export of Meat and Meat Products; (xvii) Export of Cotton; (xviii) Export of Cotton Yarn; (xix) Export which are subject to Minimum Export Price or Export Duty...

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Implications of tax levied at first point of sales on certain goods under Punjab VAT

In this article the implications of a latest amendment in the Punjab VAT Act, 2005 are analysed, whereby system of single point of taxation has been introduced in respect of certain goods by two notifications dated 13.12.2013, applicable w.e.f 01-01-2014....

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Posted Under: Custom Duty |

Reverse Charge Mechanisam (RCM) – Understanding Service Tax Law Nuances

Reverse Charge Mechanism - Normally, service tax is payable by person who provides the service. Section 68(2) makes provision for reverse charge i.e. making person receiving the service liable to pay tax. Authority for reverse charge u/s 68(2) of Finance Act, 1994...

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Posted Under: Custom Duty |

Delhi VAT -Reversal of Input Tax Credit in respect of Credit / Debit Note related to discounts

Circular No. 30 of 2013-14 (19/12/2013)

Under Section 10 (1) of the DVAT Act, 2004 where any purchaser has been issued with a credit note or debit note in terms of section 51 of this Act or if he returns or rejects goods purchased, as a consequence of which the tax credit claimed by him in any tax period in respect of which the purchase of goods relates,...

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Procedure to be followed by Special Auditor for conducting Special Audit under Section 58A of the DVAT Act, 2004

Circular No. FN Audit/Spl. Audit/20l2/4231-39 (19/12/2013)

Special Auditor should always mention the name of the dealer, along with its TIN, whose accounts are to be audited and the period of Audit in the covering letter in all communications made in respect of that dealer....

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Over 300 times increase in service tax revenue in two decades

Revenue from service tax has grown by over 300 times in past two decades. According to provisional figures the revenue from service tax touched about 1.32 lakh crore rupees in 2012-13, compared to 407 crore rupees earned in 1994-95, when service tax was introduced. ...

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Posted Under: Custom Duty |

ICSI Announcement Regarding Paper-Wise Exemptions

1. Students are required to apply for paper wise exemption in desired subject through ‘Online Services’ on website www.icsi.edu and for procedure please follow the link http://www.icsi.edu/webmodules/student/ONLINE%20REGISTRATION.pdf 2. Fee for paper wise exemption is Rs. 1000/- (per subject) and is to be paid through ‘Online Servic...

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Posted Under: Custom Duty |

Trade Discount after Issue of Invoice – Is it a Sales Tax ‘Mirage’?

The intent behind this write-up is to discuss the intricacies of several seemingly inconsistent judgements which have made the matter of availing trade discount a discounting issue in itself....

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Posted Under: Custom Duty |

Free Supplies Does Not Constitutes Non Monetary Consideration under Service tax

Free supplies provided by service recipient to service provider for use in provision of service shall not be considered in the ambit of gross amount charged as contained in notification 15/2004 including the explanation thereto as introduced by Notification No. 4/2005-ST....

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Posted Under: Custom Duty |

10 Qualities of Sachin Tendulkar That Can Make Your Professional Career / Studies Flourish

Having my morning tea and just as today it has sunk in that the Little Master from India has retired now from all forms of cricket could not resist myself from writing this blog about the qualities that he has portrayed for last 24 years in his personal and professional career....

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Eligibility of Cenvat Credit on Input Service Debit Notes

Cenvat Credit is always subjected to many queries, restrictions and ambiguities regarding its eligibility on both the legal and documentary (physical) end. In such a Scenario it becomes essential to understand the conceptual framework before establishing the eligibility of Proper Cenvat Document. ...

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Posted Under: Custom Duty |

Brief Discussion on Drafting of Agreement

Agreements are the essential of our day to day life. We need to draft various agreements for different matters. Suppose, we are purchasing a home or renting a home, doing any business, the agreement is required after every step. ...

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Posted Under: Custom Duty |

Haryana VAT : Taxability of civil works contracts/ builders and developers

Recently Haryana VAT department has released a circular which might be of interest to the developers & builders across the state and conducting operations in Haryana. The Circular is No. 152/ST-1 dated 7th May, 2013 wherein several aspects in regard to taxability of civil works contracts/ builders and developers are clarified by the depar...

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Posted Under: Custom Duty |

A Sedan is Not A SUV thus only 27% Duty – Central Excise (DR-TRU)

Yes that’s how the Central Excise clarifies it, much to the relief of Sedan car manufacturers in its recent Circular No. 972/06/2013.CX dated 24th July, 2013. The issue gains significance from the fact that notification No. 12/2013-Central Excise dated 1st March, 2013 (vide Budget 2013-14) introduced a higher level of excise duty i.e. ...

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Posted Under: Custom Duty |

Punjab VAT : VAT on iron, steel items slashed

NEW REGIME RESTRUCTURED FOR IRON & STEEL INDUSTRY UNDER THE PUNJAB VAT ACT 2005 LIKELY TO BE INTRODUCED  FROM 01 FEB 2014 Punjab Government has announced to slash VAT rate on Scrap (Melting & Rolling), ingots, billets, blooms or other semi finished goods, finished goods, interstate sales to 2.5% from 4.95% with surcharge of 10% [...

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Posted Under: Custom Duty |

Advance Tax Payment Under Punjab VAT Act,2005

The Punjab Government has introduced the new tax i.e. Advance Tax by making an amendment in the Punjab Value Added Tax Act, 2005 on the import of the certain goods in the State of Punjab. The advance tax is attracted on 30 items the list of the same is enclosed for your kind reference as earlier entry tax was attracted on 26 items but by ...

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Posted Under: Custom Duty |

MVAT : Regarding Sec. 18(3B) addition of wine

Notification No. VAT 1513kR 152/Taxation-1 (24/12/2014)

The Wine covered by entry 3A of Schedule D of the Maharashtra Value Added Tax Act, 2002, is purchased from the registered dealers within State and tax is paid or has become payable on purchase of Wine at an earlier stage....

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Maharashtra Value Added Tax (Fourth Amendment) Rules, 2013

Notification No. VAT 1513/ CR 151/ Taxation 1. (24/12/2013)

Whereas the Government of Maharashtra is satisfied that circumstances exist which render it necessary to take immediate action further to amend the Maharashtra Value Added Tax Rules, 2005, and to dispense with the condition of previous publication thereof under the proviso to sub-section (4) of section 83 of the Maharashtra Value Added Ta...

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Amendment to Schedule ‘D’ of MVAT Act, 2002. Regarding wine

Notification No. VAT 1513/ CR 150/ Taxation 1 (24/12/2013)

3B. Wine when sold in bulk and where provisions of the Maharashtra. Potable Liquor (Fixation of Maximum Retail Prices) Rules, 1996 are not applicable. 20% ...

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MVAT Notification u/s. 41(5) regarding exemption to wine dealers

Notification No VAT 1513/CR 106/Taxation 1 (24/12/2013)

Schedule I provides for exemption in respect of sales of aforesaid goods where such goods are purchased on or after the 1st January 2014, whereas Schedule II provides for exemption in respect of sales of aforesaid goods which were purchased on or before the 31st December 2013....

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RBI cautions users of Virtual Currencies against Risks

The Reserve Bank of India has today cautioned the users, holders and traders of Virtual currencies (VCs), including Bitcoins, about the potential financial, operational, legal, customer protection and security related risks that they are exposing themselves to....

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Posted Under: Custom Duty |

Notification for CMA Students appearing in Foundation Examination December 2013

Candidates appearing in Foundation Examination for Dec’13 term are strictly advised to report at the respective examination centres at least one hour before the commencement of the examination i.e. at 9:00am for morning session and 1pm for afternoon session. Any candidate reporting later than the above time will not be allowed to appear...

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Posted Under: Custom Duty |

SEBI approves the proposal to make the IPO grading mechanism “voluntary”

Press Release No. 125/2013 (24/12/2013)

SEBI approved the proposal to make the IPO grading mechanism voluntary as against the current provision of the same being mandatory....

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CBI arrests DCIT, Delhi in alleged bribery case

The Central Bureau of Investigation has arrested a Deputy Commissioner of Income Tax (IRS-2006 Batch), New Delhi in an ongoing investigation relating to alleged bribery case. ...

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Posted Under: Custom Duty |

Borrowing and Lending in Rupees – Investments by persons resident outside India in the tax free, secured, redeemable, non-convertible bonds

RBI/2013-14/416 A.P. (DIR Series) Circular No.81 (24/12/2013)

On a review, it has been decided to permit such resident entities / companies in India, authorised by the Government of India, to issue tax-free, secured, redeemable, non-convertible bonds in Rupees to persons resident outside India to use such borrowed funds for the following purposes:...

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SSI Exemption Vs. Co- Owners of Immovable Property

There are many cases coming for consideration regarding eligibility of SSI exemption to all co-owners of immovable property individually. The department is of the view that all co-owners fall under the definition of Person under Section 65B (37) and acting as association of persons ...

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Posted Under: Custom Duty |

Income tax Calculator for F.Y. 2013-14 / A.Y. 2014-15

Auto Income tax calculator Financial year 2013-14 / Assessment year 2014-15 - The Calculator provides brief detail of all the Income Tax Exemptions,deduction, Sections and Rules Relevant for Taxation of Individual Especially Salaried Employee....

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Wealth tax implications on real estate

Even though land or building as above may be a taxable asset, but an exemption from wealth tax has been provided to an individual or an HUF in respect of one house (or part of house) or a plot of land upto 500 square metres in area. The house may be self-occupied or let out or used for residential or commercial purposes. A company is not ...

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Posted Under: Custom Duty |

Handbook on Service Tax VCES, 2013

Further, the Committee, continuing with its efforts to update the members and also to partner the Government in its initiative, has come out with Handbook on Service Tax Voluntary Compliance Encourage Scheme, 2013. The Handbook has been hosted on Indirect Taxes Committee page of ICAI website and can be downloaded from http://220.227.161.8...

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Posted Under: Custom Duty |

Online Registration Portal for GMCS, ITT and Orientation Programme on All India Basis

We are happy to announce that the Board of Studies and IT Directorate has developed an Online Registration Portal for GMCS, ITT and Orientation Programs on All India Basis for Registration/ Allocation of Batches for GMCS, ITT and Orientation Programs to facilitate the students to register from anywhere for any centre. However, in the Fi...

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Posted Under: Custom Duty |

Single point of taxation introduced under Punjab VAT Act, 2005

Punjab Government has surprisingly introduced single stage tax system under the Punjab VAT Act, 2005. Punjab Government has notified certain goods, most of which are consumable goods, on which tax under Punjab VAT Act has been levied only at the first stage of its sale....

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Posted Under: Custom Duty |

First Point Tax Levied On Few Commodities under Punjab Vat Act, 2005

Punjab Excise & taxation department has issued a notification under the Punjab Vat Act 2005 which is applicable with effect from 01 Jan 2014, but strange rather shocking Excise & Taxation Department has issued the notification which reflects that tax was levied at the first stage that is in the hand of manufacturers and importers in the s...

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Posted Under: Custom Duty |

No tax deduction on labour and service part of works contract under Punjab VAT

In an application u/s 85 of Punjab VAT Act, 2005 moved by me on behalf of my client, it has been held by the Excise and Taxation Commissioner, Punjab on 04-12-2013 that Judgment of Punjab & Haryana High Court in CWP 14797 of 2010 Larsen and Toubro vs. State of Haryana is binding on all concerned works contractors. ...

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Posted Under: Custom Duty |

EASIEST- An Easiest Alternative

Electronic Accounting System In Excise and Service Tax or EASIEST, as it is easily termed, is the procedure for payment of Excise duty and service tax. It requires the tax/ duty payer to submit only 1 copy of GAR-7 challan as against 4 copies of TR-6 challans in the bank as per old procedure. ...

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Posted Under: Custom Duty |

Delhi VAT : Advance Information about booking from Banquet Halls, Farm Houses, Marriage/ Party Halls, Hotels, Open Grounds, in Form BE-1 / BE-2

BE-1 form is meant for enrollment of owner/ custodian of the venue. The scheme is being implemented w.e.f. 1st January, 2014. As such, the eligible persons are required to file the information 3 days before. Hence enrollment should be done on or before that date. For the first return, the enrollment should be done by 27th December, 2013....

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Posted Under: Custom Duty |

Comments invited regarding changes of UQC against HS Code

F.No.528/69/2012-STO (TU) (23/12/2013)

Comments / views and suggestions invited regarding changes of UQC against HS Code in Customs Tariff of India for declaration in Bills of Entry / Shipping Bills - Last date of submission is 15th January, 2014. The same may also be emailed to tariffunit-rev@nic.in...

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Relaxation in policy for export of Wood Charcoal to Bhutan

Notification No. 60 (RE-2013 )/2009-2014 (23/12/2013)

In exercise of powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act,1992, as amended, read with paragraph 1.3 of the Foreign Trade Policy, 2009-14 the Central Government hereby makes the following amendments in respect of Sl. No. 179 of Schedule 2 of ITC(HS) Classifications of Export and Import Items....

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Employee / Bank Certificate, Aadhaar for PAN / TAN , Revised Form 49A, 49AA

Notification No. 96/2013 - Income Tax (23/12/2013)

Notification No. 96/2013 - Income Tax The list of documents to be submitted along with PAN Application Form49A/49AA has been revised. Aadhaar Card will now be accepted as a valid Proof of Identity and Address. Individuals being Citizens of India will now have to submit Proof of Date of Birth along with Proof of Identity and Address. Fo...

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Achievements / Initiatives Taken by CBDT to Improve Efficiency of Tax System

Achievements and Initiatives Taken by the Central Board of Direct Taxes (CBDT) Helping in Facilitating the Tax Payers, Improving the Efficiency and Equity of the Tax System and Promoting Voluntary Compliance. Following are the major highlights/achievements made by the Central Board of Direct Taxes (CBDT), Department of Revenue, Ministry o...

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Posted Under: Custom Duty |

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