Pursuant to notification dated May 21, 2014 on Foreign Exchange Management (Foreign Exchange Derivative Contracts) (Amendment) Regulations, 2014, Reserve Bank of India (RBI) vide A.P. (DIR Series) Circular no. 148 dated June 20, 2014 has allowed FPIs, who are eligible to invest in securities as laid down in Schedules 2, 5, 7 and 8 of Foreign Exchange Management
There are some hardships being faced by the persons applying for PAN. One of the hardships is that the allotment of PAN is not done in a timely manner. Though there is no time limit prescribed under any of the provisions of Income-tax Act regarding issuing PAN & PAN card but it is essential for the Income Tax Authority to issue PAN & PAN card within a prescribed time period-
Allowability of Interest paid under Incometax Act, 1961: Presently, interest paid by the Government to an assessee is chargeable to tax. However, interest paid by the assessee to the Government under various sections is not allowed as deduction while computing the total income. Interest paid by the assessee is for the use of money by […]
It is informed that the provisions of the Companies Act, 2013 and the rules and regulations made thereunder shall be applicable for Examinations from December, 2014 onwards. This means that the question papers of the following subjects of Foundation, Executive and Professional level shall carry questions from the Companies Act, 2013 instead of the Companies Act, 1956:
The Government had constituted Tax Administration Reform Commission headed by Dr. Parthasarathi Shome, in August 2013, to suggests core reforms to the tax administration set-up in the Country. The TARC has now submitted a report dated May 30, 2014 called the “First Report of the Tax Administration Reform Commission”. The said report makes several critical and far-reaching suggestions which are intended to radically change the working of the Income-tax and other Revenue departments.
The new RTGS system has been running smoothly and has stabilised. It has hence been decided to enable the ‘Hybrid’ and ‘Future value dated transaction’ features in the system with effect from July 14, 2014. The details regarding operations of these two functionalities are given in Annex.
Section 285BA requires various entities to furnish Annual information return with regard to specified financial transactions in a prescribed form to the Income tax authorities. In order to bring in more transparency, the AIR information of the assessee may be allowed to be reflected under “My Account” Facility provided by Department in CPC portal. A […]
Under various taxing statutes discretionary power vests in a functionary like Income Tax Officer, Dy. Commissioner of Income Tax, Commissioner, Income tax , Service tax and central excise adjudicators and the like in case of customs laws and such other taxation law. Such powers are expected to be exercised reasonably and in good faith following the principles of natural justice.
At the outset it may be mentioned that the Income Tax Officer, who is the appellant herein, as well as the Commissioner of Income Tax, who has authorised the AO to prefer an appeal, did not apply their mind in the correct perspective and in a very lacklustre and routine manner filed the appeal
In exercise of the powers conferred by Section 5 of the Foreign Trade (Development& Regulation) Act, 1992 (No.22 of 1992), as amended, read with Para 1.3 of the Foreign Trade Policy, 2009-2014, the Central Government hereby makes the following amendments in Chapter 5 of Schedule 2 (Export Policy) of ITC(HS) Classification of Export & Import Items.
