"19 November 2014" Archive

A.O. is not only an adjudicator but also an investigator

Krishna Shriram Vs Commissioner of Income Tax (ITAT Delhi)

It is settled law that that frequency and magnitude of transaction are also important factor to decide whether the transaction is business transaction or investment transaction. Now in our considered opinion, the magnitude of share transaction in this case does call for any enquiry ...

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SEBI to strengthen Insider Trading Regulations & to bring more clarity

PR No. 130/2014 (19/11/2014)

The FVCI Regulations till now did not allow investments in NBFCs except Equipment Leasing and Hire Purchase Companies. To encourage investments in infrastructure, the Board approved amendments in FVCI Regulations to allow FVCIs to invest in NBFC-CIC (Core Investment Companies), as defined by RBI...

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DGFT -Import Policy of Scheduled Chemicals

Notification No. 98 (RE-2013)/2009-2014 (19/11/2014)

The notification makes it mandatory for the importers of chemicals listed at Category 1A, 1B & 1C of Appendix 3 (SCOMET list) to Schedule 2 of ITC (HS) Classification of Export and Import Items to notify the details of such imports to DGFT, NACWC and Department of Chemicals and Petrochemicals within 30 days from the date of their importat...

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Number of Subscribers Registered Under National Pension System (NPS) has more than Doubled

Since April 2012 from about 11.5 Lakh to 23 Lakh:Chairman,Pfrda ; Number of States Joining NPS has Increased from 12 to 26 ; Pfrda Working Towards Notification of Various Regulations in Respect of Efficient Management of Funds, Seamless Grievance Handling and Systems for Risk Mitigation and Containment Among Others...

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Posted Under: Income Tax |

Income tax calculator for Financial year 2014-15

Auto Income tax calculator Financial year 2014-15 / Assessment year 2015-16- This Latest Income Tax Calculator for Financial Year 2014-15 is simple Income tax calculator in excel format. This tax calculator will help you to calculate the Income Tax and clear any related rule in very less time & less efforts....

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Favourable Shell Verdict – A Launchpad for Restoring Global Investors’ Confidence?

Comment on Shell’s wins of transfer pricing tax dispute in Bombay HC The aggressive approach of tax authorities and the earlier government in case of Vodafone and Shell led to erosion of confidence of global investors. In this context, the favourable decision of H’ble Bombay High Court in case of Shell India Markets Private Limite...

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Posted Under: Income Tax |

Reversed Cenvat credit can be re-taken even after six months

The CBEC has issued circular No. 990/14/2014-CX-8 dt. 19/11/2014, wherein it has clarified that the cenvat reversed or amount paid for reversal in respect of cenvat credit wrongly availed where the conditions relating to availment of cenvat credit were not fulfilled, can again be claimed as input credit on the fulfilment of prescribed con...

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Posted Under: Income Tax |

No time limit for re-credit of CENVAT

Circular No. 990/14/2014- Central Excise-8 (19/11/2014)

Circular No. 990/14/2014-CX-8 Dated- 19th November, 2014 Sub: Clarification regarding availment of CENVAT credit after six months-reg. Attention is invited to the Notification of the Government of India in the Ministry of Finance, Department of Revenue No. 21/2014-CE (NT) dated 11.07.2014, vide which, inter alia, amendment was made in Rul...

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India's Import/export regulation for items under Crime Control (CC) & Regional Security (RS) of USA

Public Notice No. 74 (RE–2013)/2009-2014 (19/11/2014)

In exercise of powers conferred under paragraph 2.4 of the Foreign Trade Policy, 2009-14, the Director General of Foreign Trade hereby makes the following addition in para 2.11 of the of the Handbook of Procedures (HBP) under 2.11 (c), to be read as 2.11(d); 2.11 (e) and 2.11(f) with immediate effect....

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Local Transfer/ Posting of 237 CIT/DGIT

Order No. 211 of 2014 (17/11/2014)

CBDT has vide Order No. 211 of 2014 dated 17.11.2014 transferred / Posted Locally 237 Income tax officers in the grade of Commissioner of Income Tax/ Director General of Income Tax....

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Automatic Capital Gain Calculator in Excel Format

It is a simple calculator, by seeing it anyone can fairly understand it. Insert the scrip name date of purchase and date of sale and respective amounts, it will automatically calculate the stock and STCG/LTCG and also the period of holding. Ensure that you put Purchase and Sale date in one line or else the formula wont for work for stock ...

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