"01 April 2015" Archive

Posting Income Tax Inspectors in Directorate of Systems for setting up of Project Insight/CPC-Compliance Management

F No. HRD/CMD/144/01/2011-12/98 (01/04/2015)

Approval of the competent authority is conveyed for posting of the following officials for posting in Directorate of Systems for setting up of “Project Insight”/CPC-Compliance Management (CPC-CM) under provisions of CPC-Staffing Scheme by diversion of posts with ...

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Doubtful fate of refund on Deemed exports

The Hon’ble Prime Minister, in order to encourage Companies to manufacture their products in India has launched initiative named ‘Make in India’ on September 25, 2014. This had not only helped Indian manufacturers to enhance their capital base as there are proposed relaxations in the policy of Foreign Direct Investment but also prod...

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Posted Under: Income Tax |

Aftermath of non-excisable goods being equated to exempted goods/ final products for Rule 6 of Cenvat Credit Rules, 2004

Vide Notification No. 6/2015-CE(NT) dated March 1, 2015, Explanation-I to Rule 6(1) of the Credit Rules have been inserted to state that w.e.f March 1, 2015, for the purpose of this Rule, exempted goods and final products shall include non-excisable goods cleared for a consideration from the factory:...

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Posted Under: Income Tax |

Interest on Wrong availment of Cenvat Credit but not utilised – a tale of never ending litigation and interpretational issues

Over the years, Rule 14 of the Credit Rules has always been the matter of concern/ litigation for both the Revenue and the Assessee. Even the Courts have taken divergent views while interpreting the provisions of Rule 14 of the Credit Rules. Before we proceed to understand the changes made in Rule 14 of the […]...

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Posted Under: Income Tax |

Increase in time limit for availing Cenvat credit on Input services and Inputs – Whether applicable on invoices issued prior to March 1, 2015?

Till September 1, 2014, there was no time limit prescribed under the Credit Rules for availment of Cenvat credit. Various Courts have held that in the absence of any time limit prescribed under the Credit Rules, Cenvat credit can be taken at any time even in some cases, Assessees have been allowed to avail Cenvat […]...

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Posted Under: Income Tax | ,

Budget, 2015: Changes in Cenvat Credit Rules, 2004 and its impact

In the Union Budget, 2015 presented by the Hon’ble Finance Minister Shri Arun Jaitley on February 28, 2015, Saturday, numerous changes in the Indirect taxes, have been introduced to combat/ surpass the challenges encountered in the way of progress of continued growth and to pave way for smooth implementation of Goods and Services tax (G...

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Posted Under: Income Tax | ,

Ponzi Virus that floored companies & investors like Tsunami – Companies Act, 1956 & Companies Act, 2013

In 2013 and 2014 Ponzi Virus attacked companies and brought them down to their knees. Public at large were see to suffer. There were deaths, hue and cry all round. Governments stood shaken. Supreme Court had to intervene. About 200 plus companies were named having engaging money circulation schemes without SEBI registration which is manda...

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Posted Under: Income Tax |

Form 26AS, it’s worth the effort, check it!

This article is primarily meant for interest earners wherein they earn interest income from Fixed deposits and etc. other interest bearing instruments. While putting money in Fixed deposits and etc. other interest bearing instruments, quite some number of us do not give a duly filled and signed Form 15G for lower/non-deduction of Tax Dedu...

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Posted Under: Income Tax |

All about External Commercial Borrowings (ECB)

External Commercial Borrowings (ECB) refer to commercial loans in the form of bank loans, buyers’ credit, suppliers’ credit, securitized instruments (e.g. floating rate notes and fixed rate bonds, non-convertible, optionally convertible or partially convertible preference shares) availed of from non-resident lenders with a minimum ave...

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Posted Under: Income Tax |

8 Important Changes in Foreign Trade Policy 2015-2020

Five different schemes(Focus Product Scheme, Market Linked Focus Product Scheme, Focus Market Scheme, Agri Infrastructure Incentive Scrip, VKGUY) merged into single unconditional scheme named as Merchandise Export from India Scheme(MEIS);...

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Posted Under: Income Tax |

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