Notification No. 24/2015 – Customs Dated- 8th April, 2015 Central Government hereby exempts goods when imported into India against a duty credit scrip issued by the Regional Authority under the Merchandise Exports from India Scheme in accordance with paragraph 3.04 read with paragraph 3.05 of the Foreign Trade Policy
Notification No. 21/2015-Central Excise Dated- 8th April, 2015 Central Government exempts goods specified in First Schedule and Second Schedule to Central Excise Tariff Act, 1985, when cleared against a Service Exports from India Scheme duty credit scrip
Notification No. 20/2015-Central Excise Dated- 8th April, 2015 Govt. exempts goods specified in First Schedule and Second Schedule to Central Excise Tariff Act, 1985 , when cleared against a duty credit scrip issued by the Regional Authority under Merchandise Exports from India Scheme
Notification No. 11/2015 – Service Tax Dated- 8th April, 2015 Central Government exempts taxable services provided or agreed to be provided against a scrip by a person located in the taxable territory from whole of the service tax leviable thereon under section 66B of the said Act.
Notification No. 10/2015 – Service Tax Dated- 8th April, 2015 Central Government exempts taxable services provided or agreed to be provided against a Merchandise Exports from India Scheme duty credit scrip (MEIS) by a person located in the taxable territory from the whole of the service tax leviable thereon
CIT vs. Williamson Magor & Co. Ltd. (Calcutta High Court) The question no.(h) which related to deletion of disallowance of interest on account of borrowed capital is delivered by ITAT based on own previous year judgment but no finding was arrived indicating that the borrowed capital was not utilized for the purpose of earning exempt income. So matter remanded back to the AO.
We should meet our tax obligations every year as responsible citizens. However, the law allows certain “tax-deductible” savings and we owe it to ourselves to benefit from these options, which could translate into future savings. Every citizen has a fundamental duty to pay taxes honestly and a fundamental right to avail of all the tax incentives that the government provides. Therefore, through prudent tax planning, not only can income-tax liability be reduced but a better future can also be ensured through compulsory savings in government and other schemes. Let us take a look at how one can achieve successful tax planning to enjoy optimum benefits.
Amendments in DGFT Notifications- Merchandise Exports from India Scheme (MEIS) – Schedule of country groups, ITC (HS) code wise list of products with reward rates under Appendix 3B: The DGFT has notified the Appendix 3B which contains Table 1-List of Country Groups and Table 2-ITC (HS) code wise list of products with reward rates under MEIS. DGFT P/Notice No 02/2015-20 Dated 1st April 2015
There are many consequences where the partners feel the need to close the partnership firm. As per our Partnership Act the closure of firm is termed as dissolution of firm. In the words of bare act. The dissolution of partnership between all the partners of a firm is called the dissolution of the firm. There are some ways to dissolve the partnership firm which are as follows :-
