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Archive: 15 April 2015

Posts in 15 April 2015

Limitation period under Excise Act not applicable to rebate claim filed

April 15, 2015 7517 Views 2 comments Print

Dorcas Market Makers Pvt. Ltd. (the Respondent) is engaged in the export of ‘Medimix’ brand of Ayurvedic Toilet Soap, falling under CSH 3401.11.10 of the Central Excise Tariff Act. The Respondent filed a rebate claim on June 17, 2008 under Rule 18 of Excise Rules for refund of the duty paid for goods exported during the period July 1, 2006 to January 31, 2007

Secretarial Standard-8 (SS-8) – Affixing of Common Seal

April 15, 2015 17972 Views 1 comment Print

Common seal means the metallic seal of a company which can be affixed only with the approval of the Board of directors of the company. It is the signature of the company to any document on which it is affixed and binds the company for all obligations undertaken in the document.

6 more documents acceptable as address proofs under Money Laundering norms

April 15, 2015 1151 Views 0 comment Print

where a prospective customer is unable to produce any proof of address, the following documents shall be deemed to be ‘officially valid document’: (a) utility bill which is not more than two months old of any service provider (electricity, telephone, post-paid mobile phone, piped gas, Water bill); (b) property or Municipal tax receipt; (c) bank account or Post Office savings bank account statement;

Commercial rights in the nature of intangible assets eligible for depreciation

April 15, 2015 7462 Views 0 comment Print

A reading of the agreement between STL and the assessee clarifies that a specific amount, i.e., Rs.9 Crores was paid by the assessee to the transferor who owned commercial rights towards the network and the facilities. The consideration was a specific value but for which the network would not have been otherwise transferred. In that sense, it constituted business or commercial rights which were similar to the enumerated intangible assets.

Integration of Form 26AS for improved compliance with Income Tax Act in India

April 15, 2015 1925 Views 0 comment Print

Many a times it has been seen that assesses, to whom Deductions under the Act are available, avail of such deductions without actually making the respective investments or complying with the preconditions. Such acts are committed because in most cases these claims are not verified by the Income Tax authorities.

Amendment to Rule 11 of Central Excise Rules, 2002 wef 01.03.2015

April 15, 2015 16198 Views 0 comment Print

The supplier of input sends the materials to any person (consignee) directly as per the instruction of a registered dealer, the excise invoice shall contain the details of the registered dealer as buyer and details of the person to whom the materials are sent as consignee.

Need for Inclusion of Pension for Every Class of Society

April 15, 2015 446 Views 0 comment Print

Mos(Finance) Jayant Sinha Emphasises the need for Inclusion of Pension for Every Class of the Society; Highlights the Role of Pension Funds as a Source of Long Term Funds for Infrastructure Development and the Need to have Increased Pension Flows in the Debt and Equity Markets to Reduce Volatility; Conference on National Pension System Held on the Theme of

15 things to know while filing Income tax returns for FY 2014-15

April 15, 2015 33417 Views 0 comment Print

The financial year is over and time for filing the income tax return for FY 2014-15/AY15-16 is around the corner. In this situation, following are some important points that every individual must know for filing income tax return this year.

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