"28 April 2015" Archive

FTP- Industrial Urea / Technical Grade Urea made freely importable with Actual User condition

Notification No. 04/2015-2020 (28/04/2015)

Notification No.04/2015-2020 Dated the 28th April, 2015 Subject: Amendment in import policy of Urea under ITC (HS) code 3102 10 00 of Chapter 31 of ITC (HS), 2012 – Schedule – 1 (Import Policy)....

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Delhi VAT- Dispose objections filed on account of mismatch of Annexures 2A/2B

5 of 2015-16, (28/04/2015)

CIRCULAR NO. 5 of 2015-16, Dated: 28.04.2015 It has been brought to the notice that Special Objection Hearing Authorities authorised for the disposal of the objections filed on account of mismatch of Annexures 2A/2B are not passing the orders in Form DVAT-40....

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Challenges for Success of Goods and Service Tax (GST) In India

The 122nd Constructional Amendment Bill seeks to introduce the Goods and Service Tax (GST Bill) was tabled in the Lok Sabha on 19th December 2014. Touting it as the single biggest tax reform since independence, Finance Minister Arun Jaitley (FM) while introducing the Bill had said that the GST law will subsume all indirect levies from Apr...

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Posted Under: DGFT |

Revised Procedure for MVATCSTPTRCPTEC Registration in Maharashtra

Initially separate applications were required to be made with the Registering Authorities for registration under MVAT, CST and PT Acts. The application were received by different Registering Authority and processed in silos for granting registration under different Acts....

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Posted Under: DGFT |

GST – Introduction, Rationale, Dual Structure & Constitutional Amendment Bill

Part I –  Introduction to GST– Indian is proposing to introduce GST from 1 April 2016 and thus its relevant for all of us to understand this biggest indirect tax reform. In this video, CA Pritam Mahure discusses about the new proposed GST regime in India....

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Posted Under: DGFT |

SEBI : Notification- Designation of Special Court for Securities Laws in Kolkata | Date of Notification April 28, 2015

Notification No. S.O. 1132(E) (28/04/2015)

In exercise of the power conferred by section 26A of the Securities and Exchange Board of India Act, 1992, section 26A of the Securities Contracts (Regulation) Act,1956 and section 22C of the Depositories Act, 1996, the Central Government hereby designates 5th Special Court, Calcutta as the Special Court under the aforesaid Acts....

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Exemption U/s. 54F cannot be denied if assessee having 2 houses, gifts one house to her spouse prior to transfer of long term capital asset other than residential house

Smt. Maya A. Ajwani Vs ITO (ITAT Mumbai)

We find no merit in Revenue’s case for disregarding the gift of a house property by the assessee to her spouse prior to the transfer date (of the original asset) for the purpose of reckoning eligibility to exemption u/s.54F of the Act....

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Reassessment not justified if assessee had disclosed all the material facts and provided necessary documents during assessment proceedings

Tata Business Support Services Ltd. Vs DCIT & Ors (Bombay High Court)

The facts and which are taken from the director’s report itself would indicate that the Assessee had disclosed what was relevant and necessary for the purpose of making assessment. The Assessee did not hold back any document nor failed to supply any information in addition to the explanation given by it in writing concerning the said ma...

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​Fast tracking all applications made by Voluntary Organisations/Trusts seeking approval u/s 11(1)(C) of Income Tax Act, 1961

NA (28/04/2015)

The Central Board of Direct Taxes has decided to fast track all applications made by Voluntary Organisations/Trusts seeking approval u/s 11(1)(C) of the Income Tax Act, 1961 for rendering help to the victims of earthquake in Nepal. Approval under this section is required by the charitable institutions for application of their income outsi...

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Clarification on rebate of duty on goods cleared from DTA to SEZ

Circular No. 1001/08/2015-CX-8 (28/04/2015)

Circular No. 1001/08/2015-CX-8 Dated- 28th April, 2015 Post these amendments, apprehensions have been expressed by the trade as to whether the following benefits would be available after these amendments: i. Benefit of rebate of duty on goods cleared from DTA to SEZ. ii. Refund of accumulated CENVAT credit when goods are cleared from DTA...

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