"April, 2015" Archive - Page 2

IASB votes to defer the effective date of the new revenue Standard

28 April 2015 The International Accounting Standards Board (IASB) today voted to publish an Exposure Draft proposing a one-year deferral of the effective date of the revenue Standard to 1 January 2018. The new revenue Standard (IFRS 15 Revenue from Contracts with Customers) was issued jointly by the IASB and the US Financial Accounting St...

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Posted Under: CA, CS, CMA |

Input credit not allowed if Final Product exempt from Tax and such duty cannot be refunded

The Commissioner, Customs & Central Excise Versus M/s. Surana Telecom Limited (Andhra Pradesh High Court)

CCECE Vs. M/s. Surana Telecom Limited (High Court of Andhra Pradesh) Rule 57L of the Rules which says that no credit of money on the inputs used in the manufacture of the final products shall be allowed if the final products are exempt from the whole of the duty of excise leviable thereon...

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Mere Remanding back the case by Tribunal without going into Merits not sufficient

M/s. Thirumurugan Enterprises Vs The Customs, Excise & Service Tax Appellate Tribunal, Chennai (Madras High Court)

In the case of M/s.Thirumurugan Enterprises Vs The Customs, Excise & Service Tax Appellate Tribunal, Chennai, the Hon’ble Madras High Court held that remanding back the case by Tribunal, without going into merits and asking the adjudicating authority to re-adjudicate the matter will not suffice....

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Allowability of depreciation claimed during the course of assessment proceedings?

ITO Vs Bhartiya Vidya Mandir Trust (ITAT Chandigarh)

The assessee was not satisfied as the assessing officer did not allow the depreciation which was subsequently claimed during the course of assessment proceedings. The assessee in Cross Objection has challenged the order of the learned CIT (Appeals) in upholding the disallowance of claim of Rs.2, 57, 90,420/- made by the trust in respect o...

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Income Tax Rate Chart for Financial year 2015-16, 2014-15 & 2013-14

Income Tax Rate Chart for Assessment Year 2014-15/ 2015-16 and 2016-17 i.e. Financial Year 2013-14, 2014-15 and 2015-16 for Individuals, Association of Person (AOP) or Body of Individual (BOI) or any other artificial juridical person, Hindu Undivided Family (HUF), Partnership Firm, Limited Liability Partnership (LLP, Domestic Company, Fo...

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Delhi VAT- Review of System Generated Orders

7 of 2015-16 30/04/2015

CIRCULAR No. 7 of 2015-16 Dated 30/04/2015 The Systems Branch has generated the auto-default-assessment of the such dealers who have made central concessional sales during the year 2010-2011 whose, online assessments under section 9(2) of CST Act were not available, in Systems as on 30.3.2015....

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Notification No. 42/2015-CUSTOMS (N.T.), Dated: April 30, 2015

Notification No. 42/2015-Customs (N.T.) 30/04/2015

Notification No. 42/2015-CUSTOMS (N.T.), Dated: April 30, 2015 In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Gove...

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Rate of exchange of conversion of each of foreign currency wef 01.05.2015

Notification No. 41/2015-Customs (N.T.) 30/04/2015

NOTIFICATION NO. 41/2015 - Customs (N.T.), Dated: April 30, 2015- In exercise of the powers conferred by Section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby makes the following further amendments in the Notification of the Government of India, Ministry of Finance (Department of Revenue) No. 38/...

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PM to Launch Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and Atal Pension Yojana

Prime Minister to Launch Pradhan Mantri Suraksha Bima Yojana (PMSBY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) AND The Atal Pension Yojana (APY) on 9th May 2015 at Kolkata The Prime Minister Shri Narendra Modi will launch three ambitious Social Security Schemes pertaining to the insurance and pension sector on 9th May 2015 at Kolk...

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Posted Under: CA, CS, CMA |

CBEC Instructs for Expeditious clearance of export goods to Nepal

F.No. 201/03/2015-Central Excise .6 30/04/2015

Instructions regarding expeditious clearance of export goods to Nepal in the wake of emergency relief operations undertaken in India-reg. F.No. 201/03/2015-CX.6 Dated: April 30, 2015...

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