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Archive: 22 May 2015

Posts in 22 May 2015

In case of clandestine removal, Department not required to establish with clear evidence as assessee deliberately destroyed records and preponderant of evidence is sufficient

May 22, 2015 1560 Views 0 comment Print

The Commissioner has not taken into consideration the details of processed fabrics received by SCM and AP& Sons and not considered the evidences relied by the department and also white papers bearing the signature of Shri C. Manikandan

Tax on Agricultural land transferred under JDA

May 22, 2015 4401 Views 0 comment Print

Medravathi Agro Farms Pvt. Ltd. Vs ACIT (ITAT Hyderabad) It is observed that the assessee company as well as other thirteen land owning companies were incorporated with their main object to carry on the agricultural activities and there is no dispute about the same. In order to pursue this main objects, these companies purchased agricultural […]

Definitive anti-dumping duty on imports of USB Flash Drives

May 22, 2015 3005 Views 0 comment Print

Notification No. 22/2015-Customs (ADD) Dated- 22nd May, 2015-Seeks to levy definitive anti-dumping duty on imports of USB Flash Drives’, originating in, or exported from, People’s Republic of China and Chinese Taipei for a period of five years.

Anti Dumping Duty on Cast Aluminium Alloy Wheels or Alloy Road Wheels used in Motor Vehicles

May 22, 2015 5048 Views 0 comment Print

NOTIFICATION NO. 21/2015-Customs,(ADD), Dated: May 22, 2015 Whereas in the matter of Cast Aluminium Alloy Wheels or Alloy Road Wheels used in Motor Vehicles, whether or not attached with their accessories, of a size in diameters ranging from 12 inches to 24 inches (hereinafter referred to as the subject goods), falling under Chapter heading 8708 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as Customs Tariff Act), originating in, or exported from the People’s Republic of China, Korea RP and Thailand

Definitive anti-dumping duty on imports of Pentaerythritol

May 22, 2015 854 Views 0 comment Print

Whereas, in the matter of “Pentaerythritol” (hereinafter referred to as the subject goods), falling under Chapter 29 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the Customs Tariff Act)

Change in Service Tax Rate — Section 67A vs Rule 4 of Point of Taxation Rules

May 22, 2015 41703 Views 0 comment Print

CA Manindar Kakarla Introduction: Finance Bill, 2015 has proposed to increase the service tax rate to 14% by amending Section 66B. The said bill has received President’s assent on 14/05/2015. The increased rate is going to be effective from 01.06.2015. As there is a change in rate of tax, the applicability of new service tax […]

Taxability of newly taxable services from June 1, 2015

May 22, 2015 12444 Views 0 comment Print

 CA Bimal Jain The Ministry of Finance, Department of Revenue vide Notification No. 14/2015-ST dated May 19, 2015 has notified that the following changes in relation to the Negative List of services contained under Section 66D of the Finance Act, 1994 (“the Finance Act”) shall be effective from June 1, 2015: ♠ Section 66D(f): Services […]

The way towards Goods and Service Tax (GST)

May 22, 2015 7212 Views 2 comments Print

Basically GST stands for Goods and Service Tax. The Goods and Service Tax (GST) is likely to be implemented Very soon and many are worried about the same as the many of the people are still confused and illiterate over GST. While writing this I think learning something new is easier than teaching someone something new, so we all should start learning about GST on our own than to wait for implementation of GST.

Service Exports from India Scheme (SEIS)- Meaning, Rewards, Eligibility

May 22, 2015 7220 Views 0 comment Print

In the Foreign trade Policy 2015-2020, there are two scheme introduced for exports of Merchandise and Services respectively: Merchandise Exports from India Scheme (MEIS) Service Exports from India Scheme (SEIS) The objective of the scheme is to provide rewards to exporters to offset infrastructural inefficiencies and associated costs involved and to provide exports a level […]

Valuation of perquisite in respect of free education

May 22, 2015 39834 Views 4 comments Print

Fixed education allowance given in cash by the employer to the employee to meet the cost of education of the family members of the employee is exempt from tax to the extent of Rs. 100 per month per child (up to a maximum of two children). Moreover,any allowance granted to an employee to meet hostel expenditure of his child is exempt from tax to the extent of Rs.300 per month per child for a maximum of two children.

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