The Government provides concessions in cess and taxes on some medicines sold in the country. At present, life saving drugs or medicines specified in the List 4 annexed to the Notification No. 12/2012-Customs dated 17th March, 2012 (Sl. No. 148) of Government of India, Ministry of Finance, Department of Revenue vide G.S.R. 185 (E) dated […]
Text of the Statement made by the Finance Minister in Rajya Sabha on 07.05.2015 relating to MAT on FIIS A matter which has attracted considerable debate in the public space in recent weeks is the levy of Minimum Alternate Tax (MAT) on Foreign Institutional Investors (FIIs). The difficulties experienced by FIIs in this regard were […]
In terms of Reserve Bank of India’s A.P. (DIR Series) Circular No. 91 dated march 31, 2015 and SEBI’s CIR/MRD/DP/04/2015 dated April 8, 2015 following relaxations have been made: • Foreign Portfolio Investors (FPIs) have been allowed to take positions (long as well as short) in USD-INR pair up to USD 15 million per exchange […]
Notification No.32/2015 – Customs, Dated- 8th May, 2015 G.S.R. (E).- In exercise of the powers conferred by sub-section (3) of section 3 of the Customs Tariff Act, 1975 (51 of 1975), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby directs that each of the notifications of the Government of India in the Ministry of Finance (Department of Revenue), specified in column (2) of the Table hereto annexed shall be amended, in the manner specified in the corresponding entry in column (3) of the said Table, namely :-
Calcutta High Court held In the case of CIT vs. M/s Golden Corporation Services that it appears from the grounds of the appeal that appellant did not pursue the matter seriously. There is no allegation or any proof of the fact that the appellant was prevented by any cause far less sufficient
Notification No. 44/2015 – Income Tax (INCOME-TAX) S.O. Whereas the Central Government in exercise of the powers conferred by clause (iii) of sub-section(4) of section 80-IA of the Income-tax Act, 1961(43 of 1961) thereinafter referred to as the said Act), has framed and notified a scheme for industrial park, by the notifications of the Government of India vide number S.O. 50 (E), dated the 8thth January, 2008 subsequently amended vide Notification No. S.O. 1605 (E), dated 2nd July 2008 and vide Notification S.O. No. 1210 (E) dated 21.5.2010.
The number of existing income tax payers is low compared to the potential. The gap between the potential and the actual tax payers appears to be wider in the case of tier-II cities and towns. 2. Considering the priorities of the Government and the need to widen the tax base, a concerted and focused effort in mission mode is required. We have to strive for adding at least 25 lakhs new assesses per month during the current financial year.
In view of the newly inserted provisos, some field officers took the view that whoever orders goods to the Manufacturer and directs the Manufacturer to send the goods to ultimate user directly are required to take Dealer’s Registration.
With reference to my previous article on revised registration procedure as per circular 4T of 2015, where common form for registration of MVATCSTPTRCPTEC. Now Department has come up with new Trade circular 5T of 2015 dated 07/05/15 where, you will surprise to here that ; registration can be obtained for all above mentioned numbers without attending the authorities. Yes it is, now the facility to upload all the documents is made available from 07/05/15 onwards.
In the case of Sesa Goa Ltd. vs. CIT, High Court has held that that independent income having no nexus with exports would be covered by the words other similar receipts in clause (baa) of the Explanation to Section 80HHC of the Act.
