"08 June 2015" Archive

This summer, Pune favours Assessees and Bangalore favours Revenue

Bangalore ITAT, A Bench has in the case of IBM India Private Ltd., v ITO (TDS) held that Tax deduction at source / Tax collection at source [TAS] Provisions are attracted even if the provision is made in the books of account to measure the economic performance of the entity irrespective of whether the exact amount and the payee is determi...

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Posted Under: Income Tax |

Flipkart Store – All you need to know

Now a days there is a boom in e-commerce in India. There has been many e-commerce sites like Amazon.in, Flipkart.com and Snapdeal.com. Today we are going to know much more in detail about the Filpkart store....

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Posted Under: Income Tax | ,

Service Tax on Private Railway Sidings

In present trend, a large number of business entities for their mega projects are procuring land for setting up their plants or factories as well as for laying railway tracks for developing of their own railway sidings within factory premises and connecting the same from a nearby railway station for ensuring smooth transportation of fuels...

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Posted Under: Income Tax |

The Maharashtra Municipal Corporations Local Body Tax Amnesty Scheme 2015

Urban Development department of Maharashtra State vide Notification No. LBT-2015/CR-82/2015/UD-32, notified an amnesty scheme for Local Body Tax (LBT) defaulters in Maharashtra Municipal Corporations. ...

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Posted Under: Income Tax |

Features of Strategic Debt Restructuring by converting loan dues to equity shares

RBI/2014-15/627 DBR.BP.BC.No.101/21.04.132/2014-15 (08/06/2015)

t has been observed that in many cases of restructuring of accounts, borrower companies are not able to come out of stress due to operational/ managerial inefficiencies despite substantial sacrifices made by the lending banks. In such cases, change of ownership will be a preferred option. Henceforth, the Joint Lenders’ Forum (JLF) shoul...

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Regarding facility of centralized registration to manufacturers of aluminium roofing panel

Notification No. 17/2015-Central Excise (N.T.) (08/06/2015)

Notification No. 17/2015-Central Excise (N.T.) subject to the conditions that such roofing panels are consumed at the site of manufacture for execution of the project and the manufacturer of such goods has a centralised billing or accounting system in respect of such goods manufactured by different manufacturing units and opts for registe...

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Summary of exemptions provided to private companies u/s 462 of CA, 2013

The Summary of provisions that are notified vide Notification to exempt private companies u/s 462 of the Companies Act, 2013 are tabulated below....

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Posted Under: Income Tax |

Minimum price for import of Areca Nuts enhanced to Rs.162/- per Kg

Notification No. 10/2015-2020 (08/06/2015)

In exercise of powers conferred by Section 3 of FT (D&R) Act, 1992, read with paragraph 1.02 and 2.01 of the Foreign Trade Policy, 2015-2020, the Central Government hereby amends the Import Policy of Areca Nut under ITC (HS) code 0802 80 10, 0802 80 20, 0802 80 30 and 0802 80 90 of Chapter 8 of ITC (HS) 2012 - Schedule-1 (Import Policy) a...

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DGFT-Preferential Treatment for Status Holders

Trade Notice No. 04/2015 (08/06/2015)

The Para 3.24 of the new Foreign Trade Policy 2015-20 provides for certain privileges and preferential treatment for the Status Holders. As per sub para (g) of Para 3.24 of FTP, status holders would be entitled to preferential treatment and priority in handling of their consignments by the concerned agencies....

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My Departure Address- Common Seal

I am a COMMON Seal of the company who ruled the corporate world for a century. I come to you with a message of leave-taking and farewell, and to share a few final thoughts with you. In India, I was born through an Indian Companies Act 1913 came into force on the first day of April 1914. It was extended to the whole of British India, inclu...

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Posted Under: Income Tax |
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