"09 June 2015" Archive

Revision of Handbook of Procedures -Changes/ amendments in EOU/EHTP/STP/BTP Schemes-reg

Circular No. 19/2015-Custom 09/06/2015

Circular No. 19/2015-Custom Duty Dated- 9th June, 2015 New Handbook of Procedures (HBP) 2015-2020 has been notified by DGFT vide Public Notice No. 01/2015-2020 dated 01.04.2015. In this regard, attention is invited to CBEC Circular No. 17/2006-Cus dated 1st June, 2006 and Circular No. 19/2007-Cus dated 3rd June, 2007 as amended by Circula...

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Clubbing of Income and related provisions- Part I

Anjali Goyal What is Clubbing of Income? Clubbing of Income is basically the concept of imposing tax on other person than the actual recipient of the income where other person is the transferor who diverted such income or transferor of the transferred asset out of which income has been generated. When concept of clubbing of […]...

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Disclosure of Income after Search at sister concerns office cannot be called voluntary

CIT Vs Balampur Chini Mills Pvt Ltd. (Calcutta High Court)

High Court Calcutta held in CIT Vs Balampur Chini Mills Pvt Ltd that even if the assesse had voluntary disclosed its income by filing revised ROI though not detected by the revenue during scrutiny proceedings u/s 143(3), penalty u/s 272(1)(c) would be levied. ...

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Brief on IFRS 15 ‘New revenue recognition criteria’

Need for new financial reporting standard IFRS 15 for revenue recognition:- The basic need of this new standard is to bring the uniformity in recognition requirements of revenue across all the sectors for e.g. Real Estate, Power , etc which were not covered earlier under one umbrella. ...

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Posted Under: Custom Duty |

Condonation of delay in filing refund claim and claim of carry forward of losses

Circular No. 09/2015-Income Tax 09/06/2015

CIRCULAR NO 09/2015 In supersession of all earlier Instructions/Circulars/Guidelines issued by the Central Board of Direct Taxes (the Board) from time to time to deal with the applications for condonation of delay in filing returns claiming refund and returns claiming carry forward of loss and set-off thereof under section 119(2)(b) of th...

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Draft Framework on Issuance of Rupee linked Bonds Overseas

Press Release: 2014-2015/2603 09/06/2015

Attention of members of public is invited to paragraph 31 of the first Bi-monthly Monetary Policy Statement, 2015-16 announced by the Reserve Bank on April 07, 2015 proposing to expand the scope of issuance of Rupee linked bond overseas by the international financial institutions as also permit Indian corporates, eligible to raise externa...

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Corrigendum to DGFT Public Notice No.16 dated 4th June, 2015

Public Notice No. 20/2015-2020 09/06/2015

In case of second extension of authorisation, the composition fee shall be charged @0.5% per month of FOB value of exports made. Accordingly, corrections have been made in Paragraphs 4.38 (viii)(b)&(c) to align the same with paragraph 4.38(viii)(a). Typographical error in paragraph 4.42(c) has been corrected....

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CBDT Clarifies Regarding Prosecution of Tax Evaders

Effective and Stringent Action only in known and big cases of Tax Evasion to Demonstrate to the Large Number of Compliant Tax Payers that the Tax Laws are just and Fair and to Encourage Voluntary Tax Compliance It has been noticed that the certain section of media have referred to the Discussion Paper, circulated during […]...

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Posted Under: Custom Duty |

Summary of Exemption to Private / Government / Section 8 Companies and Nidhis

Government issues final notifications under section 462 of the Companies Act, 2013 (Act) that provide Exemptions under various provisions of the Act to (i) Private Companies (ii) Government Companies (iii) Section 8 Companies and (iv) Nidhis The Ministry of Corporate Affairs, Government of India issued the final notifications under Sectio...

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Posted Under: Custom Duty |

Exit Order in respect of UP and MP Stock Exchange

PR No. 154-155/2015 09/06/2015

Further, the Income Tax Authorities, Ministry of Corporate Affairs and the State Government of Madhya Pradesh are being intimated about the exit of MPSE, for appropriate action at their end....

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