"09 July 2015" Archive

Section 206AA v/s 90(2)- Which will prevail over other

One of the decisions rendered by the Bangalore ITAT in the year 2012 relating to Section 206AA, in case of Bosch Ltd. (141 ITD 38) confirming its ability to Override the provisions of the Entire Income Tax Act. However as regards dispute that was there before the Hon. bench was only with regard to Section 139A(8)(d) read with Rule 114C an...

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Posted Under: Income Tax |

Operationalisation of online payments through debit/credit cards

Trade Notice No. 07/2015 (09/07/2015)

As a measure of Trade Facilitation and Ease of Doing Business, DGFT has already operationalised the facility of Online filing of various applications by the exporters/importers under the Foreign Trade Policy (2015-20). Early this year, DGFT also operationalised the facility of online submission of applications for issue of online Importer...

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Forex Facilities including the Liberalised Remittance Scheme (LRS) for Residents – FAQs

I. Guidelines on Travel Related Matters. II. Liberalised Remittance Scheme (LRS) of USD 125,000 III. Guidelines for Financial Intermediaries offering special schemes, protection under the Scheme....

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Posted Under: Income Tax |

Anti-dumping duty on imports of steel and fibre glass measuring tapes and their parts

Notification No. 31/2015-Customs (ADD) (09/07/2015)

NOTIFICATION NO. 31/2015-Customs (ADD), Dated: July 9, 2015- Seeks to levy definitive anti-dumping duty on imports of steel and fibre glass measuring tapes and their parts and components, originating in or exported from the People’s Republic of China for a period of five years...

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Delhi VAT – Procedure for matching of Annexure 2A and 2B

14 (09/07/2015)

It is herby informed to all concerned that department proposes to further streamline the matching of Annexure 2A and 2B as per the following procedures. Comments of all stakeholders are invited upto 20/07/15 before finalization of the same( As Directed by CLAT)...

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Depreciation under Companies Act, 2013 on extra shift

The useful lives of assets working on shift basis have been specified in the Schedule based on their single shift working. Except for assets in respect of which no extra shift depreciation is permitted (indicated by NESD in Part C above), if an asset is used for any time during the year for double shift, the depreciation will increase by ...

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Posted Under: Income Tax |

Growing Pains of Small Sole Proprietor CA Firms

It is a bare truth that chartered Accountant profession needs progressive dimension of running a successful Audit firm. Another truth is that in today’s national scene It is time that with the visualization & aspiration, every individual or sole proprietor should create new avenues and be ready to successfully administer his or her prac...

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Posted Under: Income Tax |

DGFT Launches online payment facility for application fees through Credit/ Debit Cards

07/2015 (09/07/2015)

Visa / Master Card Credit card transaction: 1.45% of payment amount per transaction. Visa / Master Card/Rupay Debit Card transactions: For transactions upto Rs.2000/- : 0.75% of payment amount per transaction. For transactions above Rs.2000/- : 1.00% of payment amount per transaction....

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Posted Under: Income Tax |

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