"24 July 2015" Archive

Loss from Forex Derivative trading upto export turnover is business loss & not speculative loss

M/s. Majestic Exports Vs JCIT (ITAT Chennai)

In the case of M/s. Majestic Exports vs. JCIT, ITAT Chennai held that the loss in the transactions of the forex derivatives contracts will be considered to be the business loss and the same can be set off against the business income. ...

CBDT notifies Cost Inflation Index for Financial Year 2015-16

Notification No. 60/2015 - Income Tax 24/07/2015

Notification No. 60/2015 - Income Tax S.O. (E) – In exercise of the powers conferred by clause(v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following further amendments in the notification of the Government of India in the...

Penalties u/s 114 of Customs Act could be invoked for Export made u/s 113

Commissioner of Customs v Kamalabhai (Madras High Court)

In the case of Commissioner of Customs v Kamalabhai, Madras High Court held that the exported goods u/s 113 can’t be confiscated but the penalties in section 114 related to “Attempt to make exports” will be applied as Attempt is a step to actual export....

Notification No. 71/2015-Customs (N.T.) Dated: 24/07/2015

Notification No. 71/2015-Customs (N.T.) 24/07/2015

In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints the Additional Commissioner of Customs(Port-Import)...

Notification No. 70/2015-Customs (N.T.) Dated: 24/07/2015

Notification No. 70/2015-Customs (N.T.) 24/07/2015

In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints the Joint/Additional Commissioner of Customs, Inland ...

The State Bar Council and Advocates – A Reality

Indian Judicial system is partly legacy of the British Rule in India. The best thing which the Britishers gave to this country is the judicial system. The basic feature of the administration of justice is adversary system of trial. Both the parties place their cases before the court and the Judge sits only as an umpire and does not play a...

Posted Under: Income Tax |

Triple The Amendments, Triple The Hassle, Now All Is Well for Textile Sector

sometimes the amendments to these provisos bring utter confusion which shivers a particular industry to which the notification relates. This is the exact situation of the textile sector which is being shivered by the recent amendments made in the proviso to notification no. 30/2004-CE dated 9.7.2004. Similar amendments have been made in t...

Posted Under: Income Tax |

What is GST and its Benefits

GST is levied at every stage of the production distribution chain with applicable set off in respect of the tax remitted at previous stages. It is basically a tax on final consumption. GST is to be a comprehensive indirect tax levy on manufacture, sale and consumption of goods as well as services at the national level. ...

Posted Under: Income Tax |

Input Tax Credit on Liquefied Petroleum Gas used by Hotels/ Restaurants under PVAT Act, 2005

Now a day’s cooking of foods products by the Hotel Industry/ Restaurants are mostly done with the help of Liquefied Petroleum Gas. Liquefied Petroleum Gas is the major ingredient used for converting raw food into final product. However the Excise & Taxation Department is disallowing Input Tax Credit on the purchase of Liquefied Petroleu...

Posted Under: Income Tax |

An Introduction To Information Technology And Cyber Law

The last decades have been one of the most important decades in human history. In these decades the internet and World Wide Web has been invented. The internet and www are the two boon of the modern humanity. They became essential part of every one’s life....

Posted Under: Income Tax |

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