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Archive: 06 August 2015

Posts in 06 August 2015

Rate of exchange of conversion of the foreign currency WEF 07th August, 2015

August 6, 2015 454 Views 0 comment Print

Notification No.73/2015 – Customs (N.T.) Dated the 6th August, 2015 CBEC hereby determines that the rate of exchange of conversion of each of the foreign currencies specified in column (2) of each of Schedule I and Schedule II annexed hereto, into Indian currency or vice versa, shall, with effect from 7th August, 2015

Export of Rice Bran oil in bulk exempted from prohibition on export of edible oils

August 6, 2015 589 Views 0 comment Print

Notification No 17 /2015-20 Dated : 6 August, 2015 Export of Rice Bran oil in bulk has been exempted from the prohibition on export of edible oils. Also, the quantity ceiling on export of organic edible oils has been removed.

Partial abolition of Local Body Tax (LBT) in Maharashtra w.e.f 01-08-2015

August 6, 2015 39639 Views 28 comments Print

As all the dealers are aware that the Urban Development Department, Government of Maharashtra has informed all the dealers that from 1st August 2015, LBT shall apply only to those dealers whose turnover would exceed Rs. 50 Cr. in a year.

Increase in Transport Allowance for Central Govt employees wef 01st April 2015

August 6, 2015 6760 Views 1 comment Print

Reference is invited to Ministry of Finance, Department of Expenditure O.M. No. 21(2)/2008-E.II(B) dated 29th August, 2008 regarding grant of Transport Allowance to Central Government employees, consequent upon implementation of the recommendations of the Sixth Central Pay Commission (6th CPC).

AO cannot refer to DVO u/s 55 when valuation made by the registered valuer was on higher side

August 6, 2015 3247 Views 0 comment Print

Revenue challenged the order passed by ITAT majorly on three grounds. Firstly, on ground of adopting value of property as per the value provided by registered valuer instead of value adopted by AO on the basis of report of DVO.

A collective understanding of Assessment Procedures

August 6, 2015 2391 Views 1 comment Print

Self Assessment u/s 140A: This simply means that the person is calculating his own tax liability and thereafter filing ITR after payment of self calculated tax. Since assessee himself calculates the tax and income, it is called as self assessment.

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