"07 October 2015" Archive

Delayed refund of SAD would entitle assessee to claim interest u/s 27A of Customs Act,1962

Principal Commissioner of Customs Vs Riso India Private Limited (Delhi High Court)

The Hon'ble Delhi High Court in the case of Riso India Private Limited held that the Special Additional Duty of Customs is also a duty leviable under Customs Act,1962 and all the procedures regarding demand, refund , drawback as applicable to all other custom duties would also be applicable to SAD....

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Return can be revised under Income Tax Act 1961 u/s 139(5)

If any person having furnished a return under section 139(1) or in pursuance of a notice issued under section 142(1) [original return], discovers any omission or wrong statement therein, then he may furnish a revised return at any time on or before the expiry of one year from the end of the relevant Assessment Year (AY 2) or before the co...

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Posted Under: Custom Duty |

Allow FDI in multi-brand retail through PPP mode: ASSOCHAM

ASSOCHAM has reiterated for allowing foreign domestic investment (FDI) in retail industry and modernisation of wet market through public-private partnership (PPP) with adequate safeguard so that these new corporations do not become monopolistic and charge high price....

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Posted Under: Custom Duty |

GST to be implemented w.e.f April 1, 2016: K.M. Mani

GST constitutional amendment may be passed in Winter Session of Parliament The GST, a much-awaited reform to replace multiple indirect taxes with one levy shall be implemented with effect from April 1, 2016 as all preparations including rules, legislation and others have been duly undertaken, said Mr K.M. Mani, chairman of the GST Empower...

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Posted Under: Custom Duty |

Draft GST Reports on payment process, refund process and registration on public domain

In order to engage with the stakeholders and invite comments from the public at large, Ministry of Finance has decided to make available the Draft Business Processes of GST. Following are the Draft Reports on GST available on public domain for virtual feedback of the public: Report of the Joint Committee on Business Processes for GST on...

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Posted Under: Custom Duty |

Major draw backs or obstacles in achieving anticipated results under RTI Act

Whereas in the matter of Principles of Natural Justice, and the field of Justice Delivery the saying Justice Delayed is Justice Denied is honestly accepted, it seems that there is no weightage to such proverb in the Right to Information Act, 2005. In fact, there is no guarantee about supply of information within particular span of period....

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Posted Under: Custom Duty |

Free CIBIL Scores In India ?

CIBIL scores are increasingly becoming important in our life. This three digit numerical expression of our credit wellbeing does not only impact the access to loans and funding, but has started to have a bearing on other financial aspects as well.  Thus, it becomes highly important for one to be able to maintain a good […]...

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Ratification Of Statutory Auditor Under Companies Act, 2013

Appointment for 5 Years: {Section: 139(1)} Every company shall, at the first annual general meeting, appoint an individual or a firm as an auditor who shall hold office from the conclusion of that meeting till the conclusion of its sixth annual general meeting and thereafter till the conclusion of every sixth meeting. Ratification of Audi...

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Certificate of Registration as 'Income Tax Practitioner' not mandatory to Represent I. T. Assessees

WHO CAN REPRESENT FOR & ON BEHALF OF INCOME TAX ASSESSEES? As per Section 288(2) of Income Tax Act, 1961 there are Eight (8) Categories of Persons eligible to act as Authorized Representatives for & on behalf of the Income Tax Payers/Assessees, as listed below: 1) The Relative or Employee of the Assessee/Tax Payer [vide […]...

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Posted Under: Custom Duty |

Amendment to Section 35F of CEA, 1944 are Constitutional: HC

M/s. Hindustan Petroleum Corporation Ltd. Vs Union of India (Karnataka High Court)

Section 35F of the Act has retrospective operation and is not restricted to only prospective It applies to all lis which have commenced prior to or after the enforcement of the amendment, except to cases covered under the second proviso thereof....

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