A. P. (DIR Series) Circular No. 20 As announced in the Fourth Bi-monthly Monetary Policy Statement (para. no. 39) on September 29, 2015, with a view to further liberalising the existing hedging facilities, it has been decided to allow all resident individuals, firms and companies, who have actual or anticipated foreign exchange exposures, to book foreign exchange forward and FCY-INR options contracts up to USD 1,000,000 (USD one million) without any requirement of documentation on the basis of a simple declaration.
No.F.3(15)/Fin.(Rev-I)/2015-16, whereas the Government of National Capital Territory of Delhi is of opinion that it is expedient in the interest of Revenue to introduce an award Scheme named as Bill Banvao, Inaam Pao’. The Department of Trade & Taxes, Government of National Capital Territory of Delhi is introducing an award scheme for the general public ‘Bill Banvao, Imam Pao’. The scheme would be for Bill/Cash Memo/Retail Invoice of purchases made from a registered dealer in Delhi.
take necessary steps and put in place necessary systems for implementation of the circular, including necessary amendments to the relevant bye-laws, rules and regulations, within three months from the date of this circular.
One of the biggest and the much awaited tax reforms of the country. A move to grease the wheels of the ‘ease of doing business’ initiative in India. The Goods and Service Tax is all set to integrate the states and uplift the strapped Indian Economy.
In the case of CIT vs. Smt.Datta Mahendra Shah, Bombay High court held that once department has accepted decision of ITAT given in case of assessee’s son then decision given by ITAT on identical fact in assessee case has also to be accepted by department, since department works as a single unit
In the case of Allscripts (India) Private Ltd.vs. Dy. Commissioner of Income Tax, ITAT Ahemdabad held that for the purpose of find our comparable companies for transfer pricing, companies with very high operating margin can’t be selected as comparable companies without justification/investigation by AO
Permanent account number means a number which the Assessing Officer may allot to any person for the purpose of identification and includes a permanent account number having ten alphanumeric characters and issued in the form of a laminated card. [Form 49A].
No Capital Gain Chargeable to Tax on Sale of Asset acquired by way of Adverse Possession for any Cost of Acquisition u/s 55(2) despite Amendment in the Income Tax act in the year 1995 covering those assets which are having a NIL cost of acquisition. However the amendments still don’t cover the transactions on account of proceeds from reverse possession thus do not attract any capital gains.
Terms and Conditions Authorized by AOA Buy Back should not exceed 25% of the aggregate of (PUS + FR) in a F.Y Debt Equity Ratio shall not be exceed more than 2:1 after buy back Share should be fully paid up Buy Back shall be completed within period of one Year from the Date of […]
Chairman CBEC: In Order to have Smooth Flow of Goods Across Border , There is Need for Increasing Cooperation Betrween Customs and Tax Authorities of Different Countries; Inaugurates Two Day 11th Asia Europe Meeting (Asem) Of the Customs’ Directors General – Commissioners at Goa; Representatives from 44 Countries Along with European Union and Asean Secretariate Participate in Two Day International Meet.
