"16 October 2015" Archive

Notification No. 50/2015-Customs Dated- 16th October, 2015

Notification No. 50/2015-Customs (16/10/2015)

Notification No. 50/2015-Customs Seeks to reduce the export duty on export of Iron Ore by MMTC Limited (only NMDC origin) to Japan and South Korea under the Long Term Agreement (LTA), from 30% to 10%, upto and inclusive of 31.03.2018. ...

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Revised Guidance for Implementation of Transfer Pricing Provisions

Instruction No. 15/2015 (16/10/2015)

Instruction No. 15/2015 The provisions relating to transfer pricing are contained in Sections 92 to 92F of the Income-tax Act (hereinafter referred to as 'the Act'). These provisions came into force w.e.f. Assessment Year 2002-2003 and have seen a number of amendments over the years, including the insertion of Safe Harbour and Advance Pri...

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Interest Under Service Tax Law

Interest is levied on the assessee when he delays the payment of service tax which is due and payable. If payment of service tax is delayed in accordance with the provisions of Section 68, Interest is charged at the rate not below ten per cent and not exceeding thirty-six per cent per annum. (Please Refer Section 75 of Finance Act, 1994)...

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Posted Under: Custom Duty |

Income Tax Slab for FY 2015-16 AY 2016-17

Articles explains Rates of income-tax in respect of income liable to tax , Minimum Alternative Tax Rate, Securities Transaction Tax (STT), Commodities Transaction Tax (CTT) and Dividend Distribution Tax (DDT) Rates for Financial Year 2015-16 i.e. Assessment Year 2016-17....

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Posted Under: Custom Duty |

No tax on display income of rought diamond in Bharat Diamond: CBDT

Income from display of rough diamonds in Special Notified Zone carried-out on or after 1st April, 2015 not to be taxable under the provisions of the Income-tax Act, 1961....

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Posted Under: Custom Duty |

CBI arrests Principal CITamp; & ITO in alleged bribe case of Rs. 10 Lakh

CBI ARRESTS A PRINCIPAL COMMISSIONER OF INCOME TAX AND AN INCOME TAX OFFICER IN AN ALLEGED BRIBERY CASE OF Rs.10 LAKH The Central Bureau of Investigation has today arrested a Principal Commissioner of Income Tax, Thiruvananthapuram and an Income Tax Officer, Thiruvananthapuram in an alleged bribery case of Rs.10 lakh (approx ). A case was...

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Posted Under: Custom Duty |

Penalty U/s 271C exigible if delay in remittance of TDS for Unreasonable Cause

M/s Classic Concepts Home India Pvt. Ltd. Vs CIT (Kerala High Court)

It was held by Kerala High Court in the case of Classic Concepts Home India Private Limited V/s. CIT that, penalty U/s 271C is exigible if delay in remittance of TDS is caused due to unreasonable cause....

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Amount paid to authorized dealer for protection from foreign exchange rate fluctuation is revenue expenditure

CIT Vs M/s Britannia Industries Ltd. (Calcutta High Court)

Calcutta High Court held In the case of CIT vs. M/s Britannia Industries Ltd. that bank charges claimed by the assessee are not relatable to the fixed assets. Bank charges are payable in consideration of the risk undertaken by the bank. ...

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Gratuity provision for employees who already retired is an ascertained liability – HC

CIT Vs M/s Kamarhatty Company Ltd. (Calcutta High Court)

Calcutta High Court held In the case of CIT vs. M/s Kamarhatty Company Ltd. that the views expressed by the tribunal are as per law. Assessee has made the gratuity provision in respect of employees who have already retired. ...

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Bad debts can be claimed in subsequent assessment years even if bad debts w/off in earlier years – HC

Duncan International Ltd. Vs CIT (Calcutta High Court)

Calcutta High Court held In the case of Duncan International Ltd. vs. CIT that Section 36 (2) (iii) allowed the assessee to claim the deduction on account of bad debts in subsequent years even if bad debts have written off in earlier years and which were not allowed....

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