As we are sailing across the revolution in Indian regulatory framework as evidenced by development in Companies Act, Ind-AS and Prospective Goods and service Tax meanwhile Central Board of Direct Tax has notified as per power conferred u/s 145(2) ten Income Computation and Disclosure Standards (ICDSs) to be followed by all assesses for any class of income to be considered while computing taxable income for Assessment Year starting from 1st April 2016.
Truth is an easy-to-practice concept of our life. However, many people dislike it for the simple reason it often brings displeasure and wrath of others. The story of Indian King Harichandra highlighted the power of speaking truth. Even when he was provoked to tell lies once so that his dead and beloved wife could come alive, he refused to budge. Nevertheless, he earned appreciation for the steadfast principle to be rewarded with the return of consort.
Indirect Tax Revenue (Provisional) collections during October 2015 increased by 36.8% as compared with collections made in October 2014; Cumulatively, during April-October 2015, Indirect Tax Collections increased by 35.9% over the collections made during the same period last year suggesting a healthy growth in the underlying tax base
Importer shall maintain a register, as in Appendix-4H (for 3 years period) of items imported under an Authorisation and separately for items imported with actual user condition and its consumption. In respect of particular schemes, such register shall be maintained for specified period.
Effect of this Public Notice: Hereinafter, agencies desirous of enlistment in Appendix 2I of Appendices & Aayat Niryat Forms may submit their application as per Annexure I to Appendix 2I to the DGFT instead of the concerned RA.
CA Vinod Kaushik What is HSN code? As per Wikipedia the Harmonised Commodity Description and Coding System, also known as the HSN (Harmonised System Nomenclature) is an internationally standardized system of names and numbers to classify traded products. These codes are basically used to fix rate of tax on various products at the time of […]
S.O. (E). In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Customs (N.T.), dated the 3rd August, 2001, published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S. O. 748 (E), dated the 3rd August, 2001, namely:-
Instruction No. 17/2015 Board has consistently been advising the field authorities to be fair, objective and rational while framing scrutiny assessment orders. Role of supervisory authorities in this regard, has also been highlighted by the Board from time to time. It has, however, been brought to the notice of Board that the tendency to frame high-pitched and unreasonable assessment orders is still persisting due to which grievances are being raised by the taxpayers. Such grievances not only reflect harassment of taxpayers but also lead to generation of unproductive work for Department.
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