"02 December 2015" Archive

TDS on Salary for Assessment Year 2016-17

Circular No. 20/2015-Income Tax (02/12/2015)

CIRCULAR NO : 20/2015 The present Circular contains the rates of deduction of income-tax from the payment of income chargeable under the head Salaries during the financial year 2015-16 and explains certain related provisions of the Act and Income-tax Rules, 1962 (hereinafter the Rules)....

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Reg. Excise duty Exemption to units in North Eastern Region

Circular No. 1012/19/2015-Central Excise (02/12/2015)

Circular No. 1012/19/2015-CX Doubts have been raised regarding availability or otherwise of central excise duty exemption under notification No.20/2007-Central Excise dated 25.04.2007 to new units or units undertaking substantial expansion after 01.12.2014 in the North Eastern Region including Sikkim pursuant to the suspension of fresh re...

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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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How Key Sectors Will Be Affected With GST Rollout?

Will food products become dearer? Will Land and Real estate be kept under GST? Will Service providers be happy with GST? How Manufacturers would be affected? What’s going to be in case of Works Contracts? How Power and Telecommunication sector be adversely affected? What about International Trade? Whether it will be zero rated or taxed?...

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Posted Under: Income Tax |

SEBI Listing Regulation-Obligations Of Listed Entity Which Has Listed Its Specified Securities

Analysis of Chapter IV of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations) related to OBLIGATIONS OF LISTED ENTITY WHICH HAS LISTED ITS SPECIFIED SECURITIES Now, Securities and Exchange Board of India took direct regulatory role over the listed entities in India. Securities and Exchange Board ...

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Posted Under: Income Tax |

CBDT allows Service of notice, summons, requisition, order etc. by Email

Notification No. 89/2015 - Income Tax (02/12/2015)

Notification No. 89/2015 - Income Tax For the purposes of sub-section (1) of section 282, the addresses (including the address for electronic mail or electronic mail message) to which a notice or summons or requisition or order or any other communication under the Act (hereafter in this rule referred to as “communication”) may be del...

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Issue refund below Rs. 50,000/- Expeditiously in Non-CASS cases : CBDT

F.No.312/109/2015-0T (02/12/2015)

F.No.312/109/2015-0T I am directed to say that as on 01.11.2015, there were 2.07 lakh returns involving refund claims of Rs.659 crore for AY 2013-14 and 12.90 lakh returns involving Rs.4,837 crore for AY 2014-15 still pending for processing and issue of refunds. These returns have not been selected for scrutiny under CASS....

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Karti Chidambaram raid: No collateral purpose in I-T searches, CBDT says

Based upon credible information of tax evasion and large scale financial irregularities committed by a group based at Chennai and Tiruchirappalli, the Investigation Wing of the Income Tax Department at Chennai has been conducting investigation. As part of such investigation, searches under section 132 and surveys under section 133A of the...

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Posted Under: Income Tax |

RBI allowed to prescribe or amend norms related to issue of FCCBs/ FCEBs

Notification No. FEMA. 359/2015-RB (02/12/2015)

Provided that under these Regulations, the Reserve Bank may, in consultation with the Government of India,change / prescribe for the automatic as well as the approval route of FCCBs, any provision or proviso for issuance of FCCBs....

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RBI allowed to can prescribe norms on borrowing or lending foreign exchange under automatic/approval route

NotificationNo. FEMA. 358/2015-RB (02/12/2015)

Provided that under these Regulations, the Reserve Bank may, in consultation with the Government of India, prescribe for the automatic route, any provision or proviso regarding various parameters listed in paragraphs 1 to 3 above of this Schedule or any other parameter as prescribed by the Reserve Bank and also prescribe the date from whi...

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Timely cancellation of bond executed with Customs in advance authorisation cases – regarding

F. No. 605/71/2015-DBK (02/12/2015)

F. No. 605/71/2015-DBK During discussions in the Ministry, the Export Promotion Councils have highlighted that field formations take substantial time to cancel the bond executed by exporters with the Customs in terms of the advance authorisation notifications. EPCs informed that much of this time is associated with retrieval of bond file ...

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AR cannot sign additional ground on behalf of assessee

Shri. M. Natarjan Vs DCIT (ITAT Chennai)

M. Natarjan Vs. DCIT (ITAT, Chennai) Addition on behalf of undisclosed income of various amounts has been made against the assessee. Before ITAT assessee raised additional ground that addition was made before approval of concerned authorities prescribed u/s 158BG and hence invalid....

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Duty of assessee does not extend beyond disclosure of all material facts in reassessment

New Delhi Television Ltd. Vs ACIT (ITAT Delhi)

New Delhi Television Ltd. Vs. ACIT- Bench of ITAT Delhi reversed the order passed by CIT (A) in which he confirmed the reassessment order after the lapse of four year when no new facts was revealed by the AO....

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Proviso to Sec. 201(1) and 2nd proviso to sec. 40(a)(ia) should be viewed in same manner

DCIT (TDS) Vs Punjab Infratructure & Development Board (ITAT Chandigarh)

DCIT (TDS) Vs. Punjab Infratructure & Development Board, Chandigarh (ITAT Chandigarh)- When payee or resident has filed its return of income disclosing the payment received by and in which the income earned by it is embedded and has also paid tax on such income...

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SEBI Listing Regulations-Corporate Governance Requirements With Respect To Subsidiary of Listed Entity

Analysis of Regulation 24 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations) related to Corporate governance requirements with respect to subsidiary of listed entity....

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Posted Under: Income Tax |

Related Party Transaction under SEBI (Listing Obligation & Disclosure Regulation)

Condition for Related Party Transaction: Prior approval of the audit committee is required and omnibus approval may be given.(sub regulation 2). All material related party transactions shall require approval of the shareholders through a resolution. (sub regulation 4) Related parties shall abstain from voting on such resolutions, wh...

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Posted Under: Income Tax |

SEBI Listing Regulations-Holding of Specified Securities and Shareholding Pattern

Analysis of Regulation 31 and 31A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations) related to Holding of specified securities and shareholding pattern and Disclosure of Class of shareholders and Conditions for Reclassification....

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Posted Under: Income Tax |

SEBI Listing Regulations- In principle Approval of Recognized Stock Exchange

Analysis of Regulation 28 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations) related to In-principle approval of recognized stock exchange(s)....

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Posted Under: Income Tax |

Taxation Regime for Real Estate Investment Trusts and Infrastructure Investment Trusts

The Finance (No.2) Act, 2014 had amended the Income-tax Act to put in place a special taxation regime in respect of business trusts. The business trust as defined in section 2(13A) of the Income-tax Act before amendment by the Act, included a Real Estate investment Trust (REIT) and an Infrastructure Investment Trust(InviT) which is regist...

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Posted Under: Income Tax |

What Factors basically deal with foreign Trade Policy?

According to Foreign Trade (Development and Regulation) Act, 1992 foreign trade policy basically contain a set of guidelines or instruction of import and export. Its primary purpose is not merely earn to foreign exchange but also to stimulate greater economy activity....

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Posted Under: Income Tax |

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