"10 December 2015" Archive

Collegium system to consider withdrawal of frivolous appeals filed before High Court

F. No. 279/Misc/52/2014-(ITJ) 10/12/2015

F. No. 279/Misc/52/2014-(ITJ) It has now been decided to extend this collegium system to also consider withdrawal of appeals from the high Courts where the same are no longer considered prosecutable. The collegium system existing in multi-CCsIT stations would be responsible for reviewing all appeals pending before the High Courts relating...

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31 Points You Must Know About MODEL GST ACT, 2016 (Section Wise Avenue Analysis)

The Model GST Act, 2016 released by Sub-Committee II Report is yet to be authenticated since it is not available and hosted on government’s website. Nonetheless, we try to analyse the significant areas outlined in the Model GST Act, 2016 which needs significant attention / discussion of trade at large and law-makers as well. The Law to ...

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Posted Under: Income Tax | ,

The Integrated Goods and Services Tax Act, 2016 (IGST)

This act may be called the Integrated Goods and Services Tax Act, 2016. It extends to whole India. IGST applicable on all supplies of goods/services in the course of Inter-state trade or commerce. State includes Union Territory. However a supply of goods/services in the course of import in India shall be deemed to be an Inter-state supply...

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Posted Under: Income Tax |

Clarification regarding defective notices issued to FII/FPIs-reg

Notices of defective returns were issued under section 139(9) of the Income-tax Act to Foreign Institutional Investors/Foreign Portfolio Investors (FIIs/FPIs) in cases where Balance Sheet and P&L account were not filled....

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Posted Under: Income Tax |

New facility of pre-filling TDS data while submitting online rectification -reg.

Central Board of Direct Taxes has simplified the process of online rectification of incorrect TDS details filed in the Income Tax Return. Taxpayers were required to fill in complete details of the entire TDS schedule while applying for rectification on the e-filing portal of the Income-tax Department (www.incometaxindiaefiling.gov.in). Er...

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Posted Under: Income Tax |

Provisions related to Valuation under proposed GST Law

In first week of December 2015, the draft GST law was published on the web portals of few State Governments. In this article, the author has tried to decode the provisions of valuation in the draft GST law....

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Posted Under: Income Tax |

CEA Panel Report bats for lower exemptions and higher threshold for GST

The Committee headed by the Chief Economic Adviser Dr. Arvind Subramanian , had given its recommendations to the Finance Minister last week, recommending a four-tier rate structure wherein some essential items will be taxed at 12%, gold and precious metals at 2-6%, some so-called sin or demerit goods like luxury cars and tobacco products ...

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Posted Under: Income Tax |

Notification No. 141/2015-Customs (N.T.) Dated: 10/12/2015

Notification No. 141/2015-Customs (N.T.) 10/12/2015

In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints the Commissioner of Customs, Hyderabad Custom ...

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Notification No. 140/2015-Customs (N.T.) Dated: 10/12/2015

Notification No. 140/2015-Customs (N.T.) 10/12/2015

[To be published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-section (ii)]            Government of India Ministry of Finance Department of Revenue (Central Board of Excise and Customs) Notification No. 140/2015-Customs (N.T.) New Delhi, the 10th December, 2015 S.O. (E). -In exercise of the powers conferred ...

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Notification No. 139/2015-Customs (N.T.) Dated: 10/12/2015

Notification No. 139/2015-Customs (N.T.) 10/12/2015

In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints the Joint or Additional Commissioner of Customs...

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