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Archive: 29 December 2015

Posts in 29 December 2015

Course on Mastering GST Sections Effortlessly with Memory Techniques!

December 22, 2024 10674 Views 0 comment Print

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Foreign Exchange Management (Insurance) Regulations, 2015

December 29, 2015 1727 Views 0 comment Print

G.S.R. 1007(E).—In exercise of the powers conferred by sub-section (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), and in supercession of its Notification No. FEMA.12/2000-RB, dated May 3, 2000, as amended from time to time, the Reserve Bank of India makes the following Regulations with respect to the holding by a person resident in India of a general or life insurance policy issued by an insurer outside India, namely:

Notification No. 149/2015 – Customs (N.T.) dated the 29th December, 2015

December 29, 2015 327 Views 0 comment Print

Notification No. 149/2015 – Customs (N.T.) Central Government hereby rescinds the Customs Tariff (Transitional Product Specific Safeguard Duty) Rules, 2002, published by Notification No. 34/2002-NT-CUSTOMS, dated the 11th June, 2002 in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 420 (E), dated the 11th June, 2002, except as respects things done or omitted to be done before such rescission.

Notification No. 148/2015-Customs (N.T.) Dated- 29th December, 2015

December 29, 2015 436 Views 0 comment Print

Notification No. 148/ 2015-Customs (N.T.) Central Board of Excise and Customs, hereby makes following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.12/97-CUSTOMS (N.T.), dated the 2nd April, 1997, published in the Gazette of India, Extraordinary, Part II, Section 3,Sub-section (i) vide number G.S.R. 193(E), dated the 2nd April, 1997, namely:-

FAQs on Central Excise/Service Tax Audit

December 29, 2015 5648 Views 0 comment Print

In terms of revised selection methodology prescribed vide Circular No. 995/2/2015-CX dated 27th Feb, 2015, which has come into effect from 01st July, 2015, an annual schedule for audit would be drawn based on the risk evaluation method prescribed by the Directorate General of Audit. The risk assessment function will be jointly handled by National Risk Managers (NRM) situated in the Directorate of Audit and Local Risk Managers (LRM) heading the Risk Management Section of Audit Commissionerates.

The Negotiable Instruments (Amendment) Act, 2015

December 29, 2015 3478 Views 2 comments Print

MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 29th December, 2015 The following Act of Parliament received the assent of the President on the 26th December, 2015, and is hereby published for general information:— THE NEGOTIABLE INSTRUMENTS (AMENDMENT) ACT, 2015 NO. 26 OF 2015 [26th December, 2015.] An Act further to amend the […]

Section 14A disallowance only for Expenses not directly relatable to exempt or taxable Income

December 29, 2015 2497 Views 0 comment Print

. CIT Vs. Bharti Overseas Pvt. Ltd. (Delhi High Court) As far as Rule 8D (2) (i) is concerned, the AO has necessarily to record that he is not satisfied with the correctness of the claim of the expenditure made by the Assessee in relation to the income which does not form part of the total income.

Migration from one phase to another would not result in transfer of license awarded in Phase I

December 29, 2015 511 Views 0 comment Print

The ITAT Delhi in the case of Digital Radio Broadcasting Ltd. held that the migration from one phase to another phase cannot be considered as transfer of license awarded under phase I particularly when the license agreement restrict any type of transfer or assignment of license or rights thereunder.

Penalty u/s 271(1)(c) cannot be imposed where declaration of income is bonafide & no irregularities found by AO

December 29, 2015 2851 Views 0 comment Print

ITAT Mumbai held In the case of Ami Estates Pvt. Ltd. vs. DCIT that the assessee has explained one to one nexus namely cash funds received from sale of Bangalore property, and its utilization for Pune property.

Delhi VAT: Clarification on Registration of e-commerce Dealers

December 29, 2015 956 Views 0 comment Print

CIRCULAR NO 33 OF 2015-16 This department had issued a Notification No. 3(515)/Policy/VAT/ 2015/330-341 dated 26/06/15 prescribing the return to be filed by the persons engaged in providing facility of electronic shopping (commonly known as e-commerce) through their web portals. These entities were required to provide details of dealers using these platforms for making sales.

Hurdles in Extension of Due Dates of Filing of ITR & Tax Audits- Suggestions

December 29, 2015 7351 Views 0 comment Print

SUGGESTIONS FOR UNION BUDGET 2016-17 – FOR AMENDING SECTION 140A & 234A OF INCOME TAX ACT FOR REMOVAL OF HURDLES IN EASY EXTENSION OF DUE DATES OF FILING OF INCOME TAX RETURNS AND TAX AUDITS

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