"29 December 2015" Archive

Foreign Exchange Management (Insurance) Regulations, 2015

Notification No. FEMA.12R/2015-RB (29/12/2015)

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 holdin...

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

Notification No. 149/2015-Customs (N.T.) (29/12/2015)

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), dat...

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

Notification No. 148/2015-Customs (N.T.) (29/12/2015)

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...

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FAQs on Central Excise/Service Tax Audit

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 ...

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Posted Under: Fema / RBI |

The Negotiable Instruments (Amendment) Act, 2015

NO. 26 OF 2015 (29/12/2015)

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 t...

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

Pr. CIT Vs Bharti Overseas Pvt. Ltd. (Delhi High Court)

. 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....

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

Digital Radio (Delhi) Broadcasting Ltd. Vs ACIT (ITAT Delhi)

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....

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

Ami Estates Pvt. Ltd. Vs DCIT (ITAT Mumbai)

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. ...

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Delhi VAT: Clarification on Registration of e-commerce Dealers

CIRCULAR NO 33 OF 2015-16 (29/12/2015)

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 u...

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

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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Posted Under: Fema / RBI | ,

No GST on Petrol and Petroleum Products

Advocate Anandaday Misshra As on date, there will be no levy of GST on Petrol and other petroleum products. Chief Economic Advisor Mr. Arvind Subramanian, on this Sunday, stated that Petrol and other petroleum product shall be outside the ambit of Goods And Services Tax (GST) regime after its roll out. At the same time it must be note...

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Posted Under: Fema / RBI |

Expenses on News/TV programs/Film rights not having enduring benefit allowed as revenue expenditure

Zee Media Corporation Limited Vs DCIT (ITAT Mumbai)

ITAT Mumbai held In the case of Zee Media Corporation Limited vs. DCIT that regarding the nature of the news items purchased, we find it is in the common knowledge of every citizen that the news items do not have enduring benefit....

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Mere voluntary disclosure after survey proceedings cannot tantamount to bonafide action

Nirmal Kumar Bardia Vs DCIT (ITAT Jaipur)

ITAT Jaipur held In the case of Nirmal Kumar Bardia vs. DCIT that argument of the assessee that the assessee had disclosed salary received from RMC Gems Thai Co. Ltd., Bangkok voluntarily has not substantiated with any evidence....

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Revenue cannot be aggregated for determining ALP of software development services for two different sectors

M/s. OSI Systems Pvt. Ltd. Vs DCIT (ITAT Hyderabad)

ITAT Hyderabad held In the case of M/s. OSI Systems Pvt. Ltd. vs. DCIT that it may be a fact that software development services is a very wide term and takes within its ambit, whole software development services....

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Issue Questionnaire with First Notice in scrutiny cases: CBDT

Instruction No. 19/2015 (29/12/2015)

Instruction No. 19/2015 Instances have come to the notice of the Board that in cases selected under scrutiny, while issuing the first notice, Assessing Officers do not convey the specific compliance requirements like production of accounts, furnishing of documents, information, evidences, submission of other requisite particulars etc...

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Clarification on Scope of scrutiny in cases selected through CASS

Instruction No. 20/2015 (29/12/2015)

The Central Board of Direct Taxes ('CBDT') , vide Instruction No. 7/2014 dated 26 09.2014 had clarified the extent of enquiry in certain category of cases specified therein , which are selected for scrutiny through CASS . Further clarifications have been sought regarding the scope and applicability of the aforesaid Instruction to cases be...

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Internet of Things for Efficient Strategic Cost Management

Cost Accountants and Cost Management goes in diverse ways where the former struggles and the latter is crowned with success. New dimensions and segments have evolved in cost management but the professionals are facing higher levels of difficulties. Strategic cost management has taken new heights in designing the business structures under ...

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Posted Under: Fema / RBI |

Foreign Exchange Management (Realisation, Repatriation and Surrender of Foreign Exchange) Regulations, 2015

Notification No. FEMA 9 (R)/2015-RB (29/12/2015)

G.S.R. 1005(E).—1 In exercise of the powers conferred by Section 8, sub-section (6) of Section 10, clause (c) of sub-section (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), and in supersession of Notification No. FEMA 9/ 2000-RB dated May 3, 2000, as amended from time to time the Reserve Bank makes the follo...

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Foreign Exchange Management (Possession and Retention of Foreign Currency) Regulations, 2015

Notification No. FEMA 11(R)/2015-RB (29/12/2015)

G.S.R. 1006(E).—In exercise of the powers conferred by clause (a) and clause (e) of Section 9, clause (d) and clause (g) of sub-section (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), and in supersession of Notification No. FEMA 11/ 2000-RB dated May 3, 2000, as amended from time to time, the Reserve Bank of...

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TP adjustment for intra group services not sustainable where receipt of services & its benefits are beyond any doubt

M/s. Gillette India Ltd. Vs ACIT (ITAT Jaipur)

ITAT Jaipur held In the case of M/s. Gillette India Ltd. vs. ACIT that the services availed are intra-group services in the nature of Accounting and Financial Reporting Services, Employee services etc. . These are routinely outsourced by no. of companies in India and other countries because of their economic...

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RBI notifies debit cards, ATM cards etc. which can be used to create a financial liability

Notification No. FEMA 15(R)/ 2015–RB (29/12/2015)

G.S.R. 1008(E).—In pursuance of clause (h) of Section 2 of the Foreign Exchange Management Act, 1999 (42 of 1999), and in supersession of Notification No. FEMA 15/ 2000-RB dated May 3, 2000, as amended from time to time, the Reserve Bank notifies debit cards, ATM cards or any other instrument by whatever name called that can be used to ...

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Post Office (Postal Orders/Money Orders)

Notification No. FEMA 18(R)/2015–RB (29/12/2015)

NOTIFICATION Mumbai, the 29th December, 2015 No. FEMA 18(R)/2015–RB Post Office (Postal Orders/Money Orders) G.S.R. 1009(E).— In pursuance of clause (a) of Section 3 of Foreign Exchange Management Act, 1999 (42 of 1999), and in supersession of Notification No. FEMA 18/ 2000-RB dated May 3, 2000, as amended from time to time, the Reser...

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Foreign Exchange Management (Export and import of currency) Regulations, 2015

Notification No. FEMA 6 (R) /RB-2015 (29/12/2015)

G.S.R. 1004(E).—In exercise of the powers conferred by clause (g) of sub-section (3) of Section 6, sub-section (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), and in supersession of Notification No. FEMA 6/2000-RB dated May 3, 2000, as amended from time to time, the Reserve Bank makes the following regulatio...

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