"19 January 2016" Archive

Reg. Definitive countervailing duty on import of Castings for wind-operated electricity generators

Notification No. 1/2016-Customs (CVD) 19/01/2016

Notification No. 1/2016-Customs(CVD) Seeks to levy definitive countervailing duty on import of Castings for wind-operated electricity generators whether or not machined, in raw, finished or sub-assembled form, or as a part of a sub-assembly, or as a part of an equipment/ component meant for wind-operated electricity generators originating...

Corrigendum to Notification No. 43/2014-Customs (N.T.) Dated 23.05.2014

Notification No. 43/2014-Customs (N.T.) 19/01/2016

In the notification No. 43/2014 –Customs (N.T.) dated 23.05.2014 issued vide F. No. 394/136/2011-Cus (AS) by Ministry of Finance, Department of Revenue, the words appearing in the opening paragraph namely,-...

Simplify Section 14A to remove ambiguity

Amendments to Section 14A to provide that (i) dividend received after suffering dividend-distribution tax and share income from firm suffering tax in the firm’s hands will not be treated as exempt income and no expenditure will be disallowed as relatable to them; (ii) expenditure disallowed shall not exceed the amount claimed. Recom...

Posted Under: Custom Duty |

Provide Shorter Time For Rectification Of Mistake by Tribunal

The existing provisions of Section 254(2) provide for a time-limit of four years from the date of the order of the Appellate Tribunal for rectification of mistakes apparent from the record. In practice this long time-limit has given rise to difficulties arising on account of non-availability of the Members who passed the order due to tran...

Posted Under: Custom Duty |

Rationalise provisions related to Set off of Income Tax Refund against demand

Adjustment of Refunds due to assessees against erroneous demands shown outstanding in their cases causes great heartburning. Even where the assessee lodges his objection on the CPC Portal pointing out that the demand sought to be adjusted against the refund was not outstanding and therefore is being erroneously adjusted, there is no remed...

Posted Under: Custom Duty |

Grant Higher rate of Interest on delayed refund of Income Tax

1. RECOMMENDATION FOR PROVIDING FOR GRANT OF TIMELY REFUND WITH INTEREST AND ALSO PROVIDING FOR PAYMENT OF HIGHER INTEREST IN CASE OF DELAYED REFUND UNDER SECTION 244A (A) Under section 244A of the Income-tax Act, the tax administration is liable to pay interest at the rate of one-half percent per month or part thereof (i.e. […]...

Posted Under: Custom Duty |

Reduce fee u/s. 234E from Rs.200/- per day to Rs.100/- per day

RECOMMENDATION FOR REDUCING THE FEE UNDER SECTION 234E FOR DEFAULT IN FURNISHING STATEMENTS OF TDS AND TCS FROM RS.200/- PER DAY TO RS.100/- PER DAY The levy of mandatory fee u/s. 234E at the rate of Rs.200/- per day for default in furnishing of Statements of TDS u/s. 200(3) and TCS u/s. 206C(3) has been […]...

Posted Under: Custom Duty |

ICAI declares time table of CA Final & IPC May 2016 exam

No. 13-CA (EXAM)/M/2016 19/01/2016

No. 13-CA (EXAM)/M/2016: In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to notify that the Intermediate (IPC) and Final examinations will be held on the dates given below at the following places provided that sufficient number of candi...

Summary of ​Report of Easwar Committee to Simplify Income-tax provisions

The Central Government issued Notification NoA.50050/112/2015-Ad.I dated 27th October, 2015 constituting a 10-Member Committee under the chairmanship of Justice R.V. Easwar, Former Judge of the Delhi High Court and Former President of the Income Tax Appellate Tribunal with the following broad objectives:...

Posted Under: Custom Duty |

All about Start up India Action Plan 2016

Startup India is a flagship initiative of the Government of India, intended to build a strong eco-system for nurturing innovation and Startups in the country that will drive sustainable economic growth and generate large scale employment opportunities. The Government through this initiative aims to empower Startups to grow through innovat...

Posted Under: Custom Duty |

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