"19 February 2016" Archive

Framing of central assessments under Delhi VAT Act, 2004

Circular No. 38 2015-16 19/02/2016

Registered dealers who have made inter-state sales at concessional rates against 'C' forms or made stock transfers against 'F' Forms or made penultimate sale made against 'H' forms are required to file details of such forms in a reconciliation return (Form 9). ...

Online filing & processing of application for SCOMET items export

Trade Notice No. 20/2015-20 19/02/2016

Presently applications for export of SCOMET items are to be mandatorily filed online using digital signature as per Para 2.73 (b) of the Handbook of Procedures of FTP 2015-20. The requisite documents in respect of these applications continue to be submitted manually at present....

Specified Income of CCI exempted under Income Tax: CBDT

Notification No. 8/2016-Income Tax 19/02/2016

Central Government hereby notifies for the purpose of the said clause, the Competition Commission of India, a Commission established under sub-section (1) of section 7 of the Competition Act, 2002 (12 of 2003), in respect of the following specified income arising to the said Commission, namely:-...

CBDT Clarifications on implementation of FATCA and CRS

F.No. 504/090/2007-FTD-I 19/02/2016

For the upcoming reporting in March 2015 and May 2016, all reporting has to be done in INR. For the reporting in 2017, Form 61B and Schema will be suitably modified to include a field for capturing type of currency...

Top 10 Wishes of Common Man from Budget 2016

1. Re-introduction of Standard Deduction to Salaried / Pensioner Income Tax Payees. 2. Enhancement of deduction u/s 80C to Income Tax Payees from present Rs.1-50 lac / Rs.2.00 lac to Rs.3-00 lac, if not Rs.5-00 lac a year. 3. Enhancement of deduction u/s 24 to Income Tax Payees from present Rs.2-00 lac to Rs.3-00, if not Rs.5-00 lac a yea...

International transaction not resulting into income to assessee not subject to TP regulations

M/s. Topsgrup Electronic Systems Ltd. Vs ITO (ITAT Chennai)

The ITAT bench of Mumbai in the above cited case held that investment in share capital of a subsidiary being an international transaction on capital account does not result in income as defined under section 2(24) of the Act, the Transfer Pricing provisions a would not be applicable to such transaction. Further, in the absence of thin ca...

CBDT notifies Atal Pension Yojana u/s 80CCD

Notification No. 7/2016-Income Tax 19/02/2016

Central Government hereby notifies the ‘Atal Pension Yojana (APY)’ as published in the Gazette of India, Extraordinary, Part I, Section 1, vide number F. No. 16/1/2015-PR dated the 16th October, 2015 as a pension scheme for the purposes of the said section....

CBI arrests Custom & Excise Officer in 10 Lakh Bribe Case

The Central Bureau of Investigation has today arrested an Assistant Director, posted at Directorate General of Customs & Central Excise (Intelligence), Dehradun (Uttarakhand) while demanding & accepting an alleged bribe of Rs. 10 Lakh from a complainant....

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