"07 March 2016" Archive

Revised timeline for verification of arrear demand U/s. 245 of Income Tax Act, 1961

F.No.312/109/2015-OT 07/03/2016

In cases where that tax payer has contested the demand, CPC would issue a reminder to the assessing officer about the contention of the taxpayer, asking him to either confirm, or make appropriate changes to the demand within thirty days. In case no response is received from the AO within thirty days, CPC would issue the refund without any...

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Delhi VAT: Extends due date of filing GE II return to 15.03.2016

No. F 3(619)/Policy/VAT/2016/1610-1623 07/03/2016

Returns in Form GE-II for the first three quarters of the current financial year (i. e. 1st April, 2015 to 30th June, 2015; 1st July, 2015 to 30th September, 2015 and 1st October, 2015 to 31st December, 2015) are required to be filed by 15th March, 2016 an...

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Issue of Indian Currency Note- Foreign going vessels-Instructions

Circular No. 07/2016-Customs 07/03/2016

It has been brought to notice of the Board that revised guidelines issued by RBI has not prescribed any restriction on denomination of Indian currency, carried by an Indian traveller or Captain of a Ship. In the light of the revised RBI guidelines, Board has decided to withdraw the restriction on denomination of Indian currency imposed vi...

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Clarification on taxability of consortium members

Circular No. 07/2016- Income Tax 07/03/2016

A consortium of contractors is often formed to implement large infrastructure projects, particularly in Engineering, Procurement and Construction ('EPC') contracts and Turnkey Projects. The tax authorities, in many cases have taken a position that such a consortium constituted an Association of Persons ('AOP') i.e. a separate entity for c...

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Fair, Lovely & Ugly From Jaitley’s potli

Krishna, Government has announced Budget on 29th February 2016 for the Year 2016-17. On this Various persons expressed their views. As every coin has two sides, likewise Budget 2016 also came up with some good and some bad changes. Tell us which are the Fair, Lovely and Bad provisions which came out of Jaitley’s potily?...

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Posted Under: Income Tax | ,

Section 44ADA a Provision to tax more than Actual Income

The professionals have been brought under the ambit of Presumptive Taxation for the first time in history of Indian Taxation by virtue of Section 44ADA proposed in the Union Budget 2016. It would be a welcome step provided that the proposed Net Profit (NP) rate would be rational. The Presumptive NP rate of 50% on […]...

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Posted Under: Income Tax |

Dedicated structure for delivery & monitoring of tax payer services

None 07/03/2016

Grievance redressal is a major aspect of citizen centric governance and is an important feature of the activities of the Income Tax Department. The Income-tax Department is addressing grievances through a multi-layered grievance redressal machinery including Centralised Public Grievance Redress and Monitoring System (CPGRAMS), Aayakar Sev...

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Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Second Amendment) Regulations, 2016

Notification No. SEBI/LAD-NRO/GN/2015-16/037 07/03/2016

In exercise of the powers conferred by section 31 of the Securities Contracts (Regulation) Act, 1956 read with sections 11 and 30 of the Securities and Exchange Board of India Act, 1992, the Securities and Exchange Board of India hereby makes the following regulations to further amend the Securities Contracts (Regulation) (Stock Exchanges...

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SEBI Depositories and Participants Second Amendment Regulations, 2016

Notification No. SEBI/LAD-NRO/GN/2015-16/038 07/03/2016

In exercise of the powers conferred by sections 11 and 30 of the Securities and Exchange Board of India Act, 1992 read with section 25 of the Depositories Act, 1996, the Securities and Exchange Board of India hereby makes the following regulations to further amend the Securities and Exchange Board of India (Depositories and Participants) ...

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Simplified Export Procedure for Exempted Units – Exporter of Ready-Made Garments

There can be a situation where units are fully exempted from payment of Central excise duty as the value of the clearances for home consumption is less than 1.5 crore. However, total value of clearances (domestic plus export) is more than 4 crore. Let’s take an example for better understanding...

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Posted Under: Income Tax |

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