"08 March 2016" Archive

Monetary appeal filing limit also applies to cross objections & references filed by dept

LETTER F.NO.279/MISC./M-142/2007-ITJ (PART) 08/03/2016

The monetary limits for filing appeals before the Income Tax Appellate Tribunals and High Courts were raised to ₹ 10 lakhs and ₹ 20 lakhs respectively by Circular 21 of 2015 dated 10.12.2015. Queries have been received regarding the applicability of Circular 21 of 2015 to cross objections filed by the Department before the ITAT under ...

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Regarding Scrutiny of Delhi VAT Returns

CIRCULAR NO. 40 of 2015-16 08/03/2016

As you are aware that a return furnished by a person required under section 26 of Delhi Value Added Tax Act, 2004 is treated as self-assessed as per provisions of section 31 of the said Act. This was a major departure from the erstwhile Delhi Sales Tax Act, 1975, repealed by the aforesaid Act. Under erstwhile Delhi Sales Tax Act, all cas...

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Dispensing of Customs Baggage Declaration Form for domestic passengers

Circular No. 08/2016-Customs 08/03/2016

Kind reference is invited to minutes of the meeting taken by Chairman, CBEC, on 19.12.2015 of Principal Commissioners/ Commissioners of major airports and other officers issued under F. No. 520/43/2015-Cus VI dated 23.12.2015. It was decided in the said meeting that the Customs Declaration form which is prescribed for the domestic passeng...

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More Rationality for higher credit in Rule 6 of Cenvat Credit Rule 2004

Rule -6(1) Rule is amended to provide that CENVAT Credit shall not be available on input used for manufacture of exempted goods and input used for empted services. Rule further direct that procedure for calculation of credit not allowed is stated in sub rule (2) and (3) for different situation....

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Posted Under: Income Tax | ,

Union Budget 2016-17 – Quick Bites On Economy

The Economy Survey, tabled by Finance Minsiter in the Lok Sabha on 26.02.2016 describes India as a refuge of stability and an outpost of opportunity at a time of global turbulence and volatility. The targeted growth for 2016-17 is pegged at 7-7.5 per cent , put out in the Economic Survey, does not paint a very glowing picture of the econo...

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Posted Under: Income Tax |

Limitation for Issuing SCN Under Section 73 Enhanced

It was proposed in the Central Excise Tariff Conference that the time limit for issuing show cause notice under normal period of limitation should be increased and it appears that the suggestion has been considered by the government in this Budget. In this budget, the government has amended section 73 of the Finance Act wherein the time l...

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Posted Under: Income Tax |

Krishi Kalyan Cess on all taxable services wef 01.06.2016

Unlike Swachh Bhara Cess imposed w.e.f. June 15, 2015, which is not Cenvatable neither in the hands of service providers nor manufacturers, in terms of TRU F.No. 334/8/2016-TRU dated February 29, 2016 [Para 3.1], it is provided that Cenvat credit of Krishi Kalyan Cesspaid on input services shall be allowed to be used for payment of the pr...

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Posted Under: Income Tax | ,

A person suspected of an offence cannot be forced to undergo Narco-analysis, BEAP and polygraph tests without his consent

Rishiraj Mukherjee Vs Central Bureau of Investigation (Chhattisgarh High Court)

The scientific question that emanates for consideration in this writ petition is legal permissibility of Narco analysis, polygraph test (lie-detector test) and BEAP (Brain Electrical Activation Profile) test to be conducted against the will and without consent of a person suspected of an offence, subjected to either of the test(s)....

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Better dwelling place must for Women empowerment

In Indian society treatment of women is towards extremes. On one hand she is worshipped as 'Devi', on the other hand cases of foeticide, dowry deaths, rape and domestic violence are still on increase. One section of society give them highest possible education to be PM, CM, IAS, doctors, Engineer, CA and scientist to go into the space, wh...

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Posted Under: Income Tax |

CBEC Revises Service Tax Return Form- ST-3

Notification No. 20/2016-Service Tax 08/03/2016

These rules may be called the Service Tax (Second Amendment) Rules, 2016. (a) in the Table “B1 FOR SERVICE PROVIDER”, after serial number B1.21 and the entries relating thereto, the following serial numbers and entries shall be inserted, namely:-...

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