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The item under description, Other – Brakes and Servo Brakes and Part thereof has been incentivized irrespective of the ITC(HS) codes (87082900 or 87083000) mentioned against the product description, exported under Foreign Trade Policy 2009-14 between 05.06.2012 and 24.02.2014.
In rule 114E (i) in the marginal heading, after the words Information Return, the words or Statement of Financial Transactions shall be inserted. Rule 114E of the Rules, as amended by this rule shall be applicable for the specified financial transactions carried out during the period from 1st April, 2015 to 31st March, 2016.
(A)The facility of VAT refund shall be available to the Embassy on purchase of items viz;- i. Telephone, Internet, Electricity, Water and Gas Bills of Chancery Premises and Embassy Residence and other telephone bills which are in the name of Embassy.
HC held that application software is an aid in the business operations rather than the tool itself. Therefore, the payment for such application software, though there is an enduring benefit, does not result in acquisition of any capital asset and it merely enhances the productivity or efficiency and hence, has to be treated as revenue expenditure.
The ITAT Bench Jaipur in the above cited case held that as per CBDT circular 6/2016 dated 29.02.2016 , if the assessee has treated the securities as investment and not as stock in trade earlier years,the revenue is not permitted to take a contrary view in the present year to claim that the security is stock in trade
The CLC on the basis of the recommendation received from various sources, submitted its report to the Government to make amendments under the Companies Act, 2013. On March 16, 2016 the Bill to further amend the Companies Act, 2013 has been introduced in Lok Sabha. The key highlights of the Bill peraining to the Definitions under the Companies Act, 2013 are as follows:
Though there is no major change in basic tax rates in direct and indirect taxes, the Budget 2016-17 talks of following three cesses- Clean Environment Cess (renamed from clean energy cess), Infrastructure Cess and Krishi Kalyan Cess.
Feb 2016 witnessed a few important changes for salaried class assessee enjoying their provident fund bounties. While vide Government Notification dated 10-02-2016 withdrawal of employer contributions till 58 years of age was prohibited, Finance Bill 2016 created mayhem over taxability on withdrawal of entire provident fund accumulations.
In this article we shall discuss tax liabilities in case of breakdown of Joint Development Agreements or Arrangements in the hand of land owner as well as developer. In some cases a Joint Development Arrangement, breaks down due to dispute between the parties before completion of the project or before project reaches a reasonable stage.
Claiming a writ in the nature of quo warranto, Shri Santosh Sahu, the petitioner herein, has filed this writ petition under Article 226 of the Constitution of India stating inter alia that the appointment of respondent No. 3 Shri Jiten Kumar as Labour Commissioner is contrary to the statutory provisions, and for his consequent removal from the post of Labour Commissioner, Government of Chhattisgarh, Raipur.
