"18 March 2016" Archive

Error correction in Focus Product Scheme on Servo & Other Brakes & Part thereof

Public Notice No. 65/(RE-2013)/2009-2014-DGFT 18/03/2016

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. ...

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CBDT amends financial transaction reporting Rule wef FY 2015-16

Notification No. 19/2016- Income Tax 18/03/2016

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....

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Delhi VAT Exemption to Embassy of Socialist Republic of Vietnam

No.F.5(54)/Policy/VAT/2013/PF/1721-31 18/03/2016

(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....

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Enduring benefit test cannot be applied mechanically on software expenses

Indian Aluminum Company Ltd. Vs CIT (Calcutta High Court)

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 exp...

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Consistent treatment made by assessee of share transactions cannot be disturbed by revenue

The DCIT Circle-2 Vs Shri Mahender Kumar Bader (ITAT Jaipur)

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...

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Definitions under CA, 2013 & Companies Amendment Bill, 2016

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 Com...

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Posted Under: DGFT |

Three New Cesses under Indirect Taxes

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....

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Posted Under: DGFT |

Budget 2016: Tax on EPF, Approved Super Annuation & New Pension Fund

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....

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Posted Under: DGFT |

Tax Treatment of Breakdown of Joint Development Agreement

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. ...

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Posted Under: DGFT |

Cadre post of Labour Commissioner to be filled by cadre officer (member of IAS), cannot be filled by member of IFS.

Santosh Sahu Vs State of Chhattisgarh (Chhattisgarh High Court)

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 fro...

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