"21 March 2016" Archive

Excise duty on jewellery- No arrest,prosecution, search or seizure

Circular No. 1021/9/2016-CX (21/03/2016)

The central excise authorities will not challenge the valuation given in the invoice provided the caratage / purity and weight of the gold/silver with precious stones; and carats of diamond/precious stones are mentioned on the invoice; No arrest or criminal prosecution of any jeweler will be done;...

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Report- Taxation of E-Commerce: Equalization Levy or Google Tax

NA (21/03/2016)

The Committee on taxation of E-Commerce examined the tax issues arising from the new business models employed in the digital economy, in particular issues relating to tax nexus rules under existing law and tax treaties, characterization of payments made for services and facilities provided primarily through digital means and issues relate...

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Sealing and de-sealing of the premises under Delhi VAT

CIRCULAR NO. 43 of 2015-16 (21/03/2016)

GOVERNMENT OF NATIONAL CAPITAL TERRITORY OF DELHI DEPARTMENT OF TRADE AND TAXES (POLICY BRANCH) VYAPAR BHAWAN,I.P. ESTATE,NEW DELHI-110002 NO.F.3(645)/POLICY/VAT/2016/1739-44     DATED: 21/03/2016 CIRCULAR NO. 43 of 2015-16 Sub: Sealing and de-sealing of the premises In supersession to earlier Circular No. 41, 2015-16 issued vide No.F.3...

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Reg. Extra Questions attempted in CA Examinations

Extra Questions attempted in CA Examinations – (21-03-2016) 15th March 2016. It is seen that in CA examinations, sometimes, candidates answer more questions or sub parts of a question, than are required in terms of the instructions given in the question paper. In this connection, it is hereby informed that candidates are required to...

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Posted Under: Excise Duty | ,

Govt forms Committee on issues related to excise duty on jewellery

Government constitutes a Sub-Committee under the aegis of the High Level Committee (HLC) on issues related to excise duty on different articles of jewellery imposed in Budget 2016-17; Committee to submit its Report within sixty days ...

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Posted Under: Excise Duty |

Best Practices for Audit Efficiency

An audit provides the highest level of assurance. An audit is a methodical review and objective examination of the financial statements, including the verification of specific information as determined by the auditor or as established by general practice. Our work includes a review of internal controls, testing of selected transactions, a...

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Posted Under: Excise Duty |

Govt. appoints 250 IRS officers to the grade of JCIT

Order No. 52 of 2016 (21/03/2016)

The President is pleased to appoint the following officers of Indian Revenue Service to the grade of Joint Commissioner of Income Tax purely on Ad-hoc basis in PB-3 (Rs,15,600-39,100 with GP Rs 7,600) with effect from 1st April, 2016 or assumption of charge of the post, whichever is later, for a period not exceeding one year. ...

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Service Tax Assessees To File Annual Return

Service tax assessees will be required to file Annual Return in addition to the half yearly returns presently filed by them. This has been done by amending Rule 7 of the Service Tax Rules, 1994 which will be applicable with effect from 01.04.2016. This article is an attempt to analyse the probable consequences of the amendment....

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Companies amendment Bill 2016 & CA 2013-Part-2

In this series, I am analyzing the proposed amendments with the existing provisions in the Companies Act, 2013. The Part – 2 of the series deals with amendments with respect to Annual return, Financial Statements, General Meetings, Postal ballot, CSR & Auditors. ...

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Project office used as communication channel is not PE

National Petroleum Construction Company Vs DIT (International Taxation) (Delhi High Court)

Back office operations carried on at an office would fall within the exclusionary clause of Article 5(3) (e) of the Treaty between India and United States which is also identically worded as Article 5(3) (e) of the India-UAE DTAA....

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