Valuation is one of the most crucial aspects for a manufacturer engaged in manufacturing of jewellery considering high value transactions and frequent fluctuation in prices leave little margin for error. This also necessitates that the value adopted for duty purpose is properly documented with supporting evidence so that the valuation is not questioned by excise officers at the time of enquiries, audits, scrutinizes or investigation proceedings.
Quality of professionalism imparts that success emanates as a by-product of righteous work. Let us believe in the Shrimad Bhagavad Gita’s sermon: No one who does good work will ever come to a bad end, either here or in the world to come. Let us imbibe this perception.
In the recent decision of this Court in Commissioner of Income Tax Vs. Punjab Stainless Steel Industries & Ors. reported in [2014] 364 ITR 144 (SC) it has been held that sale proceeds generated from the sale of scrap would not be included in the total turnover for the purpose of deduction under Section 80HHC of the Income Tax Act, 1961.
Can an existing entity register itself as a Startup on the Startup India Portal and Mobile App? Yes, an existing entity that meets the criteria as indicated in response to Question 1 can visit the Startup India Portal and Mobile App and get itself recognized for various benefits. The tax benefits proposed under the Finance Bill 2016 will be available from 01-04-2016.
The short issue is with regard to the deemed registration of an application under Section 12AA of the Income Tax Act. The High Court has taken the view that once an application is made under the said provision and in case the same is not responded to within six months
Dear Member, Greetings from ICAI! We take the opportunity to request you to renew your membership for the year 2016-17 with the Institute by remitting the annual membership/certificate of practice fees, which become due for payment on 1st April, 2016 and need to be paid on or before 30th September, 2016. We appreciate the importance […]
For ease of understanding, the concepts of levy, valuation, payment, exemption, registration, invoicing, return etc. have been explained in the form of frequently asked questions (FAQs). This publication will act as a guide for all the stakeholders of jewellery industry
In the case of MLTGD, the redemption of principal at maturity shall, at the option of the depositor, be either in Indian Rupee equivalent of the value of deposited gold at the time of redemption, or in gold. Where the redemption of the deposit is in gold, an administrative charge at a rate of 0.2% of the notional redemption amount in terms of INR shall be collected from the depositor.
As last date of the financial year, Everyone knows, can never get extended. So wrap-up all yearly finance & tax, Else would feel as stress getting augmented. Be in harmony, With the year- end financial statements, Following guidelines of applicable laws, Make various-necessary & requisite arrangements.
The principal notification No. 69/2011-Customs, dated the 29th July, 2011, was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 593(E), dated the 29th July, 2011 and was last amended vide
