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Archive: May, 2016

Posts in May, 2016

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6501 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Notification No. 79/2016-Customs (N.T.), dated 31st May, 2016

May 31, 2016 1759 Views 0 comment Print

Government of India Ministry of Finance Department of Revenue Notification No. 79/2016-Customs (N.T.) New Delhi, dated the 31st May, 2016 S.O. (E). -In exercise of powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of Customs Act, 1962 (52 of 1962) and in supersession of order/notification as stated in column […]

DGFT notifies Ten additional Pre-Shipment inspection Agencies

May 31, 2016 2410 Views 0 comment Print

In exercise of powers conferred under paragraph 2.04 of the Foreign Trade Policy, 2015-20, the Directorate General of Foreign Trade hereby includes the following additional agencies in Appendix 2G of Appendices and Aayat Niryat Forms of Foreign Trade Policy, 2015-20 in terms of Para 2.55 (d) of HBP 2015-20 with immediate effect:-

Interest on compensation for personal disability cannot be taxed

May 31, 2016 2335 Views 0 comment Print

Clearly, unless a receipt is not an income, there is no occasion for the provisions of Section 56(1) or 56(2) coming into play. Section 56 does not decide what is an income. What it holds is that if there is an income, which is not taxable under any of the heads under Section 14, i.e item A to E, it is taxable under the head income from other sources’.

Companies (Authorised to Register) Amendment Rules, 2016

May 31, 2016 5521 Views 0 comment Print

(v) in case of a firm, deeds of partnership, bye laws or other instrument constituting or regulating the company and duly verified in the manner provided in sub-rule (4) and in case the deed of partnership was revised at any time in the past, copies of the principal and all subsequent deeds including the latest deed, along with the certificate of the registration issued by Registrar of firms, in case the firm is registered

Enactment of Finance Bill, 2016 – reg.

May 31, 2016 2878 Views 0 comment Print

Certain amendments made in the Union Budget 2016-17 have come into force from the date when the Finance Bill, 2016 received the assent of the President of India. As a result, these amendments have come into effect from 14.5.2016. Some of these include notification Nos. 13/2016 – ST, 14/2016 – ST and certain entries in notification Nos. 9/2016 – ST and 10/2016- ST, all dated 1.3.2016.

Section 14A applicable even if motive of assessee in acquiring shares is to obtain controlling interest in a company

May 31, 2016 1302 Views 0 comment Print

The learned Counsel for the appellant relied upon various decisions of the High Court and of the Apex Court, but in none of the decisions, the question arisen before the respective Court as to whether the finding of fact recorded by the Tribunal can be disturbed or upset at the stage of appeal before this Court, which is limited to the question of law. All decisions proceed on the basis that the nexus is established, which as per the finding of fact recorded by the Tribunal is not established in the present case. Hence, the said decisions are of no help to the appellant.

MVAT: Increase in rate of tax on petrol wef 1 June 2016

May 31, 2016 919 Views 0 comment Print

New MVAT rate on petrol is 25% + 4 rupees. In Schedule `17, appended to the Maharashtra Value Added Tax Act, 2002, in entry 10,‑ (a) in sub-entry (a), against clauses (i) and (ii), in column (3), for the figures, signs and words 26%+Three rupees per litre, the figures, signs and words, 26%+ Four rupees fifty paise per litre shall be substituted;

Customs Procedure regarding filing of ex-bond bill of entry

May 31, 2016 52078 Views 0 comment Print

Section 68 of the Customs Act, 1962 requires the filing of a bill of entry (ex-bond bill of entry) for clearance of any warehoused goods for home consumption. At present, the ex-bond bills of entry are being filed with the Commissionerates having jurisdiction over the warehouses and in large number of cases, manually.

Revised Security criteria U/s. 59(3) of Customs Act

May 31, 2016 7768 Views 0 comment Print

Sub-section (3) of section 59 prescribes that the importer, shall, in addition to the execution of a bond, furnish a security. The Board has reviewed the extant circulars regarding furnishing of security for transit as well as for storage of goods in the warehouse. In supersession of earlier instructions, the Board has approved the following:

Issue of 9.50% Government of India (National Small Savings Fund) (Non-transferable) Special Securities, 2015

May 31, 2016 4987 Views 1 comment Print

(i) 9.50% (Nine point five per cent) Government of India (National Small Savings Fund) (Non­transferable) Special Securities, 2015 shall be issued in the form of ‘Stock’ to be held at the credit of the holder in the Subsidiary General Ledger Account maintained by the Public Debt Office; and (ii) these securities shall not be transferable.

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