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Archive: 27 May 2016

Posts in 27 May 2016

Single application for filing claim under MEIS for shipments from different EDI Ports

May 27, 2016 2746 Views 0 comment Print

Applicant shall file separate application for each port of export in case of Non EDI Shipping bills. In case of EDI shipping bills, the applicant can file a single application containing shipping bills of different EDI ports. Accordingly shipments from different EDI ports will not require separate applications.

Allocation of quantity of Black Pepper under Indo-Sri Lanka Free Trade Agreement

May 27, 2016 2728 Views 0 comment Print

In terms of Annexure-l to Appendix 2A of FTP 2015-20 read with Public Notice No. 62 dated 25.02.2016, the allocation of 2,500 MTs of Black Pepper for import under the Indo-Sri Lanka Free Trade Agreement for the financial year 2016-17. is attached as Annexure to this Trade Notice.

CBDT Notifies Equalisation levy Rules, 2016

May 27, 2016 11887 Views 0 comment Print

Every assessee, who is required to deduct and pay equalisation levy, shall pay the amount of such levy to the credit of the Central Government by remitting it into the Reserve Bank of India or in any branch of the State Bank of India or of any authorised Bank accompanied by an equalisation levy challan.

CBDT notifies date of Applicability of Equalisation Levy

May 27, 2016 8827 Views 0 comment Print

n exercise of the powers conferred by sub-section (2) of section 163 of the Finance Act, 2016 (28 of 2016), the Central Government hereby appoints the 1st day of June, 2016 as the date on which Chapter VIII of the said Act shall come into force.

SEBI (Depositories and Participants) (Third Amendment) Regulations, 2016

May 27, 2016 760 Views 0 comment Print

35B. Every depository shall devise and maintain a wind-down plan in accordance with guidelines specified by the Board. Explanation.- For the purpose of this regulation, ‘wind-down plan’ means a process or plan of action employed, for transfer of the beneficial owner accounts and other operational powers of the depository to an alternative institution that would take over the operations of the depository in scenarios such as erosion of networth of the depository or its insolvency or its inability to provide critical depository operations or services

Scheme for Facilitating Start-ups Intellectual Property Protection

May 27, 2016 1168 Views 0 comment Print

Government of India has recognized government organizations like TIFAC / NRDC / BIRAC/DEITY / DSIR etc. for the purpose of consideration as facilitator for start-ups vide published Scheme for Facilitating Start-ups Intellectual Property Protection (SIPP) document.

EPFO: Promotion of New MSMEs & Inspection Instruction

May 27, 2016 2758 Views 0 comment Print

The Inspection Scheme shall take into account the self-certified returns filed by MSMEs – provided the MSME are not more than 3 years old. Roughly 5% of MSME units shall be verified through a random risk based inspection system for compliance. Inspections allotted by Shram Suvidha portal shall ensure this.

How to furnish details of assets & liabilities in New ITR Form

May 27, 2016 44200 Views 3 comments Print

The ITR (income tax return) forms for the the financial year ended 31st March 2016 have been notified by the government well in time this time. Generally, the forms are on the same lines as that of the previous forms except that the tax payers either an individual or an HUF have to furnish additional details of the assets and liabilities in case the taxable income exceeds Rs. 50 lacs in the year. Let us discuss what details are required to be submitted and how to comply with this requirement.

54 Reasons for Penalty/Prosecution under Income Tax Act, 1961

May 27, 2016 10318 Views 0 comment Print

IN this Article we have discussed 37 defaults which invites levy of Penalty and 17 offences which are punishable under under the Income Tax Act,1961. Articles further discusses in brief about Penalty & Prosecution Provision in Brief.

E-FIle Your Income Tax Return, The Right Action for Peace of Mind

May 27, 2016 7246 Views 0 comment Print

The process of electronically filing Income tax returns through the internet is known as e-Filing. e-Filing of Returns/Forms is mandatory for A. In the case of an Individual/HUF a. Where accounts are required to be audited under section 44AB ;

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