"31 May 2016" Archive

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

Notification No. 79/2016-Customs (N.T.) 31/05/2016

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 colum...

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DGFT notifies Ten additional Pre-Shipment inspection Agencies

Public Notice No. 15/2015-2020-DGFT 31/05/2016

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:-...

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Interest on compensation for personal disability cannot be taxed

Urvi Chirag Sheth vs. ITO (ITAT Ahmedabad)

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 o...

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Companies (Authorised to Register) Amendment Rules, 2016

Notification No. G.S.R. 563 (E) 31/05/2016

(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 certif...

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Enactment of Finance Bill, 2016 – reg.

F. No. B-1/19/2016 -TRU 31/05/2016

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...

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

United Breweries Limited vs. DCIT (Karnataka High Court)

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 qu...

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

Notification No. VAT 1516/CR 77/Taxation-1 31/05/2016

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 s...

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Customs Procedure regarding filing of ex-bond bill of entry

Circular No. 22/2016-Customs 31/05/2016

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. ...

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

Circular No. 21/2016-Customs 31/05/2016

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 follow...

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

Notification No. 5-1/2015-NS.II. 31/05/2016

(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 transfer...

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