"May, 2016" Archive - Page 3

CBEC notifies Indirect Tax Dispute Resolution Scheme Rules, 2016

Notification No. 29/2016-Central Excise (N.T.) 31/05/2016

These rules may be called the Indirect Tax Dispute Resolution Scheme Rules, 2016. They shall come into force on the 1st day of June, 2016.(1) The declaration under sub section (1) of section 214 of the Scheme shall be made in Form 1 in respect of the amount payable under the Scheme....

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Delhi VAT: Action against erring Restaurants & Halwais

Circular No. 8 of 2016-17- Delhi VAT 30/05/2016

A new Composition Scheme under section 16(12) of the DVAT Act was recently introduced vide notification No. F.3(29)/Fin.(Rev-l)/2015-16/dsvi/93 dated 18/03/2016, wherein the registered dealers whose annual turnover is upto ₹ 50 Lakh and who make sales of cooked food, snacks, sweets, savouries, juices, aerated drinks, tea and coff...

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Amendments/Corrections to Appendix-6H & ANF 7A of Aayat Niryat Forms

Public Notice No. 14/2015-2020-DGFT 30/05/2016

Amendment in Appendix - 6H [Procedure to be followed for reimbursement of Central Sales Tax (CST) on supplies made to Export Oriented Units (EOUs) and units in Electronic Hardware Technology Park (EHTP) and Software Technology Park (STP)] and ANF 7A [Application for claim of TED Refund/Duty Drawback/Brand Rate Fixation] as contained in t...

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Bad Debt admissible if written off as irrecoverable in books: CBDT

Circular No. 12/2016-Income Tax 30/05/2016

Claim for any debt or part thereof in any previous year, shall be admissible under section 36(1)(vii) of the Act, if it is written off as irrecoverable in the books of accounts of the assessee for that previous year and it fulfills the conditions stipulated in sub section (2) of sub-section 36(2) of the Act....

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LLP Annual Filing of Form –11, Step By Step Procedure

Today is the last date for Annual Filing of LLP Form – 11. Many professional are facing problem in Filing that Form – 11. So I have just make simple process along with their Screen Shot hope you get your doubt Clear by following below procedure.Annual Filing of the LLP For the year 2016...

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Posted Under: Excise Duty |

Service Tax – Krishi Kalyan Cess – New levy wef 01st June, 2016

Relevant Rules to understand the implication of new levy: i. Rule 4 of Point of Taxation Rules, 2011 (POTR, 2011) – Change in Effective Tax Rate, ii. Rule 5 of POTR, 2011 – Service Taxed for the first time iii. Notification No. 10/2016-ST dated 01st March, 2016 (insertion of explanation in Rule 5)...

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Reopening is invalid when there is no direct nexus between material gathered & formation of belief of income escaping assessment

C.M Mahadeva Vs CIT (Karantaka High Court)

The Hon'ble Karnataka HC in the above cited case held that there must be a direct nexus between the material coming to the notice of the Income-Tax Officer and the formation of his belief that income has escaped assessment....

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Go Solar and Get More Dollars

Being environment friendly and being able to save a lot of money are a very good combination. To do these, your new best friends are The Energy Policy Act of 2005, The Energy Improvement and Extension Act of 2008 and The American Recovery and Reinvestment Act of 2009. These are the laws that contributed to […]...

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Posted Under: Excise Duty |

Changes vide Service Tax Notifications at the time of Budget 2016

In this article, we have herein below summarized the amendments made by notifications in service tax law. Cenvat credit on Input Services has now been allowed for the services of transportation of goods by Rail (Other than transport of goods in containers by rail by any person other than Indian Railways). (There is an abatement of 70% for...

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Brief on Service Tax Related advance Ruling

The businessman would like to be clear in his mind about various aspects of his venture and risks involved. He would like to get clear verdict about his doubts in respect of taxation matters, before he decides to venture in the new business. Otherwise, he may be exposed to certain unexpected risks which may have serious adverse consequenc...

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Posted Under: Excise Duty |

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