"May, 2016" Archive - Page 5

Analysis of Krishi Kalyan Cess

The Krishi Kalyan Cess shall come into force with effect from 1st June, 2016. The said levy has been imposed by the Central Government by exercising its power under Section 161 of the Finance Act, 2016, which specifically indicates that KKC shall be levied and collected as Service tax @ 0.5% on the value of all taxable services....

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Search cases… Wrongly curtailing wings of revenue?

Once a search takes place under Section 132 of the Act, notice under Section 153A(1) will have to be mandatorily issued to the person searched requiring him to file returns for six AYs immediately preceding the previous year relevant to the AY in which the search takes place. ...

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Posted Under: Service Tax |

CBDT invites comment on Implementation of GAAR

The provisions of General Anti Avoidance Rule (GAAR) are contained in Chapter X-A of the Income-tax Act, 1961 (the Act). The GAAR provisions shall be effective from assessment year 2018-19 onwards, i.e.; financial Year 2017-18 onwards. The necessary procedures for application of GAAR and conditions under which it shall not apply, have bee...

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Posted Under: Service Tax |

Engagement of Research Associates/Professionals in CCI

COMPETITION COMMISSION OF INDIA Hindustan Times House, 3rd, 4th & 7th Floor, 18-20, Kasturba Gandhi Marg, New Delhi – 110 001 Tel: +91-11-23473600 Fax: +91-11-23704686 F. No. A-12015/01/2016- HR  Dated: 9th May, 2016 NOTICE Engagement of Research Associates/Professionals in the Competition Commission of India on contract basis. Com...

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Posted Under: Service Tax |

Never Ending Unemployment In Europe

Unemployment and job creation have become the biggest problem of the decade and this will rule the coming decades too. The growth of entrepreneurship has taken a set back as availability of resources in the developed economies has become limited as stiff competitions from the developing economies are fiercely high. Currently every year if...

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Posted Under: Service Tax |

Insolvency and Bankruptcy Code, 2016

Notification No. 31 of 2016 (28/05/2016)

An Act to consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximisation of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders including al...

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Krishi Kalyan Cess – Applicability & Open Issues

Pursuing with an objective to finance and promote initiatives to improve agriculture and farmer welfare, the Government announced a new cess namely ‘Krishi Kalyan Cess’ , to be levied at 0.5% on the value of all taxable services w.e.f June 1, 2016. In this regard, a new Chapter VI was inserted in the Finance Bill, 2016, containing rel...

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How to file online Rectification Request for Wealth Tax Return

To file your Rectification request online for Wealth Tax Return files online on Income Tax Online Portal , you should be a registered user in e-Filing application. Below listed e the steps to file Rectification....

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Posted Under: Service Tax |

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

Public Notice No. 13/2015-2020-DGFT (27/05/2016)

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....

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

Trade Notice No. 7/2016 (27/05/2016)

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....

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