"August, 2016" Archive

Streamlining Process of NOC & PCC in case of Foreign Shipping Companies

NA (31/08/2016)

The Central Board of Direct Taxes has issued a Circular bearing number 30/2016 on 26th August, 2016 for the purpose of streamlining the process of issue of No Objection Certificate (NOC), Port Clearance Certificate (PCC), Voyage Return and Voyage Assessment in case of Foreign Shipping Companies (FSCs). ...

Read More

Closure of financial accounts under alternative procedure of FATCA

NA (31/08/2016)

Stakeholders have highlighted several difficulties in following the provision for closure of financial accounts. In view of the same, India and the United States are discussing the alternative procedures under paragraph G of Section VI of Annex I with a view towards adjusting them to permit a few month extension of time for completing the...

Read More

7 tips to choosing the best Car Insurance

Buying a car is a big deal, but then there is something even bigger. It is buying car insurance. It can get quite overwhelming at times,but it is something that needs to be done, without too much delay.  The only thing that one needs to be sure of is that the policy is what will […]...

Read More
Posted Under: Income Tax |

How do you maximize your returns from a Mutual Fund SIP?

For quite a long time, mutual funds have been offering people numerous advantages, which include providing investors with broad diversification, a relatively low cost of investment, professional management, and day-to-day cash conversions....

Read More
Posted Under: Income Tax |

Tax Laws passed by Legislature not open to judicial review – SC

Amin Merchant V/S Chairman, Central Board Of Excise & Revenue & Ors. ( Supreme Court of India)

The High Court has dismissed the Writ Petition by the impugned judgment and order dated 2.9.2011. Being dissatisfied with the dismissal of his writ petition the appellant preferred a Review Petition which was also dismissed by the High Court by the impugned judgment and order dated 24.11.2011....

Read More

Cabinet approves simplification and liberalisation of FDI Policy, 2016

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its ex-post-facto approval for the FDI policy amendments announced by the Government on 20th June, 2016. The FDI policy amendments are meant to liberalise and simplify the FDI policy so as to provide ease of doing business in the country leading to larger FDI inf...

Read More
Posted Under: Income Tax |

Squirrels Teach Best Lessons

Humans are the only species on Earth that claim to possess the sixth sense but behave unintelligently. Might be that they think too much, get trapped in unwanted worries, and end up without enjoying the life. Nature is the best tutor as it throws up an infinite number of methods, tactics, and tricks on how to live happily without the both...

Read More
Posted Under: Income Tax |

Single Window Implementation of Risk based selectivity criteria for consignment clearance

F.No.450/146/2015-Cus-IV (31/08/2016)

In consultation with the PGAs, risk-based selectivity criteria are being introduced into the Risk Management System(RMS), whereby consignments will be referred to PGA(s) for NOC based on risk. Thus, for low-risk consignments, the required NOC by the PGA will be waived. ...

Read More

Activities relating to spectacles, frames & tagging of jewellery does not amount to manufacture– AAR

M/s Amazon Seller Services Private Limited, Bangalore (Authority For Advance Rulings)

In the instant case, the applicant has submitted that the tag is applied by them while placing the jewellery in the box to prevent return of counterfeit items. Application does not mention that applicant would affix or emboss brand name on the jewellery. Tagging in this case is not embossing or affixing. Therefore, the activity of taggin...

Read More

Single Window clearance of food consignments by Customs officers

F. No.450/146/2015-Cus-IV (31/08/2016)

In SWIFT, the system automatically refers food-related consignments to the Food Safety & Standards Authority of India (FSSAI) through an EDI linkage established between ICEGATE and the Food Import Clearance System (FICS) operated by FSSAI. This automatic reference of food consignments is done in respect of food imports to those locations ...

Read More