"30 August 2016" Archive

Admissibility of un-utilized cenvat credit of DTA unit converted into EOU

Circular No. 41/2016-Customs (30/08/2016)

Erstwhile Rule 100 H of Central Excise Rules, 1944 which specifically prohibited EOU’s from availing Modvat Credit of Inputs / Capital Goods under Rule 57A and 57Q. But consequent to supersession of Central Excise Rules, 1944 by Central Excise Rules, 2002 there is no provision similar to Rule 100 H of CER, 1944 which prohibits the EOU f...

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MVAT: Return filing in new automation processes & changes in procedures

Corrigendum to Trade Cir. No. 22 T of 2016 (30/08/2016)

Office of the Commissioner of Sales Tax, 8th Floor, Vikrikar Bhavan, Mazgaon, Mumbai- 400010. CORRIGENDUM To, ___________ ___________ No. Mahavikas/ADIC/ New Automation /B-557   Date: 30th August 2016 Trade Cir. No. 22 T of 2016 Subject : Return filing in new automation processes and changes in procedures. Ref. : 1. Trade Circular No 7 ...

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Service Tax on passenger transportation in a Regional Connectivity Scheme airport

Notification No. 38/2016-Service Tax (30/08/2016)

Seeks to amend Notification No. 26/2012- Service Tax dated 20.06.2012, by inserting of entry 5A for transportation of passengers embarking from or terminating in a Regional Connectivity Scheme (RCS) airports, with abatement of 90%,for a period of one year from the date of commencement of operations of the Regional Connectivity Scheme (RCS...

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Comics Edition: The Dextor and the Export Business

Welcome to the whole new world of learning. Gone were those days when people used to read the whole thesis. There is innovation all around and hence we thought why not creating a content which we all can connect and atleast read it to full....

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Posted Under: Custom Duty |

4 Psychological mistakes to avoid while preparing for Income Tax!

Income tax is the only subject where a single word can change the whole interpretation of the section. While you are reading the section, make sure you mark every single word correctly. Don’t just go through the section. ...

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Posted Under: Custom Duty |

CIT- CPC Bengaluru to exercises jurisdiction over IDS 2016 declarants

Circular No. 31 of 2016-Income Tax (30/08/2016)

CIT, CPC, Bengaluru, headquartered at Bengaluru, shall exercise the concurrent powers and functions in respect of the declaration referred to in section 183 of the Finance Act, 2016 which has been furnished electronically under digital signature and shall also be deemed to be the Principal CIT or CIT for the purposes of section 186 of the...

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GST Era -Responsibility & Role of Finance & Accounts Department

Till the date, the indirect tax assessment, discharge of tax liability & its proper indirect implementation was the sole or major area of indirect tax professional only. Whereas, for the first time the Finance & accounts department of any organisation or company will be on their toes for proper GST implementation on daily basis. It can be...

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ICSI cannot charge fees for answer sheet copies in excess of Fees provided under RTI Act, 2005

Landmark Judgement: Paras Jain V. ICSI (Delhi High Court)

A division bench of Delhi High Court held that the demand of the institute i.e., ICSI, asking students for a fee of INR 500 per subject/answer book for obtaining certified copies is not sustainable....

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SEBI advisory on 3 things against which Investor must be Cautious

PR No. 137/2016 (30/08/2016)

It has come to the notice of SEBI that various entities are soliciting investors by offering leagues/schemes/competitions etc. related to securities markets. Some of the schemes may involve distribution of prize monies. Participation in such schemes including sharing of confidential and personal trading data is at investors’ own risk, c...

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Convergence to IFRS (Ind AS)– Indian banking scene

Even today, when one hears people from Nilgris, Tamilnadu, India lost Re10 Crores to an unknown financial company, one’s mind goes back to 1930, when the great depression wiped out the whole capital of many investors in USA. Investors in USA craved for accounting standards....

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Posted Under: Custom Duty |