Computer Assisted Scrutiny Selection (CASS) for the current year has been finalized. The Board has approved the parameters for selection of cases and cases will be visible to the Assessing Officers from 19.09.2016.
S.O. 2979(E).—In exercise of the powers conferred by section 295 read with sub-section (4) of section 115UA of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:—
GST seems to be reality now. Many well run, anxious business entities are looking for the impact study to analyse how GST would impact their business in terms of pricing policies, procurement, sales, procedural compliances, cash flow and its internal control system and software.
The Prime Minister held a meeting to review the preparedness for rollout for GST on 14th September, 2016. The meeting was attended by Union Finance Minister, both the Ministers of State for Finance, senior officers from the Prime Ministers office and Finance Ministry.
Objective of the article is To understand the reporting requirements under proposed GST legislation so that teams can start working on development of necessary IT infrastructure.
Representations have been received from trade regarding difficulty in simultaneously availing drawback of Customs portion and rebate of duties of excise on raw material used in the manufacture or processing of goods exported.
Representations have been received from trade and field formations regarding applicability of second proviso to para 6 of notification no. 22/2003-CE dated 31.03.2003 as amended, when goods manufactured by EOU are supplied to Advance Licence /Authorisation holder in DTA.
The MSCS Act, 2002, along with MSCS Rules, 2002 govern the compliance requirement of MSCS.MSCS is a society registered or deemed to be registered under this Act and includes a national cooperative society and a Federal cooperative. It may make its bye-laws consistent with the provisions of this act and the rules made there under
Amendment in Explanation 5A to Sec 271(1)(c) even when made effective by Finance Act ,2009 with retrospective effect from 01.06.2007 cannot be made applicable to assessee’s case because both original return and the revised return u/s 153A of the Act have been filed before the amended provisions were brought into the statute (which received assent of President on 13.8.2009).
Seeks to further amend notification No.12/2012-Customs, dated 17.03.2012 so as to increase the effective rate of Basic Customs Duty for Marble and Travertine blocks, Marble slabs and Granite slabs with effect from 01.10.2016
