"28 September 2016" Archive

CBDT notifies backward districts in Andhra Pradesh U/s. 32 & 32AD

Notification No. 85/2016-Income Tax (28/09/2016)

In exercise of the powers conferred by section 32 and section 32AD of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the following districts of the State of Andhra Pradesh as backward areas under the first proviso to clause (iia) of sub-section (1) of section 32 and sub-section (1) of section 32AD of the sai...

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Reg. manual debits on physical copy of Advance Authorizations registered at EDI Customs port

F.No.605/30/201 5-D BK (28/09/2016)

It was brought to Board’s notice that even for Advance Authorizations registered electronically at EDI Customs location i.e. where electronic ledger gets maintained, the physical authorizations, that are simultaneously issued and presented, are endorsed by Customs with manual debits of usage and this practice is not uniformly followed a...

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SEBI notifies List of Commodities under SCRA

Circular No. SEBI/HO/CDMRD/DMP/CIR/P/2016/105 (28/09/2016)

Pursuant to the repeal of the Forward Contracts (Regulation) Act, 1952 (FCRA) and amendment to the Securities Contracts (Regulation) Act, 1956 (SCRA), the Central Government, in exercise of the powers conferred by clause (bc) of section 2 of the SCRA and in consultation with the SEBI, have vide Notification No. S.O. 3068(E) dated Septembe...

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SEBI permits Options in Commodity Derivatives Market

Circular No. SEBI/HO/CDMRD/DMP/CIR/P/104 (28/09/2016)

At present the only instrument available in the Commodity Derivatives market is futures on individual commodities. Introduction of new commodity derivatives products has been a subject of deliberation as it is considered to be conducive for the overall development of the commodity derivatives market, attracting broad base participation, e...

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Notification No. 47/2016-Central Excise (N.T.), Dated: 28.09.2016

Notification No. 47/2016-Central Excise (N.T.) (28/09/2016)

section 2 of the Central Excise Act, 1944 (I of 1944), read with sub-rule ( I) of rule 3 of the Central Excise Rules, 2002, the Central Board of Excise and Customs, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 30/2014-Central Excise (N.T...

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Draft Format of GST Audit & ITC Mismatch Report released

CBEC has released Format of FORM GST 9A i.e. format of Audit Report under Central/ State Goods and Services Tax Act, 2016 and Central/ State Goods and Services Tax Rules, 2016 and Format of FORM GST ITC - 1C i.e. Input Tax Credit Mismatch Reports for E-commerce Operators....

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Posted Under: Income Tax |

India climbs to 39th place in Global Competitiveness Index

India climbs steadily in the Global Competitiveness Index; Improves its ranking by 16 places for the second year in a row;. Now placed 39th among 138 countries, ahead of BRICS countries other than China. ...

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Posted Under: Income Tax |

IDS 2016 counters to remain open till 8 PM on 28 & 29th Sep, 2016

Office Memorandum No. F.No.225/233/2016/ITA.II (28/09/2016)

In order to further facilitate the filing of declarations even after the office hours, the Pr. CCs.I.T are instructed to ensure that the counters for receiving the declarations under I.D.S., 2016 remain open till 8.00 P.M. on 28th and 29th September, 2016 in all jurisdictions....

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Issue scrutiny notices for PAN selected in CASS by 30.09.2016

F.No.DIT(S)-2/CASS/2016-17/ (28/09/2016)

It is seen that till 27-09-2016, notices have not been issued in 991 cases. These 991 cases include 80 cases which are lying with inactive codes. AO are requested to make arrangements for issue of notice u/s 143(2) well before the time barring date i.e. 30.09.2016....

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IDS deceleration can be filed Manually in case PAN not allotted

Instruction No. 10 of 2016 (28/09/2016)

Concern was raised by field authorities that there can be few cases where the assessees may not have PAN but would like to file declaration under the Scheme towards the date of closure of the Scheme. In such cases, the assessee may not get PAN by the date of closure of the Scheme i.e. 30.09.2016...

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