Pr. Director General of Income Tax (Administration & TPS), Mayur Hhawan, Connaught Circus, New Delhi – 110001 intends to empanel the Senior Standing Counsels / Standing Counsels well versed with proceedings under the Sick Industrial Companies (Special Provisions) Act 1985, to represent the Income Tax Department before Board for Industrial and Financial Reconstruction (BIER), Appellate […]
Note on summary of the recommendations of the Committee to draft a Code on Resolution of Financial Firms -The Insolvency and Bankruptcy Code, 2016 enacted by the Parliament earlier this year provides for resolution and liquidation of non-financial firms. Recent experience and research have shown that resolution of financial institutions requires a special regim
In the digital era is there anybody who is ready to think out of box and allow the system to work automatically. Can government get out of concept of binding assesse for mandatory filing of returns under new regime of GST and if not complied then heavy penalties can be extracted as in case of Annual Return the penalty could be upto 1/4 % of Turnover (and Turnover is defined to include entire world) and in other cases maximum upto Rs. 5000/-.
It has been informed that all decisions have been made unanimously. However, to our surprise, no formal communication is available in public domain to general public of so called ‘decisions’ of the GST Council. Thus, though we have been hearing about the decisions of GST councils from various mediums, there is no authenticity of the information that can be quoted.
In the case of Mega Cabs Pvt. Ltd. Vs. Union Of India & Ors. dated 03.06.2016 , Honorable Delhi High Court has Declared Rule 5A(2) of the Service Tax Rules, as amended, to the extent that it authorises the officers of the Service Tax Department, the audit party deputed by a Commissioner or the CAG […]
The new Regional Office of DGFT at Belagavi, Karnataka is included in the Appendix – IA of Foreign Trade Policy, 2015-20. Consequently the territorial jurisdiction of Regional Authority, Bangalore is reallocated as whole of Karnataka excluding the districts which are under the jurisdiction of Regional Authority, Belagavi.
The entry at Serial No. 10 in Appendix 4J mentioned in Public Notice No. 27 dated 31.08.2016 related to Export Obligation Period for Special Advance Authorization Scheme for export of articles of apparel and clothing accessories is corrected to read as under .
As per Notification No. 3/2015-20 dated 20.04.2015, export of sugar (HS Code 17010000) to EU under CXL Quota and export of sugar to USA under TRQ is ‘Free’ subject to the conditions notified in the ‘Nature of Restrictions’ in the above notification and 20% Export duty applicable on export of raw sugar, white or refined sugar w.e.f. 16.06.2016 as per the Department of Revenue’s Notification no. 37/2016-Customs dated 16.06.2016.
First of all, let me explain you the meaning of BELIEF SYSTEM: This is the system of our Thought Process running continuously in our mind either we are awake or sleeping. This is the real state of our mind that directs us regarding what to do or i can say this system gives us the early warning signal before initiating any work that YOU CAN’T DO THIS.
Delhi High Court in the case of Agya Ram vs. CIT held that there is difference between lease income and license income and when the deed of agreement specifically worded that income will be license income for assessee’s factory premises given on rent then the treatment made by the assessee of considering the same as business income to be prevailed over the general view of the AO that assessee is earning rental income assessable as Income from House Property.
