If a resident who opened an account under this scheme, subsequently becomes a non Resident during the currency of the maturity period, the account shall be deemed to be closed with effect from the day he becomes a non-resident and interest with effect from that date shall be paid at the rate applicable to the Post Office Saving Account up to the last day of the month preceding the month in which the account is actually closed
In the Senior Citizen Savings Scheme Rules, 2004, in rule 2, in clause (d), in sub-clause (ii), in the second proviso, for the words irrespective of the above age limit the words on attaining the age of fifty years shall be substituted.
Provided that if a resident Indian having purchased a certificate, subsequently becomes Non-Resident during the currency of the maturity period, the certificate shall be encashed or deemed to be encashed be encashed on the day he becomes a non-Resident, and ab interest shall be paid at the rate applicable to the Post Office Savings Account, from time to time, from such day and upto the last day of the month preceding the month in which it is actually encashed”
Notice. Mr. Sanjeev Narula, the learned CGSC accepts notice for Respondent No.1 and Mr. Harpreet Singh, Sr. Standing Counsel accepts notice for Respondent No.2. Reply be filed on or before 17th October, 2017 and rejoinder, if any, be filed before the next of hearing.
Commissioner of Commercial Tax in every State carry out a sample study of 200 cases of taxpayers who have not filed 3B return and ask them the reasons for not filing, so that we would get to know some underlying cause.
The term input is one of the important concepts, which is integrally connected to output. The existence of output cannot be realized without input. The input tax occupies an important place in any tax system. Input tax credit under erstwhile Cenvat provisions was backbone of the Cenvat Credit Rules. Similarly, the ITC scheme is the […]
This is a case study about the levy of tax on ocean freight & the readers will themselves realize the truth that how greed drives the collection of taxes & no heed being paid to double taxation & the basic fact that what is the concept of Value Added Tax & why even the basics are belied & nobody cares even when the wrongs are denounced in the public domain.
Exports revival needs a holistic & sane approach which simply means that both the short term as well as the long term solutions need to be administered simultaneously:
Recently, several amendments have been made to CGST Rules, 2017 vide Notification No. 36/2017 dated 29.09.2017) (F. No. 349/58/2017-GST(Pt.)) whereby (apart from some other amendments) powers to extend the date for submission of TRAN-1 have been inserted in Rule 118, 119 and 120.
It was held by Supreme Court in Karnani Properties Ltd vs. CIT [1972 AIR 2315, 1972 SCR (1) 457] that it is for the Tribunal to find facts and it is for the High Court and this Court to lay down the law applicable to the facts found. Neither the High Court nor this Court has jurisdiction, to go behind or to question the statements of facts made by the Tribunal.
