"January, 2018" Archive - Page 60

JNCH discontinues practice of taking NOC from AC/DC for delayed bill of entry presentation

Standing Order No. 01/2018-JNCH (15/01/2018)

It has been decided to discontinue the practice of taking NOC from AC/DC, Appraising Main (Import) in case of presentation of bill of entry for more than 20 days....

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Outsourcing of Duties & Responsibilities by Insolvency Resolution Professionals – A Massive Confusion

A recent circular No. No. IP/003/2018 dated 03.01.2018 by IBBI puts virtually a complete ban on outsourcing of the activities required to be done for performing his duty and responsibility by nsolvency resolution professional. It states that – “It is hereby directed that an insolvency resolution professional shall not outsource a...

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Posted Under: DGFT |

Input Tax Credit under new GST regime

Uninterrupted and seamless chain of input tax credit (ITC) is one of the key features of Goods and Services Tax (GST). Input Tax Credit is a mechanism to avoid cascading of taxes. Cascading of taxes, in simple language, is ‘tax on tax’. Under the present system of taxation, credit of taxes being levied by Central […]...

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Posted Under: DGFT |

Tariff Notification No. 05/2018-Customs (N.T.) Dated 15th January, 2018

Notification No. 05/2018-Customs (N.T) (15/01/2018)

Notification No. 05/2018-CUSTOMS (N.T.) Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver...

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Section 50C: Option for adopting stamp duty value on date of agreement- ICAI Suggestion

In relation to computing capital gains tax liability on transfer of land or building, amendment made via the Finance Act, 2016 gives an option for considering the stamp duty value as on date of agreement instead of stamp duty value on date of registration...

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Posted Under: DGFT |

Raise Section 54EC Capital gains exemption limit to Rs. 1 Crore: ICAI

In furtherance of the existing proviso to section 54EC, a new proviso has been inserted to clarify that the investment made by an assessee in the long-term specified asset, from capital gains arising from transfer of one or more original assets,...

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Posted Under: DGFT |

Clarify Section 54 and 54F – Capital gains exemption in case of investment in ONE residential house property in INDIA: ICAI

Section 54(1) has been amended by the Finance (No.2) Act, 2014 by substituting constructed, a residential house, with constructed, one residential house in India. Similar amendment is made in section 54F(1)....

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Posted Under: DGFT |

ICAI suggests Certification of deductions claimed U/s. 54, 54F, 54EC etc

At present deductions u/s 54, 54F, 54EC etc. are not subject to any audit or certification. The possibility that the assessee claims inaccurate amount of deduction under such provisions cannot be ruled out....

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Posted Under: DGFT |

Section 50CA – Valuation of shares of a company in distress- Suggestion by ICAI

In case, where the shares of a company are transferred in distressed condition, the rule 11UA/11UAA prescribing the method to determine the FMV would not provide the correct FMV of shares....

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Posted Under: DGFT |

E-Way Bill To Be Rolled Out Next Month For Easier Movement Of Goods

The E-way Bill will be rolled out across the country from 1st February after which there will not be any need for separate transit pass from each state through which the vehicle is to pass as the E-way Bill or GST Bill will be valid throughout India for movement of goods, the GSTN informed today. […]...

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