"15 February 2022" Archive

Tariff Notification No. 09/2022-Customs (N.T.) Dated: 15.02.2022

Notification No. 09/2022-CUSTOMS (N.T.) [S.O. 690(E).] 15/02/2022

Tariff Notification No. 09/2022-Customs (N.T.) Dated: 15.02.2022 for Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) New Delhi, the 15th February, 2022 Notification No. 09/2022-CUSTOMS (N.T.) S.O. 690(E).—In exercis...

Financial crisis can be considered for condonation of delay

Nandlal Namdev Otwani Vs Vijay Jayprakash Ahuja (Gujarat High Court)

Nandlal Namdev Otwani Vs Vijay Jayprakash Ahuja (Gujarat High Court) HC held that At this stage only the point needs to be considered as to whether the delay occurred in preferring the said Appeal from Order is well explained or not. Now as the legal settled proposition which has been set-out here-in-above, considering the prevalent [&hel...

Circumstance where Income is Agriculture Income and related judgements

There remains confusion among the people that this income is agriculture income or not. Professionals are also confused. But there are certain judgments and on reading them in detail we can remove our confusion for Agriculture Income. [CIT v. Rana Gurjit Singh (2012) 340 ITR 108 75 DTR 376 (P&H)] Seeds – Conversion of raw [&hell...

Posted Under: Custom Duty |

Section 194R TDS & its Impact on Large & Small Businesses

Provisions under section 194R of Income Tax Act, 1961 The new TDS u/s 194R on Business Promotion Expenses shall be applicable as follows – In the recent budget 2022 in Income Tax, it is proposed to impose a TDS on business promotion expenditure expended by an organisation. It has far reaching implications even in the […]...

Posted Under: Custom Duty |

Draft National Policy for Micro, Small and Medium Enterprises in India

The Micro, Small and Medium Enterprises (MSME) is a highly vibrant and dynamic sector of the Indian economy with over 6 crores units, providing employment to 11 crores+ people (just next to Agriculture), having 28% share of GDP and 40% of exports. Like other sectors, MSME also has been adversely affected in terms of productivity during CO...

Posted Under: Custom Duty |

Chennai Customs launches online portal for submission of intimations & returns

Public Notice No. 04/2022 15/02/2022

Chennai-IV Commissionerate is introducing the EPD portal as a one-stop solution for online submission of mandatory compliances such as Returns, intimation of import, intimation of goods receipt, B17 bond debit & credit. The portal can be accessed through the web link https://epdchennaicustoms.in/. T...

Instructions for enabling Internal Control Mechanism for Refunds in GST

Memo No. 193/GST- II 15/02/2022

Processing of Refund application of tax amount of more than Rs 2 Crore:- All the refund applications where the applicant has claimed more than Rs 2 Crore of total tax amount, the application shall be processed at the Ward level by the ETO-cum-Proper Officer and Tax Inspector in accordance with the provisions of the law and the instruct...

Review of AOA of Indian Institute of IIISLA

Ref. No: IRDAI/SUR/ORD/MISC/25/02/2022 15/02/2022

As per Regulations 11(1)(f) of IRDAI (Insurance Surveyors and Loss Assessors) Regulations, 2015, one of the functions of the Committee is to discharge any other function entrusted by the Authority from time to time. Accordingly, the committee is entrusted to review AOA of IIISLA. The detailed terms of reference are as follows:...

SEBI makes Requirement of Separation of role of Chairperson and MD/CEO Voluntary

Press Release No. PR No. 5/2022 15/02/2022

One of the recommendations of the Committee related to the separation of role of Chairperson and MD/CEO of listed companies. The main rationale for the recommendation was that separation of powers of the Chairperson and MD/CEO may provide a better and more balanced governance structure by enabling more effective and objective supervision ...

Replenishment Authorisation for applications submitted before 21.02.2022

Trade Notice No. 34/2021-22-DGFT 15/02/2022

Replenishment Authorisation for applications submitted before 21.02.2022 through legacy system (http://dgftcom.nic.in/eComapplications.html) will continue to be processed through legacy system by RAs....

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