Arjun: Who can participate in Income Declaration Scheme 2016 (IDS) introduced under Finance Act, 2016 by the Indian Government? Krishna: Following is a list of people, – Every Indian Resident who is guilty of his practices of tax evasion and wants to confess the same.
Central Board of Excise and Customs, hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance, Department of Revenue No. 61/94-Customs (N.T), dated the 21th November, 1994, published in the Gazette of India, Extraordinary part II, Section 3, Sub-section (i), vide number S.O. 828 (E), dated the 21th November, 1994, namely:-
In exercise of the powers conferred by clause (c) of subsection (1) of the Maharashtra Tax Laws (Levy, Amendment and Validation) Act. 2016 (Mah. XV of 2016), the Government of Maharashtra hereby appoints the 10th June 2016 to be the date on which the provisions of Sub-section (1) of Section 10 of the said Act, shall come into force.
With a view to bring high value transactions within the tax net, it has been provided in sub- section (1 F) of section 206C of the Act that the seller who receives consideration for sale of a motor vehicle exceeding ten lakh rupees, shall collect one per cent of the sale consideration as tax from the buyer. Any person who obtains in any sale. the goods of the nature specified in sub-section (I D) or (IF) of section 206C is a buyer.
The inclusion or exclusion of value of free supply particularly in the case of Industrial and commercial construction has been a bone of contention between the revenue and the assessee regarding assessment of Service Tax. The revenue always insists that the cost of free supply should be included for the purpose of assessment by taking shelter of 67 of the Finance Act, 1994. On the other hand according to assessee same should not be includable in the assessable value.
The Board of a company may decide to undertake its CSR activities approved by the CSR committee, through a registered trust or a registered society or a company established under section 8 of the Act by the company, either singly or alongwith its holding or subsidiary or associate company, or alongwith any other company or holding or subsidiary or associate company of such other company, or otherwise: After providing effect to the amendment suggested by Companies (Corporate Social Responsibility Policy) Amendment Rules, 2015, in the Proviso in clause (i) of Rule 4 Sub Rule 2
Regulation 11 of the Warehouse (Custody and Handling of Goods) Regulations, 2016 requires the licensee to maintain detailed records of the receipt, handling, storage and removal of goods into and from the warehouse and file monthly returns regarding the same.
In respect to the Scheme for Facilitating Startups Intellectual Property (SIPP) announced by the Government of India and the list of facilitators published for the purpose, references have been received regarding the procedure to be adopted for filing/ processing of startups’ applications for Patents
In this year’s Budget, a nominal excise duty of 1% [without CENVAT Credit on Capital Goods and Inputs] and 12.5% [with CENVAT Credit on Capital Goods and Inputs] has been imposed on articles of jewellery [excluding silver jewellery, other than studded with diamonds or other precious stones] w.e.f March 01, 2016.
While allowing waiver of Bond for exports made first (before effecting imports) on pro-rata basis, Regional Authority may revalidate the Authorization in continuation for further six months for replenishment of inputs used in manufacture of export item’s from the date of endorsement provided applicant has made a specific request in ANF 4D and paid requisite fee for revalidation.
