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CBEC Clarification on segregation of impurities

May 10, 2016 1402 Views 0 comment Print

Representations have been received from the members of the trade involved in manufacture of brass products, regarding applicability of provisions relating to clearance of segregated foreign materials as “inputs as such- from imported honey grade brass scrap.

Receipts from sale of carbon credits – revenue or capital in nature?

May 10, 2016 4756 Views 0 comment Print

The alarming rate of ever increasing pollution is a matter of concern for each of us especially those living in the territory of Delhi NCR. Recently, the Hon’ble Supreme Court termed that living in Delhi is like living in a gas chamber. In past, several measures have been taken to curb the pollution and make life of dilliwallahs comfortable.

Non-Consideration of Preposition laid down by Jurisdictional HC by Tribunal in its order is an apparent mistake

May 10, 2016 1021 Views 0 comment Print

Non consideration of proposition laid down by Hon’ble jurisdictional High Court Delhi in the case of CIT vs. Holcim India (P) Ltd., reported as (2014) 90 CCH 0081 (Delhi H.C.) is an apparent mistake in the order of the Tribunal.

TARC Recommendations in four Reports submitted to Government

May 10, 2016 1426 Views 0 comment Print

The Tax Administration Reforms Commission (TARC) headed by Dr. Parthasarathi Shome submitted its report in four volumes containing a total of 385 recommendations that pertain to Central Board of Direct Taxes (CBDT) and 201 recommendations that pertain to Central Board of Excise and Customs (CBEC).

Directive on Women Director : 1332 Companies not Complied

May 10, 2016 1387 Views 0 comment Print

The requirement of appointment of woman director emanates from Section 149 of Companies Act, 2013. SEBI has mandated that listed companies to appoint one woman director on its board. Companies can appoint any woman as director who is not otherwise disqualified for appointment as a director in terms of requirements of the Companies Act, 2013 and such a director can be either executive or non-executive or independent or non-independent director.

Steps taken to curb Black Money within & outside the country

May 10, 2016 1837 Views 0 comment Print

The present Government has taken various decisions and steps to curb the menace of black money both within and outside the country in last two years. Some of the major decisions and actions taken in this regard are given below:

Plans to render black money & fake notes circulation ineffective

May 10, 2016 1597 Views 0 comment Print

The Government has not issued any guidelines regarding minimising daily financial transactions in cash to curb money laundering, black money and so on. However, the plans of Government to render black money and fake notes circulating in the market ineffective are as under: –

ICSI request MCA to waive additional fees for delay in form filing

May 10, 2016 1765 Views 0 comment Print

Since the stakeholders are still facing difficulties in accessing the MCA portal and filing of e-forms resulting in delayed filing of e-forms, we request you to further relax the additional fee payable on e-forms which are due for filing by companies between May 01, 2016 and the date by which the normal functioning of the MCA site is restored.

Regarding classification of export item Silico manganese

May 10, 2016 1573 Views 0 comment Print

It is been clarified by the DEPB Committee vide its decision dated 20.07.2007 that Silico Manganese is a trade name and chemical name is Ferro-silico-Manganese for the item listed at listed at Sl. No. 347 of DEPB List (Engg).

How to Register as Person Competent to Verify IT Return

May 10, 2016 6115 Views 0 comment Print

As per section 140 of Income Tax Act 1961, where the individual (assessee) is mentally incapacitated from attending to his affairs, his guardian or any other person competent to act on his behalf can verify the return of income. An Individual must register on behalf of a mentally incapacitated individual in e-Filing application in order to avail the services like filing of returns and other functionalities.

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