Ankit Gupta Composition scheme is the scheme to facilitate small dealers (whose turnover in one year does not exceeds Rs.50 Lac) to pay D-VAT at flat rate of 1% without claiming Input Tax Credits in respect of VAT paid on local purchases made from registered dealers. 1.Who Can apply for Composition Scheme? Any dealer whose […]
Delhi Value Added Tax (Amendment) Rules, 2016- Transmit (i) quarter wise and invoice wise Purchase and Sales data maintained in Form DVAT-30 and 31 OR (ii) quarter wisp and dealer wise summary of purchase and sales in Annexure-2A and 2B appended to Form. Purchase/Sale made from un-registered dealers may be entered in one row for a quarter.
The publication Central Excise Law and Procedure for Jewellery Industry has been brought out by Indirect Taxes Committee of ICAI to familiarize the members and the industry with the various provisions of excise law and procedures pertaining to the levy of excise duty on jewellery. The response to the publication has been encouraging.
References have been received regarding excisability of re-refined used oil or waste oil. Various units are engaged in re-refining of waste oil or used lubricating oil collected from the transformers, service stations of vehicles etc. The matter has been examined.
CBI has arrested an Income Tax Officer, Ward-I, Gudiwada, East Godavari District (Andhra Pradesh) for demanding & accepting a bribe of Rs. 1.50 lakh from the Complainant.CBI laid a trap and caught the Income Tax Officer red handed while demanding & accepting the bribe of Rs.1,50,000/- as part payment of total bribe from the Complainant.
We wish to inform you that Direct Taxes Committee is one of the most important non standing Committee of ICAI. The main function of the Direct Taxes Committee is to examine the direct tax laws, rules, regulations, circulars, notifications, etc., which may be enacted or issued by the Government from time to time and to send suitable memoranda containing suggestions for improvements in the respective legislation.
The Government of the Republic of India and the Government of the Republic of Maldives signed two Agreements – for the Exchange of Information with respect to Taxes and for the avoidance of double taxation of income derived from international air transport on 11th April, 2016 during the visit of Hon’ble President of Maldives to New Delhi.
It has been brought to the notice that courier agencies abroad are refusing to book bonafide gift consignments for export to India citing non-clearance and embargo imposed on such gift-parcels by Indian Customs.
G.S.R. 414(E).–In exercise of the powers conferred by sub-section (1) read with clause (k) and clause (m) of sub-section (2) of section 59 read with section 44 of the Lokpal and Lokayuktas Act, 2013 (1 of 2014), the Central Government hereby makes the following rules further to amend the Public Servants (Furnishing of Information and Annual Return of Assets and Liabilities and the Limits for Exemption of Assets in Filing Returns) Rules, 2014
Some complaints were received claiming that applications had been treated as abandoned even though the reply on behalf of the applicants were submitted but the same were not considered by the office; some complaints were also received to the effect that the examination reports containing office objections were not received by the applicants or their authorized agents in time due to which the response could not be filed and the applications have been wrongfully treated as abandoned.