(i) The sole objective of the approved Scientific Research Association shall be to undertake scientific research; (ii) The approved organization shall carry out scientific research by itself;
As per CBDT Circular No.1/ 2016 dated 15.2.2016, it is clear that the assessee has option to claim deduction in subsequent years i.e. he can choose initial assessment year for claiming deduction even post commencement of business.
Reason for reopening of the assessment was a mistaken factual premise that the Assessee had changed the system of accounting from the mercantile to the cash system. It was more than adequately explained by the Assessee that this was an inadvertent error.
Para 3.14.3 of FTP 2009-14 inter-alia sates that the following categories of export product/sector shall be ineligible for Duty Credit Scrip under Focus Market Scheme (FMS) of FTP 2009-14. VII- Sugar, of all types and in all forms. It is therefore, clarified that all items under HS code 1702 are Sugar as HS code 1702 lists other Sugar Accordingly the export item Liquid Glucose is Sugar and therefore not eligible for FMS benefits.
he Maharashtra State Tax on Professions, Trades, Callings and Employments Act, 1975, is being amended to,— (i) exempt the armed members of the Border Security Force and the Central Armed Reserve Police Forces from payment of tax; (ii) to provide that, the tax liability of the persons, who have remained un-enrolled shall be restricted to only three preceding years, if they apply for enrolment during the period from the 1st April 2016 to the 30th September 2016 and also to those, whose application for enrolment is pending on the 1st April 2016;
Under this clause, power is taken to the Commissioner, to issue instructions and directions as he may deem fit to the authorities and officers subordinate to him and to specify by order the relevant forms, for carrying out the purposes of the Act.
CBEC hereby determines rate of exchange of conversion of each of the foreign currencies into Indian currency or vice versa, shall, with effect from 08th April, 2016, be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods.
From last 35 days All over the country all jewelers are on Strike against the Excise duty imposed in the Union Budget 2016. Holi, Gudi Padwa, etc. all festival are passed or in upcoming days but still they are on STRIKE and also government also not accepting the demand as the Imposition of excise in line with GST.
Prevailing Service Tax Rate: @14% Cenvat Available. Swachchh Bharat Cess: @ 0.5% [w.e.f. 15/11/2015]- Cenvat Not Available. Krishi Kalyan Cess: @ 0.5% [w.e.f. 01/06/2016] New Levy- Cenvat Available
1. (1) These rules may be called the Debts Recovery Tribunal (Procedure) Amendment Rules, 2016. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Debts Recovery Tribunal (Procedure) Rules, 1993, in rule 19, for the word Saturdays, the words second Saturday of a month may be substituted.
