In exercise of the powers conferred by sections 11 and 30 of the Securities and Exchange Board of India Act, 1992 read with section 25 of the Depositories Act, 1996, the Securities and Exchange Board of India hereby makes the following regulations to further amend the Securities and Exchange Board of India (Depositories and Participants) Regulations, 1996, namely:—
There can be a situation where units are fully exempted from payment of Central excise duty as the value of the clearances for home consumption is less than 1.5 crore. However, total value of clearances (domestic plus export) is more than 4 crore. Let’s take an example for better understanding
In exercise of powers conferred under paragraph 2.04 of the Foreign Trade Policy 2015- 2020, the Director General of Foreign Trade hereby makes amendment in Appendix 2C of Appendices and Aayat Niryat Forms of FTP 2015-20 i.e., list of agencies authorized to issue Generalized System of Preferences (GSP) Certification to include Tobacco Board, in the list as under:-
No Specific Stipulation Contained In Rule 10 of The Cenvat Credit Rules, 2004 Regarding Prior Permission From The Statutory Authorities For Transferring The Cenvat Credit As A Result Of Amalgamation/Merger: CESTAT Delhi
There was certain confusion regarding the taxability of various education programmes conducted by Indian Institute of Management as to whether such programmes qualify as a part of a curriculum for obtaining a qualification recognised by any law for the time being in force.
The proposed amendment have excluded Deposit Certificates issued under Gold Monetisation Scheme, 2015 notified by the Central Government, from the definition of capital asset and thereby exemption from capital gains tax.
The concept of Settlement Commission is fairly new in service tax. It is only in the year 2012, that the benefit of settlement through settlement commission was extended to the service tax assesses, which was earlier available under Central Excise and Customs Act.
It is proposed to amend the relevant provisions of the Act so as to provide adequate legal framework for paperless assessment in order to enhance efficiency and reduce the burden of compliance. A series of changes are proposed to achieve this end. Sub-section (1) of section 282A provides that where a notice or other document is required to be issued by any income-tax authority under the Act, such notice or document should be signed by that authority in manuscript.
Sub-section (2) of section 220 provides for levy of interest at the rate of 1 per cent for every month or part of month for the period during which the default continues. Sub-section (2A) of said section inter-alia, empowers the Principal Chief Commissioner, Chief Commissioner, Principal Commissioner or Commissioner to reduce or waive the amount of interest paid or payable under sub-section (2) of the said section.
Under the existing provisions of sub-clause (c ) of clause (viia) of sub-section (1) of section 36 of the Act, in computing the profits of a public financial institutions, State financial corporations and State industrial investment corporations a deduction, limited to an amount not exceeding five per cent of the gross total income, computed, before making any deduction under the aforesaid clause and Chapter VI-A
