Since 1st April, 2014 till date, the Central Board of Direct Taxes has resolved 180 cases under MAP. The total amount of income locked up in dispute in these cases is approximately Rs. 5,000 crore. The resolved cases pertain to various sectors of the economy like software services, IT enabled services, manufacturing, consultancy services, etc.
Interest Rates of Small Saving Schemes to be recalibrated w.e.f. 1.4.2016 on a Quarterly Basis to align the small saving interest rates with the market rates of the relevant Government securities
Notification No. 9/2016-Customs he power producer shall produce a certificate from the jurisdictional Development Commissioner in the Department of Commerce, Ministry of Commerce and Industry, that no benefit of customs duty and excise duty, as well as fuel-transportation related service tax has been availed by the said power producer towards raw materials and consumables used in operation and maintenance of the power plant..
CBEC hereby appoints officers mentioned in column 5 to act as a Common Adjudicating Authority to exercise powers and discharge duties conferred or imposed on officers mentioned in column (4) of Table below in respect of cases mentioned in column (3) of said Table for purpose of adjudication of show cause notices mentioned herein, namely:-Notification No. 26/2016-Customs (N.T.)
In case of a Real estate and construction industry, where due to various political and economical reasons we have seen that there is a sharp downturn being noted in the sale of residential and commercial construction projects irrespective of fact that the prices of land are still reaching sky high.
Notification No. 04/2016-Service Tax The information return required to be furnished under sub-section (1) of section 15A of Central Excise Act, 1944 shall be furnished annually by every person mentioned in column (2) of the Table below in respect of all transactions of the nature and value specified in the corresponding entry in column (3) of the said Table, recorded or received by him during every financial year beginning on or after the 1st day of April, 2015, in the Form AIRF, along with the Annexure to the said Form, as specified in column (4) of the said Table, namely:-
As you are aware , FIU-IND is an intelligence organization under Ministry of Finance and provides information to designated agencies as per the established protocol of sharing of information. Information is provided by FIU-IND under section 66 of the Prevention of Money Laundering Act, 2002.
DETERMINATION VALUE OF STOCK ON THE DATE OF DESTRUCTION: 1. From Stock Records 2. If stock records are destroyed, then prepare trading account on the date of destruction by taking previous years Gross Profit rate into account. Value of stock will be balancing figure in the trading account.
In an attempt to simplify and streamline the process for incorporation of companies, the Ministry of Corporate Affairs (MCA) introduced the formation of the Central Registration Center (CRC) by issuing a notification on January 22, 2016 (CRC Notification). The CRC has been established to facilitate smoother functioning and fastening the processing of incorporation applications, it is expected to look into the applications for name availability (INC-1 e-forms) submitted online across the country and to process the same by the end of the very next working day.
Instruction No. 02/2016 Section 154 of the Act mandates that rectification order shall be passed in writing by the Income Tax authorities. Therefore, on consideration of the matter, the Board hereby directs that all rectification applications must be disposed of after passing an order in writing, to be duly served upon the taxpayers concerned and not by merely marking necessary rectification on the AST System.
