Advisory for Deductors 1. Deductors deduct tax at lower rate on payment/credit to deductee on production of certificate duly issued by assessing officers under section 197. Deductors quote such certificate number in quarterly TDS statement. Instances of huge default of ‘Short Deduction’ have been observed due to wrong quoting of 197 certificate number. The scenario […]
Rule 12B Drugs and medical equipment used in dialysis for the treatment of patients suffering from kidney disease, as may be notified from time to time, by the State Government, in the Official Gazette.
In the case of COMMISSIONER OF CENTRAL EXCISE, CHENNAI VERSUS M/S. NEBULAE HEALTH CARE LTD., the Hon’ble Supreme Court held that excise duty is paid by the manufacturer on branded goods manufactured
In the case of M/S. STEEL AUTHORITY OF INDIA LTD. VERSUS COMMISSIONER OF CENTRAL EXCISE, RAIPUR, it was held by Hon’ble Supreme Court that the case of levy of interest u/s 11AB on excise duty paid due to price escalation which has already been decided in the cases of SKF
In this regard, I am directed to inform that the said instructions will apply to all pending appeals in High Courts/ CESTAT. Principal Chief Commissioners/ Chief Commissioners are required to take immediate necessary action in this regard for cases which are below the new threshold limits subject to the conditions of the instructions of even no. dated 17.08.2011 and 17.12.2015.
It has been decided to grant extension to students, who were registered for practical training on or after 1st May, 2012 and completed one year of their practical training but not completed the GMCS-I course, are required to complete GMCS-I Course latest by 31st December, 2016.
Monitoring of Tax Audit- As the members are aware that pursuant to C&AG’s Report ‘Performance Audit on Appreciation of Third Party (Chartered Accountants) – Reporting in Assessment Proceedings’ for the year ended March, 2014, a group headed by one of my Council colleague is actively working on the relevant issues. A Tax Audit Monitoring Cell, supervised by the aforesaid group, is also functioning. While information has been called from members, the Group is also in dialogue with the offices of CBDT and C&AG seeking requisite details to suggest appropriate action against the erring members, if any.
For implementation of FATCA and CRS, necessary legislative changes have been made in the Income-tax Act, 1961 and Income-tax Rules, 1962. Rules 1 14F, 1 14G & 11411 and Form 61B have been inserted to provide legal basis for the Reporting Financial Institutions (RFIs) for maintaining and reporting information about the Reportable Accounts.
On the Central Board of Direct Taxes (CBDT) revising the existing instructions to be followed while allowing remittances to the non-residents, Reserve Bank of India has clarified that it will not be issuing instructions under Foreign Exchange Management Act, 1999 (FEMA), clarifying tax issues. The Authorised Dealers are required to comply with the requirement of the tax laws, as applicable.
Foreign Exchange Management Act, 1999 (FEMA) is administered through the authorised persons and is based on the declarations and averments made to them by persons while undertaking the transactions. The Reserve Bank, therefore, has prescribed various reports and forms under FEMA to be submitted by/ through Authorised Persons/ Authorised Dealer Category – I Banks/ Authorised Banks. Accurate compilations and timely submission of these reports are of critical
