F.No.307/32/2015-SO(PAC-Cus.) The assesing officers involved in the assessmsnt of B/E and Shipping Bills should follow the instructions issued by the Ministry and DG(System) from time to time. The jurisctional Commissioner should examine the audit objection at the time of submitting the comments/Action Taken Note to the Ministry carefully in light of lapses on the part of the officers noticed by the C&AG Audit.
A number of legislative measures were introduced through the Finance (No.2) Act, 2014 and similarly, Finance Act, 2015 to promote growth, investment, manufacturing and job creation. These are expected to improve ease of doing business, bring about clarity in tax laws, and resolve disputes.
(1) The threshold limit before which appeals are not to be filed by the department in CESTAT (Tribunal) and High Courts has been raised to Rs 10 lakhs and Rs 15 lakhs respectively. (2) Withdrawal of all cases in High Court and CESTAT where there is precedent Supreme Court decision, against which no review contemplated.
Notification No. 145/2015-Customs (N.T.) In exercise of the powers conferred by clause (aa) of sub- section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs, hereby makes following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.12/97-CUSTOMS (N.T.), dated the 2nd April, 1997, published in the Gazette of India, Extraordinary, Part II, Section 3,Sub-section (i) vide number G.S.R. 193(E), dated the 2nd April, 1997, namely:-
Service conditions of the allocated employee to Chhattisgarh Upon reorganisation of the erstwhile State of Madhya Pradesh cannot be varied to his disadvantage without prior approval of Central Government. Order On Board 1. The petitioner is a duly appointed Sub Engineer working in the Water Resources Department appointed by the erstwhile State of Madhya Pradesh. […]
Your CIBIL score is a three digit number, in the range 300-900. In today’s date this number has assumed immense significance with banks unwilling to lend to anyone who does not have a score above 750. It is a good financial practice for you to make a constant effort to improve CIBIL score, as the […]
Income Tax Circular No. 22/2015 W.c.f. 1.4.1988, the settled position is that if the assessee deposits any sum payable by it by way of tax, duty, ecss or fee by whatever name called under any law for the time being in force, or any sum payable by the assesse as an employer by way of contribution to any provident fund or superannuation fund or gratuity fund or any other fund for the welfare of employees, on or before the ‘due date’ applicable in his case for furnishing the return of income under section 139(1) of the Act, no disallowance can he made under section 43B of the Act.
A reference is invited to para 7 of the Master Circular on Mobile Banking transactions in India – Operative Guidelines for Banks dated July 1, 2015. Given the high mobile density in the country, the policy focus of RBI has been to encourage banks to leverage on the mobile channel for widening the access to banking services.
DBR.No.Dir.BC.67/13.03.00/2015-16 The Reserve Bank of India today released the final guidelines on computing interest rates on advances based on the marginal cost of funds. The guidelines come into effect from April 1, 2016. Apart from helping improve the transmission of policy rates into the lending rates of banks, these measures are expected to improve transparency in the methodology followed by banks for determining interest rates on advances.
CBEC increase monetary limits for filing appeals by Department before CESTAT to Rs. 10 Lakh from Earlier 5 Lakh and to Rs. 15 Lakh for Appeal before High Court from Earlier Limit of Rs. 10 Lakh. Limit of Rs. 25 Lakh for Filing Appeal before Supreme Court remains unchanged.
