Gold Monetisation Scheme, 2015 -Central Government has fixed the rate of interest on Medium and Long Term Government Deposit (MLTGD) under the GMS as follows: i. On medium term deposit – 2.25% p.a. ii. On long term deposit – 2.50% p.a.
1. About e-Sahyog 1.1 Overview Income Tax Department (ITD) has launched a new initiative e-Sahyog with a view to reduce compliance cost, especally for small taxpayers. This initiative s in line with the government‟s commitment under Digital India to e- enable public services for the benefit of the citizens. Traditionally, when Income Tax Department (ITD) […]
(i) There are 2627 persons holding Directorship in more than 20 Companies in violation of Section 165 of the Companies Act, 2013. It may be mentioned this is also in violation of s. 275 of the erstwhile Companies Act, 1956. The total number of Companies involved is 77696.
The Prime Minister Shri Narendra Modi will launch the four mega Gold related Schemes i.e. Gold Monetisation Scheme (GMS), Gold Sovereign Bond Scheme, Gold Coin Scheme and the Gold Bullion Scheme on Thursday, 5th November, 2015 in the national capital.
The minimum deposit at any one time shall be 30 grams of raw gold (bars, coins, jewellery excluding stones and other metals). There is no maximum limit for deposit under the scheme.”
In the case of Coperion Ideal Private Limited v. CIT, Delhi High Court while giving the decision in the favour of the assessee, held that there should be some tangible material available with the Revenue, whenever they want to conclude that Assessee have escaped Assessment.
The Delhi High Court held in the case of E-Funds International India Private Limited v. PR. CIT, while dismissing the appeals of the Revenue that revised computation was sufficient in the place of furnishing revised returns as there was only a minor technical fault as the figure of USDs was not changed into Rupees while computing the deduction under section 10A.
CIT v Proctor and Gamble Home Products Ltd- Bombay HC observed that the appeals filed by the Revenue was in a very causal manner without indicating the basis of the challenge. Further, it was observed that Rule of law implies certainty of law.
In the case of CIT v Trend Electronics, Bombay Court held that before issuance of reopening notice for assessment, the Revenue have to furnish the reasons for it. Otherwise, the notice will be considered as bad in Law.
Trade Notice 08/2015- Trade Notice 08/2015 Under the Foreign Trade Policy 2009-14, DGFT vide Public Notice No. 53 dated 27.2.2014 allowed for grant of additional Duty Credit Scrips @ 2% to certain specified products under the Market Linked Focus Product Scheme (MLFPS) for exports made w.e.f. 1.3.2014 to 31.8.2014 if exported to the EU (27 countries). This 2% duty credit scrips was in addition to the benefits of 2% under Focus Product Scheme (FPS).
